Mystic Land token to be listed on LBank

Hong Kong Embraces Web3 Development with Dedicated Task ForceHong Kong has taken another step towards embracing the potential growth of the crypto industry by creating a dedicated task force for Web3 development.Led by Financial Secretary Paul Chan, the task force, which was announced on Friday, consists of 15 non-official members, including university professors and entrepreneurs. As official members, government officials and financial regulators are involved.Financial Secretary Chan expressed his optimism about blockchain technology, the foundation of Web3, highlighting its potential for innovation through features such as disintermediation, security, transparency, and cost-efficiency. The task force envisions Web3 as a solution to challenges faced in sectors like finance, trade, business operations, and everyday life.Photo by Shubham Dhage on UnsplashMulti-agency participationNotable members of the task force include the CEOs of the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), and Hong Kong Exchanges and Clearing. Their presence demonstrates the commitment of top finance regulators in Hong Kong to the Web3 initiative. Additionally, Yat Siu, chairman of metaverse firm Animoca Brands, joins as a non-official member, bringing diverse perspectives to the table.Financial Secretary Chan emphasized Hong Kong’s ambition to become a significant player in the Web3 space. The city-state aims to support companies and nurture local talent within the ecosystem. This initiative aligns with Hong Kong’s long-term vision for crypto development, as set out in a policy document released last October. It’s the latest in a whole series of measures officials have taken since then to further that crypto ambition.Strategic positioningBy establishing the Web3 task force, Hong Kong seeks to position itself as a prominent hub for crypto activities. The city-state recognizes the potential economic benefits and job opportunities associated with the crypto industry. The task force’s diverse composition reflects the government’s intention to collaborate with stakeholders from various sectors and gather insights from academia, government bodies, and industry experts.Furthermore, the task force aims to create a supportive environment for digital asset development. Hong Kong’s financial regulators have been actively working on regulatory frameworks to ensure investor protection and promote market integrity.While it is still in the early stages, global crypto exchanges like Huobi, OKX, and BitMEX have recently expressed their intentions to establish a presence in Hong Kong. This indicates growing interest in the city-state’s crypto potential and validates the government’s efforts to position Hong Kong as a welcoming and conducive environment for crypto-related businesses.With its commitment to fostering digital asset development, Hong Kong demonstrates a forward-thinking approach to leverage the benefits of blockchain technology and position itself as a thriving ecosystem for Web3 innovation.The collaboration between academic, governmental, and regulatory stakeholders sets the stage for the Chinese autonomous territory to capitalize on the opportunities presented by the evolving crypto space. Hong Kong’s proactive stance and the establishment of the Web3 task force reinforce its position as a global financial hub and a front-runner in embracing emerging technologies for future economic growth.

