DeFi investment platform Allbit.com adds portfolio and analytics services

Asian stocks related to the digital assets sector recorded hefty gains on March 3, in what was a reaction to a social media post published by U.S. President Donald Trump on Sunday.Photo by Markus Winkler on UnsplashCrypto Strategic ReserveThe U.S. president took to Truth Social, a social media platform owned by Trump Media & Technology Group, to state that “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden administration.” Trump added that an Executive Order (EO) that he had issued recently was related to digital assets, directing a recently-formed Presidential Working Group to move forward on the development of a Crypto Strategic Reserve. Trump went on to outline that this reserve would include crypto assets such as XRP, Solana (SOL) and Cardano (ADA).  The post fueled double-digit percentage increases for all three assets. However, it also had an impact on specific stocks listed on Asian markets. Shares in Metaplanet, Japan’s first and as yet only Bitcoin treasury company, closed 21% higher in Tokyo on Monday. The stock surged from its previous trading day close of 3,310 yen to close at 4,010 on Monday. Shares of Japan's Metaplanet closed up 21.15% on Monday, surging to 4,010 yen from the previous close of 3,310 yen within the first hour of trading upon opening. The company also announced on Monday that it had acquired an additional 156 BTC ($13.4 million) to expand its total holdings to 2,391 BTC. Potential U.S. listing for MetaplanetThe company had some developments of its own that may have contributed to the rise in the Metaplanet share price. In a statement published by the company on March 3, it announced that it had purchased an additional 156 Bitcoin. The latest tranche of Bitcoin was purchased at an average price of $85,890. This brings the company’s overall Bitcoin holding to 2,391 Bitcoin. Metaplanet CEO Simon Gerovich posted on X that Metaplanet is “considering the best way to make Metaplanet shares more accessible to investors around the world.” Gerovich made that comment in the context of having explained that the firm was formally invited by the New York Stock Exchange (NYSE) and the Nasdaq to visit so that they could introduce their platforms.   While the Metaplanet CEO is not confirming a U.S. stock listing for the company, it appears that it is something that the firm is considering. Boyaa stock price riseBoyaa Interactive, a Chinese online gaming company that is also the largest publicly listed holder of Bitcoin in Asia, also saw its stock surge on Monday. The company’s stock, which is listed on the Hong Kong Stock Exchange, rose 23%, closing at HK$4.17. The company confirmed that over the weekend, it added an additional 100 Bitcoin to its treasury, bringing its overall Bitcoin holding to 3,350 BTC. Beijing-headquartered OKG Tech, a blockchain technology firm, also experienced a surge in its Hong Kong-listed stock, which rose by over 42% on Monday. Ki Young Ju, CEO of Seoul-headquartered on-chain analytics firm CryptoQuant, warned on X that the crypto market “is increasingly becoming a weapon of the United States.” He added that “coins serving U.S. national interests are likely to work against every country except the United States.”

Lotte Group Leaps into the NFT Market to Boost Customer EngagementThe Lotte Group, a prominent industrial conglomerate in South Korea, has embraced the realm of non-fungible tokens (NFTs) in its efforts to boost customer engagement.Building the brand’s metaverseIn a collaborative endeavor, Lotte’s affiliates, Daehong Communications and Lotte Hotels and Resorts, have come together to introduce Magic Ride NFTs. These NFTs enable their owners to contribute to the development of LOLO:VERSE, Lotte’s metaverse where virtual meets reality. As community members, holders of Magic Ride NFTs will have the opportunity to engage in decision-making processes and contribute to the design of project roadmaps for LOLO:VERSE.Photo by Markus Winkler on PexelsCooperation with NFT marketplaceMagic Ride NFTs will be made available in three different types through Korea’s largest NFT trading platform, Pala, starting from June 30. Type A NFTs will feature tickets to Lotte World, the group’s renowned amusement park. Type B will offer 60,000 KRW ($46) worth of points for use at Lotte Duty Free. Type C will include an electronic voucher worth $50, redeemable at Lotte Hotels. The price of each of these NFTs is set at 50,000 KRW ($38) or an equivalent value in MATIC tokens.Daehong Communications, the advertising agency affiliate of the Lotte Group, has been actively establishing its presence in the Web3 landscape by fostering partnerships with various blockchain enterprises. The collaboration between Daehong and Pala on the Magic Ride NFTs marks the first joint project between the two entities. Pala’s launchpad offers a user-friendly experience, particularly catering to individuals who are new to purchasing and utilizing NFTs.

Korean Banks Impose Crypto Exchanges to Maintain a Reserve of at Least 3B KRWIn a significant step towards regulating the cryptocurrency market and ensuring the safety of virtual asset users, South Korea’s Federation of Banks (KFB) has collaborated with financial authorities and virtual asset exchanges to establish the “Guidelines for the Operation of Real Name Accounts for Virtual Assets.” The KFB, as a group of banks and financial institutions, facilitates cooperation between its members and promotes the development of the financial industry.Photo by rc.xyz NFT gallery on UnsplashThe guidelines come as a response to the increasing need for stronger money laundering prevention measures and standardization in the crypto industry. The first step towards this was taken in 2018 when crypto exchanges became obliged to establish a real name account at a bank in order to provide Korean Won (KRW) deposit and withdrawal services to their customers. Currently, the exchanges that won such bank accounts are Upbit, Bithumb, Coinone, Korbit, and Gopax.However, this policy brought with it a set of challenges, including differing practices among various cryptocurrency exchanges, leading to inconveniences for users. Additionally, varying user protection measures, such as reserve requirements, caused confusion in the market.3 billion KRW in reservesTo address these issues, the new guidelines aim to clarify how banks operate cryptocurrency real-name accounts and bolster overall security. One of the key changes is the requirement for crypto exchanges to maintain a reserve of at least 3 billion KRW ($2.36 million). This reserve fund serves as a precautionary measure to address potential financial losses resulting from hacking incidents or system failures at crypto exchanges.Furthermore, the guidelines mandate banks to manage deposit and withdrawal limits by categorizing user accounts into limited and normal accounts. A limited account will not be converted to a normal account, which grants higher deposit and withdrawal limits, until the user’s transaction purpose and the source of funds are verified.Enhanced due diligenceIn addition, banks will perform annual enhanced due diligence (EDD) for individual account holders. This thorough review will encompass users’ identification, transaction purposes, and the origin of funds.User asset segregationTo safeguard users’ funds, crypto exchanges will be required to ensure that customer deposits are held separately or placed in trust. Regular due diligence at crypto exchanges will also be conducted by banks, with mandatory visits occurring at least once a month. Moreover, third-party services will be engaged to perform independent due diligence every quarter on crypto exchanges, providing an additional assessment of their operations.The official launch of these new guidelines is scheduled for January of next year. However, the requirement of depositing at least 3 billion KRW will come into effect earlier, starting in September of this year. Additionally, the implementation of guidelines for expanding deposit and withdrawal limits is anticipated in March of next year.