The report provides a comprehensive overview of the top 10 cryptocurrency news in Asia from November 13 to November 19. The news items cover a range of topics including regulatory changes, technological advancements, investment activities, and legal proceedings in the cryptocurrency sector across various Asian countries such as Hong Kong, Singapore, South Korea, Taiwan, India, and the Philippines.
- Hong Kong’s Investment Immigration Program: The Hong Kong government has reinstated its investment immigration program, which does not allow investment in real estate and is not open to mainland Chinese residents. Legislative Council member Dennis Kwok hopes that Bitcoin traded on licensed virtual asset exchanges can be categorized as financial products, allowing for inclusion in the Capital Investment Entrant Scheme.
- Singapore’s Monetary Authority on Cryptocurrencies: Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), stated that stablecoins and Central Bank Digital Currencies (CBDCs), rather than cryptocurrencies, will become part of the future financial ecosystem. MAS views well-regulated stablecoins as promising digital currencies that will complement CBDCs and tokenized bank liabilities.
- Digital Hong Kong Dollar: The first phase of the Digital Hong Kong Dollar Pilot Program has been completed. The second phase is planned for next year, with the hope of exploring new use cases with the industry. The Digital Hong Kong Dollar is not intended to replace existing electronic payment systems, and the specific launch date is yet to be determined.
- Singapore MAS’s Tokenization Pilot: The Monetary Authority of Singapore (MAS) unveiled tokenization pilots, including a permissioned instance of the Avalanche blockchain developed in collaboration with Citibank, T.Rowe Price, and Fidelity International.
- Philippines’ Tokenized Government Bonds: The Philippines is set to issue tokenized government bonds for the first time next Monday. They will offer at least 10 billion pesos (approximately $179 million) of one-year tokenized bonds and reserve the right to change the issuance size.
- Boyaa Interactive’s Cryptocurrency Purchase: Hong Kong-listed company Boyaa Interactive plans to make potential cryptocurrency purchases within a 12-month period, with a total amount not exceeding $100 million.
- Monitor Regulatory Changes: Keep an eye on regulatory changes in the cryptocurrency sector in Asia, as these can significantly impact the market dynamics and investment opportunities.
- Explore Technological Advancements: Investigate the potential of new technological advancements such as the Digital Hong Kong Dollar and Singapore MAS’s tokenization pilot, as these can offer new opportunities for businesses and investors.
- Consider Investment Opportunities: Consider the potential of investing in tokenized assets such as the Philippines’ tokenized government bonds and Boyaa Interactive’s planned cryptocurrency purchases.