Nomura Subsidiary Achieves In-Principle Approval in Abu Dhabi

Metabora Singapore (Metabora SG), a blockchain content platform and an affiliate of multi-platform game company Kakao Games, announced a partnership today with Oasys, a blockchain platform tailored for Web3 games.  According to local media outlet Dailian, the partnership is expected to attract more users to Oasys’ Web3 gaming platform by enhancing its interoperability, expanding its ecosystem and providing “killer content,” all of which are the pillars of “Dragon Update,” a vision to achieve for Oasys for the year 2024.  Oasys has been emerging as a blockchain for Web3 gamers, as it continues to forge partnerships with Asian tech and game giants such as Com2uS and Ground X, a blockchain subsidiary of Kakao. Com2uS is the developer of popular games such as “Summoners War: Chronicles” and “Walking Dead: All Stars”, while Ground X operates its own crypto wallet.  Photo by Fredrick Tendong on UnsplashMaking inroads into the Japanese gaming market It is anticipated that Metabora SG will make use of Oasys’s strong network and powerful user base to enter the Japanese gaming market, which is deemed one of the biggest global markets boasting $44.4 billion in sales this year, according to Statista.  Oasys is known to have forged deep partnerships with major gaming companies in Japan, of which Oasys serves as their network validator. Metabora SG will be able to leverage Oasys’ support when entering the Japanese market.  Collaboration on blockchain technology “We are delighted to partner with Metabora SG, a company that fully shares our vision of revolutionizing the gaming industry through the use of blockchain technology. As we aggressively move forward and expand our business relationships with various gaming giants based in Korea, the partnership with Metabora SG by Kakao Games marks another important milestone for further business expansion in the region,” said Dominic Jang, the head of global business development at Oasys and the head of Korea at Oasys. “We are keen to nurture a more in-depth relationship with the Metabora SG team to maximize the synergy with Oasys, advancing the mass adoption of blockchain gaming,” he added.  With its extensive experience in offering immersive gaming experiences to users, Metabora SG is on its way to revolutionizing the gaming industry by integrating eco-friendly technology provided by Oasys.  Vincent Lim, CBO of Metabora SG, said that behind this partnership are people who share the same vision of enhancing the Web3 gaming ecosystem. He added that the two companies will provide immersive games that are easy to access to gamers all across the world, who haven’t yet experienced blockchain-based games. 

Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody SolutionAssemble Protocol, a blockchain-based global point integration platform headquartered in Hong Kong, has announced a partnership with Ceffu, previously known as Binance Custody, according to South Korean blockchain news outlet Bonmedia.Ceffu serves as the sole institutional custody partner of Binance Exchange, the world’s largest cryptocurrency exchange based on trading volume. It started as a custodian platform in 2021 and underwent a rebranding from Binance Custody to Ceffu in February. Ceffu offers support for a diverse range of digital assets, including BTC, ETH, BNB, LTC, and XRP.Photo by rc.xyz NFT gallery on Unsplash$1M minimum depositThrough this collaboration, ASM, the native token of Assemble Protocol, has been included in the list of Ceffu’s supported assets, enabling ASM holders to securely store their tokens in the custodian’s cold storage. The custody service imposes a minimum deposit requirement of $1 million worth of digital assets.Reward points to ASM tokenAssemble Protocol offers users the ability to unify their reward points obtained from various debit and credit cards into ASM. By integrating these scattered rewards, users can conveniently manage and utilize their points through a unified digital currency. The platform also rewards participants within its ecosystem with tokens based on their contributions. The more participants contribute, the greater their rewards. Moreover, advertisers can pay fees to Assemble Protocol to promote their products within the ecosystem.Park Kyu-do, CEO of Assemble Protocol, expressed his appreciation for Ceffu’s support of ASM, emphasizing the security and transparency it offers for storing assets. Park also mentioned that the collaboration with the Binance ecosystem will lead to further expansion of the protocol.Meanwhile, Assemble Protocol plans to launch mobile and desktop versions of Assemble 2.0 later this year.

In a major crackdown, the Chengdu Public Security Bureau announced on May 15 the dismantling of an extensive underground banking network, resulting in the arrest of 193 suspects across China in an operation that unveiled illegal businesses using the U.S. dollar stablecoin, Tether (USDT).Photo by DrawKit Illustrations on UnsplashUnauthorized foreign exchange settlements These activities involved illicit transactions amounting to approximately 13.8 billion yuan ($1.9 billion). The investigation began in November 2022 when authorities detected suspicious activities involving underground banks in Chengdu’s Longquanyi district. In response, a specialized task force was formed, integrating experts from various police departments, including economic investigation, cyber security and legal affairs. This team uncovered unauthorized foreign exchange settlements that bypassed national regulations. On June 1 of last year, acting on instructions received from the Ministry of Public Security, the task force conducted coordinated raids in several major cities, such as Shanghai and Shenzhen. These efforts led to the capture of key figures in the criminal syndicate, involving the arrest of 25 suspects. Law enforcement seized numerous bank cards, payment instructions and other digital payment instruments tied to the illegal operations during these raids. A broader investigation across 26 provinces has resulted in 193 suspects being arrested. Using USDT to evade regulationFurther investigations revealed that since January 2021, the syndicate exploited its import and export business to facilitate illegal activities. By using USDT as a medium, they bypassed official foreign exchange channels to service clients needing to transfer funds internationally. Moreover, these operations were intricately linked to other illicit activities, including financial fraud and smuggling. In a related development, on May 13, BeInCrypto reported that the Chinese government arrested six individuals responsible for illicit crypto transactions worth $295 million. These arrests highlight the challenges and risks associated with cryptocurrency in unregulated environments. Additionally, the Hong Kong police recently apprehended three men at a currency exchange shop following a deceptive transaction involving Tether’s USDT. The suspects allegedly showed a customer ceremonial "hell money" before deceitfully persuading him to transfer about $128,073 worth of USDT, only to refuse the agreed-upon cash exchange afterward.  According to the South China Morning Post (SCMP), hell banknotes are a form of ceremonial paper money burned as an offering to ancestors or deities in traditional Chinese culture. Late last year, USDT was used by a gang of gold smugglers in Nepal, who received $16 million in the Tether stablecoin in exchange for the precious metal. A joint investigation carried out by the authorities in Nepal and China led to the arrest of two Chinese and 13 Nepalese nationals in connection with the illicit activity. Over the course of the weekend, it emerged that two Chinese nationals had been charged by the authorities in the United States with money laundering through Bahamas-based Deltec Bank. Deltec acts as the primary banker for Tether, prompting longstanding Tether critics to suggest illicit activity relative to the stablecoin issuer’s dealings with the bank. This series of arrests and discoveries underscores the ongoing efforts of Chinese authorities to clamp down on illegal cryptocurrency activities. The activity also poses problems for Tether in its efforts to maintain compliance and stamp out illicit use in the face of ever-increasing regulatory scrutiny worldwide.