Feb 24, 2023

Huawei Shills DeFi Token – FACTR Jumps 550%

This week’s news roundup from East Asia highlights the most important industry developments.

Hong Kong Takes a Step Forward

On Feb. 20, the Securities and Futures Commission (SFC) of Hong Kong released a consultation on proposed regulatory requirements for digital asset trading platforms. The consultation requires that all cryptocurrency exchanges operating in Hong Kong or serving Hong Kong investors must be licensed by June.

The SFC also seeks feedback on whether licensed platform operators should be allowed to provide services to retail investors and what measures should be implemented to ensure token inclusion and suitability when establishing business relationships with customers. Currently, retail trading of cryptocurrencies is banned in Hong Kong.

The news that the special administrative region of China was re-engaging with the crypto space sparked a flurry of bullish reactions from everyday users and executives alike. Coinbase CEO, Brian Armstrong, tweeted that the US risks losing its status as a financial hub long term, with no clear regulations on crypto and a hostile environment from regulators, and that Congress should act soon to pass clear legislation. Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, tweeted that his working thesis is that the next bull run is going to start in the East.

In response to the news, cryptocurrency exchanges Gate.io and Huobi Global announced that they would apply for crypto exchange licenses in Hong Kong. Both exchanges said they would comply with the relevant regulations in order to be able to offer services to Hong Kong clients. The public has until March 31 to partake in the SFC consultation.

FTX Japan Customers Withdraw $49M

On Feb. 21, FTX Japan, the Japanese subsidiary of troubled cryptocurrency exchange FTX, resumed withdrawals for its customers after assets were frozen for approximately three months as part of international bankruptcy proceedings.

The company reported that as of Feb. 20, customer funds were worth 5.6 billion Japanese yen ($41.58 million) in digital currencies and 1 billion yen ($7.43 million) in fiat currencies. FTX Japan’s own net assets were around 10 billion yen ($74.3 million) in September 2022, which increased to 17.8 billion yen ($132.2 million) in the last update on Nov. 21.

Since reopening withdrawals, over 6.6 billion yen ($49 million) in crypto and fiat has left the exchange. To withdraw, users were required to verify their account balance and transfer their assets to Liquid Japan, another cryptocurrency exchange previously acquired by FTX.

NBA China Plans to Mint More NFTs

On Feb. 21, the National Basketball Association’s Chinese subsidiary announced a partnership with Alibaba-owned Ant Financial. As part of the partnership, NBA China and Ant Financial will pursue the joint development of nonfungible tokens (NFTs) and launch multimedia NFT drops to fans.

Last year, NBA China minted a series of Chinese New Year basketball-themed NFTs using Ant Chain.

Tencent Cloud Leaps into Web3

Tencent Cloud, the cloud business brand of Chinese internet giant Tencent, announced on Feb. 22 that it would support the development of the Web3 ecosystem and provide technical support to developers to promote its digitalization.

In order to achieve these goals, Tencent Cloud unveiled a product called “Metaverse-in-a-Box”, which acts as a one-stop solution that integrates infrastructure, products, software development kits and low-code solutions to be used primarily in games and media entertainment.

The firm also signed a memorandum of cooperation with Ankr, Avalanche, Scroll and Sui. For example, Tencent Cloud will assist developers with building practical projects on Scroll and create cloud game development tools with Sui.

Huawei Shill Sends DeFi Token Soaring

In a 30-second video posted by Huawei on Feb. 21, the Chinese telecom conglomerate showcased DeFi protocol Defactor. During the video, Defactor co-founder Alejandro Gutierrez said the project is about creating a bridge between traditional finance with DeFi, exploring the tokenization of real-world assets and building partnerships with start-ups and large corporations.

In the eyes of crypto investors, Gutierrez’s statements were anything but ordinary. Immediately after the video was published, Defactor (FACTR) tokens recordeda gain of over 550% in less than three days, trading at $0.14 apiece at the time of publication. Defactor is currently part of Huawei International Scale-Up Program in Ireland.

The news from East Asia this week highlights the ever-growing importance of the web3 space. From Hong Kong’s consultation on regulatory requirements to Tencent Cloud’s leap into Web3, the industry is moving forward and creating exciting new opportunities. The partnership between NBA China and Ant Financial to mint NFTs and Huawei’s shill of DeFi protocol Defactor also show the potential of the crypto space and the growing interest of large corporations.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.