Bithumb Eliminates Trading Fees to Attract Investors and Gain Greater Market Share

Duncan Chiu, a member of Hong Kong's Legislative Council, has expressed concerns over the stringent regulations imposed on cryptocurrency exchanges by the Securities and Futures Commission (SFC). In an opinion piece for the Hong Kong Economic Journal, Chiu argued that these rigorous standards have deterred major global exchanges from entering the Hong Kong market, undermining confidence in the region's commitment to developing Web3 technologies. He highlighted the recent withdrawal of license applications by prominent exchanges such as OKX, Gate.io and HTX as indicative of the flaws in the current regulatory framework.Photo by Chapman Chow on UnsplashLicensing system and industry developmentChiu criticized the fragmented approach to policy development for Hong Kong’s virtual asset market, noting that various aspects like VATP (Virtual Asset Trading Platforms), stablecoin issuance and virtual asset over-the-counter trading are managed by different departments without strategic industry consideration. He also mentioned feedback from license applicants who feel that the authorities lack a forward-thinking vision for fintech and are applying traditional financial principles too rigidly to the dynamic and innovative sector of Web3. Furthermore, Chiu pointed out the disconnect between the industry and regulators, particularly in the experience required of management in licensed crypto operations versus the practical experience of regulators in Web3, complicating effective communication and progress. 

Coinbase Effects International Expansion By Extending Singapore OfferingIn further proof of Coinbase’s recently-adopted strategy of focusing on global expansion, the company has just extended the range of its product offering to Singaporean customers.Photo by Meriç Dağlı on UnsplashNo Fees on USDCThe move was announced by way of a blog post published to the company’s website on Tuesday. The expansion entails the introduction of fee-less purchases of the USDC stablecoin for users who buy it with the Singaporean dollar (SGD). Furthermore, it is enabling Singaporean customers to earn rewards on the USDC that they hold on the platform. USDC trading pairs are being added that will allow users to trade USDC directly with over two hundred digital assets.Taking staking overseasAdditionally, Coinbase Global is rolling out staking to the Singaporean market. Users will be empowered with the ability to stake the following digital assets: ETH, SOL, ADA, ATOM, and XTZ.It’s interesting that Coinbase feels enabled in rolling out a digital asset staking service in this overseas market. In March of this year, the company received a Wells Notice — a formal notice informing the recipient that there are firm plans to bring enforcement actions against it — from the Securities and Exchange Commission (SEC) in the United States. The notice was sent in relation to digital assets covered under Coinbase’s staking product offering, Coinbase Earn.In highlighting the issue, the company bemoaned the fact that the SEC had gone down the route of issuing a Wells Notice without it expressing a single specific concern about any specific digital asset offered by the platform in advance of taking the action.Global strategyCoinbase Founder and CEO Brian Armstrong has been outspoken in criticizing the regulatory approach to crypto in the United States. He expressed that at the time of having received the Wells Notice earlier this year, and again last week, when he and key Coinbase executives visited Abu Dhabi and Dubai in the United Arab Emirates.On the day of SEC Chair Gary Gensler’s appearance before the House Financial Services Committee on Capitol Hill in Washington, D.C. a few weeks ago, Armstrong signaled that unless there was a more accommodating regulatory approach taken to crypto in the US, Coinbase would increasingly be looking to expand operations overseas.A short time later, it emerged that the company had obtained a license to trade in Bermuda. At last week’s Dubai Fintech Summit, Armstrong applauded the regulatory approach taken by the UAE and indicated that the company is interested in opening a base in Abu Dhabi.Positive survey resultsAgainst this background, it’s not surprising to hear that Coinbase has expanded its service offering in Singapore, another aspiring global hub for crypto business. As part of reviewing and updating its business offering in the city state, Coinbase carried out a survey of prospective customers in Singapore. It found that 25% of Singaporeans consider crypto as the future of finance, on a par with findings in the US, and higher than the 17% reported in the UK.Among its other findings, security concerns and price volatility of digital assets are still a barrier to entry for many. Of those who are already crypto-native, they tend to trade higher trade amounts, and with greater frequency, if from higher income backgrounds.

Sejong Telecom and Hyosung TNS to Collaborate on Real Estate Security TokensSejong Telecom said Tuesday that it has signed a business deal with Hyosung TNS, the infrastructure and finance arm of South Korean conglomerate Hyosung Group, to boost the profitability of its real estate investment service BBRIC and collaborate in security token offering (STO) services.Photo by Tierra Mallorca on UnsplashIntegrated servicesUnder the deal, Sejong Telecom will integrate the BBRIC platform into NFTtown — Hyosung TNS’ portal service dedicated to providing information, news, and educational content on non-fungible tokens (NFTs). BBRIC aims to expand its user base and modes of marketing by promoting its investment products, events, and services within NFTtown’s fractional real estate investment channel.Furthermore, users can conduct their transactions in a secure and convenient manner through BBRIC without paying intermediary fees. This promotion strategy is expected to ultimately increase profitability, BBRIC said.“Through this deal, we will create an ecosystem where anyone can readily find and compare information on fractional investments and invest accordingly,” said Park Hyo-jin, Head of Sejong Telecom’s blockchain division. “BBRIC will diversify its promotional and sales channels to create real estate financial investment products that are not only stable and reliable but also accessible to a wide range of customers.”Hyosung TNS’ venturesHyosung TNS is a leading player in the automated teller machine (ATM) market both in Korea and overseas. It operates in 46 countries, supplying a variety of financial automation solutions. NFTtown is part of the company’s blockchain endeavors, through which it plans to provide information about various security tokens, including real estate.