Oman’s Crypto Mining Expansion Signals Further Economic Diversification

MANTRA, a real-world asset (RWA) layer one blockchain built on Cosmos, recently outlined its vision for the on-chain financial ecosystem, outlining that it plans to acquire licensing in the Middle East and Asia as part of its efforts to expand. In a press release published on Chainwire on March 14, the company outlined that it has applied for licensing in the United Arab Emirates (UAE) in an effort to pave the way for MANTRA to target a global clientele who want to harness the potential of RWA asset tokenization. Issuing and trading tokenized RWAsAt the core of the Hong Kong-headquartered project’s offering lies its layer one blockchain, aptly named MANTRA Chain. The network is designed to streamline the issuance and trading of tokenized RWAs. Having established this technological product base, the company is now on a mission to onboard financial institutions and commercial entities with an interest in asset tokenization. With teams stationed in Hong Kong and the UAE, MANTRA has honed a full understanding of the shifting regulatory landscapes in pivotal regions. By securing its inaugural financial licenses in the UAE, MANTRA is aiming to take a slice of market share in the swiftly evolving RWA sector across the Middle East and Asia. The overarching goal for 2024 is to tokenize a diverse spectrum of assets, spanning real estate, private market funds, equity, art and treasuries.Photo by Sigmund on UnsplashIn an X social media post, MANTRA Founder and CEO John Patrick Mullin outlined that the company is already engaging with institutions and partners in the private sector. Mullin stated: “MANTRA is actively collaborating with real-world institutions and partners, including real estate, private market funds, private equity, the art sector, and treasuries, among others, to help bring these traditional asset classes onchain.” Mullin claims that the current crypto market capitalization of around $2 trillion is just a drop in the ocean by comparison with the potential that exists in the tokenization of RWAs and in unlocking the RWA economy. Hong Kong licensingAlongside the Middle East, Asia is the other target market for the company. Mullin suggested that Asian countries are already preparing for this fundamental shift, having developed RWA regulations. Last November, it emerged that Hong Kong was setting out a regulatory roadmap in respect of RWA tokenization. In February 2023 the Chinese autonomous territory achieved a first-of-its-kind tokenized green bond issuance.With that, the company’s home base of Hong Kong will also be central to its efforts to acquire relevant licensing. In recent weeks, MANTRA claims to have made significant progress in decentralizing its network, garnering validator support on a more broadly distributed basis. The project is expected to launch its final testnet, dubbed “Hongbai,” shortly. MANTRA is aiming to emerge as the pioneer RWA layer one blockchain with the capability to ensure real-world regulatory compliance. By expediting the adoption of tokenized RWAs, the project suggests that there’s an RWA economy value unlock potential of $16 trillion with its regulatory-ready blockchain being positioned to benefit from that. The network is gearing to offer a compliant framework, so that traditional finance (TradFi) companies can seamlessly transition to and harness asset tokenization and blockchain solutions, propelling global RWA expansion. 

