Gaming Industry Pioneers to Gather at Korea Blockchain Week 2023

Oman’s Crypto Mining Expansion Signals Further Economic DiversificationOman has recently unveiled a state-of-the-art digital asset mining facility, as it continues in its quest to diversify its economy beyond oil exports.$150 million facilityThis cutting-edge mining facility was recently inaugurated, valued at around 135 million Omani rials, approximately $150 million, as a result of collaboration between Exahertz, an Omani company, and Moonwalk Systems, a Dubai-based blockchain solutions firm.Situated within the Salalah Free Zone, a hub that offers tax benefits to corporate entities, the facility is powered by mining hardware provided by leading Chinese mining equipment manufacturer Bitmain Technologies and is primed to house 2,000 machines, making for an 11-megawatt facility.Photo by Anusree Mohan on UnsplashExpansion plansSam Ferdows, the CEO of Moonwalk Systems, hailed the project, emphasizing the company’s dedication to expanding the facility’s capacity. Ferdows shared that plans are already in motion to increase the mining operation’s capacity to accommodate 15,000 miner units by October, with aspirations to expand to multiple cities. Recognizing the importance of corporate social responsibility relative to sustainability, Moonwalk Systems aims to train citizens through dedicated programs, further promoting the growth of the digital asset sector.Engineer Said Hamoud, Oman’s Minister of Transport, Communications, and Information Technology, who led the inauguration of the project, underscored its significance as a pivotal step in the nation’s digital transformation. He expressed confidence that the new mining facility would contribute to Oman’s growing digital economy.Second mining projectThis marks Oman’s second major move into the cryptocurrency mining space within nine months. Back in November 2022, the country inaugurated its first mining facility with a price tag of approximately $389 million. The combined investment in these ventures totals $740 million, which aligns with the broader regional push toward embracing the opportunities presented by blockchain and Web3 technologies.In the Middle East, several governments are actively investing in blockchain-related infrastructure. The United Arab Emirates, a neighbor to Oman, has notably begun to accept applications from Web3-related companies. The Virtual Assets Regulatory Authority (VARA), the local regulator in Dubai, has rolled out comprehensive regulatory directives that govern licensing requirements, company operations, and compliance.Oman, for its part, is not just focusing on infrastructure. It is also addressing regulatory aspects by requiring registered digital asset firms to establish a presence within the country. Evidence of those efforts emerged earlier this month when the Omani regulator, the Capital Market Authority (CMA), invited public feedback on a consultation paper that feeds into the development of a virtual asset regulatory framework in Oman. This versatile approach suggests that the Sultanate is making a conscious commitment to fostering a thriving blockchain ecosystem within the country.As Oman attempts to position itself as a regional blockchain hub, it recognizes the transformative power of cryptocurrencies and blockchain technology in propelling its economy forward. On that basis, the Middle Eastern country is making a resolute pivot from its oil-based past to a blockchain-enabled future.

Paxos scores licensing approval in Abu DhabiPaxos, a New York-based blockchain and tokenization infrastructure platform, has achieved in-principle licensing approvals from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).Photo by Kent Tupas on UnsplashEnabling stablecoin issuanceIn a press release published on Wednesday, Paxos outlined that these approvals mark a significant step for the company, enabling it to issue USD and other currency-backed stablecoins while also providing crypto-brokerage and custody services through two regulated ADGM entities.This licensing acquisition comes hot on the heels of a similar outcome in Singapore. Earlier this month, Paxos subsidiary Paxos Digital Singapore Pte. Ltd., received in-principle approval from the Monetary Authority of Singapore (MAS). That approval enables it to offer digital payment token services and issue USD-backed stablecoins within the Southeast Asian city-state.The company, while making efforts to focus on transparency and accountability, aims to extend the global reach of its regulated USD-backed stablecoins upon receiving full approval in Abu Dhabi. Walter Hessert, Paxos’ Head of Strategy, emphasized the importance of regulatory compliance and engagement with authorities to shape digital asset rules, maintaining Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.Hessert stated:”Our IPAs [in-principle approvals] from the FSRA [Financial Services Regulatory Authority], on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.”U.S. regulatory difficultiesIn addition to Singapore and now Abu Dhabi, Paxos already holds approvals from the New York State Department of Financial Services (NYDFS), the local state regulator in New York in the United States. The company’s experience in its home market has been problematic more recently, however.In February, the Securities and Exchange Commission (SEC) issued Paxos with a Wells Notice, a letter that informs the receiver that infractions have been uncovered following investigation. The New York regulator, the NYDFS, also took action against Paxos, claiming that the company didn’t administer BUSD in a safe and sound manner.These actions led to Paxos ceasing to mint any further BUSD stablecoin, and existing BUSD tokens will remain redeemable until at least February next year.Focus on Asia and Middle EastIt’s likely that these regulatory difficulties have led to the company concentrating its effort in 2023 on expanding in overseas markets. Licensing accomplishments in Singapore and Abu Dhabi speak to that.Paxos expressed contentment with MAS as its regulator in Singapore, anticipating that the oversight will accelerate global consumer adoption of digital assets. As the first blockchain service provider to obtain licenses in both New York and Singapore, the company is strengthening its regulatory portfolio globally.This is further evidenced by a recent collaboration the company had formed in the Philippines earlier this month. Paxos has forged an alliance with Coins.ph, a leading cryptocurrency exchange in the Southeast Asian country. The goal of the collaboration is to propel the adoption in the Philippines of PayPal USD (PYUSD), a U.S. dollar stablecoin issued by Paxos.

North Gyeongsang Province launches metaverse platform to become digital hubNorth Gyeongsang Province has officially launched its integrated metaverse platform Metaport, which aims to expand access to the metaverse — a key component of the digital economy — for the region’s citizens. It also serves to showcase the region’s cutting-edge technologies and establish it as a hub for emerging industries.Photo by Mimi Thian on Unsplash“We will focus on a strategy to solidify our position not only as a metaverse capital but also as a global digital hub,” said the province’s Governor Lee Cheol-woo.Offering a hybrid metaverse experienceTouted as the nation’s first scalable hybrid metaverse platform, Metaport utilizes Web3 technology to provide both web and app services. In particular, it leverages open APIs to integrate features such as login and avatars into one service, which allows users to enjoy metaverse content provided by local governments, public institutions, businesses, schools and more.Bridge to the futureThe platform also connects reality and the virtual realm with a virtual model of the Daegu-Gyeongbuk Integrated New Airport as the main space within the realm. The Daegu-Gyeongbuk Integrated New Airport is a joint military-civilian airport that is set to be built by 2030 in the Uiseong and Gunwi counties.Users can access MetaPort through a website without downloading a separate program. The mobile app is also available for Android smartphones on the Google Play Store.