Wemade CEO Encourages Japanese Game Developers to Embrace Blockchain

Hong Kong licensing success sees SEBA Bank expand APAC crypto presenceSwitzerland-based SEBA Bank AG has taken a significant step in its global expansion strategy by securing a license from Hong Kong’s Securities and Futures Commission (SFC) to manage traditional securities and digital assets through its subsidiary, SEBA Hong Kong.Photo by Ruslan Bardash on UnsplashFirst move into APAC for crypto businessSEBA Hong Kong published a statement on Wednesday to announce the milestone. It marks the crypto-centric bank’s maiden entry into the Asia-Pacific (APAC) region and expands its footprint across three regulated hubs, including Switzerland and Abu Dhabi.The acquisition of the digital asset license from the SFC provides SEBA Bank with the ability to offer regulated services pertaining to digital assets, encompassing both virtual assets and securities. The move is seen as a reflection of SEBA’s confidence in the long-established capital markets and strong appetite for investment and trading in Hong Kong.SEBA Hong Kong’s CEO, Amy Yu, expressed her enthusiasm, stating:“We are tremendously excited by Hong Kong’s deep-rooted capital markets and appetite for investment and trading; to have secured this license from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here.”Opening up OTC derivatives possibilitiesThe license grants SEBA Bank the authority to engage in a wide range of regulated activities related to traditional securities and digital assets within Hong Kong. This includes dealing with and distributing all types of securities, including virtual asset-related products like over-the-counter (OTC) derivatives.What is likely to give SEBA Bank’s licensed services the upper hand is their accessibility to a diverse clientele, including institutional investors, corporate treasuries, funds, family offices and high-net-worth individuals. The aim is to cater to a broad spectrum of clients seeking exposure to the digital asset landscape, from sophisticated institutional investors to individuals with substantial assets.This milestone comes after SEBA’s previous in-principle approval (AIP) for virtual asset trading services, granted in August. The full approval allows SEBA Bank to significantly broaden its product and service offerings in Hong Kong, contributing to the wider adoption of cryptocurrencies and digital assets in the region.Franz Bergmueller, Chief Executive Officer of SEBA Bank, highlighted the significance of this regulatory achievement, not only for the bank but for Hong Kong’s position as a global financial services hub. He stated:“This regulatory clarity not only benefits our business but also supplements Hong Kong’s status as a global financial services hub. The region’s robust legal system provides a solid foundation to conduct crypto-related services, and we look forward to beginning that from today.”The regulatory breakthrough achieved by SEBA Bank in Hong Kong aligns with the broader trend of evolving and expanding regulations in the digital asset space within the region. Hong Kong has been progressively adapting its regulatory landscape to accommodate the growth of digital assets.SEBA Bank’s move also echoes the welcoming environment for crypto firms in Hong Kong. As Standard Chartered-backed Zodia Custody recently announced plans to launch its services in the city, it underscores Hong Kong’s emergence as a prominent player in the APAC region. SEBA's presence in Hong Kong not only strengthens the region’s stature as a global financial services hub but is also suggestive of its interest in fostering the growth of the digital asset industry within the Chinese autonomous territory.

India Offers Suggestions in the Development of G20 Crypto GuidelinesIndia submitted its Presidency Note on Tuesday, contributing to the global framework for cryptocurrency regulation under the auspices of the G20, a forum comprising the world’s 20 largest economies.The document aligns itself with the guidance provided by prominent entities including the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF).Photo by Swapnil Deshpandey on UnsplashKey Summit topicMany months in advance of September’s G20 Summit in New Delhi, it was clear that crypto regulation would be a key subject for discussion. The FSB’s guidelines, released in July, offer a comprehensive framework for regulating various crypto assets, particularly stablecoins, based on existing standards and principles. These guidelines encompass crucial aspects such as governance, risk management, disclosure, supervision, and cross-border collaboration.In May, the FSB’s Regional Consultative Group for Asia met in Cebu, in the Philippines. During that meeting, the FSB highlighted the risks implicated by digital assets.Published in June, the FATF guidelines put forth a universally applicable set of rules to combat money laundering and counter the risks of terrorist financing linked to cryptocurrencies. One of the main provisions is the “travel rule,” compelling crypto service providers to share customer information when conducting fund transfers.While the IMF guidelines are expected to be unveiled in August, they will encompass a synthesis paper that offers a comprehensive roadmap for crypto regulation. This roadmap is designed to reflect input from multiple stakeholders and jurisdictions.India’s supplementary additionsAmidst endorsing these global crypto guidelines, India also proposes supplementary additions, particularly highlighting the challenges faced by developing economies in the crypto realm. The document underlines that these nations may grapple with capacity and resource constraints when implementing effective crypto regulation and supervision.Furthermore, they might require more extensive access to reliable data regarding crypto activities and associated risks. Developing economies are also at a heightened risk of falling victim to illicit crypto use, including money laundering, tax evasion, and cyber-crime.In light of these concerns, India advocates for the inclusion of developing economy-specific considerations in the FSB’s guidelines. The country also urges for technical assistance and capacity-building support to be extended to these nations. Additionally, it proposes a global outreach initiative to raise awareness of the risks, commencing with nations experiencing higher levels of crypto adoption.Broadening the scopeAnother noteworthy suggestion from India is an extension of the regulatory approach beyond the G20’s scope, encompassing the broader digital economy. While recognizing that crypto is merely one facet of the sweeping digital transformation reshaping multiple sectors, India’s document underscores the need for enhanced cooperation and coordination among various stakeholders and authorities at both national and international levels.In this vein, India proposes that the G20 contemplate formulating a comprehensive framework for the digital economy. This framework should encompass a wide array of concerns, including data governance, digital taxation, digital identity, digital inclusion, and fostering digital innovation, according to the document.India’s exploration of diverse aspects related to cryptocurrency — ranging from legal status to taxation implications, central bank digital currency (CBDC) potential, and innovation possibilities — further underlines its desire to see greater international cohesion in relation to the regulation of digital assets.

