Rotonda and Bithumb META to Co-Host Next Block 2023 Conference for Web3 Collaborations

Chinese Prosecutors Issue Warning on NFTsIn recent days, China’s top procuratorial agency, the Supreme People’s Procuratorate of China, issued a warning alongside some guidelines on non-fungible tokens (NFTs).The Supreme People’s Procuratorate is the highest office in China charged with the mandate of upholding legal integrity, safeguarding citizens’ rights, and where necessary, conducting criminal investigations. In a statement published on Monday, the agency set out an advisory, together with additional recommendations, pertaining to NFTs.Photo by Markus Winkler on PexelsNFT status in ChinaWhile all and sundry are aware of a multi-year crack-down by the Chinese authorities on crypto in recent times, exemplified by a ban on crypto trading and the operation of crypto mining facilities within the country’s borders, the status of NFTs has been discussed to a much lesser degree.NFTs remain legal within the country. When the crypto trading ban came into play in 2021, much of the local industry connected with that trading activity disappeared. However, in its place, a newly emergent trend came to the fore in the form of NFTs. With cryptocurrencies perceived as being high risk and sanctioned by the authorities, attention turned to NFTs and there has been a surge of adoption of the digital collectibles within China as a consequence.NFT risksThe procuratorial agency highlighted a number of attributes as well as risks in relation to NFTs in the report that it published. The agency finds the issue of ownership of NFTs as a troublesome one. It cites the fact that NFTs can be replicated and distributed at will on this basis as being particularly problematic. The legitimacy of the right source of the work itself is the decisive factor for the healthy and orderly development of digital works NFT transactions,” it states.It appears that the agency, like many in traditional professional circles before them, have a difficulty recognizing the model of asset ownership that NFTs incorporate. That ownership is not defined by civil law or in accordance with centralized systems but by simply the possession of the requisite private key pertaining to a given NFT within a decentralized system.Blockchain, not cryptoThe agency acknowledged that NFTs do present a novel application of blockchain technology. This is not surprising as while there might be an ongoing clampdown on decentralized cryptocurrencies in China, officials at a national level and in numerous instances within regional administrations, are demonstrating a strategy of leveraging blockchain technology for the betterment of the Chinese economy in the future.Public prosecutor Wang Xia-fen, one of the authors of the report, stated: “It’s widely recognized that digital collectibles have the potential to protect intellectual property rights, boost content creation and enrich the digital economy.” Wang encouraged public prosecutors to “find the distinction between real innovation and criminal activities” where NFTs are concerned.The upshot of its report though, is that the procuratorial agency is uncomfortable with the similarity of many of the attributes of NFTs when compared with decentralized cryptocurrencies. It issued a warning on that basis, emphasizing a need for risk assessment to be carried out and further consideration of the legal risks that are implicated.

XPLA-Kado Partnership allows fiat-to-crypto transactions for XPLA usersXPLA, the layer 1 blockchain project operated by South Korean gaming company Com2uS Group, announced on Friday (local time) its partnership with Kado, a fiat-to-crypto on/off ramp platform, enabling XPLA users to move between fiat currencies and cryptocurrencies seamlessly.Photo by Ibrahim Boran on UnsplashXPLA available via Visa, MastercardKado simplifies the process of converting between fiat and crypto. Usually, Web3 users have to deal with the inconvenience of using centralized exchanges to make such conversions. But Kado makes this much easier, allowing users to make purchases with either fiat currencies or cryptocurrencies. The platform accommodates an array of more than 20 fiat currencies and supports well-established payment options, including Visa, Mastercard, Apple Pay, ACH Transfer and Wire Transfer. Moreover, Kado’s services extend across over 150 countries that support Know Your Customer (KYC) protocols.Paul Kim, CEO of XPLA, acknowledged Kado’s contributions to establishing a base for the growth of the Web3 economy. He pointed out that this collaboration will make it simpler and more intuitive for XPLA users to engage with the Web3 economy. Thanks to Kado’s services, XPLA users will now be able to transact with their tokens with greater ease.Vince Dowdle, co-founder of Kado, underscored the importance of this partnership, noting that Kado has recognized XPLA as a frontrunner in shaping the future of Web3 gaming. This recognition comes from XPLA’s proactive stance in acquiring the intellectual properties (IPs) of multiple major games, reflecting a firm belief in the potential of the Web3 content space.Meanwhile, XPLA boasts a diverse roster of validators such as Oasys, Animoca Brands, YGG, Blockdaemon, Cosmostation and LayerZero. It has also onboarded popular games like Summoners War: Chronicles, Minigame Party, Ace Fishing: Crew, Idle Ninja Online and The Walking Dead: All-Stars. With these titles, XPLA is actively working to establish itself as a major hub for Web3 content on a global scale.

OKX announces delisting of 26 trading pairsCryptocurrency exchange OKX has made a significant announcement regarding the delisting of more than 20 trading pairs, with a view towards its ongoing maintenance of strict listing criteria and performance monitoring. This decision will impact a considerable number of trading pairs across various cryptocurrencies, with the process scheduled to commence later this week.OKX outlined details of this recent trading pair purge in a statement published to its website on Monday. Among the trading pairs set for removal are CELO-USDC, AXS-USDC, APE-BTC and the HNT-USDT trading pair, which will be delisted on Nov. 10. Notably, Bytom (BTM), a Chinese crypto project, which has experienced a substantial 46% drop in value since Monday, is also among the tokens to be delisted.The exchange is advising users to manage their assets accordingly in preparation for the changes. Withdrawals for these tokens will cease on Jan. 10, 2024. During this transitional period, OKX recommends that users cancel any open orders linked to the impacted trading pairs to avoid automatic cancellations, which could result in processing delays.Photo by Maxim Hopman on UnsplashSAITAMA delistingDeposits for the affected tokens, including HNT, BTM, and SAITAMA, were halted by OKX on Nov. 3. SAITAMA, an Ethereum-centric ERC20 token, is the primary payment medium on the Saitama platform. There were mixed reactions to the delisting of the coin. One community member took to X, stating:“I will say I do think it isn’t cool for OKX to delist #Saitama considering we didn’t get on there for the reasons specified of delisting. The listing was won through hours of Spaces and helping people get VPNs to win a contest. Regardless of what the market is doing we won fairly.”Another Saitama project supporter took a more pragmatic view, stating:“Delisting Is a tragedy? I don’t think so. What did the OKX listing for the token price? What is the difference between holding or selling with or without okx? Volume was too low, and this isn’t a news, so they will delist. They will relist again….#SAITAMA”OKX has embarked upon several initiatives over the course of 2023 in an effort to further the user proposition offered by the platform. From a marketing perspective, the company took the decision in October to retire the Okcoin brand, rebranding its various sub-platforms instead to OKX.The Seychelles-incorporated company indicated in September that it expects to have secured a virtual asset service provider (VASP) license in Hong Kong by June of next year.Delisting banksTokens are not the only items to be delisted by the exchange recently. Alongside competitor Bybit, the company decided to delist sanctioned Russian banks Tinkoff Bank and Sberbank from its peer-to-peer exchange platform.This move by OKX reflects the exchange’s efforts towards maintaining a high level of integrity and performance. Listing coins that fall below a minimum acceptable level of liquidity and trading volume can leave them much more exposed to the risk of manipulation. By adhering to stringent listing criteria and promptly addressing issues, the company is making a greater effort towards maintaining a position as a trusted and secure trading platform for cryptocurrency enthusiasts and investors.