Flybit’s Bug Bounty Program to Strengthen Its Crypto Exchange Security

The decision by U.S. regulators to approve spot Bitcoin exchange-traded funds (ETFs) in January appears to be having some knock-on effects, with the latest such response seeing the Thai authorities enable access to such products for institutional investors and ultra-high-net-worth individuals within Thailand.Photo by Karolina Grabowska on PexelsMeeting a growing demandAccording to a report in the Bangkok Post on March 12, Thailand’s Securities and Exchange Commission (SEC) has agreed that Thai asset management firms may manage and offer funds that incorporate investment in U.S. spot Bitcoin ETF products. The decision was arrived at following a recent SEC board meeting. The SEC's decision reflects a strategic response to the growing demand for digital asset exposure among institutional investors. It would appear that spot Bitcoin ETF approval in the United States has bolstered investor confidence in this investment instrument on an international basis. Urging cautionDespite the opportunities this presents for institutional investors, the SEC has emphasized caution, citing the high-risk nature of digital asset investments. SEC Secretary-General Pornanong Budsaratragoon verbalized that need for caution, stating: "Asset management firms asked the SEC for them to have exposure in digital assets, especially Bitcoin and spot Bitcoin ETFs, but we need to consider carefully whether to allow asset management firms to invest in digital assets directly due to the high risk.”It’s interesting to note that in an immediate response to the approval of these products in the United States in January, Thailand’s SEC clarified that it had no plans to allow asset management firms to launch similar products within Thailand. For the moment at least, it seems that demand will be satisfied by accessing products that have gained exposure to U.S. spot Bitcoin ETFs instead. Retail investors excludedWhile this move expands the investment landscape for institutional players, retail investors in Thailand find themselves sidelined due to regulatory restrictions. The amended regulations primarily cater to accredited investors, leaving retail participation in spot Bitcoin ETFs out of reach. This exclusion contrasts with the popularity of retail crypto trading in Thailand, albeit within regulated boundaries. Recent government regulations have both facilitated and restricted certain crypto activities. Thailand's move aligns with broader trends in the cryptocurrency sector, with several countries, including South Korea and Hong Kong, exploring opportunities in the space. In Hong Kong, regulators are currently processing applications for Bitcoin ETFs, with several financial institutions expressing interest in introducing spot Bitcoin ETFs. Just like the Thai authorities, the governor of the Royal Bank of India (RBI) had also responded in the aftermath of product approval in the U.S. stating that he didn’t favor the approval of such products in India. Despite that, news emerged on March 11 that Indian crypto investment platform Mudrex is planning to meet demand by providing clients with access to these U.S. products. As institutional investors gear up to capitalize on this opportunity in Thailand, the regulatory framework surrounding digital assets will continue to shape market dynamics, both domestically and internationally.

Singapore Exchange Limited (SGX), the city-state’s primary asset exchange, is in the process of establishing Bitcoin perpetual futures trading on the platform.Photo by Kanchanara on UnsplashInstitutional product offeringAccording to a report published by Bloomberg earlier this week, the exchange platform intends to launch Bitcoin futures sometime during H2 2025. The product launch will be subject to regulatory approval from the Monetary Authority of Singapore (MAS). A spokesperson for the company told Bloomberg that the product offering will be geared exclusively towards institutional investors and traders in an effort to “significantly expand institutional market access.” Retail access to the product will be prohibited. Once launched, these Bitcoin perpetual futures contracts, being offered through a traditional finance (TradFi) outfit like SGX, will help to blur the lines between TradFi and the emerging crypto sector. Perpetual futures have no expiry date. They offer a means for traders to bet on price changes in an underlying asset while doing away with the need to take ownership of the asset itself. Cautious approachSGX has been cautious in listing crypto assets and derivative products. Last year the firm’s CEO, Loh Boon Chye, said that the time was not yet right for such listings.  His concern back then was that any such product launches would need “sustainable ecosystem support,” adding that “that means demand, that means governance, that means structure.” While spot Bitcoin exchange-traded funds (ETFs) had been approved in the United States at that point, there has been much further development in the crypto-sphere since then, following the election of a pro-crypto administration in the U.S. That event has had knock-on effects globally. Singapore’s SGX isn’t the only traditional exchange platform to respond. Japanese futures exchange, the Osaka Dojima Exchange (ODEX), is gearing up to file an application with the Financial Services Agency (FSA) to list a Bitcoin futures product later this month. Closer to home, an American digital asset marketplace that focuses on institutional trading, EDX Markets, has plans to introduce Bitcoin perpetual futures products to the Singaporean market, according to a report which emerged in January. In May 2024, EDX launched EDXM Global, a settlement platform, in Singapore. This product launch by SGX serves the purposes of decision-makers in Singapore, who have been trying to position the city-state as a digital asset industry hub. Additionally, the move will bring greater acceptance of the digital assets sector from traditional market participants. Crypto perpetual futures contracts were first pioneered by crypto derivatives exchanges like BitMEX back in 2016. Since then, other crypto-native platforms like Binance and OKX have offered these products. In the case of unregulated offshore exchanges, the products have proven to be controversial, as at times, they have been used in a manner that has exposed market participants to counterparty risk. Failed crypto exchange FTX, together with its sister company Alameda Research, relied on the products in their trading activities. SGX, as a seasoned, regulated TradFi operator, which holds an Aa2 rating from Moody’s, is likely to prove to be a more palatable option for institutional players.

X-PLANET to Sell NFTs for 35th Anniversary of Choushinsei Flashman’s Korean ReleaseCom2uS Platform, a subsidiary of Korean game developer Com2uS Holdings, announced last Friday that it will launch non-fungible tokens (NFTs) on its NFT marketplace X-PLANET to celebrate the 35th anniversary of the Japanese television show Choushinsei Flashman’s Korean release.Photo by PJ Gal-Szabo on UnsplashFan-favorite showChoushinsei Flashman is a live-action superhero series that gained immense popularity when it was released in South Korea in 1989. The original series produced by Japan’s Toei Animation captivated fans with its dynamic action sequences and the exploration of deeper themes such as family separation and loneliness.Merging the retro and modern worldsX-PLANET is collaborating with Toei Animation and Korean publishing company Daewon Media to carry out the NFT project. The 35th anniversary NFT will officially drop on November 1 at 9:00 AM (UTC) for $150 each. Buyers will receive a 35th-anniversary merchandise set, which includes a Rolling Vulcan figure lamp, a set of Video Home System-themed photo cards, an acrylic phone pop socket, and an acrylic frame. The Rolling Vulcan figure lamp in particular is gaining the most attention, as it is being officially released for the first time in three decades.The marketplace also opened an official mini website dedicated to the event and announced that it would be airdropping NFTs of Mag, the show’s representative robot mascot, on a first-come, first-served basis from Friday until the end of the month.X-PLANET is also planning to hold a Choushinsei Flashman 35th anniversary fan meeting in Korea early next year, which will invite seven Japanese actors from the show plus a secret guest. The sale of NFT tickets to the fan meeting will open in December, the platform said.