DeFi News Today Official TheBitTimes.com

BRICS member Brazil, along with two other countries has forged a new path for cross-border payments with CBDC innovations. The Central Banks of the three countries have officially partnered to create a digital currency for trade among each other. The move will pave the way for a new financial infrastructure without the need for the US dollar for cross-border transactions. Also Read: BRICS: Shipping Firm Pays $8 Billion in Chinese Yuan, Ditch US Dollar Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Apart from using local currencies for global trade settlements, BRICS is also working towards the formation of CBDC to dent the US dollar. The next decade will be challenging times for the greenback as de-dollarization will be a global phenomenon. BRICS: 3 Countries Forge CBDC Alliance, US Dollar Remains Target Source: CNBC The Hong Kong Monetary Authority (HKMA) announced that it has forged a CBDC alliance with two other Central Banks to ...

Venture Smart Financial Holdings Limited, a financial services firm based in Hong Kong, is set to introduce its spot Bitcoin exchange-traded fund (ETF) in the city in Q1. Brian Chan, the group head of investment and product at Venture Smart Financial, shared in an interview with Bloomberg that the company aims to accumulate up to $500 million in assets under management by the end of 2024, recognizing the immense potential in the market. “It’s a market that has huge potential. Our goal is $500 million in assets under management by the end of this year.” Brian Chan Hong Kong regulators have thus far approved only three futures Bitcoin ETFs: Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures. In late December 2023, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) jointly announced their readiness to consider applications for the authorization of funds with exposure to cryptocurrencies, including spot ETFs. A spoke...

Crypto developments in Hong Kong do not mean China has softened or will soften its approach to regulating Bitcoin. Despite Hong Kong steadily progressing with cryptocurrency adoption, mainland China has not changed its anti-crypto stance in terms of local regulations. Some Chinese state-affiliated banks have increasingly opened bank accounts to serve crypto clients in Hong Kong. CPIC Investment Management — a China government-backed firm regulated as a Hong Kong entity — even launched two cryptocurrency funds in April. All these developments don’t mean that China has softened or will soften its approach to regulating Bitcoin (BTC) anytime soon, according to CPIC Investment Management CEO Chenggang Zhou. “The Hong Kong government tries very hard to promote Web3 and crypto, but it doesn’t imply any changes in mainland regulatory regulations or the Chinese government’s attitude toward crypto,” Zhou said in an interview with Cointelegraph on May 5. Zhou emphasized that despite China gover...

Hong Kong's Security and Futures Commission greenlights Signum Digital to offer security tokens in the city, after inviting applications for virtual asset trading licenses. Signum Digital, the joint venture of Coinstreet and Somerley, has announced that it has received an approval-in-principle from the Hong Kong Securities and Futures Commission (SFC) for its security token offer ing (STO) and subscription platform.  The security token is a new category of virtual assets built on blockchain technology that represents ownership of tangible assets, such as private equities, real estate, art and collectibles. By being linked to real-world assets, they may lower the risk for potential investors, facilitate their research process, and provide a foundation for the market value of the investment opportunity. Signum Digital has claimed that, following the receipt of final authorization from Hong Kong's SFC, it will manage the STO platform using the brand name "CS-Pro." Thi...