Philippines breaks new ground in first-ever tokenized bonds saleThe Philippines is set to offer the country’s first tokenized treasury bonds, a novel way of issuing debt securities using blockchain technology.Photo by Mara Rivera on Unsplash$179 million tokenized bond issuanceAccording to a report by Bloomberg on Thursday, the Bureau of the Treasury announced that it will issue 10 billion pesos ($179 million) of one-year tokenized bonds next Monday after canceling the conventional auction scheduled for the same day. The bonds will be issued by the Development Bank of the Philippines, a state-owned entity, together with the Land Bank of the Philippines.The tokenized bonds will be sold to institutional investors at a minimum denomination of 10 million pesos, with increments of 1 million pesos. The bonds will have a one-year validity, maturing in November 2024. The treasury bond interest rate has yet to be determined and will be confirmed on the date of issuance.Deputy Treasurer Erwin Sta said that the government is exploring the potential of tokenizing real-world assets and bonds and will “continue to study the technology and test how far we can take it.”Tokenization is the process of converting physical or digital assets into digital tokens that can be stored, transferred and traded on a blockchain network. Tokenization can offer several benefits, such as lower costs, faster transactions, greater transparency and enhanced security.Asian surge in tokenizationThe Philippines is not the only Asian country that is experimenting with tokenized bonds. This latest bond tokenization project follows hot on the heels of a similar move in Singapore. Earlier this week, British banking conglomerate Standard Chartered, through its Singapore-based fintech investment subsidiary SC Ventures, unveiled a new platform called Libeara. Libeara is gearing up to offer the first-ever tokenized Singapore-dollar government bond fund.In February, Hong Kong issued $100 million of tokenized green bonds under its Green Bond Programme, using Goldman Sachs’ tokenization protocol. The tokenized green bonds, a first-of-its-kind issuance, have a one-year validity and aim to support environmental projects in the region.Authorities in Singapore have also launched a series of pilots on tokenizing real-world assets in collaboration with JPMorgan, DBS Bank, BNY Mellon and Apollo, an investment firm. The pilots will test the feasibility and efficiency of tokenizing assets such as equities, bonds and funds. The United Arab Emirates (UAE) partnered with HSBC to conduct the tokenization of bonds as well.The tokenization of real-world assets is not limited to Asia. Israel’s Tel Aviv stock exchange completed a proof-of-concept for tokenizing fiat and government bonds, demonstrating the potential of blockchain technology to transform the capital markets.The tokenization of real-world assets using blockchain technology is a growing trend among governments and financial institutions. According to the Boston Consulting Group, tokenized assets could reach a market capitalization of $16 trillion by 2030. By issuing tokenized bonds, the Philippines is joining the ranks of the pioneers in this field, opening up new possibilities and opportunities for the crypto industry and the economy as a whole.

Japanese financial services company SBI Holdings has successfully established "SBI XDC Network APAC" in Japan, following through on an intended joint venture with TradeFinex, the driving force behind the XDC Network.Photo by William Warby on UnsplashJV company formationAt the end of September, the two companies outlined the starting point of an intended collaboration. Only three months later, SBI has come back with an update, a press release published on Dec. 27, to detail the progress that has been made thus far. According to that document, the companies established joint venture corporate entity SBI XDC Network APAC Co. Ltd. on Dec. 18. Among the directors of the new company is the President of BITPoint Japan, a wholly owned subsidiary crypto exchange business of SBI. Majority stakeholderSBI will be the majority stakeholder in the venture, holding 60% of the company’s shares while Dubai-based TradeFinex will be the minor partner, with a 40% shareholding. The press release outlines that the stakeholders will “work to expand the use case using the blockchain technology of the XDC Network in global economic activities centered on trade finance and cross-border payments, not just the handling of tokens.” With that, this enterprise-focused blockchain initiative aims to elevate the efficiency of trade finance. Going forward, it endeavors to broaden the applications of XDC Network's blockchain technology in global economic activities, with the emphasis remaining on trade finance and cross-border payments. The XDC Network, inaugurated in 2017, is a community-driven platform tailored explicitly for trade finance and payments. It introduces a smart contract system that streamlines global trade operations by tokenizing real-world assets (RWAs) such as bonds, trade assets and trade documents. Operating on a high-speed, secure and cost-effective blockchain, XDC Network aspires to transform the landscape of trade finance. SBI Group has been actively involved in various services related to the XDC Network, including being the first exchange in Japan to handle XDC tokens. This was made possible through a partnership with SBI VC Trade, a company within the SBI Group specializing in crypto asset exchange services. Corda platform proof of conceptLogo design has been completed for the new entity, while a website has also been launched. Not wasting any time, the new company has already initiated a proof-of-concept (PoC) experiment. The experiment involves connecting the XDC Network with the Corda platform from SBI R3 Japan and the Corda Bridge from IMPEL GLOBAL. The PoC experiment revolves around conducting fiat payments generated by business-to-business transactions in XDC via Corda and the Corda Bridge. Leveraging a hybrid blockchain with both private and public characteristics, the objective is to attempt to offer a seamless one-stop service that settles both private and public aspects simultaneously. The company claims that this approach achieves an efficient and smooth payment method for cross-border transactions, including international trade, outshining conventional fiat currency transactions.