China’s securities regulator wants to see more blockchain technology in the country’s financial and securities sector. Standard Chartered launches a blockchain trading platform with Chinese fintech firm Linklogis. Shanghai-based crypto mining firm The9 to enter the non-fungible token (NFT) market.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Aug. 25 to Aug. 31.
More blockchain-related moves
China’s main securities regulator wants more blockchain implementation in the country’s securities market. Jiang Dongxing, a deputy director of the China Securities Regulatory Commission, said he wants people to work together and use more blockchain technology, including using the technology in regulation and setting up an industry-wide consortium blockchain. (China Star Market, in Chinese)
Standard Chartered said on Monday that it has partnered with Chinese fintech firm Linklogis to launch a blockchain-powered trading platform called Olea, The Korea Herald reported. The platform aims to meet institutional investors’ demand for alternative assets investments. The two companies will form a joint venture in Singapore to run the platform. Amedia Ng, an official from Standard Chartered’s venture unit, will lead the platform as CEO. Letitia Chau, a vice-chairwoman from Linklogis, will assist as deputy CEO. (The Korea Herald)
Crypto and NFTs
On Monday, market regulators in Hong Kong warned the public of unauthorized collective investment schemes (CIS), including initial coin offerings. The city’s Securities and Futures Commission warned investors to stay “extremely careful” of unauthorized investment plans. The regulator also said promoting such investment plans without licenses from the Commission may count as a criminal offense. (Securities and Futures Commission of Hong Kong)
The9 Limited, a Shanghai-based, Nasdaq-listed crypto mining firm, will launch an NFT trading and community platform called NFTSTAR in the fourth quarter of this year, the company said in a Monday press release. The platform will feature artworks by global celebrities in various fields, including sports, entertainment, art, and other industries. The9’s wholly-owned subsidiary in Singapore will run the platform. Gagan Palrecha, former vice president of operations at Dapper Labs, will be the platform’s COO. (Coindesk)
Digital yuan transactions
China’s state-owned energy company China Energy completed the country’s first business-to-business digital yuan transaction on Aug. 20, according to Xinhua Finance. The transaction took place on an e-commerce platform run by a China Energy subsidiary and used smart contract technology, which boosted settlement efficiency, according to a manager who took part in the transaction. (MPaypass, in Chinese)
China Construction Bank revealed its latest progress in digital yuan applications in its semi-annual report released on Monday. As of June, the banking major has opened 8.42 million digital wallet accounts, 86% of which are for individuals, and the remainder for enterprises. The bank has transacted a total of RMB 18.9 billion ($2.9 billion) in digital yuan. The bank also piloted its digital currency service in cities like Shenzhen, Suzhou, and Xiong’an. (MyPaypass, in Chinese)