Aptos and Lotte Group Collaborate on Pink Bear NFTs to Drive Web3 Expansion

BitMEX Launches Bespoke Service in Hong KongSeychelles-based cryptocurrency exchange and derivative trading platform BitMEX announced on Monday that it is launching a dedicated virtual asset service for its Hong Kong customers.The exchange published a blog post to its website in which it said that it is in the process of launching “BitMEX Hong Kong,” a dedicated service offering that will be set up on a transitional basis initially. The company is currently in the process of securing a virtual asset service provider (VASP) license from the Hong Kong regulator, the Securities Futures Commission (SFC). Licensing becomes effective in the Chinese autonomous territory on June 1.Photo by Karolina Grabowska on PexelsDedicated mobile appAmong the features the exchange intends to offer its Hong Kong-based customers is a bespoke app, catering specifically to users in the city. The platform will offer Hongkongers the ability to buy and sell cryptocurrencies with eleven spot trading pairs. From an on-boarding and off-boarding perspective, the firm will facilitate the conversion of cryptocurrencies into over thirty fiat currencies.The company is looking to add value by offering additional services such as portfolio management and real-time deposits and withdrawals. BitMEX plans to enable additional functionality such as watchlists and detailed real-time data. Both of these features will enable service users to identify and follow crypto market trends.Licensing preparationsWhile the offering attempts to meet the specific needs of Hongkongers, it's likely that the main motivation relates to VASP licensing. The regulatory requirements in Hong Kong are likely to have distinct facets that would necessitate the company to tease out its service to Hong Kong citizens from its global platform.The SFC has indicated on Tuesday that it will enable crypto trading for retail investors. Notwithstanding that, it’s not doing that without the incorporation of several measures to protect the interests of retail users. Any promotions or incentives that lead a marketing effort with free gifts, and this will likely include token airdrops, will be prohibited.Minimum capital liquidity requirements are being set. Furthermore, client assets will have to be segregated from exchange assets, although the Commission doesn’t mind if the VASP simply segregates said funds itself or does so by way of using an escrow service.Stephan Lutz, acting CEO and group CFO at Bitmex, commented on the development: “We are optimistic that Hong Kong will achieve its ambition of becoming a world-leading Web3 role model city and potentially the Web3 hub for China in years to come.”On May 29, the firm will transfer existing Hong Kong-based customers from its global platform to its new affiliated Hong Kong entity, HDR BMEX Limited. Remaining account balances will be transferred over on that date. There will be no requirement for Hong Kong-based users to undertake additional KYC (know-your-customer) checks or account verification.Earlier this month, the exchange added two additional digital assets ($SUI & $PEPE) to its range of available perpetual contracts.

Binance withdraws Abu Dhabi bid amid global licensing reevaluationLeading global crypto exchange Binance has chosen to withdraw its bid for a trading license in Abu Dhabi, according to information gleaned from the Abu Dhabi Global Market (ADGM) register and a report published by Reuters on Thursday.Photo by Demid Druz on UnsplashChange of directionThe local subsidiary company responsible for the application, BV Investment Management Limited, initially submitted its licensing bid on Nov. 15, 2022. Much has changed in the crypto space and in the fortunes of Binance over the course of the past year, leading the firm to withdraw its application on Nov. 7.This proposed license would have granted Binance the authority to pool and invest funds from professional investors. The decision to retract the bid is part of Binance’s broader reevaluation of its overall strategy going forward. “When assessing our global licensing needs, we decided this application was not necessary,” a spokesperson from the company told Reuters.Adapting to new circumstancesMuch has changed for Binance in 2023. The company has been combating regulatory pushback in multiple jurisdictions worldwide, not least in the United States, where Binance founder Changpeng Zhao (CZ) recently reached a plea agreement with U.S. prosecutors and agreed to pay $4.3 billion for violations related to money laundering and sanctions laws.As part of that process, CZ stepped down as CEO, passing the leadership to Singaporean Richard Teng. Teng is a former regulatory executive who previously oversaw the exchange’s regional operations. A spokesperson for the company maintained that this recent decision relative to licensing in Abu Dhabi is entirely unrelated to the recently agreed-upon settlement in the United States.UAE tiesWhile Binance may be dropping its attempts to gain licensing in Abu Dhabi, in July the company acquired a Minimum Viable Product (MVP) license from the Virtual Assets Regulatory Authority in the United Arab Emirates’ (UAE) other major center, Dubai. The UAE is also the location where CZ has established his home.Some had speculated that the company had also established its headquarters within the UAE. However, CZ has always refused to disclose the firm’s global headquarters, instead suggesting that the firm has no global headquarters. Teng has taken a similar approach.Binance was originally founded in China in 2017. It then shifted its headquarters to Japan and later established a base in Malta to circumvent regulatory challenges in China. Similarly, it’s thought that regulatory scrutiny provides the rationale for the company’s ongoing stance in refusing to confirm the location of its corporate headquarters.Despite regulatory challenges, Binance had previously expressed a focus on expanding its operations in the Middle East, known for its crypto-friendly environment and specific regulatory frameworks. Binance holds various crypto licenses from regulators in the region. In May of last year, it acquired a Category 4 crypto-asset service provider (CASP) license from the Central Bank of Bahrain.The exchange maintains registrations and licenses across Europe, Asia and other regions. It’s had mixed fortunes in its endeavors over recent months, driven out of some markets while making in-roads in others. Earlier this week, its Binance Japan subsidiary became fully operational. Last week, regulators in the Philippines moved against the company due to regulatory irregularities.

Korea ST Exchange has committed to conducting a demonstrative experiment involving security tokens to help advance the domestic agriculture and livestock industry along with six other companies, including Korea Venture Agriculture Association, Maeil Business Agtech Innovation Center, MAM TECH, XR Touch, Jangbogo Asset and Crowdy. Representatives from all seven firms participated in an agreement signing ceremony held at the Maekyung Media Center on Thursday, according to local news site Financial News.Photo by Dan Meyers on Unsplash"Smart farms are an industry in South Korea with great potential for growth that is gaining a  competitive edge in the global market," said Cho Won-dong, CEO of Korea ST Trading. "With this agreement, our council plans to strengthen the smart farm security tokens ecosystem to increase the profits of domestic agricultural producers and strengthen global competitiveness." Fostering agricultural innovationThe experiment aims to promote the innovative trading system of smart farms for the development of the agriculture and livestock industry and discover stable underlying assets that will serve as a bridge for integration with innovative finance such as digital assets and security tokens. With this agreement, the parties will cooperate on issuing and distributing tokenized real assets, commodity tokens and security tokens, building infrastructure to support and encourage the trading of security tokens, exchanging information and sharing collaborative networks to build each participating firm’s business. They also plan to issue security tokens in the form of investment contract securities that attribute profits and losses according to the results of joint business ventures by creating a device to tokenize contracts for harvesting agricultural products. Korea ST Trading’s comprehensive roleBased on the platform, Korea ST Trading will provide support for all services such as security token distribution, trading, management, dividends, liquidation and investment information to help expand the smart farm ecosystem and attract private investments.