Banco Bisa, the fourth-largest bank in Bolivia, has launched a USDT custody service. Cutstomers can buy, hold and send USDT from their bank accounts.

Banco Bisa, Bolivia’s fourth-largest bank, has introduced a stablecoin service aimed at bolstering security for holders as well as promoting their use in cross-border transfers. The custody service will allow Banco Bisa’s customers to buy and sell Tether’s stablecoin USDT via their bank accounts. Bisa sees this as a scenario likely to significantly increase USDT adoption and use in the Latin American country. Banco Bisa’s move Per a local report, the initiative has received backing from the country’s financial watchdogs, with key benefits seen as the capacity to promote crypto within existing regulatory frameworks. More importantly, the program means users can interact with crypto at greatly reduced risks linked to the nascent crypto market. According to Franco Urquidi, the vice president of business at Banco Bisa, the bank’s customers will have to complete a verification process. This is on the issues of know your customer and anti-money laundering, the latter among accusations Tether has vehemently denied. Bisa’s move comes a few months after Bolivia lifted its ban on Bitcoin that lasted a decade – from 2014. The government’s crypto shift came in June 2024, with the country’s central bank noting this step as crucial to boosting the economy. The flip also means Bolivia joined many other Latin America countries in opening up the crypto space. In a recent report, the Bolivia central bank said virtual asset trading spiked in the months after the ban was lifted. The market witnessed a 100% surge in trading, with an average $15.6 million in monthly volume between July and September. Tether has seen steady traction in the Latin America region, with key programs and integrations including the $100 million investment in Agriculture company Adecoagro.

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Hong Kong Stock Exchange has announced launch of a virtual asset index series. The stock exchange will collaborate with crypto data firm CCData to offer pricing data benchmark for Bitcoin and Ethereum in the Asian time zone.

The Hong Kong Stock Exchange, the world’s sixth largest stock exchange, has announced the launch of a virtual asset index series. According to an announcement on Monday, Oct. 28, the index will go live on November 15, 2024 and will provide reliable benchmark price references for Bitcoin (BTC) and Ethereum (ETH) in the Asian time zone. It’s a solution to the issue of price differences witnessed for BTC, ETH and other digital assets on global exchanges, the HKEX Group said in a press release. Hong Kong’s growth as a crypto innovation hub Per details, the index is the first developed in Hong Kong to comply with EU Benchmark Regulation (BMR ). UK-based crypto data and index platform CCData will help to manage and calculate the benchmark. Peter Chan, chief executive of HKEX Group, commented: “By providing a transparent and reliable real-time benchmark, we hope to help investors make informed investment decisions, thereby supporting the healthy development of the virtual asset ecosystem and consolidating Hong Kong’s position as an international financial center.” HKEX Group’s launch of an index for virtual asset price reference and real-time data comes as Hong Kong increasingly becomes a key crypto hub. The approval of spot Bitcoin and Ethereum ETFs in Hong Kong for instance followed the implementation of a regulatory framework to bring more people to the emerging asset class. Various players have launched retail products for the local market. In recent months, the Hong Kong Securities and Futures Commission (SFC) has looked to enhance investor protection with a strict legal and regulatory regime for crypto exchanges. The SFC is currently expediting the licensing process for crypto exchange and trading platforms, with applicants expected to receive formal approval by the end of the year.

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