Crypto Travel Rule solutions provider CODE obtains ISO 37301 certification

Standard Chartered joins China’s CBDC pilot trialsStandard Chartered Bank has joined the advanced stages of China’s central bank digital currency (CBDC) pilot trials, making it one of the world’s largest multinational banks to partake in such an initiative.Photo by Eric Prouzet on UnsplashEnabling e-CNY exchangeChina initiated its CBDC pilot trials over a year ago, with it being much further ahead of other CBDC initiatives internationally in terms of development. It has now expanded its trials to include more lenders, with Standard Chartered China becoming the latest participant.This development means that Standard Chartered Bank’s users in the Asian nation will soon have access to the digital version of the Chinese yuan by seamlessly integrating its platform with China’s dedicated CBDC app. According to an announcement by Standard Chartered Bank (China) Ltd. on Monday, the bank will be enabled, through partner firm City Bank Clearing Services Co., to offer its clients the ability to purchase, exchange or redeem e-CNY.In its announcement, Standard Chartered China’s President, Zhang Xiaolei, stated:“As an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of digital renminbi.”Joining e-CNY testing programThe e-CNY pilot testing program in China has been extended to 26 cities and provinces. Standard Chartered’s Chinese subsidiary will involve itself with supply chain financing, trade financing and cross-border merchant payments as part of that pilot program.The adoption of CBDCs is anticipated to reduce reliance on physical currency notes while ensuring transparent and tamper-proof transaction histories. China’s CBDC, known as the digital yuan or e-CNY (digital renminbi), has garnered international attention for its progressive approach to digital currency.Broader digital assets sector involvementStandard Chartered’s involvement in China’s CBDC pilot marks a milestone, emphasizing the bank’s commitment to digital innovation. However, the British banking conglomerate has had a broader approach to digital assets beyond this CBDC collaboration. A report by Nikkei Asia last month suggested that the banking group was making a concerted effort to develop its digital assets-related business within the Asian region through its Singapore-based investment arm, SC Ventures.Earlier this month, SC Ventures unveiled Libeara, a platform which plans to offer the first-ever tokenized Singapore dollar government bond fund. Subsidiary companies include digital asset custodian Zodia Custody and institution-first digital asset marketplace Zodia Markets.China has been at the forefront of CBDC experimentation, with initiatives like testing offline payment systems integrated with SIM cards. This innovative approach allows users to initiate CBDC payments by simply bringing their phones close to sale terminals. The trials, initially launched in major cities such as Shanghai, Beijing and Shenzhen, have encouraged residents to embrace e-CNY for everyday transactions.While China’s advancements in CBDC trials are noteworthy, other nations, including India, Japan and the U.S., are also actively engaged in the advanced phases of CBDC-related research and development. These global efforts seek to diversify financial settlement options, providing individuals with a broader range of choices in the evolving landscape of digital currencies.

ZA Bank to Expand into Crypto Trading in Hong KongZA Bank, a leading virtual bank in Hong Kong, announced its plan to launch virtual asset trading services for retail investors. This initiative aligns with the Hong Kong government’s objective to foster a thriving virtual asset sector.The bank aims to enable investors to trade virtual assets in fiat currency via the ZA Bank App, a move that involves securing regulatory approvals and forming partnerships with licensed virtual asset exchanges.Photo by Jimmy Chan on PexelsComprehensive financial servicesIn a press release on Wednesday, ZA Bank CEO Ronald Lu appreciated the licensing guidelines set forth by the Hong Kong Securities and Futures Commission (SFC), expressing belief that virtual assets could evolve into a major asset class. The virtual bank’s new venture forms part of ZA Bank’s broader strategic expansion plan to provide a full range of financial services, which will eventually include US stock trading services.ZA Bank places a high emphasis on customer security and regulatory compliance. The bank commits to employing appropriate safeguards, including working with reliable third-party providers, implementing advanced security protocols, and strictly following anti-money laundering (AML) and know-your-customer (KYC) rules. Furthermore, ZA Bank will educate its users about the potential risks and rewards of virtual asset trading, assisting customers in making informed decisions.Similar move by an exchangeA similar move was seen earlier from crypto exchange BitMEX. The Seychelles-based trading platform announced in a blog post that it is gearing up to launch “BitMEX Hong Kong.” The company is presently working towards acquiring a virtual asset service provider (VASP) license from the SFC. The SFC notified that the VASP guidelines will become effective on June 1.Facilitation from regulatorsThese recent developments in the crypto industry follow the Hong Kong Monetary Authority’s (HKMA) efforts to facilitate dialogue between banks and crypto enterprises. According to last month’s column by HKMA Deputy Chief Executive Arthur Yuen, the HKMA and the SFC convened a joint meeting for the banking industry and VASPs to share opinions on bank account opening.

