Our weekly roundup of news from East Asia curates the industry’s most important developments.
Hong Kong gaming firm to invest $100M in crypto
Boyaa Interactive International, a publicly-traded Hong Kong holding company specializing in online card and board games, wants to secure the approval of its shareholders to invest $100 million in crypto.
According to this week’s announcement, Boyaa Interactive directors want to allocate $45 million of corporate funds to Bitcoin (BTC), $45 million to Ethereum (ETH), and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC). As for rationales for the investment, directors wrote:
“The Internet gaming business mainly operated by the Group has a high degree of logical fit with Web3 technology. It attaches great importance to communities and users, covers virtual asset attributes and other characteristics, making Web3 technology easier and more widely used in the Internet gaming industry.”
The company’s brand of 75 online games, such as its Texas Hold’em casino, has around 1.18 million daily active players. In Q3 2023, Boyaa Interactive generated $14 million in revenue and $4.2 million in earnings, respectively.
A Boyaa Interactive online casino.
China signs $400M CBDC deal with United Arab Emirates
The People’s Bank of China — the country’s central bank — has signed a $400 million cooperation memorandum on central bank digital currencies with the United Arab Emirates.
The China Council For The Promotion of International Trade said the memorandum was signed in Hong Kong and will last for five years, allowing for the interchange of each other’s CBDC during bilateral trade.
“The renewal of the currency swap agreement reflects the depth of relations between the UAE and China and demonstrates the UAE Central Bank’s commitment to strengthening its partnership with China in the fields of finance, trade, and investment. China is the UAE’s largest global trading partner, with non-oil trade between the two countries exceeding Dh264.2 billion in 2022.”
Government officials say that the treaty “will facilitate the provision of liquidity to financial markets in local currencies to settle cross-border financial and trade transactions in a “more effective and efficient manner.”
Since its inception in 2020, digital yuan (e-CNY) transactions have surpassed 1.8 trillion yuan ($253.6 billion), while the number of wallets has surged to 120 million. Recently, four foreign banks, including Standard Chartered, HSBC, Hang Seng Bank, and Fubon Bank have joined China’s e-CNY pilot tests.
Chinese president Xi Jinping during the Shanghai Cooperation Summit (CCTV)
Hong Kong director Stephen Chow teases NFT drop
Award-winning Hong Kong director Stephen Chow, known for his magnum opus 2004 film Kung Fu Hustle, will soon launch his own nonfungible tokens (NFT) collection.
In a December 6 Instagram post, Chow stated that the NFT project, dubbed “Nobody,” will be designed in collaboration with Chinese-American rapped Jin Au-Yeung, who also goes by his stage name MC Jin.
“We often look up to great people simply because they never underestimate themselves. Ordinary individuals, on the other hand, often bring the greatest surprises to the world,” wrote Chow in describing the theme of the Nobody NFT collection.
The NFTs will be released on the Moonbox platform, a Hong Kong-based AI and Web3 startup that aims to launch AI-powered NFTs focusing on the arts and film industry. Chow will serve as the first content creator on the platform. In August, Moonbox closed a $2.5 million funding round at a $50 million valuation led by OKX Ventures.
The “Nobody” NFT premier (Instagram)
Singapore joins China’s e-CNY pilot program
Singapore will soon accept the e-CNY as a means of payment by Chinese visitors to the country.
The Monetary Authority of Singapore (MAS), in collaboration with the People’s Bank of China and the Digital Currency Institute, will embark on a pilot enabling travelers from both countries to use e-CNY for tourism spending in Singapore and China. “This will enhance convenience for travelers when making purchases during their overseas travel,” government officials wrote.
In 2020, the two countries signed a memorandum of understanding for cooperation related to digital finance. At the Singapore Fintech Festival last month, the MAS revealed that it will draft a blueprint for the development of a digital Singaporean dollar.
Victory Securities approved for new Bitcoin fund in Hong Kong
Victory Securities, the first broker to receive a virtual asset provider license (VASP) in Hong Kong, has received regulatory approval from the country’s Securities & Futures Commission (SFC) for a new Bitcoin fund in partnership with EMC Labs.
The Victory EMC BTC Cycle Fund will allow investor subscriptions in U.S. dollars as well as stablecoins such as USDT and USDC.
On November 27, Victory Securities received a VASP license along with Interactive Brokers. The license allows firms to offer crypto services to retail investors, but only for trading of Bitcoin, Ethereum, and certain stablecoins. In addition, its new Bitcoin fund will only be available to accredited investors meeting a $1 million portfolio requirement for the time being.
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Zhiyuan Sun
Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.
Looking to live tax-free with crypto in 2025? These five countries, including the Cayman Islands, UAE and Germany, still offer legal, zero-tax treatment for cryptocurrencies.
