Bloomberg claims that representatives from China’s Liaison Office have frequently attended crypto events in Hong Kong. Bloomberg claims that representatives from China’s Liaison Office have frequently attended crypto events in Hong Kong. Several participants believe this is supporting Hong Kong’s efforts to establish itself as a crypto hub. After a lengthy dialogue process that was finally completed by the SFC, exchanges will be able to accommodate professional investors as of June 1. According to the results of its consultation, the Hong Kong Monetary Authority (HKMA) has stated that in order to be eligible for stablecoin licencing, companies may need to maintain their primary line of business and have a locally established organisation in Hong Kong. The proposed system will expand the number of licences an issuer will require and will cover firms that actively promote or operate in Hong Kong. In contrast to the current system, which requires a “Trust or Business Service Provider” licence, the new one is anticipated to require a stablecoin wallet licence. It may be necessary for the creators of popular stablecoins like Tether to establish locally established organisations.
The bankrupt cryptocurrency lender requested that the court reject Sam Bankman-Fried’s petition for bankruptcy on behalf of his offshore investment company Emergent Fidelity Technologies Ltd. Sam Bankman-Fried, the company’s founder and former CEO, was involved in the FTX affair, and its effects are still being felt. On Feb 17 BlockFi filed an appeal with the U.S. Bankruptcy Court in Wilmington, Delaware to have Sam Bankman-Fried’s offshore investment company removed from Chapter 11 bankruptcy protections. The creator of FTX utilised Emergent Fidelity Technologies Ltd. to buy a 7.6% interest in Robinhood Markets Inc. The bankruptcy of SBF’s corporation serves no purpose, claims BlockFi’s motion.
According to a press statement, Saudi Arabian Oil Group (Saudi Aramco), the almost $2 trillion dollar state-owned energy firm, has signed a memorandum of understanding (MoU) with droppGroup to investigate co-developing a variety of Web3 technologies. To benefit the workforce of Aramco, the two businesses will investigate together developing a variety of Web3 technologies. This covers potential ecosystems for onboarding and training, as well as a tokenized network and incentives system.