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Huobi Asset Management Wins “Hong Kong Outstanding Asset Management Company Award” 2022

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We are pleased to announce that Huobi Asset Management(Hong Kong) Limited (“Huobi Asset Management” or the “Company”), a wholly-owned subsidiary of Huobi Technology Holdings Limited (1611.HK), won the “Hong Kong Most Outstanding Business Award” (“HKMOB Award”) for Asset Management category in the award ceremony held on 26th May, 2022, confirming the company industry-leading position in Hong Kong and the market recognition of its business performance and product innovation.

Organized by Corphub, the award aims to recognize the contributions and achievements of international companies in various fields and showcase their unique business practices to the industry and the public. The award is judged by a professional panel of industry leaders, chamber of commerce members and authorities from all walks of life. The award is based on four criteria: corporate management, financial performance, product innovation and social responsibility.

Ms. Vivien Wong, General Manager of Huobi AM, said, “This award is a high recognition of our capital management services and fund products by the capital industry and the public. Since our establishment in July 2020, we have been developing and offering a wide range of virtual asset fund products for professional investors by integrating the advantages of virtual assets and traditional financial assets in our services and product development. She added, “As one of the first asset management firms in the Hong Kong market to be approved by the Hong Kong Securities and Futures Commission to manage 100% virtual asset funds, we will lead the industry in continuing to focus on market needs and strive to provide investors with innovative products and services that represent cutting-edge investment ideas.

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THXLAB and IZUTSUYA Announce Strategic Partnership

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OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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