Hong Kong Urged to Issue HKD Stablecoin

Recent weeks have seen a positive policy shift in Pakistan with regard to digital assets and blockchain and that initiative has gathered further momentum with the appointment of a special assistant on blockchain and crypto to the Pakistani prime minister and the allocation of 2,000 MW of surplus electricity to Bitcoin mining and AI data centers.Photo by Abuzar Xheikh on UnsplashOn May 26, the Pakistan Observer, an English language daily newspaper, reported that Bilal bin Saqib has been appointed to serve as a special assistant on blockchain and crypto matters to Pakistani Prime Minister Shehbaz Sharif. Forbes ‘30 under 30’ social entrepreneurIn this role, Saqib assumes the status of a minister of state under Rule 4(6) of the Rules of Business, 1973, with the appointment effective immediately. Saqib had been featured by Forbes through its “30 under 30” list of social entrepreneurs in Asia in 2020. He is the founder of Tayaba.org, a non-governmental organization (NGO) focused on the provision of clean drinking water to vulnerable communities in Pakistan. Saqib came to prominence in the crypto sector earlier this year when he was appointed CEO of the newly formed Pakistan Crypto Council (PCC), an agency established to promote blockchain technology and digital assets within the South Asian country. In April he was added by World Liberty Financial, a crypto project connected with the family of U.S. President Donald Trump, as an advisor. Earlier this month, Pakistan’s Ministry of Finance gave the go-ahead for the establishment of the Pakistan Digital Assets Authority (PDAA), a body that will be responsible for the implementation of regulations governing the crypto and blockchain sector.  Utilizing surplus energyAt the time, one area of focus that had been highlighted in the announcement of the establishment of the PDAA was a desire to make better use of Pakistan’s surplus energy. The country runs an annual average surplus of 4,000 megawatts. A report by 24 Digital on May 25 indicated that action has already been taken in this regard. It outlined that Pakistan has allocated 2,000 megawatts of surplus electricity for the exclusive use of operators of AI data centers and Bitcoin mining facilities.  This plan is being rolled out in phases. The first phase makes surplus energy available to these operators. Phase 2 will focus on enabling crypto mining operators to avail of renewable energy to power their facilities, in an effort to develop the sector in Pakistan in an environmentally responsible manner. According to the Ministry of Finance, interest has already been expressed by international operators in the crypto mining and AI data center sectors. A number of international firms are understood to have visited the country in an effort to explore potential collaboration opportunities.  Earlier this month, Saqib claimed on social media that Pakistan “is moving at crypto speed.” He made the case that the country is a breeding ground for crypto innovation, citing the opportunity to exploit surplus electricity via crypto mining and the potential for crypto adoption given a $36 billion remittance market, millions of unbanked citizens and 64% of the population under 30.

Shinhan Bank to Issue NFTs at 2023 Global Blockchain Incheon ConferenceShinhan Bank is set to participate in the 2023 Global Blockchain Incheon Conference (GBIC) from October 30 to 31 at Incheon Songdo Convensia, where it plans to operate a promotional booth to present its blockchain initiatives and issue commemorative non-fungible tokens (NFTs).Photo by CHUTTERSNAP on UnsplashUnveiling the prospects of next-generation technologiesGBIC is an international conference hosted by the city of Incheon and organized by Incheon Technopark. It will focus on exploring the present and future landscape of blockchain and Web3 technology while providing a platform for networking among experts from around the world. The event aims to stimulate the business ecosystem within the field and promote cultural exchange.Exclusive perksTo mark the occasion, Shinhan Bank and the city of Incheon are working together to issue NFTs for visitors, which include records of information like confirmation of event entry and participation, coupon usage, and more. The NFTs will also be given away to the first 1,000 customers who arrive at the event site, offering three benefits — free coffee vouchers as well as entry passes to artificial and virtual reality experiences and other on-site events. Recipients will also have the option to hand over the functions and benefits of the NFTs to others.Those who wish to attend GBIC can pre-register on the official conference website.

Tel Aviv-based cryptocurrency accounting and taxation reporting platform TRES has successfully raised $11 million in a funding round led by Faction Ventures, with participation from New Form, Boldstart Ventures, Cyber Fund and Ambush Capital.Photo by Markus Winkler on Unsplash Sustained investor buy-inThe firm announced this latest financing round on its website on Wednesday. It brings TRES’s total funding to $18.6 million. This recent instance of funding comes on the heels of TRES’s previous success in securing $7.6 million in seed funding in September 2022. That round was led by Boldstart Ventures and Alchemy Ventures. The diverse participation included F2, New Form, Kenetic Capital, Blockdaemon Ventures and Mantis. With Miami-based Boldstart Ventures being a key investor in both funding rounds, Boldstart partner Shomik Ghosh took to social media on Wednesday to comment on this latest development, stating: “The Tres team and founders @TalZackonand @eilonlotem embody perseverance more than anyone I’ve ever met[.] So proud to work with you guys and learn how to handle yourselves in stressful situations taking care of family, friends, colleagues, and country[.]” $19B client baseTRES currently serves a client base with combined assets valued at $19 billion, offering comprehensive solutions to manage, monitor and reconcile digital asset activities. The platform supports over 100 Layer 1 and Layer 2 blockchains, including popular ones like Bitcoin, Ethereum, Solana and Avalanche. Notably, TRES has ambitious plans to continually expand its supported blockchains, aiming to introduce support for “new blockchains every week,” according to a recent announcement. As the cryptocurrency industry witnesses increased institutional adoption, there is a growing demand for sophisticated accounting and taxation reporting tools, mirroring those available in traditional finance. TRES is working towards positioning itself to address this need by providing a comprehensive solution for firms to gain a “full and accurate picture across all of their Web3 financial activity,” stated Tal Zackon, co-founder and CEO of TRES. Zackon emphasized the importance of compliance across accounting, audit and reporting functions, asserting that TRES facilitates an easy path for customers to navigate these regulatory landscapes. The Series A funding round, led by Faction Ventures, signifies TRES’s commitment to further developing its platform to meet the evolving needs of the crypto industry. Optimistic outlookZachon told The Block that the outlook for crypto looks bright in terms of extending its appeal to new market participants. He stated: “This next bull cycle will have something that no other bull cycle before it had — dozens of live blockchain networks, thousands of decentralized applications, battle tested infrastructure, and the adoption by major banks and government organizations around the world. The number of companies that will hold crypto on its balance sheets is about to explode, and we are here to serve them — no matter how complex the transactions are.” With this latest round of venture capital backing, TRES appears to be well-positioned in striving to become a key player in facilitating transparent and compliant financial operations for an ever-expanding array of blockchain networks and decentralized applications. As the crypto industry matures, the importance of robust accounting and taxation reporting solutions like TRES is poised to grow in tandem with the increasing complexities of financial transactions within the blockchain ecosystem.