Gnosis Plans Crypto Visa Card Launch for Singapore and Hong Kong

Financial technology firm Circle is taking a measured approach in Hong Kong, favoring focus over expansion. In an interview with the Hong Kong Economic Journal, cited by local financial content provider AAStocks, Yam Ki Chan, the company’s vice president for Asia Pacific, said there are no current plans to issue a stablecoin pegged to the Hong Kong dollar. Still, he noted the company’s openness to partnering with local initiatives, adding that Circle has been in discussions with several firms to share its expertise and insights. The firm hopes the Chinese special administrative region will evolve into a launchpad for stablecoins tied to the local currency alongside other major currencies. Chan said Circle is doubling down on its two core products, the U.S. dollar stablecoin USDC and the euro stablecoin EURC. He pointed out that USDC has been catching on across the region, with more local corporations and professional investors starting to use it. His comments come after the Stablecoins Ordinance came into force on Aug. 1 in the city, setting up a mandatory licensing system for issuers under the Hong Kong Monetary Authority (HKMA). The regulator has said it does not plan to hand out the first licenses until early next year.Photo by tommao wang on UnsplashMoving assets on-chainWhile Circle continues to focus on stablecoins, other firms are finding new ways to bring traditional assets on-chain. DL Holdings, a Hong Kong-headquartered one-stop financial services group, is moving ahead with plans to tokenize about $40 million worth of its non-voting Class B membership interest in ONE Carmel, its luxury real estate investment project in California’s San Francisco Bay Area. The initiative, the firm’s first step into real-world asset (RWA) tokenization, will use blockchain-based smart contracts to automate distributions, transfers, and investor rights, allowing the company to pay out dividends to shareholders and give on-chain investors a chance to participate in ONE Carmel. Insurance is another testbed for blockchain. Anthea Holding Limited, a crypto-fintech licensed by the Bermuda Monetary Authority, raised $22 million in a Series A led by Yunfeng Financial. The proceeds will fund what Anthea says is the world’s first life insurance policy denominated in Ethereum (ETH). Yunfeng Financial, listed in Hong Kong, has close ties to Alibaba founder Jack Ma. Mainland firms deepen crypto exposureMainland companies are stepping into crypto investments. Hangzhou-based Jiuzi Holdings, a Nasdaq-listed operator of new energy vehicle stores, said it completed a private placement transaction settled in 100 Bitcoin. The company plans to allocate the proceeds to building a digital-asset custody platform and developing encrypted storage systems. Separately, China Renaissance is seeking to raise around $600 million for a publicly listed vehicle designed to invest in BNB, the cryptocurrency tied to Binance, according to Bloomberg. Venture firm YZi Labs, formerly Binance Labs, is expected to join the effort. In an August filing, the Beijing-based investment bank said it would commit about $100 million of its own capital to BNB. If completed, the proceeds would establish a U.S.-based crypto treasury company to hold and manage BNB reserves. Back in Hong Kong, momentum in the digital asset sector is now reaching the capital markets. HashKey Group, the financial services firm behind a licensed crypto exchange, has confidentially filed for an initial public offering in the city. Bloomberg reported the plan, citing a source familiar with the matter. The listing could take place as early as this year and raise up to $500 million. Market bounces back on softer trade rhetoricAmid these developments, crypto prices have rebounded from sharp losses linked to trade tensions between Washington and Beijing. The market had tumbled after U.S. President Donald Trump threatened to impose additional 100% tariffs on China. Sentiment shifted when Trump softened his stance on Truth Social, writing, “Don’t worry about China, it will all be fine!” and “The U.S.A. wants to help China, not hurt it!!!” Bitcoin reflected that whiplash. The token dropped to $103,893.3 on Oct. 10 during what Investing.com described as the largest single-day liquidation in crypto history at nearly $19 billion in positions. It has since recovered to $112,608.31 as of publication time. 

