Vanuatu has set up a digital technology headquarters in Hong Kong and signed cooperation deals with BitTrade and Power Technology, with plans to apply for a stablecoin license once Hong Kong’s new ordinance takes effect.
Key Takeaways
- Vanuatu establishes operational HQ in Hong Kong under its South Pacific Digital Technology Holdings.
- Signed MOUs with BitTrade and Power Technology to expand blockchain initiatives.
- Plans to apply for a stablecoin license under Hong Kong’s upcoming Stablecoin Ordinance.
- Stablecoin applications may target payments and trade use cases.
Vanuatu Expands Digital Finance Presence in Asia
The Republic of Vanuatu, a South Pacific nation, is ramping up its digital finance ambitions by opening a new operational headquarters in Hong Kong, according to Wu Shuo.
The move comes as South Pacific Digital Technology Holdings, Vanuatu’s national digital initiative, held a national resource promotion conference in Hong Kong. Officials noted that the group does not rule out a future listing on the Hong Kong Stock Exchange.
Partnerships and Stablecoin Plans
During the event, Vanuatu signed a memorandum of cooperation (MOU) with BitTrade and Power Technology to advance blockchain and digital asset projects.
The country also revealed plans to apply for a stablecoin license once the Hong Kong Stablecoin Ordinance takes effect.
Use cases for the planned stablecoin may include:
Cross-border payments
International trade settlements