Japanese Exchanges Canvas Regulator to Permit 10x Leverage

Nomura Subsidiary Achieves In-Principle Approval in Abu DhabiThe digital assets subsidiary of Japanese financial services conglomerate Nomura has been granted in-principle approval by the Abu Dhabi Global Market (ADGM) to offer broker-dealer and asset/fund management services for both digital and traditional assets.Photo by Belinda Fewings on UnsplashPreliminary license to tradeThe development is a shot in the arm for Laser Digital Asset Management while serving to highlight Abu Dhabi’s growing prominence as a global center for digital assets, attracting prominent players such as Binance and Kraken.Led by CEO Jez Mohideen, Laser Digital is now on the path toward securing full financial services authorization in Abu Dhabi, subject to meeting undisclosed conditions specified in the approval. The company is enthusiastic about the ADGM’s transparent and comprehensive regulatory framework.Speaking to that, Mohideen stated: “We are thrilled to be part of their comprehensive and clear regulatory framework, which is creating a global hub for digital assets.”International free zoneThe ADGM, an international financial free zone situated in Abu Dhabi, covers nearly 15 square kilometers across two islands. It hosts a registration authority, regulatory authority, and a court system functioning under common law principles. This favorable regulatory ecosystem has been instrumental in attracting digital asset firms to establish a presence in the UAE’s capital.Laser Digital’s approval follows a series of recent cryptocurrency-related approvals in Abu Dhabi. Zodia Markets, backed by UK bank Standard Chartered, was recently granted permission to operate as a crypto broker, adding to the growing list of companies making strides in the region.Binance, one of the world’s largest cryptocurrency exchanges, received in-principle approval from the ADGM in April 2022 and subsequently obtained full financial services permission in November of the same year. Kraken, along with firms like UAE-based M2 and Bahrain-based Rain, have also received permissions to operate within the ADGM in recent years.Building on Dubai achievementLaser Digital’s approval in Abu Dhabi comes on the heels of its earlier achievement of obtaining an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). Alongside these regulatory milestones, Laser Digital introduced an institutional Bitcoin Adoption Fund in August. Despite its relatively short existence since its establishment in September 2022, the firm has made significant strides.Nomura’s engagement extends beyond Laser Digital, as it is also part of the Komainu joint venture alongside cryptocurrency firms CoinShares and Ledger. Komainu secured its operating license from Dubai’s VARA in August, contributing to the expanding community of crypto-focused businesses in the region.It is worth noting the UAE’s diversified approach to cryptocurrency regulation, offering five distinct regulatory regimes for cryptocurrencies, including the ADGM and VARA. Legal experts from White & Case have recently assessed these regulatory frameworks, highlighting the UAE’s commitment to fostering a progressive and well-regulated environment for digital assets.Nomura’s Laser Digital is well-positioned to play a pivotal role in the digital asset sector in Abu Dhabi, given that it’s leveraging the favorable regulatory environment of the ADGM and the UAE’s dedication to becoming a global digital asset hub.

Lawsuit Sees Further Chinese Crypto TV CoverageChina’s state broadcaster, CCTV, rarely covers the topic of crypto but in the space of the past three weeks, it has covered the subject twice, with the latest segment covering the news of the United States Securities and Exchange Commission (SEC) filing a lawsuit against global crypto exchange, Binance.Photo by Paolo Chiabrando on UnsplashBad pressThe segment, which aired on CCTV, provided a brief overview of the lawsuit, stating that the SEC accused Binance, its Co-Founder Changpeng Zhao (CZ), and its American affiliate Binance.US of violating US securities laws. The report also noted that the prices of Bitcoin and Binance’s native BNB coin experienced a decline following the news.The lawsuit filed by the SEC received significant media attention due to Binance’s position as the world’s largest crypto exchange. The crypto industry in the US has been under increased scrutiny following the recent troubles faced by FTX, another major player in the market. Prosecutors have alleged that FTX engaged in fraudulent activities that harmed its users.Many blame US regulators who spent hundreds of hours with FTX executives working on projects, and US Capitol Hill politicians, 33% of whom received money from FTX, as being culpable for the FTX collapse. Despite this, it’s clear that the collapse is being leveraged to effect a clampdown on the digital assets sector.It is worth noting that the CCTV broadcast also made mention of a lawsuit filed by the US Commodity Futures Trading Commission (CFTC) against Binance and CZ in March. This lawsuit, similar to the SEC’s, focused on the sale of crypto derivatives. It is unclear whether CCTV covered the CFTC lawsuit when it was initially filed.CCTV’s coverage of crypto-related news is rare, making this particular broadcast significant and garnering wider attention. The outcome of legal action taken by the SEC against Binance is being watched carefully as it will likely have implications for digital asset regulation going forward.Previous coverageIn a previous broadcast last month, CCTV aired a segment that featured cryptocurrencies, including the Bitcoin logo. Ironically, given the nature of this latest reporting, Binance’s CZ regarded that previous coverage as a noteworthy event. Historically, such coverage has often preceded bull runs in the crypto market. The segment showcased what appeared to be a Bitcoin ATM in Hong Kong, displaying a prominent blue Bitcoin logo and an option to “Buy Bitcoins.”NFTs were also highlighted in the segment. Many speculated that the coverage signified a softening of the stance of the Chinese authorities in relation to crypto. However, the video of the initial crypto segment was taken down from the broadcaster’s website shortly after CZ tweeted about it.Despite it not being the most positive of news, CCTV’s coverage of the Binance lawsuit and its previous segment on cryptocurrencies indicates a growing interest in the industry from mainstream media outlets. The attention from a state broadcaster like CCTV suggests that regulators and authorities in China are closely monitoring developments in the crypto space and considering their potential impact on the broader financial landscape.

XPLA to Bring The Walking Dead: All-Stars to MainnetXPLA, the blockchain gaming platform operated by South Korean gaming company Com2uS Group, has announced that it will onboard Com2uS Holdings’ mobile collectible role-playing game (RPG), The Walking Dead: All-Stars.Photo by Rebekah Yip on UnsplashBringing a fan-favorite story to the gaming worldThe Walking Dead: All-Stars is based on the globally renowned “The Walking Dead” comics, leveraging the global intellectual property owned by Skybound Entertainment. It has received acclaim for its post-apocalyptic setting, characterized by captivating artwork that captures the ambiance of the original comics. Robert Kirkman, author of the comics and Chairman of Skybound Entertainment, has been directly involved in overseeing the project, earning support from fans of the series. The game has also been labeled as an Editors’ Choice app on Google Play.“The Walking Dead: All-Stars vividly brings to life the illustrations of the original comics, which triggered a global zombie craze. We will bring new forms of fun centered around in-game ownership for users worldwide within XPLA’s Web3 ecosystem, ” said Son Kyung-hyun, CEO of FunFlow, the Com2uS subsidiary that developed the game in collaboration with Skybound Games.The Web3 update for the game is scheduled to take place later this month, XPLA said. Users who connect their crypto wallets to the game will be able to collect in-game items and exchange them for XPLA, the platform’s native token, allowing players to own and utilize the assets that they have acquired in the game. Currently, the XPLA token is actively traded on global crypto exchanges such as Crypto.com, Gate.io, and HTX (formerly Huobi Global), as well as major domestic exchanges like Bithumb, Korbit, and GOPAX.Building the game lineupXPLA has been continuously onboarding Web3 games based on hit IPs, such as action RPG Summoners War: Chronicles, casual game MiniGame Party, fishing game Ace Fishing: Crew, and massively multiplayer online RPG (MMORPG) Idle Ninja Online, establishing itself as a global Web3 content hub centered around gaming and entertainment.