Bloomberg: The encryption industry representative reached a plan to establish an encrypted derivative clearing house in January, or it will be launched in July.

Standard Chartered Bank executive Hoe Lon Leng organized a conference in January to bring together more than 20 top market cryptkers to discuss how digital assets and tokens can be part of the global financial architecture. Participants came from Galaxy Digital, Coinbase and Coin. The meeting reached a plan to establish an encrypted derivative clearing house that will increase transaction volume while reducing transaction costs. It is reported that the system called "Liquidity Offset Network" will be launched as early as July this year and will be regulated by the Monetary Authority of Singapore.