Some of the first group of asylum seekers have boarded the Bibby Stockholm barge with more arrivals expected today, Sky News understands.
Around 50 people were expected to move on to the vessel, docked in Portland Port in Dorset, on Monday after weeks of delays to the controversial plan.
The Bibby Stockholm is one of a number of alternative sites the Home Office is using to end reliance on expensive hotels for asylum seekers, which the government says is costing £6m a day.
But there has been considerable local opposition due to concerns about the asylum seekers’ welfare and the impact on local services.
Protesters gathered at Portland Harbour on Monday with welcome packs containing toiletries and contact details of organisations offering support to migrants.
Care4Calais claimed it had stopped around 20 asylum seekers from various locations from boarding the barge, including people who have disabilities, people who have had traumatic experiences crossing the sea and victims of torture and modern slavery.
The charity said it will continue working with asylum seekers who don’t want to be moved into the accommodation.
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The 222-bedroom barge will ultimately hold 500 single males with numbers expected to increase gradually.
Downing Street suggested Home Office minister Sarah Dines misspoke when she said earlier on Monday that the accommodation could reach full capacity by the end of the week.
Asked about the comment, the prime minister’s official spokesman said: “We are looking to (reach) that number over time – I don’t think we are aiming to do it by the weekend.”
Earlier, Miss Dines told Sky News the barge “sends a forceful message” that people who cross the Channel will be housed in accommodation that is “proper…but not luxury” – claiming hotels are part of the “pull” factor attracting people to the UK.
But critics say the plan will not act as a deterrent and the government should focus on reducing the backlog of asylum casees.
Steve Valdez-Symonds, Amnesty International UK’s Refugee and Migrant Rights Director, said: “It seems there’s nothing this government won’t do to make people seeking asylum feel unwelcome and unsafe in this country.
“Reminiscent of the prison hulks from the Victorian era, the Bibby Stockholm is an utterly shameful way to house people who’ve fled terror, conflict and persecution.”
He added that “rather than wrecking the asylum system”, the government “should fairly and efficiently determine people’s claims instead of perpetuating costly backlogs, human misery and organised criminal exploitation”.
Alongside the barge, the government wants to house people in military sites and marquees.
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What’s it like on the Bibby Stockholm barge?
Multiple reports have also suggested the government is re-visiting plans for a processing centre in Ascension Island in the South Atlantic Ocean if the long-touted Rwanda deportation scheme is not successful in the courts.
Watch Housing the Channel Migrants special programme on Sky News at 7pm tonight
Ms Dines would not confirm or deny the plan but said the government was “looking at all options”.
However, Labour has said alternative accommodation should not be necessary, calling on the government to get a grip of the backlog of asylum applications which are over 100,000.
This week is the government’s unofficial “small boats week”, where it wants to talk about its efforts to get a grip on the number of people crossing the English Channel on a small boat.
Total arrivals so far for 2023 stand at 15,071, which is 15% down on last year, the latest figures suggest.
However that is significantly higher than the 10,703 arrivals that had been detected at this point in 2021.
Former Binance CEO Changpeng “CZ” Zhao has been appointed as an adviser to Pakistan’s Crypto Council, a newly formed regulatory body tasked with overseeing the country’s embrace of blockchain technology and digital assets.
The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7. Zhao will advise the regulatory body on cryptocurrency regulation, infrastructure and adoption, Bloomberg reported.
CZ is seen signing documents during his appointment by Pakistan’s Ministry of Finance. Source: Business Recorder
Zhao is one of the most recognizable names in crypto, having served as CEO of Binance between 2017 and 2023. He resigned as CEO of the exchange in November 2023 after pleading guilty to charges related to violating US money laundering laws. He was later sentenced to four months in prison.
For Pakistan, Zhao is a high-profile appointment that could potentially help the country lure foreign investment in an industry that has taken on new strategic importance.
In March, the CEO of Pakistan’s Crypto Council, Bilal bin Saqib, told Bloomberg that the country plans to develop a clear regulatory framework for digital assets.
“Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with […] a Web3 native workforce ready to build.”
Related: Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech
Crypto in Pakistan: Adoption and pain-points
Pakistan has long been considered a potential hub for crypto adoption due to its growing population, large diaspora and thriving black market for foreign exchange trades.
The value of cash sent to Pakistan through formal remittance channels surged at the end of last year amid a countrywide crackdown on black market dollar trades.
“This increase might be because remittances that had previously been sent using the black market are now being sent via official channels,” John Ashbourne, an economist at Fitch Solutions, told Bloomberg.
Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, largely due to strong retail adoption and transactions at centralized services.
In 2024, Pakistan ranked ninth among Central and Southern Asia and Oceania (CSAO) countries. Source: Chainalysis
Stablecoins have emerged as one of crypto’s most prominent use cases in regions with high demand for US dollars due to currency depreciation.
Although data on stablecoin usage in Pakistan is slim, a 2023 KuCoin survey revealed that 33% of local crypto investors use digital assets to hedge against the rupee’s devaluation.
A more recent survey conducted by Bitget found that 46% of respondents in South Asia — a region that includes India, Pakistan, Bangladesh and others — use digital assets for speed and accessibility of transactions.
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The Mantra blockchain network has launched a $108,888,888 ecosystem fund aimed at accelerating the growth of startups focused on real-world asset (RWA) tokenization and decentralized finance (DeFi), amid rising demand for stable, asset-backed digital products.
Mantra, a layer-1 (L1) blockchain built for tokenized RWAs, launched the Mantra Ecosystem Fund (MEF) to accelerate the growth and adoption of projects and startups building on its network, according to an April 7 announcement shared with Cointelegraph.
Mantra said it will deploy the capital over the next four years among “high-potential blockchain projects” worldwide, with investment opportunities sourced through Mantra’s network of partners. The fund’s backers include a wide range of institutional partners including Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital and Amber Group.
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Mantra CEO John Patrick Mullin said the fund will operate an “open-arms policy, welcoming projects at any developmental stage globally with a particular focus on RWA’s and DeFi.” Mullin told Cointelegraph:
“The MEF thesis is to invest in top-tier teams building RWA and DeFi applications, as well as complimentary infrastructure, that will both directly and indirectly support the broader ecosystem.”
Mantra aims to become the underlying infrastructure layer for tokenized asset issues worldwide, Mullin said.
Source: Mantra
The launch of the fund comes a month after Mantra became the first DeFi platform to obtain a virtual asset service provider (VASP) license under Dubai’s Virtual Assets Regulatory Authority (VARA).
Related: Stablecoin rules needed in US before crypto tax reform, experts say
Investor demand grows for RWAs
The timing of the fund’s launch aligns with growing institutional interest in RWAs, which are seen by some as a hedge against crypto market volatility and broader economic uncertainty.
Global fears and uncertainty around US President Donald Trump’s tariffs have impacted investor sentiment across markets.
Despite a broader market slump triggered by US tariff-related concerns, the value of tokenized RWAs recently surged to a record high. According to data from RWA.xyz, total RWA market capitalization reached more than $19.6 billion as of early April, up from $17 billion in early February.
RWA global market dashboard. Source: RWA.xyz
Industry watchers previously told Cointelegraph that Bitcoin’s lack of upside momentum may drive RWAs to a $50 billion all-time high before the end of 2025.
The world’s largest asset manager, BlackRock, has also signaled support for the RWA space.
BlackRock BUIDL capital deployed by chain. Source: Token Terminal, Leon Waidmann
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) saw an over three-fold increase in the three weeks leading up to March 26, from $615 million to $1.87 billion.
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Hong Kong’s Securities and Futures Commission (SFC) has introduced new guidelines for crypto exchanges offering staking services.
