XPLA joins hands with Carbonated to spearhead mobile Web3 gaming era

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.

China Unveils Blockchain-Powered Data ExchangeChinese government officials have announced the launch of a data exchange leveraging blockchain technology during the 2023 Hangzhou Summit in China on Wednesday.According to local media reports, the Hangzhou Data Exchange, introduced at the summit held in Hangzhou, aims to facilitate seamless buying and selling of Web3 data across enterprises. The event garnered participation from over 300 companies, including tech giants Alibaba Cloud and Huawei, marking a significant step towards embracing decentralized technology for data management.Photo by Xiaolin Zhang on UnsplashEnabling Web3 data tradingIt’s understood that the Hangzhou Data Exchange has been established with the aspiration of revolutionizing the trading landscape for enterprise information technology data by harnessing the capabilities of distributed ledger technology. Officials emphasize that the platform’s implementation will ensure that transactions conducted through the exchange remain unalterable and traceable.Chen Chun, the Director of the National Laboratory of Blockchain and Data Security, provided insights into the exchange’s advanced features, stating that it integrates research blockchain, privacy computing, and other cutting-edge technologies to establish a secure and confidential environment for sharing and utilizing data across departments and regions.Hangzhou’s digital economy sector has demonstrated significant growth, surpassing 500 billion Chinese yuan (equivalent to $69 billion) in 2022. This accounted for nearly 27% of the city’s total GDP. It suggests that the city is putting a strategic focus on technological development and innovation.Complex blockchain strategyChina’s stance on blockchain technology has been complex. While the Chinese authorities have been rigorous in regulating private blockchain enterprises, they have simultaneously championed government-led blockchain initiatives.President Xi Jinping, during the inauguration of the 2023 Shanghai Cooperation Organization Conference (SCO), highlighted the significance of central bank digital currencies (CBDC) in expanding the use of local currencies for settlements among SCO member countries. In a move to stimulate domestic spending, the Chinese government recently distributed over 100 million yuan worth of digital yuan CBDC to its residents.China’s promotion of its digital yuan has been unrivaled. Over the course of recent months, various initiatives have been launched to further the use of the CBDC. These initiatives have included paying state employees with the currency in Changshu, integration of the currency into the education system in Jiangsu province, and the installation of digital yuan ATMs in Hainan, among many other such projects.Likewise, when it comes to metaverse development, a series of initiatives have been established recently. Henan province established a metaverse fund in May to support metaverse-related projects. In the same month, a National Blockchain Center was established to develop talent within the sector. Around the same time frame, the city of Zhengzhou announced proposals geared towards supporting the growth and development of metaverse companies.The unveiling of the Hangzhou Data Exchange underscores China’s ongoing determination to harness blockchain’s potential, in this case relative to enhancing data trading and management within the Web3 ecosystem.

OKX Follows Path Towards Dubai LicensingSeychelles-headquartered OKX, one of the world’s largest cryptocurrency exchanges, has expressed its intention to seek regulatory approval for operating in Dubai as part of its expansion strategy in the Middle East.With that objective, the company has obtained a Minimum Viable Product (MVP) preparatory license, an interim step on its path towards full licensing. That’s according to a press release published on Thursday.Tim Byun, OKX’s Global Head of Government Relations, emphasized the growing trend of regulation within the industry. In an interview with Reuters, Byun stated: “We would like to get ahead of that curve and be regulated in a sound manner.” The move comes in the wake of recent legal action taken by the Securities and Exchange Commission (SEC) in the United States against Binance and Coinbase, two of the largest crypto exchanges, for alleged breaches of SEC rules.Photo by Marcus Herzberg on PexelsSwitching to DubaiByun believes that the SEC’s actions will compel more market participants to seek out innovative regulators such as Dubai’s Virtual Asset Regulatory Authority (VARA).To support its expansion plans, OKX intends to hire 30 staff members following the opening of an office last month in the Dubai World Trade Center, strategically located in the business and financial hub of the United Arab Emirates.Byun further explained that by expanding its services from Dubai to jurisdictions like Saudi Arabia or Bahrain, where no domestic regulatory framework is in place, the local populations would benefit significantly from OKX’s regulation under an international regulator.Following Bahamian regulationCurrently regulated in the Bahamas, OKX does not allow customers from the United States to utilize its platform due to regulatory concerns. Following the collapse of FTX in November of last year, the Bahamas has suffered reputationally.It’s seen as a jurisdiction with much looser regulation and as the FTX debacle demonstrated, one that proved to be totally ineffective in preventing the epic fraud that occurred in that instance.Effective regulatory frameworkIn contrast, Dubai and the United Arab Emirates (UAE) in general seem to be making a much better effort towards a workable yet effective regulatory framework. Established in March 2022, VARA serves as the regulatory authority overseeing the burgeoning virtual asset sector in Dubai, excluding the Dubai International Financial Centre financial free zone. The United Arab Emirates has been actively working towards positioning itself to become a global crypto industry hub.No company has yet obtained a license for VARA’s full market product (FMP) stage, which would grant permission to serve retail clients. Byun revealed that OKX intends to apply for such a license.Byun concluded by expressing OKX’s willingness to be regulated and licensed in jurisdictions that adopt a balanced, clear, and transparent approach to the industry. The exchange is committed to operating within frameworks that prioritize investor protection and promote market integrity.