Komainu Secures FCA Approval in Boost For Crypto Custody in the UK

XPLA Welcomes Mobile Game Idle Ninja Online on Its MainnetSouth Korean game developer Com2uS has revealed that its blockchain gaming platform, XPLA, will be launching Idle Ninja Online, an AFK MMORPG, on its mainnet. AFK MMORPG is an acronym for away from keyboard massively multiplayer online role-playing game.Photo by Rodion Kutsaiev on UnsplashGameplay and featuresIdle Ninja Online offers players the opportunity to level up their characters by battling monsters that pose a threat to the ninja village. The game’s idle gameplay element ensures accessibility for all players. Its charming graphics, unique dungeons, and various bosses captivate players’ attention. A noteworthy feature is the ability for players to strategically combine tens of thousands of in-game items to create custom decks for engaging in battles. With availability in multiple languages, including English, Japanese, Thai, and Spanish, the game has garnered continued interest from gamers across the globe.P2O system next monthNext month, Idle Ninja Online is set to introduce a play-to-own (P2O) system that will utilize its native token, NINKY, which is compatible with the Ethereum virtual machine. Players will be able to earn NINKY tokens through gameplay, which can then be traded for XPLA, the native token of the XPLA ecosystem.Paul Kim, CEO of XPLA, extended a warm welcome to Puzzle Monsters’ acclaimed Idle Ninja Online as it joins the XPLA ecosystem. He said that the close collaboration between the two entities will showcase creative and entertaining content to Web3 gamers on a global scale.XPLA is a global blockchain mainnet encompassing an NFT marketplace, a metaverse, and various entertainment services. In July, it introduced well-regarded titles like action RPG Summoners War: Chronicles, casual game MiniGame Party, and fishing game Ace Fishing: Wild Catch. The XPLA mainnet has established partnerships with renowned Web3 projects, including Japanese gaming blockchain Oasys, Hong Kong-based blockchain gaming developer Animoca Brands, decentralized gaming guild Yield Guild Games (YGG), and blockchain infrastructure platform Blockdaemon.

A legislator in the Philippines has put forward a bill that, if passed and enacted, would see the Southeast Asian country establish a Bitcoin reserve consisting of 10,000 BTC. The proposed bill was filed with the House of Representatives as House Bill 421. Its proposer is Congressman Miguel Luis Villafuerte, a representative of Camarines Sur’s 5th district since 2022. Villafuerte also served as governor of the same province on two occasions, gaining recognition for becoming the youngest individual to assume the governorship in the Philippines.Photo by Michael Förtsch on UnsplashDrawing on developments overseasPrefacing the bill with an explanatory note, Villafuerte draws on developments related to Bitcoin in the United States. He drew attention to U.S. Federal Reserve Chairman Jerome Powell having referred to Bitcoin as “digital gold,” while pointing to a bill in the U.S. proposed by Wyoming Senator Cynthia Lummis to create a strategic Bitcoin reserve in the U.S., with the support of U.S. President Donald Trump. The bill itself, if passed and enacted, would provide a mandate to Banko Sentral ng Pilipinas (BSP), the country’s central bank, to acquire 2,000 BTC on an annual basis over a period of five years. According to Villafuerte’s proposal, that would result in the Philippines amassing a reserve of 10,000 BTC. 20-year minimum holding periodFollowing the achievement of this accumulation, the bill sets out that the leading digital asset would be locked in trust for a period of 20 years for the benefit of the country. A provision is included to establish a procedure that would enable the purchase schedule to be adjusted if a need arose to do so due to prevailing market conditions. Upon completion of the 20-year holding period, the proposed legislation calls on the central bank to present a report to Congress with recommendations as to whether Bitcoin should continue to be held or if some of the holdings should be sold off on a gradual basis. Following the expiration of that initial 20-year period, the governor of the central bank cannot recommend the selloff of more than 10% of the holding over any two-year period. Proof of reservesIn terms of sovereign nations, an early mover with regard to Bitcoin has been El Salvador. It became the first nation to establish Bitcoin as legal tender, while also establishing a Bitcoin reserve. However, the Central American nation has been criticized with regard to a lack of transparency surrounding that reserve. In the case of Villafuerte’s bill, the proposed legislation includes a requirement for the central bank governor to establish a system of quarterly proof of reserve attestations. It calls for attestations to be performed by an independent third-party auditor with expertise in auditing digital assets.The proposal comes as a number of nations are understood to be exploring the establishment of a strategic Bitcoin reserve. In April, a parliamentarian in Sweden proposed adding Bitcoin to the Nordic nation’s foreign exchange reserves. The Swedish parliament is set to debate the notion of a Bitcoin reserve next month. Meanwhile, Switzerland’s central bank has reportedly gained exposure to Bitcoin through a $253 million shareholding in Bitcoin treasury firm Strategy.

Bhutan Quietly Mining Bitcoin Since $5,000The tiny nation of Bhutan continues to be full of surprises recently where crypto is concerned, with the latest report suggesting that the kingdom has been mining bitcoin for a number of years already.© Pexels/Pema GyamtshoAccording to a recent report in The Bhutanese, a Bhutan-based publication led by investigative journalist, Tenzing Lamsing, the landlocked nation had been mining bitcoin over the course of a “few years” already, in an effort to diversify its sovereign portfolio.Long-term investment strategyUjjwal Deep Dahal, CEO of Druk Holding and Investments (DHI), told the publication that the venture was part of a long-term investment strategy. DHI is the commercial arm of the Royal Government of Bhutan. It was formed pursuant to a Royal Charter in 2007 with the mandate of making investments on behalf of Bhutan while optimizing usage of resources.The mining activity had centered on Bitcoin although there was a small provision for Ethereum-based mining when Ethereum was a mineable proof-of-work (PoW)-based blockchain network. It’s unclear of the precise timeline but the report outlines that DHI has engaged in the mining space over a number of years, and at a time in which the Bitcoin unit price was as low as $5,000.Exploiting cheap hydroNestled in the Himalayas, Bhutan has considerable hydroelectric resources. Bitcoin mining is ordinarily an expensive exercise but in scenarios where there are plentiful energy resources with a marginally cheaper cost of production than the average, it can be an attractive and profitable enterprise. Dahal outlined that these conditions enabled DHI to reinvest profits back into additional mining equipment.The precise time-frame of DHIs entry into Bitcoin mining is open to speculation. However, we do know that the Bitcoin unit price was last below $5,000 at the onset of the pandemic in March 2020. Prior to that, Bitcoin had risen above $5,000 in April 2019 following an acute bear market in 2018.Crypto lender entanglementsBhutan and DHI hit the crypto radar last month when it was revealed that the kingdom had made significant investments into and out of failed crypto lenders Celsius and BlockFi. Dahal has said that the royal charter-mandated firm had taken out loans with both crypto lenders and had fully repaid those loans. However, that may have been something that happened later than anticipated. The Bhutanese company had a $30 million loan from BlockFi. BlockFi liquidated the Bitcoin collateral associated with that loan in 2022 but it left a shortfall of $800,000. The failed lender subsequently sued DHI. As of an April 13 court filing, BlockFi submitted a voluntary dismissal of the lawsuit to the courts, presumably because the shortfall was subsequently paid by DHI.In the case of Celsius, DHI had withdrawn $65 million from the lending platform prior to it declaring bankruptcy. Consequently, the matter has been the subject of speculation relative to the potential for the Celsius bankruptcy estate to pursue DHI for a clawback of the withdrawn funds.