Hana Securities Holds Second Event to Promote Security Token Venture

Axie Infinity Teams Up with CyberKongz in Blockchain Gaming RevivalIn a bid to reinvigorate the world of blockchain gaming, Sky Mavis, the company behind the groundbreaking play-to-earn (P2E) blockchain game Axie Infinity, has announced an exciting partnership with CyberKongz, an Ethereum-based non-fungible token (NFT) collection.Together, they are set to develop a more comprehensive gaming ecosystem for the Ronin blockchain. Sky Mavis originated in Vietnam and came to prominence for developing the first major breakthrough for blockchain gaming within the crypto space. The company’s ties with Vietnam continue although it has since established its headquarters in Singapore.While the announcement, made via a blog post published on Tuesday, has sparked curiosity about a brand-new game on the horizon, specific details remain under wraps. Kathleen Osgood, Sky Mavis’ Head of Business Development, revealed that the upcoming game will be designed to be interoperable, seamlessly integrating with existing Axie Infinity experiences.Photo by Bestami Sarıkaya on UnsplashMoving to the Ronin blockchainBut the partnership goes beyond just creating a new game. It also includes the migration of CyberKongz’s popular Play & Kollect game, which is based on the Polygon blockchain. The move to the Ronin blockchain opens up new opportunities for CyberKongz to expand its user base and tap into Ronin’s thriving gaming community.Axie Infinity first captured the gaming world’s imagination in 2021 when it introduced the “play-to-earn” concept. This groundbreaking model allowed players to earn valuable cryptocurrency tokens while playing the game. It quickly became the leading project by sales volume in the burgeoning NFT space, according to data from CryptoSlam. On the other hand, CyberKongz also made headlines in 2021 when it impressively burned $4 million worth of Ether.However, since the NFT craze of 2021, interest in blockchain gaming has seen a decline, with some crypto-based games, such as Neopets, even transitioning to a non-crypto approach.Play-to-earn deficienciesSky Mavis Co-Founder, Aleksander Larsen, acknowledged earlier this year that the play-to-earn model needed improvement to thrive. He emphasized that games must prioritize fun and feature a robust economic system that enables players to earn rewards. Despite this, Kathleen Osgood remains optimistic that the blockchain gaming space can experience a revival through an experience that truly understands the motivations driving users towards Web3.According to Osgood, many teams in the space have merely attempted to replicate what worked in Web2, which may not be enough to drive explosive growth. Instead, she believes that attracting a massive audience lies in taking an innovative approach to leverage the unique offerings of Web3, appealing to users who are naturally drawn to its decentralized and rewarding nature.Gaming evolutionSky Mavis has started opening up its infrastructure to the Web3 ecosystem through the Ronin blockchain. By doing so, it hopes to create gaming communities that are not only more rewarding but also longer-lasting, fostering an environment of engagement and enthusiasm among players.As blockchain gaming continues to evolve, partnerships like the one between Sky Mavis and CyberKongz signal renewed efforts to iteratively improve on previous blockchain gaming models. With a new game on the horizon and the migration of CyberKongz to the Ronin blockchain, the stage is set for a new era of immersive and rewarding blockchain gaming experiences, building upon past efforts.

