NEOPIN and MEVerse Join Hands to Expand Blockchain Ecosystem

Julius Baer Expands Crypto Wealth Management Services in DubaiJulius Baer, a renowned Swiss private bank, is making strides in the world of digital assets with the expansion of its crypto wealth management services in Dubai.This move, reported by Bloomberg on Wednesday, represents the bank’s first major crypto product offering overseas. The Middle Eastern subsidiary of Julius Baer, JBME, has announced its intention to apply for a “digital assets license variation” to complement its existing permissions granted by the Dubai Financial Services Authority.If successful, this license variation will empower the company to offer advisory and custodial services for digital assets like Bitcoin, Ether, and other cryptocurrencies.Photo by Sascha Bosshard on UnsplashUAE “key geography”Jonathan Hayes, the head of digital assets development at Julius Baer, has underscored the United Arab Emirates (UAE) as a “key geography” for the bank’s expansion. He points to the region’s substantial economic development as a catalyst for venturing into the Dubai market.Julius Baer has already made strides in the crypto space within Switzerland by offering lending services to select crypto clients. This pioneering service allows customers to leverage their digital assets held by the bank. However, it is currently limited to clients with diversified portfolios that include traditional assets.Attracting international interestThe UAE, along with other individual Emirates in the country, has been actively striving to attract crypto businesses. As US authorities tighten regulations, numerous companies are seeking more crypto-friendly environments to operate in. It started to accept crypto business license applications in April. US crypto exchange Coinbase indicated its interest in locating a base there the following month.In Dubai, prominent cryptocurrency exchanges such as Binance Holdings Ltd., OKX, and Crypto.com have all submitted license applications to the Virtual Assets Regulatory Authority. Binance was among one of the first to secure a license while its understood that it may be looking towards the UAE as a strategic base for the company going forward. Meanwhile, another US crypto platform, Gemini, has suggested that it will now work towards obtaining a crypto license in the UAE.Julius Baer has witnessed a broad demand from affluent individual clients ranging in age from 25 to 70, according to Lucia Desmarquest, the Deputy Head of the bank’s central and eastern European division.Having first launched its crypto services in May of the preceding year, Julius Baer currently provides standard advice on digital assets to investors domiciled across 25 countries, including Luxembourg and Singapore.The bank’s wealth management services cover approximately the top 15 cryptocurrencies in the market. Each token undergoes meticulous due diligence and is subject to review by a dedicated panel.This expansion aligns with the broader trend of TradFi firms exploring opportunities in the digital assets space, as the industry continues to evolve and gain traction globally. Julius Baer’s expertise and established reputation position it well to navigate the evolving landscape of crypto wealth management and cater to the needs of its savvy clientele.

Hong Kong-based digital asset financial services firm HashKey Group has announced its intention to list its platform token, HSK, in Q3 2024. HSK tokenomicsThe company set out details of the HSK listing via a series of posts on the X social media platform. The HSK token is based on the Ethereum ERC-20 token standard. Total token supply will be capped at one billion, 65% of which will be allocated towards ecosystem growth. The team will be incentivized by the allocation of 30% of the supply while 5% will be held back in a reserve fund.  Regarding the token’s burning mechanism, HashKey revealed it retains the discretion to repurchase up to 20% of net profits from specified businesses and subsequently burn the acquired tokens from the total supply.Photo by Zoltan Tasi on UnsplashAirdrop imminentIn a statement shared with The Block, HashKey Group detailed that HSK will be integrated across its various products and applications. The community airdrop, launching in late June, aims to encourage user participation. The company stated:“HSK is scheduled to launch a community airdrop through HashKey's core businesses in late June, encouraging users to contribute to community building.” The company believes that HSK will incentivize ecosystem contributors when it comes to development of its layer-2 ecosystem chain, the HashKey Chain. That incentive structure, the company maintains, will result in contributors “providing robust support,” while acting as a “driving force for on-chain users and assets.”  Integration with external ecosystemsThe firm outlined that the HSK token is designed to integrate with external crypto ecosystems so as to best facilitate synergy between internal and external collaborations. HashKey Group boasts a comprehensive Web3 ecosystem, inclusive of infrastructure, middleware, AI, DeFi, GameFi and the Metaverse. HashKey Group’s core businesses include HashKey Capital, HashKey Tokenisation and HashKey NFT. It also operates HashKey Exchange, a licensed cryptocurrency exchange in Hong Kong, with the exchange business having reached a $500 million assets-under-management (AUM) milestone earlier this month.  HashKey Cloud, a Web3 infrastructure provider, formed a strategic partnership with the Aptos Foundation last month with a view towards progressing projects relative to decentralized identity (DID) and security token offerings (STOs). HashKey Global, a global exchange launched in April, has risen to ninth spot in terms of overall crypto exchange trading volume. In January, HashKey Group announced that it raised nearly $100 million in its Series A financing round, achieving a pre-money valuation above $1.2 billion. In September, the investment arm of the company, HashKey Capital, launched a $100 million fund focused on altcoins.

