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Japan’s Mitsui Introduces Security Token Service to Sony Bank CustomersAccording to a press release, Mitsui & Co. Digital Asset Management (MDM), a blockchain-based asset management company in Japan, forged a partnership with Sony Bank, a member of Sony Financial Group, to introduce its security token service, Alterna, to the Tokyo-based online bank’s clientele, beginning June 9.Photo by Aleksandar Pasaric on PexelsBank customersMDM aims to establish security token funds and offer them to Sony Bank customers via Alterna, aiming to facilitate stable asset accumulation. This partnership will allow Sony Bank to provide a broader range of financial services.Under the agreement, MDM has entrusted Sony Bank to handle the process of gathering customers interested in purchasing security tokens offered by Alterna. Sony Bank, as MDM’s first online banking partner, will introduce the security token service platform to its customers. MDM is responsible for designing and selling security tokens through Alterna, which will benefit Sony Bank customers.Alterna enables users to transfer funds to securities accounts on its platform without any charges, 24/7. Through the partnership, users can move funds from their Japanese yen deposit accounts at Sony Bank to the accounts available on the Alterna platform. This interlinking of securities and bank deposit accounts will furnish customers with a variety of options for asset accumulation through the use of security tokens.Savings to investmentsBoth MDM and Sony Bank plan to encourage a shift from savings to investments, exploring the development of security tokens and related initiatives.Alterna made its official debut last month, garnering more than 10,000 pre-registrants before its launch. Alterna enables individuals to invest in real-world assets, such as large-scale real estate properties, that generate stable rental income. With security tokens, the platform opens doors to previously inaccessible opportunities, requiring a minimum investment of 100,000 yen.

The first tranche of spot Bitcoin and Ether exchange-traded funds (ETFs) have been officially approved to start trading in Hong Kong on April 30. Announcement from regulatorHong Kong’s Securities and Futures Commission (SFC) announced the official approval of the first batch of spot Bitcoin and Ether ETFs on April 24 via a press release seen by CoinTelegraph. The regulator first provided outline approval for these products on April 15. Additionally, some of the fund management firms themselves have come out to outline product trading commencement at the end of the month. The first batch of approved Hong Kong-based ETFs include China Asset Management’s (ChinaAMC) Bitcoin and Ether-based ETFs.  In a press release, the firm verified that its products will begin trading on April 30. HashKey Capital and Bosera Asset Management have partnered to offer similar spot products. A spokesperson for HashKey told Bloomberg that they’re ready to commence trading of the product at the end of the month.Photo by Ruslan Bardash on UnsplashIn-kind vs. cash-only approachHarvest Global Investments is the third fund manager that intends to launch such a product offering. The launch of these three spot Bitcoin and Ether-based ETFs on April 30 signals a new era for digital asset investment in Hong Kong. Unlike their counterparts in the U.S., which rely on a cash creation model, these ETFs in Hong Kong embrace an in-kind creation mechanism. This approach holds the potential to significantly boost assets under management (AUM) and trading volume, as highlighted by Bloomberg ETF analyst Rebecca Sin. The unique dynamics of Hong Kong's ETF creation model present an opportunity for market growth and innovation, positioning the region as a key player in the global digital asset landscape. By providing a regulated framework for retail and institutional investors, along with the ease of converting digital assets into fully regulated ETFs, ChinaAMC aims to cater to a growing demand for such offerings. China Asset Management’s Head of Digital Assets, Thomas Zhu, emphasized in the firm’s press release the in-kind creation feature. Potential fee warAs the ETF market in Hong Kong gains momentum, competition could result in downward pressure on fees. With issuers vying to offer the most competitive fees to attract customers, the stage is set for a potential battle of pricing strategies. Harvest, for instance, has already entered the fray with a full fee waiver and the lowest fee at 0.3% after the waiver, Bloomberg ETF analyst James Seyffart outlined on the X social media platform. This competitive landscape bodes well for investors, with fees for the first ETFs proving to be lower than expected, as noted by Eric Balchunas, senior ETF analyst at Bloomberg. All eyes will be on the performance and impact of these financial products relative to the crypto market in the Asian region and further afield.

Gemini Announces Singapore Expansion PlansGemini, the US-based cryptocurrency exchange and custodian, has announced its plans to expand its team in Singapore over the course of the next 12 months.Photo by Pixabay on Pexels100 new hiresGemini made the announcement by way of a blog post published to its website on Monday. In that post, the company outlined that it intends to add over one hundred new hires over the course of the next year. Gemini aims to focus on the Asia-Pacific (APAC) market, which it believes will play a crucial role in its next phase of growth.Indian engineering hubIn addition to its Singapore expansion, Gemini is actively working on setting up an engineering center in Gurgaon, India. Back in April, the firm’s newly appointed Chief Technology Officer and APAC region CEO, Pravit Tiwana, announced the intention of establishing the India-based engineering center. An intention to expand the Singapore base was also suggested at that time, with the company now following up with firm expansion plans.This engineering hub in Gurgaon is expected to become the second largest for Gemini, after its operations in the United States. By expanding its engineering capabilities, Gemini aims to bolster and support its global operations effectively.APAC to drive crypto growthGemini sees the APAC region as the driving force behind what it termed “the next wave of growth for crypto.” The exchange plans to use its Singapore office as a hub from which to run broader operations in APAC.This strategic move follows Gemini’s addition of support for the Singapore dollar (SGD) three years ago, enabling local residents to access cryptocurrencies directly using their native currency. The expansion plan provides Gemini with the potential to capitalize on the growing opportunities within the APAC market, further establishing a foothold in a significant regional market.Gemini’s decision to focus on international expansion aligns with the growing trend among cryptocurrency companies. Regulatory pressures in the US crypto market have escalated, exemplified by recent lawsuits filed by the US Securities and Exchange Commission (SEC) against major exchanges like Binance and Coinbase.These circumstances have prompted many companies to seek opportunities beyond the United States. In particular, exchanges are looking for markets with clearer regulatory landscapes and significant growth potential. Hong Kong, Singapore, and several European countries have emerged as attractive options.Coinbase, one of the largest cryptocurrency exchanges globally, has also followed a similar path to Gemini by expanding its services in Singapore. Singapore’s reputation as a crypto-friendly financial hub makes it an attractive location for such expansion efforts.Gemini’s decision to expand its team in Singapore and its focus on the APAC market reflects a strategic approach to capitalize on the increasing global demand for cryptocurrencies. By establishing a strong presence in key international markets, the company has found a workaround for the current impasse in the United States with regard to the lack of sane, workable regulation.The company has identified a region that is taking a more accommodating approach, while recognizing the APAC region’s potential as a significant driver of growth and is proactively positioning itself to tap into the region’s expanding crypto market.