Hong Kong Gaming Firm to Invest $100M in Crypto
Boyaa Interactive International, a publicly-traded Hong Kong holding company specializing in online card and board games, plans to invest $100 million in crypto. The company’s directors want to allocate $45 million to Bitcoin (BTC), $45 million to Ethereum (ETH), and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC). They believe that the internet gaming business operated by the company aligns well with Web3 technology and can benefit from the use of cryptocurrencies. Boyaa Interactive generated $14 million in revenue and $4.2 million in earnings in Q3 2023.
China Signs $400M CBDC Deal with United Arab Emirates
The People’s Bank of China has signed a $400 million cooperation memorandum on central bank digital currencies (CBDCs) with the United Arab Emirates. The memorandum allows for the interchange of each other’s CBDCs during bilateral trade and will last for five years. This agreement reflects the strong relations between the UAE and China and demonstrates the UAE Central Bank’s commitment to strengthening its partnership with China. The treaty aims to facilitate the provision of liquidity to financial markets and settle cross-border financial and trade transactions more effectively and efficiently. The digital yuan (e-CNY) has seen significant growth, with transactions surpassing 1.8 trillion yuan ($253.6 billion) and the number of wallets reaching 120 million.
Hong Kong Director Stephen Chow Teases NFT Drop
Stephen Chow, the award-winning Hong Kong director known for his film “Kung Fu Hustle,” is set to launch his own nonfungible tokens (NFT) collection. The NFT project, called “Nobody,” is a collaboration with Chinese-American rapper Jin Au-Yeung (MC Jin). Chow described the theme of the NFT collection as ordinary individuals who bring surprises to the world. The NFTs will be released on the Moonbox platform, a Hong Kong-based AI and Web3 startup focused on AI-powered NFTs in the arts and film industry. Moonbox closed a $2.5 million funding round in August led by OKX Ventures.
Singapore Joins China’s e-CNY Pilot Program
Singapore will accept the digital yuan (e-CNY) as a means of payment for Chinese visitors to the country. The Monetary Authority of Singapore (MAS) will collaborate with the People’s Bank of China and the Digital Currency Institute to enable travelers from both countries to use e-CNY for tourism spending in Singapore and China. This initiative aims to enhance convenience for travelers during their overseas travel. Singapore and China signed a memorandum of understanding for cooperation in digital finance in 2020, and the MAS plans to develop a digital Singaporean dollar.
Victory Securities Approved for New Bitcoin Fund in Hong Kong
Victory Securities, the first broker to receive a virtual asset provider license (VASP) in Hong Kong, has obtained regulatory approval from the Securities & Futures Commission (SFC) for a new Bitcoin fund. The Victory EMC BTC Cycle Fund will allow investor subscriptions in U.S. dollars and stablecoins such as USDT and USDC. The VASP license allows firms to offer crypto services to retail investors, and the new Bitcoin fund will initially be available to accredited investors meeting a $1 million portfolio requirement.
