Asian Gaming Giant Proposes Plan to Buy Cryptocurrencies
Boyaa, an e-gaming company based in Hong Kong, is seeking approval from its shareholders to allocate $100 million for purchasing Bitcoin, Ethereum, and other digital assets. The company aims to accumulate these cryptocurrencies over a 12-month period, with a potential allocation of up to $45 million for Bitcoin alone.
Previously, Boyaa’s board supported a $5 million plan to build crypto positions on locally regulated platforms and exchanges. It is unclear whether the company plans to explore other digital asset avenues such as OTC swaps, venture capital investments, and crypto ETFs.
This move reflects the growing interest in cryptocurrencies within Hong Kong, both from private entities and the government. Hong Kong has declared its intentions to become a crypto hub and has unveiled a crypto licensing regime. Additionally, the city-state has approved certain cryptocurrencies for retail and professional traders.
Hot Take: Boyaa’s Crypto Push Reflects Hong Kong’s Growing Appetite for Digital Assets
Boyaa’s proposal to invest in cryptocurrencies mirrors Hong Kong’s ambitions to establish itself as a prominent player in the digital asset space. With regulatory support and increasing interest from both private and public sectors, Hong Kong is positioning itself as a significant hub for cryptocurrency activities.
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