Lemon Healthcare launches blockchain-based electronic prescription serviceSeoul-based healthcare data platform company Lemon Healthcare’s blockchain-based, personalized electronic prescription service dubbed “LemonCare” has officially been launched in three major hospitals in the North Gyeongsang Province region of South Korea, according to an article published by local news outlet Etnews on Thursday. This comes after the recent end of the service’s development and pilot operation period.Photo by Christina Victoria Craft on UnsplashRevolutionizing healthcareThe aim of the project was to replace paper prescriptions with electronic prescriptions through a blockchain-based mobile service that offers patients an additional layer of security as well as the ability to view and manage their prescription history. It also reduces and prevents risks such as duplicate prescriptions.Kyungpook National University Hospital, Kyungpook National University Chilgok Hospital and Daegu Fatima Hospital — all located in Daegu Metropolitan City in North Gyeongsang Province — were selected as participants in the pilot project, during which they were responsible for electronically prescribing medication to patients, which would then be compounded and delivered by nearby pharmacies. They will also be the first to implement the app as an official service.Advancing healthcare accessLemon Healthcare stated that it has also hired new personnel, applied for patents related to electronic prescriptions and issued some 500 electronic prescriptions.Patients who have received treatment at any of the three hospitals and want to utilize the electronic prescription service can do so under the “Electronic Prescription Delivery” option on the hospital’s mobile app. After completing user authentication, the patient’s prescription is transmitted to the pharmacy of their choice, from which patients can pick up their medication.Leveraging its blockchain technology, Lemon Healthcare plans to bring secure and accurate electronic prescription services to more people in the future.

Regulatory Approval Sees Crypto.com Expand Services to SpainSingapore-based cryptocurrency exchange service provider Crypto.com has achieved a significant milestone by obtaining a virtual asset service provider registration from Spain’s central bank, the Bank of Spain.The company announced the achievement via a statement published to its website on Friday. This regulatory approval grants Crypto.com the opportunity to offer a wide range of crypto-focused services to customers in Spain, a country that has recently shown a positive approach towards cryptocurrencies.Photo by Pixabay on PexelsCompliance reviewIn order to secure this approval, Crypto.com underwent a thorough review of its compliance with the Anti-Money Laundering Directive and ensured adherence to other financial crime laws. This recent regulatory success in Spain comes shortly after Crypto.com acquired a major payment institution license for digital payment token services from the Monetary Authority of Singapore, further cementing its position as a trusted and compliant player in the crypto industry.Kris Marszalek, the CEO of Crypto.com, hailed the entry into the Spanish crypto market as a testament to the company’s commitment to compliance. He expressed enthusiasm about collaborating with the Bank of Spain and emphasized Crypto.com’s dedication to providing users with a comprehensive, safe, and secure crypto experience.Global licensing accumulationWith the latest regulatory approval, Crypto.com establishes itself as a regulated platform in nearly a dozen countries. In addition to Spain, the company has obtained regulatory nods in prominent jurisdictions such as Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, and the Cayman Islands.The journey of Crypto.com mirrors the growth trajectory of the crypto industry during the bull market of 2021–2022. Like many other crypto businesses, Crypto.com experienced remarkable expansion, forming strategic partnerships with mainstream entities and gaining regulatory approvals across multiple jurisdictions. One notable achievement was Crypto.com securing the naming rights to the renowned Staples Center in Los Angeles, a multipurpose arena that hosts a wide range of public events, including boxing and basketball competitions.Market challengesHowever, the recent bear market presented challenges for the platform. Decreased demand resulted in business difficulties, leading Crypto.com to make the strategic decision to close its institutional platform in the United States in early June.Earlier this week, the company garnered adverse publicity when it was found that it has been using an internal market maker to trade against its own customers. Despite this setback, Crypto.com remains resolute in its mission to expand its presence and offer crypto services in new markets.The regulatory approval in Spain marks a significant step forward for Crypto.com’s global expansion plans. As the crypto industry continues to evolve, regulatory compliance plays a pivotal role in building trust.The development of digital assets has proven to be imperfect. Crypto.com’s experience appears to mirror that reality. Notwithstanding the market difficulties that the firm has experienced and some occurrences that serve to blemish its record, successfully obtaining regulatory approval in Spain is still a positive step for the company in further establishing itself as a global player in the retail crypto domain.