Hong Kong and the UAE Collaborate on Crypto RegulationHong Kong and the United Arab Emirates’ (UAE) central banks have announced a collaboration to work on cryptocurrency regulations and financial technology development. The move is significant insofar as both territories have been making headway in developing global crypto hubs over the course of the past six months.Photo by Nick Fewings on UnsplashStrengthening cooperationFollowing a meeting on Monday, the Hong Kong Monetary Authority (HKMA) and the Central Bank of the UAE published a statement on Tuesday, in which they set out the areas of cooperation between them. They agreed to strengthen cooperation on “virtual asset regulations and developments.”The central banks also expressed their commitment to facilitating discussions on joint fintech development initiatives and the sharing of knowledge through their respective innovation hubs.Financial infrastructureDuring the meeting, the officials highlighted the importance of financial infrastructure and financial market connectivity between the two jurisdictions. The Governor of the Central Bank of the UAE, H.E. Khaled Mohamed Balama, expressed his anticipation for an ongoing and long-term relationship with the HKMA.HKMA’s Chief Executive Eddie Yue echoed this sentiment, emphasizing that both regions share many complementary strengths and mutual interests, which will contribute to the economic benefits of the collaboration.In addition to the meeting, a seminar was organized for senior executives from banks in Hong Kong and the UAE. The seminar covered various topics, including improving cross-border trade settlement and exploring how UAE corporations can leverage Hong Kong’s financial infrastructure platforms to gain access to Asian markets.This collaboration comes at a time when the Securities and Futures Commission (SFC) in Hong Kong is allowing virtual asset service providers (VASPs) to cater to retail investors starting from June 1. Christopher Hui, the Treasury Chief of Hong Kong, emphasized that virtual assets are here to stay and acknowledged the fundamental value they bring. Hui also stressed the importance of regulation to harness the positive elements of cryptocurrencies while mitigating potential risks.Since the announcement of the application process by the SFC, several cryptocurrency exchanges, including CoinEx, Huobi, BitMEX, and OKX, have filed applications to provide dedicated crypto trading services in Hong Kong.FAFT travel ruleThe collaboration between the central banks of Hong Kong and the UAE marks a significant step in the global development of cryptocurrency regulations and fintech innovation. The move is demonstrative of ever improving levels of international cooperation on digital assets worldwide.Both jurisdictions are moving forward with the implementation of the Financial Action Task Force’s (FATF) travel rule. The UAE issued new guidelines in that respect on Tuesday. Hong Kong has gotten a head start in this respect, with the implementation of the travel rule through the introduction of the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill in December 2022.By leveraging their respective strengths and knowledge-sharing efforts, these regions aim to foster a conducive environment for the growth and adoption of digital assets. With increased financial infrastructure connectivity and joint initiatives, both jurisdictions are poised to benefit economically from this collaboration in the long run.

Newly Published CoinGecko Index Tracks Alleged Crypto SecuritiesKuala Lumpur-based crypto data aggregator CoinGecko has unveiled a ground-breaking index spotlighting prominent cryptocurrency tokens that the US Securities and Exchange Commission (SEC) has earmarked as potential securities.Through its “Top Alleged Securities Coins by Market Cap” page, the Malaysian aggregator categorizes a spectrum of cryptocurrency assets based on their market capitalization. At the forefront of this classification stands BNB, the native token of the Binance exchange and the BNB blockchain. It is closely followed by other prominent names such as Cardano, Solana, and Tron.Photo by Shubham Dhage on Unsplash$90 billion in valueThe alleged securities amount to a whopping $90 billion in value according to their combined market capitalization right now. Putting this in context, the overall market capitalization of the entire crypto market currently stands at $1.2 trillion, of which Bitcoin accounts for over half a trillion dollars. This estimation paints a vivid picture of the immense scale of the cryptocurrency market and the potential reverberations of regulatory interventions.CoinGecko’s index came to fruition in the first week of August, meticulously pooling the tokens that the SEC has previously classified as securities during legal proceedings. The decision to consolidate these tokens into a single index underscores the increasingly intricate interplay between the cryptocurrency market and regulatory frameworks.Lack of clarityWhen project teams and other market participants have asked for explicit clarity, SEC Chair Gary Gensler has frustratingly indicated that people need to make a simple determination based on the Howey Test — a historic securities case that has been used in the US to determine what constitutes a security. The case dates back to 1946, long before the onset of digitization let alone digital currencies.Another issue is that the SEC is simply expressing an opinion based on its interpretation of existing securities law and securities case law. Without legislation in the US, clarity can only be provided in the courts. This is a flawed approach, as market participants have to wait for actions taken by the SEC against crypto entities to be adjudicated in the US courts in order to get a better understanding of the legal standing of these assets.This comprehensive analysis provided by CoinGecko’s new index presents invaluable insights into the dynamic terrain of cryptocurrency regulation. It underscores the intricate dynamics between the digital currency market and the regulatory bodies that seek to govern it.Taking the regulation of derivatives as a case in point, their emergence led to a very messy process of arriving at regulatory clarity. The very same thing is playing out with digital assets. While it is imperfect, there is no doubt that clarity will eventually be reached.In the meantime, as the US fumbles where digital assets are concerned, regional authorities in East Asia and the Middle East are capitalizing on US regulatory shortcomings, implying that we will likely see further growth in crypto and Web3 in these locations until the US recovers.