China’s central bank and seven other ministries have released a sweeping new policy tightening controls on cryptocurrencies, stablecoins, and the tokenization of real-world assets (RWA), citing mounting speculative activity and risks to financial order, public asset safety, national security, and social stability. The move builds on warnings issued late last year. At a Nov. 28 meeting on crypto regulation, the People’s Bank of China (PBOC) reaffirmed that all commercial activities involving digital assets remain illegal, citing the proliferation of speculative trading that was complicating financial risk management. Officials said enforcement against crypto-related illegal financial activity would be stepped up to safeguard economic stability, and flagged stablecoins as a particular concern due to deficiencies in customer identification and anti-money laundering (AML) controls, as well as risks of fraud and unregulated cross-border capital flows.Photo by William Olivieri on UnsplashCrypto not legal tender in ChinaIn the latest notice, regulators again stress that digital assets such as Bitcoin, Ethereum, and USDT have no legal tender status in China and cannot circulate as money. All crypto-related activities—including trading, exchange services, token issuance, derivatives, pricing, information brokerage, and related financial products—are classified as illegal financial activities and are strictly prohibited. Overseas entities and individuals are also barred from providing crypto-related services to users in China. The document further tightens oversight of stablecoins, warning that fiat-pegged tokens effectively perform some functions of sovereign currency. It explicitly bans the issuance of offshore yuan-linked stablecoins without regulatory approval. RWA tokenization deemed illegalChinese regulators laid out a comprehensive framework addressing RWA tokenization, defining it as the use of blockchain or similar technologies to tokenize ownership or income rights of assets. Authorities say that domestically conducted RWA tokenization, or the provision of related services, may constitute illegal securities issuance, illegal fundraising, or unauthorized financial business, and is prohibited unless explicitly approved and conducted via designated financial infrastructure. Offshore RWA tokenization targeting Chinese entities is also banned. The policy establishes a coordinated enforcement mechanism led by the central bank and securities regulator, involving development, industry, public security, cybersecurity, judicial, and foreign-exchange authorities, while placing primary enforcement responsibility on local governments. Financial institutions, payment firms, intermediaries, technology providers, and internet platforms are ordered not to provide accounts, clearing, custody, marketing, IT support, or online access for crypto or unauthorized RWA tokenization activities. Companies are also prohibited from using terms such as “cryptocurrency,” “stablecoin,” or “RWA tokenization” in business registration or advertising. China will continue its strict campaign against crypto mining, requiring all remaining mining projects to be shut down and banning the domestic manufacture and sale of mining equipment. The document also tightens supervision of overseas activities by Chinese entities, requiring regulatory approval for offshore token issuance or RWA tokenization involving onshore assets or rights, and imposing enhanced compliance, risk management, and AML requirements on overseas subsidiaries of Chinese financial institutions. The new rules take effect immediately and replace a notice issued in 2021, when China introduced a broad ban on crypto trading and mining, broadening the restrictions to explicitly cover RWA tokenization.