Abu Dhabi’s ADGM unveils DLT foundations regulations

EMERGE Group, a leading Southeast Asian marketing technology firm specializing in intellectual property (IP) and gaming partnerships, has forged a strategic alliance with TZ APAC in an effort to drive Web3 gaming relative to the Tezos layer one blockchain. Singapore-based TZ APAC is a Web3 ecosystem builder dedicated to advancing the Web3 ecosystem on the Tezos blockchain by empowering founders, creators and developers. It’s also the Asian adoption entity supported by the Tezos Foundation with a mandate to garner adoption of the Tezos blockchain within the region. EMERGE is also a Singapore-based entity that established itself during the pandemic.Photo by Rodion Kutsaiev on UnsplashPositioning Tezos as preferred gaming blockchainNews of the partnership was publicized recently within "The Baking Sheet," a bulletin published by an independent not-for-profit entity, Tezos Commons. The primary focus of this partnership is to offer marketing solutions and publishing partnership support. EMERGE Group, known for its expertise and influential network, including partnerships with Moonton, Singtel and Shopback, aims to position Tezos as the preferred blockchain platform for the gaming community. Leveraging advertising inventories and critical IPs, EMERGE Group intends to facilitate the seamless onboarding of game studios onto the Tezos blockchain. Tezos, renowned for its open-source blockchain emphasizing upgradability, participation and smart contract safety, joins forces with EMERGE Group, which has previously established strategic alliances with industry leaders like Nvir World and Infinite Loop Media. This partnership is seeking to make an impact within the gaming industry, harnessing the potential of blockchain technology. Jason Lim, responsible for business development (gaming) at TZ APAC, commented on the partnership:“With this collaboration, TZ APAC can now rely on a partner that shares the same goal — to empower the gaming community with the relevant tools, resources, and network to succeed. Builders, gamers, and ecosystem partners can stand to benefit from the marriage of full-suite support provided by TZ APAC and the marketing prowess of EMERGE Group.”  EMERGE Group co-founder and CEO Roy Kek was similarly enthused, stating that the partnership reflected the firm’s expertise in the Web3 gaming space. Bridging Web2 to Web3The collaborative effort is designed to create a bridge between Web2 and Web3 technologies, enhancing the overall gaming experience. By fostering a supportive environment for game developers and capitalizing on Tezos' blockchain capabilities, the partnership aims to deliver a frictionless onboarding experience.  The collaboration between EMERGE Group and TZ APAC signifies a proactive move towards the integration of gaming into the Web3 ecosystem on Tezos. In the past, gaming giant Ubisoft has leaned on Tezos in providing in-game items for some of its gaming titles. The project has partnered with Google Cloud in an effort to enable Google Cloud customers to build Web3 applications on the blockchain. It’s still early days for Web3 gaming and with that, this partnership is seeking to advance gaming development on Tezos.   

