Legislator calls for Bitcoin reserve in Hong Kong

The Label Foundation is working with global electronics conglomerate LG Electronics to rollout its Web3 music streaming service, Tracks, on LG Smart TVs, according to an article by Bitcoinist on Monday (KST). The platform’s TV app will be available for free on the latest LG Smart TV models that support webOS22 and 23.Photo by Blaz Photo on UnsplashReinvented music streamingTracks is a music streaming service that allows users to enjoy free high-quality music and artistic visuals through their TVs. The platform leverages Web3 technology to offer a variety of rewards based on the amount of time spent listening. In particular, the Label Foundation aims to make Tracks easily accessible to Web2 users around the world to serve as a bridge between Web2 and Web3. “With the upcoming launch, numerous TV owners will be able to enjoy music for free, which resonates deeply with Label’s ethos, championing universal music accessibility without financial boundaries. We are happy that our collaboration with LG Electronics made this a reality,” Label Foundation said. Rapid riseSince its launch in July, Tracks has gained substantial popularity among younger generations, with its mobile app amassing over 150,000 users worldwide and more than 10,000 daily active users. The Label Foundation attributes this success in user acquisition to its user-centered approach, as opposed to the content provider-centered approach of traditional music streaming services.  As part of its monetization efforts, Tracks will also integrate a free advertising supported streaming television (FAST) service in the near future, which will allow users to access content like television programming and films without subscription fees.

Next Month’s Web3 Event in Tokyo to Bridge Web3 and Traditional IndustriesCoinpost, Japan’s cryptocurrency and blockchain media outlet, is gearing up to organize WebX, an annual international Web3 conference, in Tokyo from July 25 to 26, according to a press release. Hosted by the WebX Executive Committee, the event aims to bring together a wide array of participants, including Web3 startups, established companies, and sponsors spanning various industries such as artificial intelligence and the metaverse.With this conference, Coinpost seeks to underpin the Japanese government’s Web3 initiatives and foster collaboration between the Web3 sector and traditional industries. Notably, Japanese Prime Minister Fumio Kishida is scheduled to deliver a video address during the conference.Photo by Jaison Lin on UnsplashDiverse programs and speakersWebX offers diverse programs for attendees, including presentations by esteemed Web3 projects and founders, networking opportunities, workshops, a Web3 hackathon, project exhibitions, and a GameFi event.The WebX website presents a lineup of more than 100 speakers hailing from diverse domains, including crypto exchanges, blockchain data analytics firms, gaming companies, cloud service providers, news outlets, and a political party. Binance, CoinDesk, and Square Enix are just a few examples of them.Wemade’s sponsorshipMeanwhile, South Korean gaming developer Wemade recently announced its sponsorship of the conference in a press release. At the event, Wemade CEO Jang Hyun-kook will deliver a talk titled “The Blockchain Games: Breaking Down the Boundaries of the Games.” Moreover, the Korean gaming company plans to host a networking event to promote its ecosystem among influential figures and major companies in the blockchain industry.

Zhong An Bank (ZA Bank), Hong Kong’s largest digital bank, has announced that it is now offering crypto trading services to its 800,000 retail customers. The bank set out details of its latest offering in a press release published to its website on Nov. 25. With that, ZA Bank claims to be the first Asian bank to offer crypto trading services to retail customers. Singapore’s DBS Bank was the first conventional bank in Asia to offer crypto services, although in that case, its offering was confined to institutional and accredited investors. It has yet to launch crypto trading for its retail customers.Photo by Traxer on UnsplashHashKey Exchange partnership While DBS built its own crypto exchange platform, in this instance, ZA Bank has decided to partner with local regulated crypto platform, HashKey Exchange. To begin with, the bank will offer Bitcoin and Ethereum in HKD and USD trading pairs. To promote the service, users are being offered commission-free trading during the first three months. A minimum investment level of HKD 600 ($70) has been set. Essentially, ZA Bank customers can access this trading feature through the ZA Bank banking app. Commenting on the partnership, HashKey Exchange CEO Livio Weng stated:”Our collaboration goes beyond technical synergies; it also reflects our shared commitment to upholding the highest regulatory standards. Looking ahead, HashKey Exchange will continue to work closely with ZA Bank to drive the development of the Web3 ecosystem, while delivering more diversified financial services to our users. Together, we aim to usher in a new era of wealth management.” HashKey Exchange is one of three virtual asset exchanges in the Chinese autonomous territory that have been fully regulated and licensed. Facilitating retail demand The bank cited a recent Hong Kong Association of Banks survey, which suggested that 70% of respondents believe that banks offering virtual asset trading services would mean greater convenience for people in accessing cryptocurrencies. Consequently, it would lead to further adoption of cryptocurrencies and it’s on this basis that ZA Bank has launched this latest service, catering to an emerging demand from its customers. Speaking to that, ZA Bank's Alternate Chief Executive Calvin Ng stated:“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities.” On X, Neo blockchain co-founder Da Hongfei described the development as “noteworthy.” In particular, he highlighted the fact that ZA Bank supports account openings not just for Hong Kong residents but also mainland China residents living in Hong Kong. Notwithstanding that, crypto services still remain out of bounds for mainland China residents.  Hongfei also pointed out that the offering doesn’t allow the customer to transfer crypto purchased via the app off the platform. It is strictly limited to trading of crypto between digital assets and fiat currency. This offering by ZA Bank has been in the works for quite a while, with the bank having indicated that an app-based crypto retail offering was in development last December.  In September the bank received approval from the China Securities Regulatory Commission to add digital asset transactions to its Type 1 license. The bank is owned by ZA Global, an affiliate company of Chinese insurance company Zhong An.