The education secretary has said children with special needs will “always” have a legal right to additional support as she sought to quell a looming row over potential cuts.
The government is facing a potential repeat of the debacle over welfare reform due to suggestions it could scrap tailored plans for children and young people with special needs in the classroom.
Speaking in the Commons on Monday, Bridget Phillipson failed to rule out abolishing education, health and care plans (EHCPs) – legally-binding plans to ensure children and young people receive bespoke support in either mainstream or specialist schools.
Laura Trott, the shadow education secretary, said parents’ anxiety was “through the roof” following reports over the weekend that EHCPs could be scrapped.
She said parents “need and deserve answers” and asked: “Can she confirm that no parent or child will have their right to support reduced, replaced or removed as a result of her planned changes?”
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Sophy’s thought on whether to scrap EHCPs
Ms Phillipson said SEND provision was a “serious and complex area” and that the government’s plans would be set out in a white paper that would be published later in the year.
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“I would say to all parents of children with SEND, there is no responsibility I take more seriously than our responsibility to some of the most vulnerable children in our country,” she said.
“We will ensure, as a government, that children get better access to more support, strengthened support, with a much sharper focus on early intervention.”
ECHPs are drawn up by local councils and are available to children and young people aged up to 25 who need more support than is provided by the Special Educational Needs and Disabilities (SEND) budget.
They identify educational, health and social needs and set out the additional support to meet those needs.
In total, there were 638,745 EHCPs in place in January 2025 – up 10.8% on the same point last year.
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One Labour MP said they were concerned the government risked making the “same mistakes” over ECHPs as it did with the row over welfare, when it was eventually forced into a humiliating climbdownin the face of opposition by Labour MPs.
“The political risk is much higher even than with welfare, and I’m worried it’s being driven by a need to save money which it shouldn’t be,” they told Sky News.
“Some colleagues are rebel ready.”
The MP said the government should be “charting a transition from where we are now to where we need to be”, adding: “That may well be a future without ECHPs, because there is mainstream capacity – but that cannot be a removal of current provision.”
Later in the debate, Ms Phillipson said children with special educational needs and disabilities would “always” have a “legal right” to additional support as she accused a Conservative MP of attempting to “scare” parents.
“The guiding principle of any reform to the SEND system that we will set out will be about better support for children, strengthened support for children and improved support for children, both inside and outside of special schools,” she said.
“Improved inclusivity in mainstream schools, more specialist provision in mainstream schools, and absolutely drawing on the expertise of the specialist sector in creating the places where we need them, there will always be a legal right … to the additional support… that children with SEND need.”
Her words were echoed by schools minister Catherine McKinnell, who also did not rule out changing ECHPs.
She told the Politics Hub With Sophy Ridge that the government was “focused on reforming the whole system”.
“Children and families have been left in a system where they’ve had to fight for their child’s education, and that has to change,” she said.
She added that EHCPs have not necessarily “fixed the situation” for some children – but for others it’s “really important”.
Victims will no longer have to “suffer in silence”, the government has said, as it pledges to ban non-disclosure agreements (NDAs) designed to silence staff who’ve suffered harassment or discrimination.
Accusers of Harvey Weinstein, the former film producer and convicted sex offender, are among many in recent years who had to breach such agreements in order to speak out.
Labour has suggested an extra section in the Employment Rights Bill that would void NDAs that are intended to stop employees going public about harassment or discrimination.
The government said this would allow victims to come forward about their situation rather than remain “stuck in unwanted situations, through fear or desperation”.
Image: Zelda Perkins, former assistant to Harvey Weinstein, led the calls for wrongful NDAs to be banned. Pic: Reuters
Zelda Perkins, Weinstein’s former assistant and founder of Can’t Buy My Silence UK, said the changes would mark a “huge milestone” in combatting the “abuse of power”.
She added: “This victory belongs to the people who broke their NDAs, who risked everything to speak the truth when they were told they couldn’t. Without their courage, none of this would be happening.”
Deputy prime minister Angela Rayner said the government had “heard the calls from victims of harassment and discrimination” and was taking action to prevent people from having to “suffer in silence”.
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Weinstein found guilty of sex crime in retrial
An NDA is a broad term that describes any agreement that restricts what a signatory can say about something and was originally intended to protect commercially sensitive information.
Currently, a business can take an employee to court and seek compensation if they think a NDA has been broken – even if that person is a victim or witness of harassment or discrimination.
“Many high profile cases” have revealed NDAs are being manipulated to prevent people “speaking out about horrific experiences in the workplace”, the government said.
Announcing the amendments, employment minister Justin Madders said: “The misuse of NDAs to silence victims of harassment or discrimination is an appalling practice that this government has been determined to end.”
The bill is currently in the House of Lords, where it will be debated on 14 July, before going on to be discussed by MPs as well.