Vietnam legalizes crypto assets

HSBC and Ant Group advance blockchain-based tokenized deposit systemThe Hong Kong and Shanghai Banking Corporation (HSBC), the largest bank in Hong Kong, and Ant Group, China’s leading financial conglomerate, have successfully conducted tests in a sandbox environment facilitated by the Hong Kong Monetary Authority (HKMA) to explore the potential of tokenized deposits.Photo by Robert Bye on UnsplashIssue, transfer and redemption of tokenized depositsAccording to Cointelegraph, the primary objective of this collaborative effort was to assess a system for issuing, transferring and redeeming tokenized deposits. The trial aimed to gauge the capacity of tokenized deposits to provide for greater efficiency, allowing for real-time treasury fund transfers for corporate accounts within the HSBC network to transpire seamlessly at any hour, 24/7.HSBC expressed its excitement regarding the results, stating that it will open avenues for future research on how blockchain technology and tokenization can drive efficiencies and innovations in corporate treasury management.The test harnessed a blockchain platform developed by Ant Group, leveraging the support of Ant Group’s banking partners. These partners played a pivotal role in enhancing the efficiency of treasury fund transfers by reducing turnaround times, increasing cost efficiency and improving overall visibility.Vincent Lau, Global Head of Emerging Payments and Global Payments Solutions at HSBC, emphasized the bank’s keen interest in integrating tokenized deposits and other financial innovations into its future strategy. This approach is designed to streamline and optimize treasury management services for its clients.Crypto and blockchain project involvementHSBC has maintained a proactive stance in exploring the potential of blockchain technology. The bank has participated in numerous initiatives related to central bank digital currencies (CBDCs), notably Project mBridge, a multi-CBDC platform developed by SWIFT. This initiative supports real-time, peer-to-peer, cross-border payments and foreign exchange transactions using CBDCs.It emerged earlier this year that HSBC was collaborating with the HKMA on its e-HKD CBDC pilot program. Part of that project implicated the use of tokenization relative to real world assets (RWAs), an area that the real-time gross settlement platform Ripple was providing expertise on.In June, HSBC took a significant step by launching local cryptocurrency services in Hong Kong, which included support for trading Bitcoin and Ether exchange-traded funds (ETFs) listed on Hong Kong’s stock exchange. The supported products encompass the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.In the same month, the HKMA encouraged HSBC alongside Standard Chartered to provide banking service support to fledgling crypto businesses in Hong Kong, having identified an issue with the extension of banking services to the sector within the Chinese autonomous territory. Meanwhile, Ant Group has been central to the progression of blockchain technology within China.HSBC’s expansion into crypto-related services aligns with the growing interest in digital assets, occurring in the aftermath of the launch of retail crypto trading in Hong Kong on June 1.

Binance Japan now fully operationalGlobal cryptocurrency exchange Binance has officially commenced full operations in Japan through its locally incorporated Japanese entity, Binance Japan.Photo by Sora Sagano on UnsplashSetting off on a compliant footingFollowing a period of collaboration with regulatory authorities, Binance Japan is positioning itself firmly under the purview of clear regulatory frameworks set by the Japanese authorities.The Japanese government has instituted stringent regulations for cryptocurrency exchanges, aiming to bolster consumer protection, thwart money laundering and create a more secure trading environment. Binance Japan’s decision to align itself with these regulations comes in a year in which the leading crypto platform has encountered regulatory pushback in a whole host of jurisdictions around the world.Under the established regulatory framework, cryptocurrency exchanges in Japan are mandated to secure a license from the Financial Services Agency (FSA), the nation’s financial regulatory body. This licensing process ensures that exchanges adhere to rigorous security measures, maintain robust internal controls and implement protocols for the protection of customers.Phased market entryIt emerged back in May that the company planned to establish a separate Japanese entity. In August Binance Japan started to offer a limited service, enabling access to 34 token listings. In November the firm added 13 further digital assets, with the suggestion that it would eventually offer 100 tradable digital assets.Taking to the X social media platform on Sunday, Sota Watanabe, the founder of Polkadot-centric multichain dApp hub Astar Network and the CEO of Singapore-based Startale Labs, confirmed that Binance Japan is now in full operation. Watanabe wrote:”Binance Japan started its full operation yesterday under clear regulations set by the government, and they have listed Astar from day 1 as one of the first cryptos. I hope more and more Japanese people enter our ecosystem.”Focus on stablecoinsIn a virtual business discussion at the end of August, Head of Binance Japan, Takeshi Chino, set out the company’s vision going forward. Part of the business plans includes potential collaborations on the development of stablecoins. Further news on that pursuit became known the following month when Mitsubishi UFJ Trust and Banking Corporation (MUTB), the trust arm of Japan’s largest bank, announced a collaboration with Binance Japan that will investigate the issuance of public blockchain stablecoins denominated in the local currency, the Japanese yen, as well as other fiat currencies.The full launch of Binance Japan signifies the increasing recognition of cryptocurrencies as a legitimate financial asset class. With a major global exchange like Binance willingly adhering to local regulations, it sets a positive precedent for other exchanges and entities in the region to follow suit.Furthermore, given Japan’s historical significance in the global cryptocurrency market, Binance’s operations in the country could contribute significantly to the broader acceptance and integration of cryptocurrencies into the financial ecosystem. This move aligns with the global trend of heightened institutional interest in digital assets.Binance Japan’s initiation of full operations within a clear regulatory framework marks a further stride forward for both the exchange and the Asian crypto market.

