Boyaa Interactive Greenlights $5 Million Investment in Bitcoin and Ether

Korean Financial Authority Orders Suspension and Levies $1.4M Fine on Crypto Lender DelioDelio, a cryptocurrency lending company based in South Korea, has received a directive from the financial regulatory authority to cease its operations for a duration of three months, according to local news agency Yonhap. Additionally, the company has been levied with a fine amounting to KRW 1.896 billion ($1.4 million).Photo by Riva Ferdian on UnsplashExecutive dismissal recommendedThis announcement was made on September 1 by the Financial Intelligence Unit (KoFIU) under the South Korean Financial Services Commission. In addition to the measures mentioned above, the KoFIU advised the company to remove one of its executives.As a virtual asset service provider (VASP) registered with the financial regulatory authority, Delio offered deposit services with an annual yield reaching up to 10.7%. However, in June of this year, the company abruptly halted its withdrawal services, prompting investigations conducted by both the KoFIU and public prosecutors.Involvement with unregistered VASPsThe KoFIU saw that Delio had engaged in trading activities with unregistered VASPs and had also breached the restrictions on the trading of affiliate-issued virtual assets. These actions are prohibited under the Financial Transaction Information Act.The financial authority identified a total of 171 instances in which Delio facilitated the transfer of its customers’ virtual assets to unregistered VASPs located outside the country. Additionally, the authority also uncovered the company’s engagement in storing the virtual assets of unregistered VASPs.It was also discovered that Delio had not only neglected to assess the risks of money laundering before introducing new products or services but had also failed to fulfill Know Your Customer (KYC) obligations.

In a move that will likely further bolster the digital asset landscape in the United Arab Emirates (UAE) and the wider Middle East region, a collaborative venture between Bridgetower Capital and Deus X Capital is launching a digital asset platform in Abu Dhabi. With an initial investment of $250 million, Bridgetower Middle East, as reported by weekly regional business magazine Arabian Business, is poised to play a pivotal role in fostering institutional-grade digital asset infrastructure within the UAE and the broader Middle East and Gulf Cooperation Council (GCC) region. Cory Pugh, Chairman and CEO of Bridgetower, expressed his enthusiasm about the partnership, stating:“Staying true to our roadmap of global expansion and partnering with top companies, it’s a rare privilege to see Deus X and Bridgetower partner to create Bridgetower ME as one jointly owned, Abu Dhabi entity.”Photo by Kevin JD on UnsplashHeadquartered in ADGMHeadquartered in the Abu Dhabi Global Market (ADGM), Bridgetower Middle East aims to serve as the nerve center for digital asset activities, with a footprint extending to Dubai. The company's core mission is to inaugurate and manage an institutional-grade digital asset infrastructure platform, facilitating the rapid evolution of the digital asset business across the UAE and the region. Backed by significant self-funding, Bridgetower ME brings forth a wealth of expertise, with over $250 million of delegated assets earmarked for turnkey staking, coupled with extensive experience in digital asset management and capital deployment, courtesy of Bridgetower and Deus X. “We have tremendous respect for the UAE business culture and regulatory approach to digital asset infrastructure and look forward to investing resources to both incubate and bring new opportunities to the UAE,” remarked Pugh. Through its suite of services, Bridgetower Middle East aims to provide institutional clients with a secure platform for engaging in staking activities, facilitating transactions across major blockchain networks. In 2022 it partnered with Securitize to offer a Staked Digital Asset Security (SDAS) product on the Avalanche blockchain. Last year, it integrated the Lido liquid staking ecosystem within its own platform. Harnessing AI and blockchain capabilitiesFurthermore, Bridgetower ME is poised to elevate the capabilities of blockchain and artificial intelligence (AI) through its advanced AI GPU services tailored for blockchain networks. By leveraging its specialized data center infrastructure, Bridgetower ME seeks to augment computing capabilities for blockchain and AI applications, thus driving innovation within the digital asset ecosystem. In line with its commitment to nurturing the blockchain ecosystem, Bridgetower ME plans to spearhead private equity investments and support the incubation of startups in the UAE. Additionally, the company envisions the launch of a Web3 commerce platform, aimed at seamlessly integrating traditional businesses with digital assets. Through strategic collaborations with global consumer brands, art markets and sports organizations, Bridgetower ME aims to accelerate the adoption of blockchain technology on a global scale. Tim Grant, representing Deus X Capital, expressed his excitement about the collaboration, stating:“We are delighted to have the opportunity to work with Abu Dhabi to incorporate a company that is solely focused on making the country the global leader in digital assets and fintech.” 

Fobl Partners with KDAC to Store Part of Customers’ Assets in CustodyKorean non-fiat cryptocurrency trading platform Fobl announced on Tuesday that it has teamed up with Korea Digital Asset Custody (KDAC) to provide enhanced customer protection.©Pexels/Savvas StavrinosKDAC, backed by Shinhan Bank, has been providing virtual asset custody services to businesses seeking safe asset management.Collaboration plans between Fobl and KDACWith the partnership, the two sides will store a portion of Fobl customers’ assets in custody, build a systematic process for custody of projects’ virtual assets and their pre-disclosures, and seek out new business opportunities in the Korean security token market.Fobl’s potential transformation to fiat exchangePreviously, it was reported that Fobl is set to face a comprehensive inspection next week from the Financial Intelligence Unit (FIU) under the Korean Financial Services Commission (FSC).This move from the FIU suggests that Fobl may soon become a fiat crypto exchange in the near future, as the financial regulator has announced that it will first inspect non-fiat exchanges that are preparing to allow fiat trading.