Gravity Reports Strong Q2 Revenues, Outlining Blockchain Game Roadmap

HashKey OTC, the over-the-counter (OTC) trading arm of the Hong Kong-headquartered HashKey Group, has reached a regulatory milestone with the acquisition of a major payment license in Singapore.Photo by Mike Enerio on UnsplashEnabling digital asset service offeringIn a recent announcement via the firm’s official blog, HashKey Group revealed that HashKey OTC has secured in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license application. This approval positions HashKey OTC to offer regulated digital payment token services in Singapore, representing a significant stride in the firm’s efforts towards regulatory compliance. CEO of HashKey OTC, Li Liang, emphasized the company's steadfast commitment to regulatory adherence, considering it a pivotal step towards providing comprehensive and regulated over-the-counter trading solutions for its clients. Liang highlighted the significance of the in-principle approval, expressing the company's vision to furnish a wide array of digital payment tokens and fiat currencies in a regulated environment. The approval has generated optimism within the global crypto market community, particularly amidst prevailing uncertainties surrounding crypto regulations worldwide. Expansion initiativesHashKey OTC's attainment of the MPI license aligns with its strategic expansion initiatives, building upon its earlier success in securing a capital markets services license for fund management in Singapore. This achievement reflects the company's desire to operate within legal frameworks while delivering innovative crypto solutions to its clientele. Furthermore, HashKey OTC's regulatory triumph mirrors the broader regulatory landscape in Singapore, where crypto firms navigate stringent requirements to establish credibility and trust within the market. MPI approvalsThe exchange's milestone mirrors similar successes achieved by other industry players. Recent months have seen a raft of digital asset industry enterprises achieve a similar milestone. In January, American digital asset custodian BitGo acquired in-principle MPI approval. Last November, Taipei-headquartered crypto exchange business XREX achieved a similar outcome. Other entities who had been successful in pursuing MPI licensing earlier in 2023 include crypto exchange Upbit Singapore, crypto trading firm GSR, American crypto exchange platform Coinbase and enterprise blockchain firm Ripple. Despite Singapore's reputation as a crypto-friendly jurisdiction, recent decisions by MAS have demonstrated a cautious approach towards certain crypto products. While spot bitcoin exchange-traded funds (ETFs) received approval in the United States, MAS has opted against permitting the listing of such ETF products for retail investors, citing concerns over the asset's volatility and suitability for retail investment. HashKey is one of only two entities to have secured similar licenses in Hong Kong. Last month, affiliate company HashKey Capital, a Singapore-based crypto fund manager, launched a series of indices designed to track cryptocurrencies in a collaboration with FTSE Russell. Also in January, the Hong Kong business partnered with crypto derivatives platform OKX with the objective of advancing compliant virtual asset innovation. HashKey OTC's acquisition of a major payment license in Singapore, amid a backdrop of similar businesses pursuing similar licensing in various jurisdictions recently, signifies a significant advancement in regulatory compliance within the crypto industry. The approval underscores the exchange's desire to provide regulated over-the-counter trading solutions while navigating the evolving regulatory landscape in Singapore and beyond.

Korean Soccer Fans Can Own Highlight Plays as NFTs through Klip Drops MarketplaceKorean soccer fans will soon have the opportunity to purchase non-fungible tokens (NFTs) showcasing highlight plays from the Korean professional soccer league, known as the K League, through the digital art marketplace Klip Drops.Photo by Chaos Soccer Gear on UnsplashExpanding soccer NFT frontierThis development has been made possible through a memorandum of understanding (MOU) between Blade Creative, the operator of ELVN, a specialized soccer NFT platform, and Ground X, the operator of Klip Drops and a blockchain technology affiliate of Kakao, a well-known social media giant in Korea. That’s according to a report by local news agency Newsis.Mutually beneficial marketingBy combining their respective expertise in the sports and blockchain industries, Blade Creative and Ground X aim to expand the NFT market while promoting their own brands through a mutually beneficial marketing strategy.ELVN has garnered considerable attention from both K League enthusiasts and NFT fans due to its unique offering, allowing users to possess video clips featuring their favorite soccer plays and players.Klip Drops offers limited editions of digital artworks to its users. Purchasers can store their artworks in their Klip wallet and receive corresponding NFTs that serve as proof of ownership. The captivating digital artworks can be enjoyed on smart televisions, providing a visually immersive experience for art collectors.

Genesis Ordered to Comply with Subpoena in Terraform Labs CaseGenesis, the troubled crypto lender and trading company, has been issued a compelling directive by a New York court. The court has mandated Genesis to comply with a subpoena within five days, following a failure to respond to previous requests by the October 9 deadline, relative to a case involving Singapore’s Terraform Labs.Photo by Michael Discenza on UnsplashTerraUSD collapse falloutThese requests are related to the 2022 collapse of the TerraUSD stablecoin, a cryptocurrency which was supposed to maintain a peg to the US dollar’s value until it lost that peg and collapsed. At the time, the demise of TerraUSD reverberated throughout the cryptocurrency markets.In response to this collapse, the US Securities and Exchange Commission (SEC) initiated a legal action against Terraform Labs, the company responsible for the token, and its co-founder Do Kwon, alleging that investors had been misled. Both Do Kwon and Terraform subsequently tried unsuccessfully to have the case dismissed.As part of the progression of this case, the SEC sought to question Do Kwon and gain access to company records held by the Singapore-headquartered firm. The defendants were ultimately unsuccessful in arguing their case in that instance on jurisdictional grounds.Failure to respondJudge Jed Rakoff, in a court order filed on Friday, highlighted Genesis’s non-compliance with the subpoenas, stating:“As of today, the Genesis Entities have failed to produce any documents in response to the Subpoenas.”These subpoenas were issued by the defendants to seek specific information from Genesis Global Capital, Genesis Global Holdco, and Genesis Global Trading on September 12.The court order does not specify the nature of the information sought. It is worth noting that Genesis extended substantial loans to the now-defunct hedge fund Three Arrows Capital (3AC), which was heavily exposed to the TerraUSD stablecoin. In January 2023, three Genesis entities filed for bankruptcy, and its trading arm ceased its US spot market operations in September.In addition to the challenge posed by Genesis’ non-compliance, Judge Rakoff is also wrestling with obtaining information from Do Kwon in connection with the legal proceedings. Kwon’s legal representatives have argued that he cannot physically come to the US as he is serving a jail sentence in Montenegro for possession of a counterfeit passport.However, Judge Rakoff has expressed his determination to ensure Kwon’s availability for cross-questioning and stated that Kwon will not be allowed to provide any declarations in the case without being subject to cross-examination.Citadel under scrutinyIn a related development, it emerged last week that Terraform Labs is accusing American market maker Citadel Securities of having sabotaged its TerraUSD stablecoin. As part of the Singaporean company’s pursuit of justice, it has called upon the United States District Court in the Southern District of Florida to force Citadel to furnish specific documents that relate to their trading activities during the period within which TerraUSD collapsed.Should it fail in that endeavor, Terraform has said that it will look to have the matter heard in Judge Rakoff’s court in New York.This legal development concerning Genesis marks a crucial juncture in the ongoing investigation into the TerraUSD stablecoin’s collapse and the actions of the entities involved, with Genesis now facing increased pressure to cooperate fully with the legal process.