p0x Labs Secures $25M Funding to Propel Manta Network Into Asiap0x Labs, the development team behind Manta Network, has successfully raised $25 million in a Series A funding round that will see the project expand into the Asian market.Photo by Towfiqu barbhuiya on Unsplash$500 million valuationThe funding round, led by Polychain Capital and Shanghai-headquartered Qiming Venture Partners, has resulted in a valuation of $500 million for p0x Labs, according to a blog post published by the project on Wednesday. This equity-based investment demonstrates a growing interest in not only the project’s token but also the team behind it.Manta Network aims to leverage zero-knowledge (ZK) technology to address the scalability challenges and privacy concerns prevalent on the Ethereum network. By harnessing zero-knowledge proofs, Manta enables users to verify the authenticity of information without disclosing the underlying data.This approach provides individuals with complete control over their identities while mitigating the risks of surveillance. Consequently, Manta Network is seeking to attract users who have reservations about utilizing DeFi protocols due to the transparent nature of transactions on public blockchain networks.At the recent EthCC event held in Paris, the project unveiled the testnet for its Layer 2 network, known as Manta Pacific. This testnet operates in an environment with low gas fees, fostering cost-effective transactions for users. Manta Pacific is designed to complement the existing Layer 1 solution, Manta Atlantic, which focuses on achieving compliant on-chain privacy.VC supportLuke Pearson, an investor at Polychain Capital, expressed his enthusiasm for Manta Network’s expansion within the Ethereum ecosystem and confirmed Polychain’s continued support through this Series A funding round. Meanwhile, Yi Tang, Principal at Qiming Venture Partners, believes that their contribution will not only help Manta Network penetrate the Asian market but also attract the attention of Web2 brands.With the additional funding, p0x Labs aims to establish a global presence for Manta Network. Kenny Li, a core contributor at Manta Network, emphasized the significance of partnering with one of China’s largest investors to gain a stronger foothold in Asia, particularly China. The team is enthusiastic about the opportunities this collaboration will bring.Industry partnershipsManta Network has already witnessed substantial demand for its offerings, with partnerships with projects such as Arbitrum and Linea resulting in the creation of over 300,000 zero-knowledge soulbound tokens. These tokens enable the verification of on-chain identities without compromising data confidentiality. Additionally, the native Manta Wallet has garnered more than 200,000 installations, and innovative features like email-based notifications have contributed to a collective user base exceeding 1.5 million users.Looking ahead, the newly launched testnet with its plug-and-play functionality is expected to streamline the development process for Manta Network’s ecosystem. Developers will be able to allocate their time and resources more efficiently toward building their core products, driving innovation within the zero-knowledge space.The successful funding round and the launch of the Layer 2 testnet mark significant milestones for Manta Network and p0x Labs. With continued support from prominent investors, Manta Network appears to be setting itself up to unlock the true potential of zero-knowledge technology and drive adoption across various industries.