Japanese Games Publisher Suspends Metaverse Downloads

HKX management has advised Hong Kong resident users of the platform to withdraw assets following the company’s decision to halt operations in Hong Kong.  The company publicized its decision on July 18, making the following statement on its website: “We would like to inform you that our management team has, after careful consideration, decided to withdraw our application for the Type 1 and Type 7 licenses under the Securities and Futures Ordinance (Cap. 571) and the virtual asset service provider license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).”Photo by Zhe ZHANG on UnsplashCompliance strugglesHKX’s exit from Hong Kong is the latest in a series of crypto exchange withdrawals from the Chinese autonomous territory. Other exchanges such as OKX, KuCoin, Gate.io and Binance had all bowed out back in May.  HKX initially applied for a Hong Kong license in February. However, like many others, the exchange failed to comply with Hong Kong’s regulatory requirements. While Hong Kong has been making a concerted effort to establish a regulatory framework and licensing system in order to create the conditions for it to become a crypto hub, it has also been grappling with making regulations strict enough to stamp out fraud in the wake of the JPEX exchange scandal. With that, it appears that many exchanges are finding the regulatory requirements difficult to live with. Originally, 24 exchanges had applied for a virtual asset trading platform (VATP) license. As it stands today, 12 of those original applicants have dropped out, with one more having its application returned with no clarity emerging as to the reason why. HKX has suspended new user registrations. The company’s management has not suggested that they will reapply for a license and reboot the service at a later stage. The company had flagged its intentions back in May, suspending trading and deposit services on May 29. OKX announced on May 24 that it was withdrawing from the Hong Kong market, citing a review of its business strategy. Around the same timeframe, Gate.io withdrew from the market in Hong Kong having failed to achieve compliance in accordance with the new licensing requirements.  Notwithstanding that outcome, the firm suggested that it planned to revamp its platform in line with the Chinese autonomous territory’s licensing requirements, and return to the market once that had been achieved. In a notice posted to its website on May 22, it stated: “Gate.HK is actively working on the aforementioned overhaul. We plan to resume our business in Hong Kong in the future and contribute to the virtual asset ecosystem after obtaining the relevant licenses.” That overhaul has yet to be completed as right now, the platform only allows the withdrawal of funds by its previous Hong Kong-based customers. Back in May 2023, Eddie Yue, the CEO of the Hong Kong Monetary Authority, suggested that there would be no light touch regulation in Hong Kong. HashKey Exchange, alongside OSL, was the first business to secure licensing under the new framework. In April, HasKey CEO Livio Weng told the Financial Times that these regulations block access to overseas investors while the local market in Hong Kong isn’t very big. It emerged in recent weeks that Hong Kong regulators are reviewing whether crypto regulation is “excessively stringent.” 

On March 7, Nissan Motor Co. introduced an innovative metaverse experience titled the "Heritage Cars & Safe Drive Studio," blending elements of automotive history with interactive safety education.Photo by Matthijs Waanders on UnsplashMarking 90 years in businessThe studio, launched to commemorate Nissan's 90th anniversary, features three iconic models from the company's past, recreated in virtual environments to reflect their respective eras. Among the showcased vehicles is the Silvia Q’s S13, renowned globally for its role in drifting culture. Users can explore this historic car from the 1980s while learning about the influence of pedestrian clothing colors on driver visibility. In another exhibit, users engage in a mini-game designed to educate on driver field-of-view and the impact of multitasking on safety. Alongside, the Skyline 2000GTX-E, famous for its presence in popular media like the Gran Turismo video game series and Fast and Furious movies, adds a touch of nostalgia and excitement, transporting users to the 1970s era. In a 1950s and 60s American diner and drive-in theater setting, the final exhibit offers a hands-on steering wheel spin exercise. These experiences aim to merge Nissan's heritage with vital safety knowledge, such as understanding the significance of pedestrian attire and the dangers of distracted driving. Developed in collaboration with Japanese university researchers, these immersive experiences are accessible through Meta Quest headsets, marking Nissan's continued exploration of virtual and augmented reality for customer engagement and education. Previous forays into the metaverseThis initiative aligns with Nissan's ongoing efforts to enhance its presence in the metaverse. It’s not the carmaker's first rodeo where the metaverse is concerned. It introduced its first virtual test drive and a virtual unveiling of its Sakura model in 2022. That same year, the company suggested it was interested in providing more in the way of virtual events, even going as far as to suggest the development of virtual customer support offices for clients. It followed that up in December 2023 with a revamp of four existing metaverse worlds, a project that also formed part of its 90th-anniversary celebrations. Nissan's latest foray into the metaverse coincides with advancements in augmented reality (AR) and virtual reality (VR) hardware. The recent launch of Apple's inaugural mixed-reality headset in February 2024 signals intensified competition among tech giants like Meta and Microsoft, who have been gradually expanding into consumer and enterprise AR/VR markets over the past decade. Broader auto industry interestNissan isn’t alone in the auto industry in taking initial steps into the metaverse. Rival Toyota has taken a different approach, pursuing an interest in creating remote workspaces for staff so that meetings can be held in the metaverse. Hyundai experimented with entering the metaverse as early as 2021. Through a partnership with Naver Z, the company offered virtual test drives of its Sonata model. Meanwhile Renault Korea has tipped its toes in the metaverse by offering consumers the ability to custom-build virtual cars on a metaverse platform. Through these metaverse updates, Nissan aims to stay at the forefront of automotive innovation, utilizing immersive experiences to engage customers and promote safety awareness in an increasingly digital world. 

Blockchain-powered donation platform collaborates with NPO Yana to hold charitable bazaarCherry, a blockchain-powered donation platform, is set to hold a bazaar with non-profit organization (NPO) Yana at POSCO CHANGeUP GROUND in Seoul from Friday to Saturday. The objective of this event is to support children’s homes and care leavers.Photo by Markus Winkler on UnsplashMedical expense support for children’s homesThe bazaar is being organized by ongoing sponsors of Cherry and Yana. This event will feature sales of corporate-sponsored items, with the proceeds dedicated to assisting with medical and various other expenses at children’s homes and for those who have left care. Visitors can look forward to an array of products from companies like Solideo Systems, Jungsaemmool Beauty, Esther Formula, and Rebuy For You. Moreover, the bazaar will showcase a collection of dresses and cherished items from celebrated personalities, including actresses Shin Ae-ra and Park Jin-hee, comedian Park Na-rae and Kpop singer Sandara Park.In addition to sponsored items, the bazaar will offer a wide range of items, including clothing, shoes, cosmetics, eyewear, and food. A representative from Cherry mentioned that all the vendors have committed to donating a part of their sales proceeds. This arrangement allows visitors to enjoy their shopping experience while also contributing to socially responsible consumption, as their purchases will lead to donations.Attendance at the bazaar is priced at KRW 10,000 (approximately $7.7), and registration for the event is available through the Cherry app. For those unable to attend in person, there’s still an opportunity to contribute by purchasing a ticket, allowing for donations from anywhere around the world.Blockchain transparencyCherry is Korea’s first blockchain-based donation platform, designed to foster a culture of transparent donations by recording all donation flows on the blockchain. Since its inception in 2019, the platform has attracted over 380 donor organizations running more than 1,900 campaigns. The cumulative donations have surpassed KRW 11 billion.Yana allocates 100% of its donations to support projects for children’s homes and individuals transitioning out of care. This commitment to transparency in their donation processes is facilitated through the use of the Cherry platform.