Over Half of Leading Korean Conglomerates Are Venturing Into Web3 and BlockchainMore than half of South Korea’s conglomerates are ushering in the emerging era of Web3 in an attempt to seize new business opportunities presented by a decentralized internet that permits open access and sharing of resources as well as ownership of personal data.Photo by Abbe Sublett on UnsplashSurging interest among Korea’s biggest enterprisesAccording to a survey conducted by local news outlet E Today, 46 of Korea’s top 82 corporations as designated by the Fair Trade Commission (FTC) are pursuing ventures in Web3 and blockchain this year, including those related to non-fungible tokens (NFTs), security tokens, and logistics chains. The survey examined whether the corporations had issued coins, tokens, or NFTs; whether they had corporate divisions or subsidiaries dedicated to blockchain-related projects; and whether they had made investments in blockchain or digital asset-related companies as well as coin and token issuance projects. It was conducted remotely using publicly disclosed information and press releases.Of the 82 total companies, 48 are under the mutual investment restriction system, which prohibits independent corporations from investing their capital in the form of an exchange. Commercial law prohibits mutual stock holdings between parent companies and their subsidiaries in order to prevent a processive increase in company assets through mutual investments. Of those 48, the survey revealed that 32 are engaged in blockchain and Web3-related projects.Nearly 60.42% of the mutual investment restriction group and 48.78% of the total survey group were found to have become involved in the field by signing business deals with blockchain and digital asset-related companies or utilizing blockchain technology themselves.On the other hand, only seven corporations, or 8.54%, had directly issued digital assets or invested in related companies. On the other hand, 26 firms, or 31.71%, invested in NFT-related businesses.Navigating the path to Web3 adoptionHowever, although Web3 is gaining traction as the next generation of future innovation, it has not yet become the dominant trend as Web3 platforms have yet to attract a significant user base. This hindrance can be attributed to the ongoing crypto winter and strict financial regulations.Woo Jong-soo, Director of the Pohang University of Science and Technology’s (POSTECH) Blockchain Research Center and a professor at POSTECH’s Graduate School of Information and Communication, also pointed out that in order for blockchain to exert its influence as an innovative technology, it should be open to the public like Bitcoin. There will be limitations in implementing centralized private blockchains into corporate businesses, he said.But despite these challenges, major leading companies are still pushing their own Web3 and blockchain projects. “The current situation is not an ideal time for diving into Web3 and blockchain businesses, but everyone is quietly preparing while waiting for regulatory uncertainties to be resolved,” said an anonymous developer working at a major corporation.Notably, Park Hye-jin, a professor at the Seoul School of Integrated Sciences and Technologies, revealed that she had received separate Web3 business consultation requests from several teams under the same division of a particular corporation and that these teams were essentially unaware of each others’ ventures into the field. The corporation, which ostensibly announced that it had closed its business, also continues to request consultations, she claimed, highlighting the corporate world’s acknowledgment of Web3’s potential.“Individuals can now monetize and have control over their data, which big tech companies like Facebook and Instagram used to own,” Park explained. “The essence of Web3 is that it is ushering in an era where users have the ability to take initiative.”

Regulatory Approval Sees Crypto.com Expand Services to SpainSingapore-based cryptocurrency exchange service provider Crypto.com has achieved a significant milestone by obtaining a virtual asset service provider registration from Spain’s central bank, the Bank of Spain.The company announced the achievement via a statement published to its website on Friday. This regulatory approval grants Crypto.com the opportunity to offer a wide range of crypto-focused services to customers in Spain, a country that has recently shown a positive approach towards cryptocurrencies.Photo by Pixabay on PexelsCompliance reviewIn order to secure this approval, Crypto.com underwent a thorough review of its compliance with the Anti-Money Laundering Directive and ensured adherence to other financial crime laws. This recent regulatory success in Spain comes shortly after Crypto.com acquired a major payment institution license for digital payment token services from the Monetary Authority of Singapore, further cementing its position as a trusted and compliant player in the crypto industry.Kris Marszalek, the CEO of Crypto.com, hailed the entry into the Spanish crypto market as a testament to the company’s commitment to compliance. He expressed enthusiasm about collaborating with the Bank of Spain and emphasized Crypto.com’s dedication to providing users with a comprehensive, safe, and secure crypto experience.Global licensing accumulationWith the latest regulatory approval, Crypto.com establishes itself as a regulated platform in nearly a dozen countries. In addition to Spain, the company has obtained regulatory nods in prominent jurisdictions such as Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, and the Cayman Islands.The journey of Crypto.com mirrors the growth trajectory of the crypto industry during the bull market of 2021–2022. Like many other crypto businesses, Crypto.com experienced remarkable expansion, forming strategic partnerships with mainstream entities and gaining regulatory approvals across multiple jurisdictions. One notable achievement was Crypto.com securing the naming rights to the renowned Staples Center in Los Angeles, a multipurpose arena that hosts a wide range of public events, including boxing and basketball competitions.Market challengesHowever, the recent bear market presented challenges for the platform. Decreased demand resulted in business difficulties, leading Crypto.com to make the strategic decision to close its institutional platform in the United States in early June.Earlier this week, the company garnered adverse publicity when it was found that it has been using an internal market maker to trade against its own customers. Despite this setback, Crypto.com remains resolute in its mission to expand its presence and offer crypto services in new markets.The regulatory approval in Spain marks a significant step forward for Crypto.com’s global expansion plans. As the crypto industry continues to evolve, regulatory compliance plays a pivotal role in building trust.The development of digital assets has proven to be imperfect. Crypto.com’s experience appears to mirror that reality. Notwithstanding the market difficulties that the firm has experienced and some occurrences that serve to blemish its record, successfully obtaining regulatory approval in Spain is still a positive step for the company in further establishing itself as a global player in the retail crypto domain.