Sony Network Communications and Startale Labs to Launch Joint Blockchain Venture

The official token pre-sale for Bit of Mind – a project operated by Singapore-based DAO company investor K Stadium to launch a Web3-based AI mental health platform – sold out in nine hours on K Stadium's LaunchPad on Tuesday (KST), according to an official press release on K Stadium’s Medium page. Photo by Total Shape on UnsplashSupporting mental wellnessBit of Mind is an upcoming mobile decentralized application (dApp) that integrates AI and a combination of Web2 and Web3 technology to provide personalized mental health care services like journal writing, mood tracking, meditation and virtual counseling. In particular, it incorporates an incentivized token reward system where users can earn tokens by participating in the aforementioned self-care practices within the app. Fueling innovationA total of 45,000,000 Bit of Mind (BOM) tokens were available during the pre-sale, with 1 BOM worth 1 KSTA. KSTA is the native token that operates the K Stadium ecosystem. The early sell-out is a testament to the community's strong support and belief in Bit of Mind’s mission to redefine the standard of mental health care, the platform said. It also demonstrates investors’ strong support for and confidence in Bit of Mind's vision.  "Bit of Mind's LaunchPad is a testament to K Stadium's influence in identifying high-potential projects in the blockchain space. The funds raised will play an important role in advancing the development of Bit of Mind's ecosystem, including enhancing AI capabilities, expanding new features and providing opportunities for Web3 paradigm collaborations," K Stadium said. In the future, Bit of Mind is poised to venture into the metaverse as well, merging Web2 and Web3 paradigms and implementing picture-for-profile non-fungible tokens (PFP NFTs).

Fasset becomes sixth crypto firm to secure VARA licenseFasset FZE, a digital asset brokerage based in Dubai in the United Arab Emirates (UAE), has successfully obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).This achievement, evidenced by a listing on VARA’s website on Wednesday, marks the culmination of VARA’s approval process, granting Fasset the authorization to provide broker-dealer services through its Web3-based financial services platform to a broad spectrum of clients, including both retail and institutional investors.Fasset, with a focus on practical applications of digital assets underpinned by blockchain technology, offers a range of services encompassing stable cryptocurrencies, tokenized commodities, precious metals and fiat currencies.Photo by Hongbin on UnsplashInvestcorp fundingSimultaneous with securing the VARA license, Fasset announced an upcoming investment from global investment manager Investcorp ahead of its Series B funding round, although the exact funding amount remains undisclosed. In 2022 the firm raised $22 million in Series A funding. With plans for a beta launch scheduled for this month and a full roll-out in January 2024, the startup is attempting to make an impact on the market.Mohammad Raafi Hossain, the CEO of Fasset, underscored the strategic importance of the VARA license in advancing the company’s mission to facilitate access to digital assets in emerging markets. In a post published on Thursday via the company’s LinkedIn account, Hossain outlined that this approval plays a crucial role in Fasset’s global licensing strategy, enabling seamless asset transfers across high-traffic remittance corridors, particularly from the Gulf Cooperation Council countries to Asia.Targeting emerging marketsHossain remarked:“Fasset’s focus on enabling people across emerging markets to access to digital assets is bolstered with this permission from VARA in UAE. As one of the most progressive regulatory frameworks in the world, the VARA approval is a crucial link in our global licensing portfolio, connecting places like Indonesia, Malaysia, Bangladesh, Pakistan, and Turkiye through blockchain.”The countries Hossain mentioned are precisely the markets that the firm is attempting to target. In August the firm launched an app which allows users to buy, sell and swap various cryptocurrencies with those markets in mind. Earlier in the year, Fasset had partnered with Mastercard in an effort to expand its service and product offering in IndonesiaWorking towards compliant frameworksFasset has been proactive in engaging with regulatory bodies, dating back to its establishment in 2019. The fledgling firm is now reaping the benefits of following that approach of regulatory compliance. The founding team’s prior collaboration with the UAE Prime Minister’s Office in crypto regulation laid the groundwork for compliant frameworks, something that is seen by officials as essential to the UAE’s technological progress.Dubai’s emergence as a key player in the cryptocurrency industry is evident, with an increasing number of crypto companies setting their sights on the Middle East, particularly Dubai, as a potential hub. In the month of November alone, five distinct entities, including CFI, GCEX, HEX, Crypto.com and Ripple, secured authorization from Dubai for crypto operations, showcasing the growing prominence of the region.

Five Foreigners Detained in Thai Crypto Scam CrackdownAgainst a background that continues to see the crypto sector plagued by fraud, Thai authorities have taken decisive action by detaining five foreign nationals accused of orchestrating a multi-million dollar crypto scam.Photo by Dan Freeman on UnsplashA $76 million griftThe scam was clever in that it targeted the aspirations of over 3,200 victims, promising them substantial returns through fraudulent investments in gold and cryptos like Tether (USDT). In its wake, the scheme has left countless investors devastated, with some resorting to drastic measures like securing second mortgages on their homes.According to a report on Monday by The Bangkok Post, an English-language publication in Thailand, Thailand’s Cyber Crime Investigation Bureau (CCIB) told the publication on Sunday that it had initiated an extensive investigation into BCH Global Limited, the company at the heart of the scam. The individuals responsible for perpetrating the alleged fraud are four Chinese nationals and one Laotian citizen. They now face a litany of charges including fraud, transnational crime, money laundering, and the falsification of computer documents.The scammers ingeniously enticed their victims with alluring promises of remarkable returns through their crypto investment platform, bchgloballtd.com.International cooperationThailand’s efforts to bring these culprits to justice did not take place in isolation. The Thai authorities forged partnerships with international law enforcement agencies, including the Department of Homeland Security in the United States, which aided the Thai authorities greatly in their investigations. The collective effort ultimately culminated in the arrest of the five suspects and the seizure of properties valued at 585 million baht ($16.5 million) by Thailand’s Anti-Money Laundering Office.Part of a broader problemWhile this particular crypto scam is significant, it is far from an isolated incident within Thailand. It adds to the growing concerns of Thai officials who are becoming increasingly exasperated with the prevalence of cryptocurrency scams within their borders.Thai authorities have even issued a stern warning to Meta, the parent company of Facebook, cautioning that failure to address the issue of deceptive advertisements on its platform may lead to expulsion. The government contends that over 5,300 fraudulent ads on Facebook have victimized more than 200,000 Thai citizens.The overarching Asian region in general appears to be harder hit when it comes to crypto-related scams. In August, a $120 million crypto ponzi scheme was exposed in India. Last month the South Korean Financial Supervisory Service (FSS) issued a press release warning investors to be mindful of fraudulent crypto investment schemes. The very same month, Singaporean authorities uncovered a $1.3 million crypto mining scam.The apprehension of the five suspects responsible for the $76 million crypto scam underscores the pressing need for more stringent regulations and heightened vigilance within the crypto space. Such measures are required if innocent investors are to be protected from falling victim to similar scams in the future.