Web3 chatting app Beoble acquires $2 million in pre-seed funding round

HashKey OTC, the over-the-counter (OTC) trading arm of the Hong Kong-headquartered HashKey Group, has reached a regulatory milestone with the acquisition of a major payment license in Singapore.Photo by Mike Enerio on UnsplashEnabling digital asset service offeringIn a recent announcement via the firm’s official blog, HashKey Group revealed that HashKey OTC has secured in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license application. This approval positions HashKey OTC to offer regulated digital payment token services in Singapore, representing a significant stride in the firm’s efforts towards regulatory compliance. CEO of HashKey OTC, Li Liang, emphasized the company's steadfast commitment to regulatory adherence, considering it a pivotal step towards providing comprehensive and regulated over-the-counter trading solutions for its clients. Liang highlighted the significance of the in-principle approval, expressing the company's vision to furnish a wide array of digital payment tokens and fiat currencies in a regulated environment. The approval has generated optimism within the global crypto market community, particularly amidst prevailing uncertainties surrounding crypto regulations worldwide. Expansion initiativesHashKey OTC's attainment of the MPI license aligns with its strategic expansion initiatives, building upon its earlier success in securing a capital markets services license for fund management in Singapore. This achievement reflects the company's desire to operate within legal frameworks while delivering innovative crypto solutions to its clientele. Furthermore, HashKey OTC's regulatory triumph mirrors the broader regulatory landscape in Singapore, where crypto firms navigate stringent requirements to establish credibility and trust within the market. MPI approvalsThe exchange's milestone mirrors similar successes achieved by other industry players. Recent months have seen a raft of digital asset industry enterprises achieve a similar milestone. In January, American digital asset custodian BitGo acquired in-principle MPI approval. Last November, Taipei-headquartered crypto exchange business XREX achieved a similar outcome. Other entities who had been successful in pursuing MPI licensing earlier in 2023 include crypto exchange Upbit Singapore, crypto trading firm GSR, American crypto exchange platform Coinbase and enterprise blockchain firm Ripple. Despite Singapore's reputation as a crypto-friendly jurisdiction, recent decisions by MAS have demonstrated a cautious approach towards certain crypto products. While spot bitcoin exchange-traded funds (ETFs) received approval in the United States, MAS has opted against permitting the listing of such ETF products for retail investors, citing concerns over the asset's volatility and suitability for retail investment. HashKey is one of only two entities to have secured similar licenses in Hong Kong. Last month, affiliate company HashKey Capital, a Singapore-based crypto fund manager, launched a series of indices designed to track cryptocurrencies in a collaboration with FTSE Russell. Also in January, the Hong Kong business partnered with crypto derivatives platform OKX with the objective of advancing compliant virtual asset innovation. HashKey OTC's acquisition of a major payment license in Singapore, amid a backdrop of similar businesses pursuing similar licensing in various jurisdictions recently, signifies a significant advancement in regulatory compliance within the crypto industry. The approval underscores the exchange's desire to provide regulated over-the-counter trading solutions while navigating the evolving regulatory landscape in Singapore and beyond.

Singapore High Court Embraces NFTs for Financial InvestigationsA recent decision by the Singapore High Court has seen it embrace non-fungible tokens (NFTs) in financial investigations. Financial investigation firm Intelligent Sanctuary, also known as iSanctuary, has been granted permission to attach NFTs containing legal documents to cold wallets linked to a hacking incident.This innovative approach, similar to the one used in Italy and the United States to deliver court summonses recently, signals a new departure in the application of NFT technology in the legal and financial world.Photo by Choong Deng Xiang on UnsplashMoving towards tokenized legal ordersLondon-based iSanctuary set out details of the court decision in a blog post published to its website recently. A pivotal moment in this scenario was the court’s issuance of a global freezing order encapsulated within soulbound NFTs, securely linked to the specified wallets. Soulbound NFTs are special types of NFTs which are tied to a user’s account. They cannot be transferred or traded.Although these NFTs do not halt transactions, they serve as powerful deterrents, notifying counterparties and exchanges about the wallets’ dubious past involvement in a hacking event.Monitoring fund movementsFurthermore, iSanctuary has unveiled an ingenious strategy to actively monitor funds leaving these wallets through the NFTs. This innovative method ensures a permanent and unbreakable connection between the NFTs and the wallets.iSanctuary recounted on its website that it was employed by a businessperson who had lost $3 million in crypto assets and was able to track the stolen funds successfully. Their method, which combines both on-chain and off-chain evidence, was presented by an iSanctuary senior investigator to the Singapore High Court. This led to the issuance of a worldwide injunction.iSanctuary’s financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime, and the court approved their use of NFTs for service delivery.Mintable collaborationiSanctuary accredited Singaporean NFT marketplace Mintable as the creator of the NFTs. As reported by local news media outlet The Straits Times last week, this case revolved around a stolen private key and the alleged involvement of Singapore-based crypto exchanges in laundering the stolen assets. The fraudsters, purportedly from Singapore, are alleged to have orchestrated this saga that spans countries from Singapore to Spain, Ireland, Britain, and other European territories.Taking to X (formerly Twitter) to comment on the saga, Mintable founder Zach Burks stated:”Happy to help clean up the crypto space and move the NFT ecosystem into a realm of utility and away from the speculation of jpegs!”In a subsequent post, Burks highlighted further NFT-related innovation when pointing to a central bank digital currency (CBDC) pilot program led by Mastercard that implicated the use of NFTs to stamp out fraud. Mintable supported that particular use of the technology within that project.iSanctuary’s founder, Jonathan Benton, emphasized the impact of the recent initiative, calling it a “game changer.” The approach enables swift action, allowing for the identification of illicit asset holders and expediting the issuance of civil or criminal orders, even red flags, within hours if necessary. It also demonstrates that NFTs can be put to good use, above and beyond speculative trading.

Metaplanet Inc., a Tokyo-listed crypto investment and consulting firm, has announced its adoption of Bitcoin as its strategic treasury reserve asset. This decision comes in response to the ongoing economic challenges facing Japan, including high government debt levels, prolonged negative real interest rates, and a weakened yen. Japan currently faces significant economic adversity, with the highest government debt-to-GDP ratio among developed countries at 254.6%, according to the International Monetary Fund. Despite the government's decision to raise interest rates in March, the Japanese yen experienced a sharp decline to its lowest level in 34 years last month, as reported by Reuters.Photo by Takashi Miyazaki on UnsplashBitcoin as a store of valueMetaplanet Inc. highlighted Bitcoin's attributes as a non-sovereign store of value that has demonstrated appreciation against fiat currencies. The firm noted that Bitcoin's monetary policy is predetermined and immutable, with a maximum supply of 21 million coins set to be reached by the year 2140. This characteristic distinguishes Bitcoin from traditional monetary metals and other cryptocurrencies subject to centralized control. Strategic approachIn its official release, Metaplanet Inc. stated its intention to leverage a variety of capital market instruments to enhance its bitcoin reserves. As of May 10, the company reportedly held 117.7 BTC, equivalent to $7.2 million, according to data from Bitcointreasuries.net. This move reflects Metaplanet's strategic response to Japan's economic conditions and its commitment to diversifying and growing its assets in the cryptocurrency space.