China Sees Further Metaverse Development Through Nanjing City Initiative

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.

Ripple APAC executive predicts institutional adoption surge in 2024Fiona Murray, the Managing Director overseeing the Asia-Pacific region (APAC) at enterprise blockchain firm Ripple, envisions a substantial uptick in institutional adoption of cryptocurrencies in the upcoming year.Photo by Kanchanara on UnsplashEmphasis on AsiaMurray set out her predictions for the coming year in a thread of posts on the X social media platform on Monday. This foresight coincides with a notable upswing in interest from traditional financial institutions within the digital currency market, especially in the APAC region.Murray predicts an unprecedented surge in cryptocurrency adoption within financial institutions, underscoring a shifting landscape where companies increasingly leverage cross-border payment solutions powered by blockchain technology. She wrote:”Entering 2024, we are expecting to see a surge in institutional adoption of crypto by financial institutions, especially in the APAC region. This includes the greater usage of cross-border payments among companies.”Web2 firms to integrate blockchainThis departure from traditional payment methods signifies a growing confidence in the security and efficiency offered by digital currencies. Ripple’s APAC executive emphasizes the escalating investments by well-established Web2 companies and legacy payment institutions as they integrate blockchain utility into their offerings.“More than ever, leading Web2 companies and legacy payments institutions are investing resources to integrate blockchain utility into their services — ‘Nearly half of APAC finance leaders expect blockchain to have a significant impact on business in the next 3 years.’” she stated.This positive outlook is reinforced by proactive measures taken by countries like Singapore and Hong Kong, positioning themselves as global leaders in cryptocurrency and blockchain adoption.Crypto ETFsThe continued rollout of crypto exchange-traded funds (ETFs) adds to the level of institutional adoption that has occurred in 2023 and is likely moving forward into 2024. Hong Kong has been the regional leader in this regard within APAC. The Hong Kong Stock Exchange was the first platform in Asia to offer crypto asset exposure by way of an ETF in December of last year. Since then, several such ETFs have been listed within the Chinese autonomous territory.Last month, multinational investment bank UBS joined industry peers like HSBC in following suit to offer institutional clients access to crypto-linked ETFs. Going into 2024, most industry commentators seem to be convinced that the emergence of BlackRock, the world’s largest asset manager, in promoting a spot bitcoin ETF in the United States means that approval is likely over the course of the next few months. That milestone will undoubtedly have positive reverberations for institutional digital asset adoption in the APAC region also.Strategic importance of APACThe APAC region holds strategic importance for Ripple’s expansion plans, given its rapid technological advancement and openness to innovation. In Singapore, the company received “in principle” approval from the Monetary Authority of Singapore in June. That was upgraded to full license approval in October.Singapore and Hong Kong, among other countries in the region, have emerged as frontrunners in the global cryptocurrency market, fostering regulatory environments conducive to blockchain innovation.These factors underscore the region’s crucial role in Ripple’s global strategy, aligning with the company’s vision and objectives as it seeks to grow its business.

Hashed CEO Emphasizes South Korea’s Potential to Lead Mass Adoption of Web3 in AsiaSimon Kim, CEO of Asian blockchain investment firm Hashed, highlighted South Korea’s potential to pioneer the mass adoption of Web3 during his keynote speech on Tuesday at Impact, the main conference of Korea Blockchain Week 2023 held at the Shilla Hotel in Seoul.“Korea possesses the strength to lead despite its small size,” he said. “The country will serve as the turning point for Web3.”Photo by Daniel Bernard on UnsplashTech trailblazerKim elaborated on the unique characteristics of Korea’s Web3 ecosystem, citing the so-called “kimchi premium” phenomenon, where cryptocurrencies in Korea are valued higher than other global exchanges, as well as the country’s role in leading altcoin price fluctuations and bull markets.Furthermore, Korea also has one of the world’s fastest and most widespread high-speed Internet networks, with nearly 100% coverage and a smartphone penetration rate exceeding 97%.According to Kim, digital natives are the driving force behind many inventions that have marked the country as a longstanding hub of innovation and digitization. Among these inventions is the world’s first online game, The Kingdom of the Winds, and the world’s first avatar-based social platform Freechal, as well as the pioneering e-sports league StarCraft League and game item trading platform itemBay.In particular, Freechal can be deemed as a forerunner to the current trend of using non-fungible tokens (NFTs) as profile pictures on social media. itemBay also serves as the precursor to both virtual asset and NFT exchanges. These types of early ventures are inextricably linked to the rise of cryptocurrency exchanges.Kim went on to underscore Korea’s prowess in the gaming industry, mentioning popular games like Dungeon Fighter Online, MapleStory, and PlayerUnknown’s Battlegrounds (PUBG). He noted that many local game developers have already established Web3 studios and are actively preparing to transition to the world of Web3 gaming. The K-pop industry has also been incorporating Web3 technology in various projects.Merging hemispheresHashed has been actively investing in projects since 2016, with over 150 projects in its extensive portfolio. Of these projects, approximately 71% of those based in Western countries are related to infrastructure, while 67% of those based in Eastern countries are related to digital content and apps. The company ultimately aims to serve as a bridge connecting the East and West by acting as a network builder to facilitate this exchange, Kim said.