Other research also suggests that Gen Z and millennials exhibit the highest adoption rates for cryptocurrencies among all demographic groups. In October 2022, a survey by Charles Schwab revealed that almost 50% of Gen Z and millennials desire crypto in retirement funds. The study also found that 43% of Gen Z and 47% of millennials already invest in cryptocurrencies outside their 401(k) retirement accounts.
The Hong Kong Monetary Authority (HKMA), the central banking institution and regulator of the region, has called upon banks to offer services to cryptocurrency firms.
On April 27, the HKMA issued a circular concerning the access of corporate customers to banking services. In the document, the regulator mandated authorized institutions, referred to as “AIs,” to adopt a risk-based approach in Anti-Money Laundering efforts.
The HKMA also encouraged institutions in Hong Kong to monitor market developments and adopt a forward-looking approach to emerging sectors like the crypto market. Hong Kong’s central bank specifically directed institutions to assist virtual asset service providers (VASPs) in acquiring banking services, stating:
“AIs should strive to support VASPs licensed and regulated by the Securities and Futures Commission in their legitimate need for bank accounts in Hong Kong.”
The regulator emphasized that customer due diligence (CDD) measures should be proportionate to the risk level of customers to avoid imposing undue burdens. For instance, if a VASP has applied for a license under Hong Kong’s new crypto regulatory regime and only seeks to open an account for its corporate use, AIs should provide the service even before approval, the HKMA stated. The authority noted:
“AIs should consider the ‘approval-in-principle’ issued by the relevant authority to VASP license applicants in the CDD process instead of refraining from action until the VASP license is granted.”
Additionally, the statement urged lenders to train staff and establish dedicated divisions to support the crypto industry while avoiding a blanket approach that excludes new industries or specific nationalities.
This news comes as Hong Kong prepares to implement new crypto regulations officially allowiA recent survey indicates that 46% of millennials in significant countries such as the United States, China, Japan, Germany, Indonesia, and Nigeria possess cryptocurrencies. The study, conducted from July 2022 to January 2023 and published on April 28 by Bitget, a cryptocurrency exchange, involved approximately 255,000 adult respondents from 26 nations, with an average of 10,000 respondents per country. The survey disclosed that 46% of millennial participants owned cryptocurrencies, contrasting with 25% of Gen X, 21% of Gen Z, and 8% of baby boomers. The study’s confidence interval is 95%, with a margin of error of ± 0.1%.
Moreover, 4% of baby boomers, 6% of Gen X, 27% of millennials, and 36% of Gen Z respondents expressed that they considered cryptocurrency regulation significant when voting for political candidates. Bitget staff noted:
“By the beginning of the next decade, demographic shifts may lead to a notable increase in cryptocurrency acceptance as a higher proportion of younger generations continue to show strong demand for crypto, despite a slowdown in population growth.”
ng retail investors to trade cryptocurrencies like Bitcoin (BTC) and Ether (ETH) starting on June 1, 2023.
Related: Chinese State-Affiliated Banks Welcoming Crypto Companies in Hong Kong
While Hong Kong actively attracts crypto firms, major global jurisdictions like the United States have hindered the industry to some extent. Several major exchanges, including Coinbase, have contemplated leaving the U.S. due to unclear crypto regulations by the government.
According to a report by Andreessen Horowitz, the share of global crypto developers based in the U.S. declined by 26% from 2018 to 2022.
AI-Driven Game Brings Digital Companions to Life with Plans for AR/VR Experience
AI Waifu is a Web3 game merging player-owned economy and personalized digital companionship.
Loneliness stands as a prevalent societal issue in Asia’s $10 trillion consumer market, despite its seldom acknowledgment. As our lives increasingly rely on digital interactions, the longing for companionship intensifies, underscoring a significant gap in how we interact with technology to fulfill our most human desires.
Traditional “Waifu” games, which simulate interactive experiences with digital romantic partners, are slow to develop and often constrained by platform requirements. In contrast, AI Waifu, an upcoming Web3 game, operates as a progressive web application accessible from any browser. The game aims to address loneliness by facilitating virtual interactions in a gamified manner.
AI Waifu envisions a Digital Bangkok where players coexist with their Waifus, offering full interaction across all human senses in a shared virtual space. The game combines elements of Tamagotchi, anime, crypto, and AI to enable players to experience various relationship stages with their Waifus in a dynamic game focused on love and mystery.
Each Waifu in the game is a visual 3D model that responds to voice and text with emotions and animations, featuring unique personalities determined by a level system that switches character cards. Additionally, the game includes meta, financial, and flirt-based skill games aligned with the core gameplay loop.
Backed by Web3 heavyweights, AI Waifu recently concluded its liquidity bootstrapping pool event, raising $6.4 million from over 1,500 participants. The game’s in-game token, WAI, is set for its token generation event, aiming to power the in-game economy upon its launch.
AI Waifu aims to integrate renowned intellectual properties (IPs) and collaborations with iconic characters and franchises like Genshin Impact to enhance replayability and engagement with new challenges, modes, and customization options.
The game’s launch is anticipated to mark a significant step in leveraging AI and Web3 technologies to address societal challenges and fulfill human desires for connection and companionship in the digital age.
