2 years ago
Our play roundup of quality from East Asia curates the industry’s astir important developments.
Hong Kong inching adjacent connected a wide crypto regulatory pathway
A fewer months aft salient manufacture players lamented the deficiency of registration pathways for cryptocurrency exchanges successful Hong Kong, immoderate respite whitethorn yet beryllium connected the horizon. On Apr. 27, Julia Leung, main enforcement serviceman of the Securities and Futures Commission (SFC) of Hong Kong, revealed that regularisation of virtual plus trading platforms (VATP) remains 1 of the commission’s cardinal priorities, stating:
“The SFC has received much than 150 responses to the consultation connected the projected regulatory requirements for licensed VATP operators and volition contented the conclusions and last guidelines successful May earlier the caller authorities takes effect connected Jun. 1 2023.”
Leung besides said that Web3 and blockchain exertion volition bring “enormous benefits to the fiscal manufacture successful presumption of efficiency” and reiterated the commission’s enactment for “underlying distributed ledger exertion and liable innovation successful relation.” Nevertheless, the SFC besides issued the pursuing warning:
“The regulator takes steadfast and punctual enforcement action, against marketplace manipulation activities, societal media ramp and dump schemes, abusive behaviour successful listings, intermediary misconduct and virtual-asset-related misconduct. The amended Anti-Money Laundering Ordinance (AMLO) volition springiness the SFC caller powerfulness to combat these scams.”
In February, the SFC stirred up a crypto frenzy erstwhile it launched a consultation connected its projected regulatory requirements for integer plus trading platforms. On Apr. 20, a report published by the Hong Kong Stock Exchange regular trading measurement of each Hong Kong crypto ETFs averaged astir $1.19 cardinal betwixt December 2022 and aboriginal February.
Alibaba takes an involvement successful multichain
On Apr. 26, Ant Financial, an affiliate of Chinese e-commerce conglomerate Alibaba, announced during its yearly Digital Technologies Developer Conference that it would officially open source its cross-chain protocol AntChain Bridge to developers worldwide.
The AntChain Bridge was designed based connected the Institute of Electrical and Electronics Engineers (IEEE) Standard for Blockchain Interoperability, 1 of the archetypal standardized communications protocols successful this category.Yan Ying, method manager of AntChain, said that cross-chain exertion “is indispensable to unlocking the afloat imaginable of Web3” and would let for “large-scale transferring of integer assets.”
During a unrecorded demonstration, AntChain Bridge developers respective commemorative NFTs to antithetic blockchains. Developers tin entree its cross-chain systems oregon concern astute contracts by downloading the cross-chain plug-in connected the AntChain Openlab Github repository page. Two months prior, the National Basketball Association’s (NBA) Chinese subsidiary announced that it would grow its concern with Ant Financial to mint much NFTs connected its autochthonal AntChain. The blockchain was launched successful 2017 with a absorption connected fintech.
Yan Ying speaking astatine AntGroup’s yearly Web 3 conference. (AntGroup)Huawei and the GPT craze
On Apr. 27, section quality outlet IThome reported that Chinese telecommunications conglomerate Huawei has filed for a nationalist trademark exertion labeled “Huawei NetGPT” nether the classification “scientific instruments.” Earlier this month, Huawei developers shared further penetration into its different ChatGPT clone, “PanguGPT,” claiming that:
“It has entered the tract of intelligent papers search, intelligent endeavor assets planning, and has implemented scenarios specified arsenic endeavor fiscal anomaly detection, large-scale models successful Arabic, etc.”
Similar to Huawei, Chinese tech elephantine Baidu unveiled its reply to ChatGPT, Ernie Bot, connected Mar. 16. One period later, Alibaba besides began investigating its ChatGPT rival dubbed “Tongyi Qianwen.” Around the aforesaid day, American concern magnate Elon Musk besides revealed that helium would make his ain ChatGPT equivalent, TruthGPT, for seemingly political reasons. Chat-based ample connection models tin person large applications successful blockchain, specified arsenic auditing astute declaration codification orguiding its assemblage connected crypto trading.
Chinese metropolis nationalist servants to person integer yuan salaries
Earlier this week, authorities officials from the City of Changshu (population 1.56 million) announced that the city’s nationalist servants would beryllium paid successful integer yuan (e-CNY) effectual starting adjacent month.
The determination follows a palmy aviator trial opening past October that saw prime nationalist officials person nationalist transport reimbursements done the integer yuan. While means of spending the e-CNY straight are presently somewhat limited connected a nationalist level, the City of Changshu has begun allowing e-CNY payments for inferior bills, compartment telephone bills, cablegram TV, and nationalist transportation.
Customer utilizing e-CNY to wage astatine a edifice (Shenzhen People’s Government)WeChat, too, expands integer yuan adoption
On Apr. 26, Chinese societal media app WeChat, which boasts implicit 1 cardinal monthly progressive users, expanded integer yuan adoption to its video contented instauration level and “Mini Programs” level for vendors.
According to section reports, services payable connected WeChat via e-CNY present see ride-sharing, online shopping, oregon ordering takeaway from restaurants. To usage the feature, users indispensable archetypal walk done know-your-customer checks. Despite its accrued presence, e-CNY accounted for conscionable 0.13% of the full Chinese Yuan successful circulation astatine the opening of the year.
A WeChat integer yuan payments page. (WeChat)
Zhiyuan Sun
Zhiyuan prima is simply a writer astatine Cointelegraph focusing connected technology-related news. He has respective years of acquisition penning for large fiscal media outlets specified arsenic The Motley Fool, Nasdaq.com and Seeking Alpha.
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