Hong Kong’s ZA Bank Offers Reserve Bank Services for Stablecoin Issuers
Hong Kong's virtual bank, ZA Bank, has announced the launch of reserve bank services for stablecoin issuers. This initiative marks ZA Bank as the first virtual bank to offer such services, aiming to bridge traditional banking with financial technology. The bank is currently negotiating partnerships with nearly 10 stablecoin firms.
Key Highlights:
- Stablecoin Issuer Yuancoin: Among the first to participate in the new service, symbolizing a commitment to promoting digital asset stability and innovation.
- Regulatory Alignment: The service aligns with the Hong Kong Monetary Authority's (HKMA) framework, requiring stablecoin issuers to deposit reserve assets in local banks.
- Crypto-Fiat Conversion: Since April 2023, ZA Bank has facilitated crypto-to-fiat exchange services, enhancing its role in the crypto market.
ZA Bank's CEO, Yao Wensong, emphasized the importance of this move in building trust and confidence in the stablecoin market by providing secure and reliable banking infrastructure.
Anti-Crypto Senator Bob Menendez Reportedly Pushes Back On Resignation Claims After Conviction
U.S. Senator Bob Menendez (D-NJ), known for his anti-crypto stance, is embroiled in controversy following his bribery conviction. Despite calls from Senate Democrats, including Senate Majority Leader Chuck Schumer, for his resignation, Menendez denies any intention to step down.
Key Developments:
- Conflicting Reports: While sources suggest Menendez has informed allies of his resignation, he has publicly denied these claims.
- Senate Pressure: With a guilty verdict in his corruption trial, pressure mounts from Senate Democrats for Menendez to resign.
- Crypto Skepticism: Menendez has been a vocal critic of Bitcoin, having introduced legislation to address the implications of El Salvador's adoption of Bitcoin as legal tender.
Menendez faces a sentencing date set for October 29 and could face up to 222 years in prison if convicted on all counts. His refusal to resign and the subsequent controversy cast a shadow over his political legacy.