Nomura’s Laser Ventures Invests in Singapore’s Solv ProtocolSolv Protocol, a Singapore-based DeFi startup, has revealed a significant stride forward with a $6 million funding round, drawing support from Laser Digital, the digital asset subsidiary of Japanese global financial services conglomerate Nomura.The project team provided details on the funding round via a blog post published to its website earlier this week. Accompanying Laser Digital in the funding round, Singapore’s UOB Venture Management also participated, alongside investors such as Matrix Partners, Bing Ventures, Mirana Ventures, Apollo Capital, Bytetrade Labs, and others.Photo by Towfiqu barbhuiya on Unsplash$14 million cumulative fundingThis injection raises its cumulative funding to an impressive $14 million. The innovative Solv Protocol has been developed to facilitate on-chain fund management within the realm of public blockchains.Delving into the intricacies of the Solv asset management protocol, Olivier Dang, COO of Nomura Securities’ wholesale digital office, expanded on its transformative potential, stating: “Solv has built a trustless institutional DeFi platform integrating brokers, underwriters, market makers, and custodians to create the first fund infrastructure on the blockchain to bridge DeFi, CeFi, and TradFi liquidity.”$100 million in trading volumeSolv Protocol is a DeFi infrastructure project that enables users to create and trade financial NFTs. The protocol concerns itself largely with ERC-3525, an Ethereum standard for semi-fungible tokens, the characteristics of which lend themselves well for financial use cases.At the heart of Solv’s business model lies a unique mechanism. Any fund utilizing its solution inherently allocates a portion of its assets under management. Inaugurated in the second quarter of this year, Solv has already facilitated over $100 million in trading volume.Semi-fungible token innovationThe origins of Solv are rooted in the pursuit of an optimal Ethereum token standard for effective fund management. Dissatisfied with existing standards, the founders, primarily Chinese technologists, forged an innovative path. Traditional ERC-20 fungible tokens weren’t deemed suitable due to the need for a new smart contract token for every customization. Similarly, non-fungible tokens (NFTs) posed limitations, being intrinsically designed as individual units not readily divisible, which is essential for issuing shares in a fund. The security token standard, ERC-1400, didn’t quite align either.Thus, Solv birthed the semi-fungible token through the development of ERC-3525, a groundbreaking solution to its unique challenge.While larger asset managers like Franklin Templeton and Ondo Finance have adhered to fungible tokens, a growing trend is emerging in the traditional asset management sector — a movement toward blockchain integration. UK-based Abrdn recently introduced a fund on the Hedera DLT network, while industry giant Schroders is exploring blockchain tokenization under Singapore’s Project Guardian initiative.It’s been an eventful week for Nomura’s Laser Digital. Alongside news of this investment, the company also announced its recent acquisition of a license from Dubai’s Virtual Asset Regulatory Authority (VARA). This regulatory green light bolsters its presence in the global digital asset sector.Nomura’s Laser Digital is amplifying its presence within the blockchain and digital asset domain, marking its sixth such investment within this year alone. Meanwhile, projects like Solv Protocol are pushing the boundaries of innovation through the development of semi-fungible tokens, extending the use cases of blockchain technology as it does so.