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Hong Kong virtual bank to offer crypto conversions and accounts

Hong Kong’s biggest virtual bank by assets, ZA Bank is reportedly set to provide crypto account services and facilitate crypto-to-fiat exchanges.

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Hong Kong’s biggest virtual bank by assets, ZA Bank is reportedly set to provide crypto account services and facilitate crypto-to-fiat exchanges.

According to  reports, the bank will act as a settlement bank to allow token deposits at licensed exchanges to be withdrawn in Hong Kong dollars, Chinese yuan and United States dollars, and is also offering account services to crypto firms.

The accounts for local crypto firms follow a trial in a regulatory sandbox that saw approximately 100 firms participate, but ZA Bank CEO Ronald Iu noted that clients from mainland China would not be offered the service due to the country’s restrictions.

He said ZA Bank will provide the same service at other exchanges after they become licensed.

As crypto firms in the U.S. struggle to find banking partners following the downfall of crypto-friendly banks Silicon Valley Bank, Silvergate Bank and Signature Bank, the Hong Kong-based ZA Bank appears to be offering the firms a potential solution.

The announcement from ZA Bank follows a concerted effort by Hong Kong regulators to turn the region into a crypto hub, and many from the crypto community believe Hong Kong’s approach compared to hostility from U.S. regulators will help it succeed in its efforts.

Chinese state-owned banks have also reportedly seen an interest in the crypto firms moving to the city and are either offering banking services to crypto firms or making inquiries with them.

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GameStop hints at future Bitcoin purchases following board approval

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GameStop is exploring the possibility of adding Bitcoin to its balance sheet, but any future purchases will require approval from the company’s board of directors. The move signals the gaming retailer’s continued interest in digital assets as it seeks to diversify its financial strategy.

The potential Bitcoin investment aligns with GameStop’s previous forays into the crypto space, including its NFT marketplace and blockchain gaming initiatives. However, the company has not yet committed to a specific timeline or amount for Bitcoin purchases.

Industry analysts suggest that if GameStop proceeds with Bitcoin acquisitions, it could follow in the footsteps of other publicly traded companies, such as MicroStrategy, that have adopted Bitcoin as a reserve asset. The decision could also serve as a signal to retail and institutional investors about GameStop’s long-term outlook on digital assets.

As the company awaits board approval, the broader market will be watching closely to see if GameStop makes a decisive move into Bitcoin, potentially influencing other corporations to consider similar strategies.

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SEC nominee Atkins discloses at least $327M in assets ahead of confirmation hearing

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Paul Atkins, a former commissioner of the U.S. Securities and Exchange Commission (SEC), is under scrutiny over financial disclosures related to his wife. The concerns emerged during a recent hearing, raising questions about transparency and potential conflicts of interest.

Atkins, who served at the SEC from 2002 to 2008, has been a vocal advocate for regulatory clarity in financial markets, including the cryptocurrency sector. However, lawmakers and regulators are now examining whether proper disclosures were made regarding financial assets linked to his wife.

The inquiry reflects broader concerns about ethics and accountability among financial regulators and policymakers. While Atkins has not been formally accused of wrongdoing, the situation highlights ongoing debates over financial transparency in government and regulatory agencies.

As the hearing unfolds, industry observers are closely watching for potential implications on SEC policies and oversight practices. The outcome could influence future regulatory discussions, particularly in areas where financial disclosures intersect with policymaking in traditional and digital asset markets.

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Brazil’s data watchdog upholds ban on World crypto payments

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Brazil’s data protection authority is ramping up its oversight of cryptocurrency payment platforms, reflecting growing concerns over data privacy and regulatory compliance in the digital asset sector. The move aligns with a broader global trend of increased scrutiny on crypto transactions.

The regulatory focus comes as crypto payments gain mainstream adoption in Brazil, with businesses and consumers increasingly using digital assets for everyday transactions. Authorities aim to ensure that companies handling crypto payments comply with data protection laws, safeguarding user information against misuse and security breaches.

This initiative follows global regulatory efforts to address concerns over illicit financial activities and privacy risks associated with digital currencies. While Brazil has been a leader in Latin America’s crypto adoption, regulators are working to balance innovation with consumer protection.

Industry experts believe that stricter oversight could enhance trust in the crypto sector, attracting institutional players while ensuring compliance with international standards. As regulations evolve, businesses operating in the crypto payments space will need to adapt to the changing legal landscape to maintain seamless operations.

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