Huobi Delists USDD Stablecoin Pairs

HashKey OTC, the over-the-counter (OTC) trading arm of the Hong Kong-headquartered HashKey Group, has reached a regulatory milestone with the acquisition of a major payment license in Singapore.Photo by Mike Enerio on UnsplashEnabling digital asset service offeringIn a recent announcement via the firm’s official blog, HashKey Group revealed that HashKey OTC has secured in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license application. This approval positions HashKey OTC to offer regulated digital payment token services in Singapore, representing a significant stride in the firm’s efforts towards regulatory compliance. CEO of HashKey OTC, Li Liang, emphasized the company's steadfast commitment to regulatory adherence, considering it a pivotal step towards providing comprehensive and regulated over-the-counter trading solutions for its clients. Liang highlighted the significance of the in-principle approval, expressing the company's vision to furnish a wide array of digital payment tokens and fiat currencies in a regulated environment. The approval has generated optimism within the global crypto market community, particularly amidst prevailing uncertainties surrounding crypto regulations worldwide. Expansion initiativesHashKey OTC's attainment of the MPI license aligns with its strategic expansion initiatives, building upon its earlier success in securing a capital markets services license for fund management in Singapore. This achievement reflects the company's desire to operate within legal frameworks while delivering innovative crypto solutions to its clientele. Furthermore, HashKey OTC's regulatory triumph mirrors the broader regulatory landscape in Singapore, where crypto firms navigate stringent requirements to establish credibility and trust within the market. MPI approvalsThe exchange's milestone mirrors similar successes achieved by other industry players. Recent months have seen a raft of digital asset industry enterprises achieve a similar milestone. In January, American digital asset custodian BitGo acquired in-principle MPI approval. Last November, Taipei-headquartered crypto exchange business XREX achieved a similar outcome. Other entities who had been successful in pursuing MPI licensing earlier in 2023 include crypto exchange Upbit Singapore, crypto trading firm GSR, American crypto exchange platform Coinbase and enterprise blockchain firm Ripple. Despite Singapore's reputation as a crypto-friendly jurisdiction, recent decisions by MAS have demonstrated a cautious approach towards certain crypto products. While spot bitcoin exchange-traded funds (ETFs) received approval in the United States, MAS has opted against permitting the listing of such ETF products for retail investors, citing concerns over the asset's volatility and suitability for retail investment. HashKey is one of only two entities to have secured similar licenses in Hong Kong. Last month, affiliate company HashKey Capital, a Singapore-based crypto fund manager, launched a series of indices designed to track cryptocurrencies in a collaboration with FTSE Russell. Also in January, the Hong Kong business partnered with crypto derivatives platform OKX with the objective of advancing compliant virtual asset innovation. HashKey OTC's acquisition of a major payment license in Singapore, amid a backdrop of similar businesses pursuing similar licensing in various jurisdictions recently, signifies a significant advancement in regulatory compliance within the crypto industry. The approval underscores the exchange's desire to provide regulated over-the-counter trading solutions while navigating the evolving regulatory landscape in Singapore and beyond.

On Monday, Hong Kong's spot Bitcoin exchange-traded funds (ETFs) marked their first cumulative daily Bitcoin outflows, with the sole occurrence arising from China Asset Management's (ChinaAMC) ETF. ChinaAMC's spot Bitcoin ETF witnessed an outflow of 75.36 Bitcoin, while the other two ETFs reported zero inflows. This development comes after these ETFs debuted on the Hong Kong Stock Exchange on April 30.Photo by Kanchanara on UnsplashInsights into daily trading dynamics and metricsOn their inaugural trading day, the three funds garnered an inflow of 3,910 BTC, as per data from SoSo Value. However, it's important to note that shares acquired through in-kind subscriptions of physical Bitcoin are not counted as U.S. dollar-based cash flows in SoSo Value's daily net inflow statistics. Instead, SoSo Value employs the Bitcoin-inflow metric, measuring the actual flow of Bitcoin into or out of all ETFs on a given trading day. As of Monday, the combined holdings of the three ETFs stood at approximately 4,150 Bitcoin, with total net assets reaching $266.8 million from $247.7 million on the debut day, according to SoSo Value data. Farside Investors' data corroborated similar findings, indicating an outflow of $4.9 million from ChinaAMC's spot Bitcoin ETF on Monday, while the other two ETFs saw no inflows. Trading volume and market activityDespite the outflows, the total trading volume for the three ETFs surged to $8.6 million on Monday, up from $8.01 million the previous Friday, according to SoSo Value data. Meanwhile, in contrast, spot Bitcoin ETFs in the United States witnessed a net inflow of $217.06 million on the same day, with Grayscale's GBTC fund registering its second consecutive daily net inflow.

Bhutan Partners With Bitdeer on Crypto Mining FundSingapore-based Bitcoin mining firm Bitdeer has entered into a partnership with the commercial arm of the Royal Government of Bhutan to jointly develop green digital asset mining operations within the Kingdom of Bhutan.Bitdeer issued a press release on Wednesday to announce the partnership. Druk Holdings and Investments (DHI) acts as the commercial arm of the Royal Government of Bhutan. It was formed pursuant to a Royal Charter in 2007 with the mandate of making investments on behalf of Bhutan while optimizing usage of resources.Driving growthAccording to the information provided, the two companies will “launch the partnership through establishing a closed-end fund with an estimated size of up to US$500 million.” The initiative will see a canvas for funding commencing at the end of this month. Bitdeer’s role in the partnership is that of a general partner while DHI will act as a strategic limited partner.Bitdeer’s Chairman, Jihan Wu, expressed his enthusiasm in gaining access to Bhutan’s zero-emissions hydropower resources through the partnership. Wu stated that the fund represents “a pathway to foster global stakeholder networks that are driving growth and innovation in the technology sector in Bhutan.”Once funding has been raised, that capital will be channeled directly into greenfield operations on the ground in Bhutan. That encompasses the construction of data centers and what the joint parties to the initiative describe as “the acquisition of cutting edge technology.”Photo by Singkham on PexelsDigital transformationUjjwal Deep Dahal, CEO of DHI, stated: “The partnership with Bitdeer to launch a carbon-free digital asset mining data center represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation.”Bhutan is executing on a plan to accelerate digital transformation and economic diversification by exploiting opportunities in emerging sectors. Further evidence that this is part of a broader longer term strategy emerged recently. Dahal had told a local Bhutanese publication that DHI had been engaged in bitcoin mining on behalf of the Kingdom since bitcoin had a unit price of $5,000. In that interview, Dahal acknowledged that the involvement from the outset of its bitcoin mining activities was part of a broader, long term strategy.Bitdeer’s Asia expansionAlthough Bitdeer is Singapore-based, its operations up until this point have been focused on facilities located in Northern Europe and North America. According to this latest announcement, the bitcoin miner sees this partnership as a “crucial expansion into Asia for Bitdeer.” A shift in geographical focus may be well timed by Bitdeer as it emerged today that President Joe Biden in the United States is considering the imposition of a 30% tax on crypto mining.The bitcoin miner completed a long overdue special purpose acquisition company (SPAC) merger with Blue Safari Group last month. As part of that process, it listed on the Nasdaq. That public listing process has been a baptism of fire for the company as shortly afterwards, the company traded down 30% from the point of its initial listing.A corporate filing made by the company with the Securities and Exchange Commission (SEC) provides more detail with regard to Bitdeer’s plans in Bhutan. “We expect to generate 100 MW out of the 550 MW power supply from Bhutan, where the construction of a mining data center is expected to begin in the second quarter of 2023 and complete in the third quarter of 2023,” the filing states.