blockchain

DK Bank in Gelephu Mindfulness City will commence trading of the gold tokens on December 17. A second phase will see a listing of the tokens, which are backed by Bhutan's reserves, on more exchanges and venues for secondary trading.

The Central Bank of the UAE has approved Zand, a digital bank, to launch Zand AED, a multi-chain AED-backed stablecoin.

CEO Darren Wang described the process to FA as “difficult” and said that reaching out to more US-based private investors, while expanding globally, is the next step.

While banks should remain conservative, a balance with innovation can be reached, according to Deutsche Bank’s Boon Hiong Chan.

The new regulation is targeting digital asset and payment service providers in both cryptocurrencies and stablecoins; draft legislation is expected by the end of 2025.

BoCom becomes the first Chinese financial institution to issue a digitally native bond in Hong Kong with a $300m floating rate offering.

DLT’s potential to drive transaction efficiency is more widely acknowledged, while some crypto native players are looking to tap into traditional financial products; however, Apac’s regulatory framework is fragmented.

The HKMA has launched a grant scheme of up to HK$2.5m for future digital bond issuances, which is the SAR’s latest move to build its virtual asset ecosystem.

FA spoke with industry players who explained how the city will roll the scheme out, and what still needs to happen.