StashAway opens access to Fidelity crypto ETFs in Malaysia

Animoca Brands Remains Bullish on Blockchain GamingBlockchain-based games have gained significant attention within the cryptocurrency space, witnessing remarkable growth and daily activity across various protocols despite challenging market conditions. Hong Kong-based Animoca Brands, the Web3 and metaverse company, recently pronounced its bullishness where blockchain gaming is concerned.In 2022 alone, Web3 gaming attracted approximately $4.5 billion in funding, as asset managers, investment funds, and venture capitalists sought to capitalize on the flourishing sector. In an interview with Cointelegraph, Yat Siu, Co-Founder of Animoca Brands, expressed the company’s renewed optimism in the blockchain gaming sector and provided an update on its eagerly anticipated metaverse fund, which made headlines in late 2022.Photo by julien Tromeur on UnsplashAnimoca’s metaverse fundThe metaverse fund, originally planned to have a budget of up to $2 billion in November 2022, aimed to invest in mid to late-stage startups focused on developing metaverse products and experiences. However, due to recent volatility affecting the cryptocurrency space, Animoca Brands scaled back its investment target to $1 billion in January 2023. Reports in March suggested a further reduction to $800 million.While awaiting the required license to launch the metaverse fund, Siu emphasized that Animoca Brands has been actively investing in early-stage startups through its venture arm, with additional investments directly from the company’s balance sheet. Currently, the company boasts a portfolio of over 450 companies.AAA blockchain games anticipatedDespite the challenges, Siu anticipates the release of several “AAA” blockchain games, in which Animoca Brands has made investments, by the end of 2023 or early 2024. Siu believes that the quality of titles backed by Animoca Brands, built on open protocol systems such as Ethereum and Polygon, will contribute to the long-term sustainability of the sector. He underlined the importance of these games being on-chain, enabling third parties to leverage the capabilities of blockchain technology and explore exciting possibilities.Siu also highlighted the significant role of scaling protocols like Polygon and technological advancements such as zero-knowledge proofs in boosting the development and quality of upcoming blockchain games. Immutable, a layer-2 platform, effectively reduced costs and improved transaction speeds for NFT generation in blockchain games. Choosing the right blockchain platform, especially Ethereum, is crucial for success in the industry.While fully decentralized games present challenges, Siu acknowledged that a hybrid on-chain and off-chain approach might be more suitable as the industry progresses towards true decentralization. Certain game features, such as provenance and skins, lend themselves well to on-chain implementation, while others may require a gradual transition.Integrating blockchain tech with existing gamingSiu emphasized the potential for integrating blockchain elements into the existing gaming culture worldwide. By designing interfaces that are familiar to gamers and gradually introducing crypto and Web3 experiences, gaming companies can facilitate the adoption of blockchain technology while promoting financial literacy among players.The Head of Animoca Ventures, an Animoca Brands sister company, recently explained that key Japanese games console makers are also showing an interest in blockchain gaming.Looking ahead, the year 2023 and beyond are critical for the blockchain gaming sector. The release of high-quality games, coupled with significant investments, will shape the long-term success of the industry. With its extensive portfolio and unwavering optimism, Animoca Brands remains dead set on driving innovation and pushing the boundaries of blockchain gaming.

