Former SoftBank Executive Launches Stablecoin in Abu Dhabi

Night Crows, a massive multiplayer online role-playing game (MMORPG) set in 13th-century Europe with play-to-earn (P2E) features, is set to launch next month. This global release will be available in nine languages across 170 countries, except for South Korea and China, according to a recent press release by its South Korean operator, the blockchain game company Wemade.European history with fictionDeveloped by MADNGINE, Night Crows harnesses the power of Unreal Engine 5 to deliver highly realistic battles. The game merges elements of European history with fiction, creating a unique universe for players to explore. Within this universe, players can select from four classes and eight subclasses for their characters. Thanks to its inter-server technology, Night Crows enables over 1,000 players from three servers to combat against each other in the "Battlefront," as well as collaborate and trade at the "World Exchange."Photo by Nik Shuliahin 💛💙 on UnsplashBlockchain-based economyThe March 12 worldwide launch of Night Crows incorporates the Multi Utility Token Economy (MUTE) within Wemade’s WEMIX 3.0 blockchain network. In this economy, users can complete requests to earn DIA, an in-game resource that can be used to mint Crow. The Crow token will serve as the base token for the game and will be supported on WEMIX Play’s GameFi platform. Last month, Night Crows kicked off its pre-registration campaign to attract gamers from around the globe. The game will be available for pre-download on March 11 via Google Play, the Apple App Store and the web.P2E games banned in KoreaNight Crows first made its debut in South Korea last April, where it quickly captured the interest of Korean gamers. However, the version released in Korea differs from the one planned for the global launch, as it lacks a blockchain-based economy. This absence is in line with the Game Industry Promotion Act in Korea, which prohibits the conversion of in-game resources, whether tangible or intangible, into money.

South Korean Banks Adopt Blockchain for Streamlined Civil Servant LoansSouth Korea’s state-run financial organizations and banks are embracing blockchain technology to streamline the loan process for government employees and enhance loan management for banks.Photo by Shubham Dhage on UnsplashBlockchain-aided loan servicesIn a collaboration announced today at the Korea Federation of Banks (KFB) in Seoul, the Korea Financial Telecommunications and Clearings Institute (KFTC), the Government Employees Pension Service (GEPS), and four local banks are coming together to introduce blockchain technology in providing loan services specifically tailored for civil servants. The four participating banks are NongHyup Bank, Hana Bank, DGB Daegu Bank, and Gwangju Bank.Easier applicationAt present, civil servants are required to acquire a physical loan recommendation letter from the GEPS in order to apply for a bank loan. However, with the implementation of the new loan system, the GEPS will have the capability to issue blockchain-based letters, which can be obtained by civil servants either in-person or remotely at banks. This innovative approach will significantly simplify the verification process for these letters.Easier managementFurthermore, the manual exchange of loan-related information, such as repayment history and retirement details, between banks and the GEPS will be replaced by a more efficient system. The KFTC will take on the role of mediator, ensuring that any changes to this information are immediately reflected in real time. This streamlined approach will significantly enhance loan management for lenders.The launch of this service is scheduled for November this year, bringing about improved accessibility to loans for government employees. As the project progresses, other financial institutions are expected to join in, further enhancing the convenience of public servants. Additionally, these collaborating organizations will explore joint services aimed at providing the necessary support to stabilize the livelihoods of civil servants.

Hong Kong Web3 Companies Invest Millions in VASP LicensesWeb3 firms in Hong Kong are making significant financial investments to obtain Virtual Asset Service Provider (VASP) licenses.According to a report by Foresight News on Tuesday, the cost of these licenses is ranging between 20 million and 200 million Hong Kong dollars ($2.55 million and $25.5 million).Industry sources explained to the publication that the high costs are due to the lack of existing infrastructure in traditional financial institutions, requiring significant investments in various aspects such as products and teams. Even experienced cryptocurrency institutions find the cost of obtaining a license to be substantial.Photo by Daniam Chou on UnsplashEarly licenseesAnalysts at Foresight highlighted that several Hong Kong subsidiaries of exchanges, including OKX, BitgetX, HashKey Pro, OSL, and Gate.io, have already commenced operations. OKX, in particular, has witnessed impressive growth in Hong Kong, with 8,800 registered users and a cumulative trading volume of $150 million as of June 27.To regulate the cryptocurrency exchange industry, Hong Kong introduced new VASP licensing requirements on June 1.These requirements mandate firms to disclose user statistics and company financials to the Securities and Futures Commission (SFC) of Hong Kong for regulatory approval. Exchanges that fail to comply with the requirements will be compelled to halt operations in the special administrative region (SAR) by mid-next year.Virtual asset ratingsOn the same day, the Hong Kong Virtual Asset Consortium unveiled its virtual asset index, which encompasses major cryptocurrencies such as Bitcoin, as well as altcoins and privacy tokens. The consortium aims to offer ratings services and indexes to facilitate retail crypto trading in the SAR. Notably, it has received support from prominent players in the industry, including Huobi, KuCoin, Bitget, and others.The introduction of VASP licenses and the subsequent investments made by Web3 companies demonstrate the evolving regulatory landscape in Hong Kong. With the stringent licensing requirements, the industry aims to enhance transparency and accountability, ensuring the protection of investors and fostering a more secure environment for cryptocurrency trading.The involvement of established exchanges and the formation of the Hong Kong Virtual Asset Consortium further underscore the growing interest and support for cryptocurrencies in the region. These initiatives are designed to provide retail investors with reliable information.In that way, they enable them to make informed decisions while participating in the digital assets space. The consortium’s collaboration with industry leaders reflects a collective effort to promote the growth and adoption of cryptocurrencies in Hong Kong.Last week’s news of banking stalwart HSBC offering Hong Kong-based crypto exchange-traded funds (ETFs) to its banking customers has also delivered a shot in the arm to the development of crypto in the Chinese autonomous territory.As the regulatory framework continues to evolve and mature, it is expected that Hong Kong will attract more Web3 companies seeking to operate in a regulated and compliant environment.The investment in VASP licenses signals a commitment to long-term growth in establishing a base in Hong Kong. Ongoing developments in Hong Kong over the course of the past six months point to the recognition of the potential benefits that cryptocurrencies and blockchain technology can bring to the financial landscape of Hong Kong and level of the level of intent locally to progress the technology.