CJ ONE to Sell 3,000 NFTs for New Membership Service

HKMA Issues Warning Against Crypto Firm MisrepresentationThe Hong Kong Monetary Authority (HKMA), the central bank for the Chinese autonomous territory, has taken a stand against cryptocurrency businesses that falsely present themselves as “banks” and market their products as “deposits,” issuing a public advisory to raise awareness about the issue.Photo by Marcel Eberle on UnsplashBanking ordinance violationsIn a press release published to its website on Friday, the HKMA said that instances had arisen where crypto firms had labeled themselves as “crypto banks,” “crypto asset banks,” and “digital trading banks.” The regulatory authority underscored that such misrepresentations could be in violation of the Banking Ordinance in Hong Kong.In addition to adopting misleading bank-related titles, these crypto firms have been advertising “savings plans” as “low risk” with “high return,” potentially misleading the public into believing that these entities are authorized banks in Hong Kong, where they can securely deposit their funds.The HKMA stressed that only entities such as licensed banks, restricted license banks, and deposit-taking companies, collectively referred to as “authorized institutions” and holding a license granted by the HKMA, are legally permitted to engage in banking or deposit-taking activities in Hong Kong.Furthermore, funds held on crypto exchanges are not covered by Hong Kong’s Deposit Protection Scheme. “Under the Banking Ordinance, only licensed banks, restricted license banks and deposit-taking companies, which have been granted a license by the HKMA can carry out banking or deposit-taking business in Hong Kong,” the HKMA stated.Misuse of banking termsAny entity using the term “bank” in its business name or implying that it offers banking services in Hong Kong is committing an offense, according to the central bank. The same rule applies to any entity engaging in deposit-taking activities in Hong Kong or soliciting the public to make deposits.It’s important to note that crypto firms not officially recognized as banks in Hong Kong are not subject to the oversight of the HKMA.The HKMA advised the public to exercise caution. In cases of uncertainty regarding an entity claiming to be a bank or soliciting deposits in Hong Kong, individuals are encouraged to consult the register of authorized institutions on the HKMA’s website, and if doubts persist, it suggests that they should contact the authority via its Public Enquiry Service hotline.According to section 97 of the Banking Ordinance, only a bank or a central bank can use the term “bank” or its derivatives in its business name in Hong Kong without the written consent of the HKMA.Additionally, sections 11 and 12 of the Banking Ordinance stipulate that only entities possessing a valid banking license or recognized as authorized institutions are permitted to engage in banking or deposit-taking activities in Hong Kong. As per section 92 of the Banking Ordinance, only an authorized institution is authorized to issue advertisements inviting the public to make deposits, with certain exceptions.The HKMA’s advisory serves as a stern reminder to the crypto industry that regulatory compliance and transparency are essential, particularly when using terms associated with traditional banking, to protect the interests of the public.

Metabora Singapore Launches Global Pre-Registration for PvP Gaming Platform ‘Skill Blitz’Metabora Singapore, a subsidiary of South Korean blockchain game developer Metabora, announced today that it has begun the global pre-registration of Skill Blitz (formerly known as Borabattle), a gaming platform that enables players to engage in player-versus-player (PvP) battles.Photo by Hans-Peter Gauster on UnsplashAvailable on various app storesSkill Blitz is developed by Neptune Company, a game affiliate of South Korean tech giant Kakao. The platform allows early sign-ups from all over the world except for South Korea, China, and Singapore. Those who wish to participate can register through the Google Play Store, the Galaxy Store, and the Apple App Store.In-game item giveawayAt the time of Skill Blitz’s official release, Metabora Singapore will run a promotional event that offers in-game items and exclusive profile pictures.Trade in-game items with cryptoSkill Blitz is a joint project initiated by key governance council members of the Bora blockchain, namely Neptune Company, Kakao Games, Mobirix, and Metabora. This platform enables players to engage in friendly competition across a variety of casual games, including solitaire, bingo, and puzzles. Furthermore, gamers can visit the Bora Portal to trade their in-game items for virtual assets such as BORA, MATIC, and USDC.In this collaborative initiative, Neptune will take charge of Skill Blitz’s development and service, while Kakao Games will provide support for service operations. Metabora will be responsible for overseeing the app’s blockchain infrastructure, and Mobirix will provide its own content to the app and utilize its user base to drive global marketing efforts for the application.

Laser Digital, the crypto arm of Nomura, Japan’s largest investment bank and brokerage group, in collaboration with WebN Group, has unveiled Libre, an institutional Web3 protocol powered by Polygon technology. WebN Group is an incubation hub for fintech and Web3 innovators. It’s backed by Laser Digital and Alan Howard, the co-founder of alternative investment management platform, Brevan Howard.Photo by Shubham's Web3 on UnsplashFocusing on asset tokenizationLibre leverages asset tokenization and smart contracts, aiming for regulatory-compliant issuance and management of alternative investments. According to a statement, the protocol is built using the Polygon Chain Development Kit (CDK), facilitating the development of purpose-built, zero knowledge-powered Layer 2 blockchains on Ethereum. Dr. Avtar Sehra, the founder of Libre, has been actively involved in real-world asset (RWA) tokenization since 2014. His previous experience includes founding the UK FCA-licensed tokenization platform Nivaura. The protocol's applications extend beyond primary issuance services, with additional use cases such as collateralized lending and automated rebalancing of private investment portfolios. In a press release which was published on Wednesday, Sehra commented on the project:”While our MVP objective is to increase AUM by launching the primary issuance service and driving distributor integrations, we are also working closely with our partners and clients on our 2024 product roadmap, which includes collateralized lending and automated portfolio rebalancing — building the future of wealth APIs.” Libre's anticipated launch is in Q1 2024, with investment management firms Brevan Howard and Hamilton Lane poised to become the first issuers on the platform. The industry has shown growing interest in leveraging blockchain technology to revolutionize the distribution and accessibility of alternative asset funds. Making blockchains ‘mainstay financial rails’Polygon’s Indian co-founder Sandeep Nailwal outlined on a social media post on Wednesday the relevance of a dedicated network relative to real-world assets. He wrote:”RWAs have the potential to make blockchains mainstay financial rails at a global scale. I have always believed that RWAs would need their own regulated, compliant environment. Public shared chains like Ethereum mainnet, or L2 mainnets are intrinsically permissionless and not the perfect for many types of RWAs.” With that outlook in mind, Nailwal believes that Libre showcases the potential of blockchain technology to unlock new opportunities for investors globally. Natalie Smith, Head of Strategy at Brevan Howard, said, “the tokenization of funds allows us to offer investors a new way to access our strategies, providing them with optionality, and further develops our platform to serve client needs.” Competing projectsLibre is not the sole project exploring the tokenization of funds. In November, JPMorgan's Onyx collaborated with asset and wealth managers WisdomTree and Apollo, along with various blockchain technology providers, on a blockchain interoperability proof-of-concept for investment portfolio management. SC Ventures, the Singapore-based investment and innovation arm of Standard Chartered, also entered the tokenization space by launching Libeara, its tokenization platform. The SGD Delta Fund, a tokenized Singapore-dollar government bond fund, recently received an AA rating from Moody's after becoming the first fund to use Libeara. The first tokenization platforms have tended to be run on private blockchains. It will be interesting to watch the development of Libre as it’s the first time a financial institution-focused layer 2 network is being built, with final settlement on the Ethereum blockchain.