Upcoming Regulatory Framework in Taiwan Sees Crypto Exchanges UniteIn preparation for the impending arrival of a regulatory framework for cryptocurrencies in Taiwan, nine prominent cryptocurrency firms have announced their collective efforts to establish an industry association.The nine exchange businesses announced the development via a press release which was published on Tuesday. The move comes in anticipation of Taiwan’s Financial Supervisory Commission (FSC) releasing comprehensive guidelines on cryptocurrency trading and payments by the end of September.Photo by Timo Volz on UnsplashDeveloping regulatory environmentThe industry body will include participation from native exchanges such as MaiCoin, BitoGroup, and ACE. While Taiwan has been behind the regulatory curve until now where crypto is concerned, the one measure that the FSC had already taken steps to mandate was that virtual asset services providers (VASPs) in Taiwan must adhere to the country’s anti-money laundering (AML) regulations. However, numerous other intricacies unique to the cryptocurrency industry still require careful consideration and regulation.Authorities in Taiwan have also put forward ten guiding principles for VASPs, designed to protect Taiwanese consumers.The forthcoming guidelines aim to address these concerns by introducing a comprehensive set of rules inspired by the VASP licensing framework in Hong Kong. One of the primary focuses of these proposed guidelines is consumer protection. They advocate for specific hot and cold wallet ratios for customer deposits with cryptocurrency exchanges, a measure designed to safeguard customer funds. Additionally, the guidelines suggest mandatory insurance against user losses to further enhance consumer confidence.Moreover, the FSC’s guidelines intend to prevent offshore cryptocurrency exchanges from operating onshore in Taiwan without proper compliance registration. This step aims to ensure that all participants in Taiwan’s cryptocurrency market adhere to uniform standards.In a bid to stabilize the Taiwanese financial system and prevent deceptive advertising practices, the guidelines also propose a ban on stablecoins linked to the Taiwanese dollar and impose restrictions on foreign exchange advertising within the country.Enabling self-regulationRegulators have also proposed the classification of crypto regulations within their own novel business category. As part of that initiative, officials expressed an interest in fostering self-regulation. The formation of this industry group could be deemed to be an encouraging sign relative to that aspiration.The nine cryptocurrency firms forming the industry association have established a working group led by Winston Hsiao, Co-Founder of XREX. This group aims to expedite the development of self-regulatory rules based on the forthcoming FSC guidelines.Wayne Huang, another Co-Founder of XREX, expressed his hope that the new FSC guidelines will provide the cryptocurrency industry with legitimacy, oversight, a clear growth trajectory, and an accelerated path to earn public trust.The formation of this industry association, coupled with the impending release of the FSC’s comprehensive regulatory guidelines, marks a significant milestone for Taiwan’s cryptocurrency sector. As the industry evolves, these proactive measures seek to ensure its stability, security, and compliance with international standards.

HashKey Group, a Hong Kong-headquartered digital asset financial services firm, has partnered with Bosera Asset Management (International) Co., the Hong Kong subsidiary of Chinese asset management firm Bosera Asset Management, to launch the world’s first tokenized money market exchange-traded funds (ETFs). In a press release published by PR Newswire on behalf of HashKey Group on March 28, HashKey outlined that the two funds are titled “Bosera HKD Money Market ETF (Tokenised Class)” and ”Bosera USD Money Market ETF (Tokenised Class).”While the products were launched last Friday, they won’t officially go live until April. Both products have been approved by Hong Kong’s Securities and Futures Commission (SFC). Photo by Vighnesh Dudani on UnsplashArising out of Project EnsembleThis latest product offering has its origins in Project Ensemble, an initiative launched by the Hong Kong Monetary Authority (HKMA) back in March 2024. The original aim of Project Ensemble was to support the development of the tokenization market in Hong Kong. The SFC got involved later that year, collaborating with the HKMA in the launch of a regulatory sandbox aimed at advancing the tokenization of assets in various financial sectors. In October 2024 it emerged that HashKey was participating within that sandbox, with these new products arising from those efforts. The company claims that these tokenized products improve upon what’s currently on offer via traditional finance, providing greater transparency and operational efficiency, thanks to the use of blockchain technology.  HashKey Tokenisation, the tokenization arm of the firm, takes care of full-process design and execution for tokenized issuance. Subsequently, these products will be deployed on HashKey Chain, a regulatory-compliant, institutional-grade layer-2 network geared towards bridging the gap between traditional finance and Web3. On that subject, HashKey Group Chairman and CEO Dr. Xiao Feng stated:"Bringing money market ETFs on-chain through blockchain technology is a crucial step for traditional finance to embrace Web3.” Looking towards the future, Feng added that the company expects “more traditional financial institutions to actively enter the crypto finance sector through innovative tokenisation products.”Anna Liu, CEO of HashKey Tokenisation, told the South China Morning Post (SCMP) that “the biggest advantages of this product are that the underlying assets are mature and high-quality, and it fully considers security and regulatory compliance while reducing investor costs and improving overall liquidity.” Liu added that the firm hopes that this product offering is the first of many, paving the way for subsequent tokenized real-world asset (RWA) offerings. Last month, Hong Kong-based digital asset platform OSL launched a tokenized mutual fund, the ChinaAMC HKD Digital Money Market Fund. The retail tokenized fund has been issued by China Asset Management (Hong Kong), with Standard Chartered Bank (Hong Kong) acting as tokenization agent, digital platform operator and administrator. In the U.S., financial services company Fidelity Investments recently filed documents with the intention of rolling out a tokenized U.S. money market fund. BlackRock, the world’s largest asset manager, launched its tokenized money market fund, BUIDL, last year. The fund is expected to surpass a market cap of $2 billion in the coming weeks.