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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.
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)
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)
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. 

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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.

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.

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Part of Birmingham ‘can’t be no-go area for Jews’, cabinet minister tells Sky News

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Part of Birmingham 'can't be no-go area for Jews', cabinet minister tells Sky News

Aston in Birmingham can’t become a “no-go area” for Jews, a senior cabinet minister has told Sky News, amid controversy over fans of an Israeli football club being barred from attending a match next month.

Energy Secretary Ed Miliband said he “profoundly” disagrees with the “approach” taken by a local MP who started a petition calling for fans of Maccabi Tel Aviv to be banned from the Aston Villa game, saying it “cannot be the basis on which our country operates”.

But while he said the government is “working with the relevant authorities” to overturn the move, he can not guarantee it will happen.

Politics latest: Miliband ‘welcomes’ Jeremy Clarkson challenge

Villa Park. PA
Image:
Villa Park. PA

Alongside politicians of all parties, Sir Keir Starmer has strongly criticised the decision, calling it “wrong”, and the government has said it will work with local authorities to ensure both sets of fans can attend.

Speaking to Sky’s Sunday Morning With Trevor Phillips, Mr Miliband said work is still ongoing.

“We are working with the relevant authorities on this issue, he said. “I think the principle here is we do not want a situation where people of a particular faith or from a particular country can’t come to a football match because of their faith, because of where they’re coming from.”

Asked if Maccabi Tel Aviv fans will definitely be able to attend the game, the minister replied: “I’m not going to say come what may, but I’m giving you a very, very clear indication of what we are working towards, which is that, you know, the fans from both teams can attend the match.”

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Miliband on Israeli football fan ban

Phillips put to Mr Miliband that a petition to ban their fans, launched by local independent MP Ayoub Khan, has been signed by nearly 4,000 people. It states the upcoming game is “not a normal match” because the Israeli fans would be arriving in “Aston, a diverse and predominantly Muslim community”.

Asked if Aston is now a no-go area for Jews, Mr Miliband replied: “No and it can’t be. And I’m very, very clear about that.

“I believe we as a country, we pride ourselves on our diversity, but also our tolerance and our hatred of prejudice, frankly. And so we cannot have a situation where any area is a no-go area for people of a particular religion or from a particular country.”

Asked if the local MP was justified in what he wrote, Mr Miliband replied: “No. I profoundly disagree with that approach, with what is being said in that petition, because that cannot be the basis on which our country operates.”

This isn’t how the vast majority of people in the UK operate, he added. “So let’s not take this petition and say it paints a picture of our country.”

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Aston Villa fan says he has received death threats.

Top Tory criticises ‘sectarian politics’

His Tory counterpart, Claire Coutinho, was highly critical of the petition, telling Phillips: “I think politicians need to have the courage to name some of the problems that this country is facing. And one of those problems is political Islam.

“Now, that’s not to say the moderate Muslim community are a problem in Britain, but we have seen in the past extremist Islamism […] and now we are seeing a movement of people – last election, five MPs elected – simply on sectarian politics. That may be higher at the next election.

“So we have to grip this, and part of that is dealing with rising antisemitism. But part of that is dealing with integration.”

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Tory calls out ‘lack of integration’

The senior Tory MP described the ban overall as a “disgrace”, saying: “I think the message that is being sent to Jewish people in this country is that they’re not welcome here.

“This has always been a safe haven for Jewish people, and I think to say that we could not possibly police Israeli Jewish fans to watch a football match safely is reinforcing that message that Jews are not welcome here. And I think that is wrong.”

Match classified as ‘high risk’

In a statement on Thursday, Aston Villa said Birmingham’s Safety Advisory Group (SAG) – which issues safety certificates for every match at the ground – had “formally written to the club and UEFA to advise no away fans will be permitted to attend” the fixture at Villa Park on 6 November, as it had been classified as “high risk”.

The club said police had advised of “public safety concerns outside the stadium bowl and the ability to deal with any potential protests on the night” – a statement that triggered outrage across the political spectrum.

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Will ban on Maccabi Tel Aviv fans from Aston Villa be lifted?

The move has been condemned by political and Jewish leaders, including Israeli foreign minister Gideon Sa’ar, who called it a “shameful decision”.

The Jewish Leadership Council said it was “perverse” to ban away fans because police can’t guarantee their safety, adding: “Aston Villa should face the consequences of this decision and the match should be played behind closed doors.”

Read more:
Why are Maccabi Tel Aviv fans banned?
Analysis: Ban raises serious questions

Sky News has contacted Mr Khan for a response to the comments made this morning.

Former Labour leader and now independent MP Jeremy Corbyn defended his fellow member of the Independent Alliance group in parliament yesterday, writing on X: “Ayoub Khan has been subject to disgusting smears by MPs and journalists, who have wilfully misrepresented his views in order to stoke anger and division.”

He added that he and his colleagues “diligently represent people of all faiths and none in their communities”.

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Chinese tech giants halt Hong Kong stablecoin plans amid Beijing concerns: FT

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Chinese tech giants halt Hong Kong stablecoin plans amid Beijing concerns: FT

Chinese tech giants halt Hong Kong stablecoin plans amid Beijing concerns: FT

Ant Group and JD.com have paused their stablecoin initiatives in Hong Kong after Beijing regulators raised concerns over private firms issuing digital currencies.

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Japan’s FSA weighs allowing banks to hold Bitcoin, other cryptos: Report

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Japan’s FSA weighs allowing banks to hold Bitcoin, other cryptos: Report

Japan’s FSA weighs allowing banks to hold Bitcoin, other cryptos: Report

Japan’s Financial Services Agency is weighing reforms that could let banks hold cryptocurrencies like Bitcoin and operate licensed crypto exchanges.

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