In an April 7 announcement, the SFC announced new guidelines for crypto exchanges offering staking services and locally authorized funds exposed to digital assets involved in staking. The announcement follows recent remarks from Christina Choi, the SFC’s executive director of investment products, who said during a speech at the Hong Kong Web3 Festival:
“The SFC is committed to supporting Hong Kong’s Web3 journey.”
In its announcement, the regulator said it “recognizes the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields.” Consequently, the latest guidance allows crypto exchanges to provide staking service offerings.
Chen Wu, co-founder and CEO of Hong Kong-based and SFC-licensed crypto exchange Ex.io, told Cointelegraph that the firm appreciates the regulator “allowing licensed platforms to offer staking services under clear and responsible guidelines.” She said:
“The SFC’s announcement signals that more doors are opening — not just for staking, but for a wider range of Web3 products to take shape under a regulated and trusted framework.”
“Hong Kong is positioning itself not just as a compliant market, but as a real hub for Web3 adoption, where users’ interests are protected without slowing down progress,” Wu added.
Related: Hong Kong investment firm’s shares surge 93% after buying just 1 Bitcoin
New rules for staking services
The new rules were communicated by the regulator in its latest circular sent to crypto exchanges under its jurisdiction. The SFC requires crypto exchanges to obtain written approval before offering staking services, retain control over staked virtual assets and not delegate custody to third parties.
Cryptocurrency exchanges engaged in staking must disclose all relevant risks and details concerning fees, minimum lock-up periods, unstaking processes, outage processes and custodial arrangements to their customers. Lastly, the providers must report on their staking activities to the SFC.
A similar circular was sent to SFC-regulated crypto fund operators, with the new rules being relevant to funds with more than 10% of their net asset value invested directly or indirectly in digital assets. Funds can only acquire virtual assets that are also directly available to the local public and rely on SFC-authorized platforms. Leveraged exposure is prohibited.
Funds can engage in staking if it is consistent with the fund’s objectives, while providing clear disclosure and robust controls. An investor notice and possibly shareholder approval may be required if staking implementation leads to material strategy or risk profile changes.
Hong Kong bets on Web3
During her recent speech, SFC’s Choi recognized that the Web3 space is still evolving and that “its full benefits will unfold in time, likely with twists and turns.” She cited the speculative industry of non-fungible tokens (NFTs) as a cautionary tale that justifies caution in the current regulatory approach:
“Therefore, rather than chasing every new spark, we believe in a pragmatic approach — strengthening the fundamentals and fostering a supportive ecosystem where Web3 can thrive in a sustainable manner.“
Related: Hong Kong remains an ‘open and vibrant market’ for crypto, says financial secretary
The official’s comments follow recent reports that cryptocurrency exchange Bybit announced the shutdown of its NFT marketplace as the market is running out of steam. The decision follows a similar decision by major NFT marketplace X2Y2 announced in late March.
The non-fungible token market is seeing a significant downturn. Daily NFT trading volume was over $18 million 364 days ago before Bybit’s announcements and stood at $5.34 million when the decision to shut down the platform was made public — a 70% fall.
When arguing why Web3 companies should choose Hong Kong as their headquarters, Choi pointed out that Hong Kong ranks third in the Global Financial Centres Index. Furthermore, local regulators have set clear guidelines for crypto industry firms, and Hong Kong provides easy access to Asian markets.
Global Financial Centres Index top 10. Source: LongFinance
In her closing statements, Choi said, “We stand today at the crossroads where traditional finance and the digital economy are converging to drive promising outcomes for our financial markets.” She added:
“The zero-to-one breakthrough has been made, and its future success would very much depend on how we nurture this convergence, that is, how we go from one to 100.“
Her statements echo Hong Kong’s financial technology sector, which has seen 250% growth since 2022. The SFC recently introduced a new roadmap to position the city as a global cryptocurrency hub.
The “ASPIRe” roadmap hopes to future-proof the local virtual asset ecosystem. It involves 12 initiatives spread across five broad categories, which include providing market access, optimizing compliance and frameworks and improving blockchain efficiency.
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