Token Cat Limited, a Nasdaq-listed Chinese automotive marketplace formerly known as TuanChe Limited, has approved a new digital asset investment policy that will allow the company to deploy up to $1 billion into cryptocurrencies as part of its treasury strategy. In a press release distributed via Chainwire, the Beijing-headquartered company said its board of directors signed off on a Crypto Asset Investment Policy authorizing the use of a portion of its cash reserves to acquire selected tokens under internal risk-management controls. Any purchased assets will be held with third-party custodians rather than managed in-house, the company said.Photo by Precondo CA on UnsplashThe initial allocation will focus on tokens tied to newer projects in areas such as artificial intelligence, RAW-to-chain infrastructure, and token–equity hybrid models. Further deployments will be evaluated over time and will remain subject to additional board approval, according to the statement. The policy will be implemented under the oversight of Sav Persico, who was recently appointed chief operating officer. Token Cat said he brings decades of experience in technology and blockchain-related businesses and emphasized that the initiative reflects a long-term approach to digital assets rather than a speculative trade. China’s regulation and softer DAT inflowsToken Cat’s decision comes even as China’s central bank continues to stress that crypto-related business activity remains off-limits domestically. According to Reuters, the People’s Bank of China (PBOC) recently reiterated that services involving virtual assets constitute “illegal financial activities” and highlighted that cryptocurrencies do not have the legal status of fiat currency. The statement was issued against the backdrop of what the central bank characterized as a renewed pickup in speculative crypto trading and broader concerns about financial risks. Beyond China, Token Cat’s move fits into a wider trend of companies experimenting with so-called digital asset treasuries (DATs), in which companies commit varying portions of their balance sheets to crypto. Those strategies, however, have seen softer momentum in recent months. Cointelegraph, citing data from DefiLlama, reported that DATs drew about $1.32 billion in fresh capital in November, the lowest monthly intake of 2024. Bitcoin-focused DATs accounted for the bulk of that activity with roughly $1.06 billion of inflows, while Ethereum-based DATs saw about $37 million in outflows. Bitwise chief investment officer Matt Hougan said on X that DATs have generally moved in tandem over the past six months, but he expects that pattern to change as investors begin to differentiate between firms with clearly articulated strategies and those without. He said a limited number of DATs could emerge with more resilient valuations, while others may continue to trade at persistent discounts. Biotech Sonnet advances HYPE-token planDespite the recent slowdown in inflows, new corporate efforts to gain exposure to digital assets continue. One example is Sonnet BioTherapeutics Holdings, a North Carolina–based biotechnology company developing immuno-oncology drugs. On Dec. 2, Sonnet said its shareholders had approved a proposed business combination with Hyperliquid Strategies Inc. (HSI) and Rorschach I LLC. That vote followed an agreement reached in July for Sonnet to merge with Rorschach to form Hyperliquid Strategies, a new entity expected to hold roughly 12.6 million HYPE tokens valued at about $583 million, along with at least $305 million in cash, for a projected combined value of $888 million. Hyperliquid is a decentralized exchange (DEX) built on its own layer-1 blockchain. Its native token, HYPE, has a total supply of one billion and is used for network governance, staking, and smart contract functions on HyperEVM, the platform’s EVM-compatible environment. Sonnet’s move, together with Token Cat’s newly adopted investment policy, adds to a steady stream of corporate initiatives testing the role of digital assets in balance-sheet management. With companies ranging from biotech firms to automotive marketplaces exploring similar strategies, the coming months will show whether crypto holdings can establish themselves as durable components of corporate treasuries.