Weekly Updates From The East Asian Crypto Industry
Last week saw a lot of vital developments in the East Asian cryptocurrency industry. Hong Kong exchanges were bustling with activity, and key market players received significant investments while securing vital partnerships.
Hot Times For Hong Kong Exchanges
Hashkey Exchange, a top regulated crypto exchange, announced an insurance policy that provides coverage for clients’ assets in both hot and cold wallet accounts. The insurance will offer a payout between $50 million to $400 million in case of claims, assuring clients of a 50% coverage on cold wallet assets and 100% on hot wallet holdings.
The exchange has also secured a partnership with fintech company OneDegree to develop robust crypto security solutions to better handle server downtime, data back-up, and load control. Hashkey Exchange plans to enhance its financial, technical, and service infrastructure while fulfilling the needs of the Securities and Futures Commission.
Since August, when their license was approved, Hashkey has expanded remarkably, boasting over 120,000 customers and a cumulative trading volume surpassing $10 billion.
In other news, BC Technology Group, renowned for its OSL exchange platform, announced a strategic $91 million investment from the BGX crypto group. Despite rumors about selling their OSL exchange, these reports were dismissed by the BC Technology Group.
The Block’s New Beginnings
The Block, a well-known crypto media publication, received a noteworthy investment of $60 million. Singaporean venture capital firm Foresight Ventures acquired 80% of The Block’s equity. Even after the investment, The Block will continue to operate as a separate company.
This gives The Block an opportunity to expand its current operations and establish a wider footprint in Asia and the Middle East.
No Civil Protection For Crypto In China
The case of a crypto transaction gone awry in China serves as the latest indicator of the lack of legal protection for crypto investments in the country. When Wang Ping lost substantial amounts in an altcoin investment venture with friend Zhao Bin, the court declared that there was no legal basis for the lawsuit, confirming that cryptocurrency-related transactions are classified as “illegal activity.”
Philippines Turns To Tokenized Bonds
While China’s take on crypto is fairly stringent, the Philippines has taken a more proactive approach, looking to issue tokenized bonds through its Bureau of Treasury (BTr). BTr aims to raise around $180 million from the local capital market, issuing the bonds as digital tokens to institutional investors.
The move towards tokenization is part of the government’s wider plan for digitalization. The Philippines looks forward to a digital currency future and sees the advent of tokenized bonds as the start of the journey to a wholly digital economy.
These are just a few highlights of the past week’s crypto events in East Asia. Stay tuned for more updates in the turbulent and exciting world of cryptocurrencies.