Abu Dhabi’s ADGM unveils DLT foundations regulations

Regulatory Pressure Sees Binance Cease Card Offering in the Middle EastLeading global crypto exchange Binance has announced the discontinuation of its card services in the Middle East.Users hailing from the region will have until September 21 to maximize the utility of their Binance cards before the product will no longer be available to them. Latin America is another region which will be similarly affected by the decision. Binance Customer Support stated: “The Binance Card will regrettably no longer be accessible to users based in Latin America and the Middle East.”Photo by rupixen.com on UnsplashEnabling crypto spendingDistinct from conventional debit cards, these Binance cards have offered users the convenience of settling day-to-day expenses with crypto assets. However, this unique feature is now set to become a relic as the exchange shifts its strategy in response to evolving regulatory dynamics.It’s worth noting that this product curtailment will only impact less than 1% of users situated in these regions. Other Binance services around the world will continue unimpeded. That said, products like this one are significant as they help to bridge the gap between the crypto sphere and conventional commerce.As a substitute, Binance is actively championing its “Binance Pay” platform, touting it as “an advanced cryptocurrency payment solution that is both contactless and internationally accessible.”Checkout.com setbackFinancial pundits are speculating that this strategic move could be closely intertwined with recent realignments in Binance’s corporate partnerships. Notably, the UK-based payment processor, Checkout.com, severed its connections with Binance earlier this month amidst mounting regional regulatory interventions and concerns.Responding to this severed partnership, Binance has indicated a contemplation of legal recourse against Checkout.com’s decision. The backdrop of this collaboration has been problematic since its inception in 2020. Initial troubles surfaced when the absence of the 3-D Secure system facilitated a criminal syndicate to conduct a $10 million transaction spree on Binance.Clash with global regulatorsRecent months have seen Binance find itself entangled in a web of legal battles. The US Securities and Exchange Commission (SEC) leveled allegations against Binance, accusing the exchange of deceiving regulatory bodies and mishandling customer funds.Meanwhile, French authorities have intensified their scrutiny, suspecting Binance of potential involvement in money laundering activities. As a domino effect, Binance had to exit numerous markets due to its inability to meet the stringent compliance criteria. Over the course of just three months, the company has lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus.Asian pivotAs the company comes under pressure in Western markets, it has focused on furthering its offering in the Asian region. In May, its subsidiary, Gulf Binance, successfully acquired a trading license in Thailand. Later that month, the company announced plans for a dedicated platform for Japanese customers.Parrot Capital, a decentralized hedge fund, has issued a direct recommendation to Binance Card users in response to the news:“Check your daily limits. Withdraw via ATM all your funds or spend them ASAP or risk losing them for good.”This sustained and pervasive scrutiny underscores the formidable challenges faced by the leading crypto exchange. As the regulatory landscape evolves, exchanges like Binance are being forced to re-calibrate in order to navigate an ever-changing environment.

NEOPIN works with Japan’s Jasmy to develop RWA-based DeFi productsSingapore-headquartered centralized decentralized finance (CeDeFi) protocol NEOPIN has formed a strategic partnership with Jasmy, a Japanese developer specializing in blockchain-based Internet of Things (IoT) platforms. This collaboration represents a step in their joint effort to expand into the global blockchain market, with a particular emphasis on data assetization.Founded in 2016, Jasmy has a management team in which most have a background with tech conglomerate Sony. In contrast to the dominance of tech giants like Google, Apple, Meta and Amazon over data, Jasmy concentrates on achieving data democratization. This concept empowers individuals to have control over their own data. The growing Japanese firm is convinced that the integration of IoT and blockchain technology is the key to realizing this vision of data democracy.Notably, Jasmy has its native token called JasmyCoin. As a regulated virtual asset in Japan, it is listed on centralized exchanges like Binance, Coinbase, Kraken and KuCoin.Photo by Shubham Dhage on UnsplashReal-world assets and security tokensThrough this partnership, the two will explore joint business ventures involving real-world assets (RWAs) and security tokens. They plan to utilize their combined business networks to expand their ecosystems beyond Korea, Japan and the Middle East. NEOPIN will introduce DeFi products using its native token, NPT, and JasmyCoin. Additionally, NEOPIN will become a validator on Jasmy’s mainnet to support its growth.Their collaboration is poised to boost NEOPIN’s advancement into the Japanese market. NEOPIN has been actively pursuing expansion into Japan since its announcement in August. With the Japanese government advocating for Web3 initiatives, a rise in the creation of tokens from local projects is anticipated, leading to a growing demand for DeFi and wallet services.NEOPIN’s partnerships in JapanAs Japan’s digital asset landscape evolves, NEOPIN is actively working to increase its market share in the country. This effort includes a variety of strategies such as focusing on gaming, developing their mainnet, engaging in local marketing activities and launching DeFi products. NEOPIN has also previously announced partnerships with other entities in the Web3 space, including SBINFT, Lena Network and Rokubunnoni, as part of its broader strategy to strengthen its presence in the Japanese market.NEOPIN’s CEO, Ethan Kim, highlighted the company’s goal to lead in the global RWA market. In partnership with Jasmy, they aim to develop and showcase DeFi products related to RWAs and security tokens. NEOPIN is also committed to strengthening its position in Japan by providing Japanese language support this year and actively forming alliances with promising Japanese blockchain enterprises.Hiroshi Harada, CFO of Jasmy, acknowledged NEOPIN’s proven expertise in the Korean market and expressed enthusiasm about the collaboration between the two companies in the blockchain sector. Harada said that their joint efforts will focus on building networks, developing use cases and expanding the market.

MARBLEX Announces Game Tokenomics Revamp and New Game TitleMARBLEX, the blockchain subsidiary of South Korean game developer Netmarble, said Thursday that it will revamp its game tokenomics strategy, which will debut in Ring Games’ Stella Fantasy game.Photo by Mateo on UnsplashRevolutionizing in-game currencyAs part of the game tokenomics overhaul, MARBLEX plans to incorporate the use of its native token, MARBLEX (MBX), directly into its upcoming game title. In particular, the new gMBXL token, which is directly linked to the existing MBXL bridge token at a 1:1 ratio, will be issued on the game chain instead of each game having its own base in-game currency. gMBXL offers key advantages such as high-speed transactions and enhanced utility, thus guaranteeing more efficient game-specific tokenomics and an improved gaming experience.Paving the way to a new tokenomics eraThe first game to feature this new tokenomics framework will be Stella Fantasy — an online character collectible action role-playing game (RPG) developed by Ring Games where players can embark on adventures in the fantasy-inspired world Reterra. Since the launch of its PC version in April, the game has garnered praise from gamers around the world for its high-quality anime-style graphics and immersive gameplay. The mobile version was released at the end of last month.“We have initiated collaboration with external game studios, starting with Stella Fantasy as our first title,” MARBLEX said in a statement. “With a well-established ecosystem, we are committed to continuously securing AAA games.”MARBLEX also recently updated its multichain service Warp, allowing BNB Chain users to access services within the MBX ecosystem.