OKX announces delisting of 26 trading pairsCryptocurrency exchange OKX has made a significant announcement regarding the delisting of more than 20 trading pairs, with a view towards its ongoing maintenance of strict listing criteria and performance monitoring. This decision will impact a considerable number of trading pairs across various cryptocurrencies, with the process scheduled to commence later this week.OKX outlined details of this recent trading pair purge in a statement published to its website on Monday. Among the trading pairs set for removal are CELO-USDC, AXS-USDC, APE-BTC and the HNT-USDT trading pair, which will be delisted on Nov. 10. Notably, Bytom (BTM), a Chinese crypto project, which has experienced a substantial 46% drop in value since Monday, is also among the tokens to be delisted.The exchange is advising users to manage their assets accordingly in preparation for the changes. Withdrawals for these tokens will cease on Jan. 10, 2024. During this transitional period, OKX recommends that users cancel any open orders linked to the impacted trading pairs to avoid automatic cancellations, which could result in processing delays.Photo by Maxim Hopman on UnsplashSAITAMA delistingDeposits for the affected tokens, including HNT, BTM, and SAITAMA, were halted by OKX on Nov. 3. SAITAMA, an Ethereum-centric ERC20 token, is the primary payment medium on the Saitama platform. There were mixed reactions to the delisting of the coin. One community member took to X, stating:“I will say I do think it isn’t cool for OKX to delist #Saitama considering we didn’t get on there for the reasons specified of delisting. The listing was won through hours of Spaces and helping people get VPNs to win a contest. Regardless of what the market is doing we won fairly.”Another Saitama project supporter took a more pragmatic view, stating:“Delisting Is a tragedy? I don’t think so. What did the OKX listing for the token price? What is the difference between holding or selling with or without okx? Volume was too low, and this isn’t a news, so they will delist. They will relist again….#SAITAMA”OKX has embarked upon several initiatives over the course of 2023 in an effort to further the user proposition offered by the platform. From a marketing perspective, the company took the decision in October to retire the Okcoin brand, rebranding its various sub-platforms instead to OKX.The Seychelles-incorporated company indicated in September that it expects to have secured a virtual asset service provider (VASP) license in Hong Kong by June of next year.Delisting banksTokens are not the only items to be delisted by the exchange recently. Alongside competitor Bybit, the company decided to delist sanctioned Russian banks Tinkoff Bank and Sberbank from its peer-to-peer exchange platform.This move by OKX reflects the exchange’s efforts towards maintaining a high level of integrity and performance. Listing coins that fall below a minimum acceptable level of liquidity and trading volume can leave them much more exposed to the risk of manipulation. By adhering to stringent listing criteria and promptly addressing issues, the company is making a greater effort towards maintaining a position as a trusted and secure trading platform for cryptocurrency enthusiasts and investors.

Nomura-Backed Digital Exchange Acquires Trading License in DubaiKomainu, a digital exchange backed by Japanese financial services conglomerate Nomura, has achieved the milestone of acquiring an operational license in Dubai.The occasion marks a significant moment for Komainu’s expansion efforts in the Middle East, highlighting the progress the company has made in terms of regulatory approval. It follows Komainu’s previous success in obtaining its MVP license in November 2022, establishing the company as one of the first entities to receive such authorization from the local regulator.The operational license was granted by Dubai’s Virtual Asset Regulatory Authority (VARA) on Friday, with the firm being added to the regulator’s virtual asset service provider register.Photo by Emma Harrisova on UnsplashEnabling a broader service offeringWith this operational license in hand, Komainu is now equipped to introduce extended institutional staking and collateral management services to clients within Dubai. These services will be facilitated through Komainu Connect, a purpose-built platform tailored to cater to the precise needs of institutional clients.While Komainu is a Jersey-based entity, the company has an active presence in the Dubai market as it has established subsidiary firm Komainu MEA FZE, which is based within the city. This local presence indicates Komainu’s intention to play an active role in the institutional digital asset business in the region.Dubai growth potentialSebastian Widmann, Head of Strategy at Komainu, emphasized the exciting growth prospects that Dubai’s flourishing digital asset ecosystem offers. He noted that the region is currently experiencing an influx of assets driven by the launch of new exchanges.Widmann stated: “Dubai has a vibrant digital asset ecosystem and impressive talent pool, and we are proud to contribute to the growth of this innovative financial hub.” He further emphasized that Komainu’s presence and its favorable regulatory status position the company uniquely as it embarks on the next phase of its business journey.It’s been a good month for Nomura-backed digital asset businesses in Dubai. A few weeks ago, another Nomura-funded company, Laser Digital Middle East FZE, was also successful in acquiring an operating license from VARA.VARA’s approach to crafting regulations has been instrumental in fostering a framework that supports permissible activities and services for customers and investors in Dubai. These regulations are designed to enhance clarity, establish certainty, and mitigate potential market risks. VARA’s overarching objective is to create a model framework that promotes both global economic sustainability and innovation.Bridging market gapFounded in 2018, Komainu’s inception was driven by the need to bridge a gap in the market by delivering secure and compliant custody services for institutional players venturing into digital asset investments.Komainu’s foundation is built upon a strategic joint venture involving prominent entities such as Nomura, CoinShares, and Ledger. It acquired its first client for Komainu Connect, the firm’s regulated settlement and custody system for institutions, in June when it signed up Seychelles-based crypto exchange OKX to the service.Headquartered in Jersey, the Jersey Financial Services Commission (JFSC) and Dubai’s Virtual Asset Regulatory Authority (VARA) now provide regulatory governance where Komainu’s activities are concerned.