Korean Blockchain Fund Supports Web3 Game Developer Growth in Southeast Asia

Animoca Brands Expands Focus to Non-US MarketsHong Kong-based Web3 and blockchain unicorn, Animoca Brands, is shifting its attention to markets outside the United States following the Securities and Exchange Commission’s (SEC) classification of its $SAND token as an unregistered security.This move comes after the SEC named $SAND, along with other tokens like Solana and Polygon, in lawsuits against major exchanges Binance and Coinbase Global. The labeling of these tokens as securities by the SEC poses legal risks for companies involved in their sale.Photo by Zulian Firmansyah on UnsplashNavigating regulatory challengesAnimoca Brands, led by Co-Founder and Chairman Yat Siu, has long embraced a global approach rather than focusing solely on one territory. Siu clarified the firm’s response to the latest regulatory development to the South China Morning Post (SCMP) via email on Thursday.He emphasized that while the SEC concentrates on the US, Animoca Brands operates in more progressive jurisdictions such as Hong Kong and Japan, where $SAND is widely available and accepted. In response to the recent blockchain-hostile climate in the US, the company has proactively started emphasizing other markets, reducing its reliance on the US market and mitigating potential risks associated with regulatory actions.Exchange business impactWhile Coinbase CEO Brian Armstrong has declared that his company has no intentions of delisting tokens labeled as securities by the SEC, this decision poses challenges for other exchanges less committed to selling these tokens. Dan Gallagher, Chief Legal Compliance and Corporate Affairs Officer of Robinhood Markets, expressed concerns about listing tokens due to regulatory rules and the uncertainty surrounding tokens created by organizations outside the US.These developments could have a chilling effect on exchanges, prompting crypto firms to consider moving away from the US market due to perceived uncertainty and the associated legal risks. As a demonstration of that, in a bankruptcy court hearing on Thursday, it emerged that the FTX Debtor is talking with bidders with a view to restarting the international business but restarting the US-based business is less certain.Animoca’s Middle East ventureIn a further display of its commitment to expanding outside the US, Animoca Brands announced plans in March to make significant investments, worth tens of millions of dollars, in the Middle East. This move reflects the company’s proactive strategy to tap into non-US markets and leverage the growth potential offered by progressive jurisdictions.Animoca Brands’ decision to prioritize non-US markets and reduce its reliance on the US market aligns with its global operating approach. The SEC’s classification of $SAND as a security has prompted the company to shift its attention to more progressive jurisdictions where $SAND remains widely accessible.As other firms, including Ripple, also explore growth opportunities outside the US, the global landscape of the crypto industry is evolving. By navigating regulatory challenges and expanding into promising markets, Animoca Brands aims to position itself for continued success and mitigate potential risks associated with the SEC’s actions in the US market.

Buysell Standards and AGST collaborate to expand security token projects in Southeast AsiaBuysell Standards, a South Korean company operating fractional investment platform Piece, is accelerating its expansion into the Southeast Asian market through a recent business collaboration.A report from Korean news outlet Financial News indicates that the company has signed a memorandum of understanding (MOU) with AGST, a subsidiary of blockchain-focused investor Fundiant Holdings. This collaboration aims to launch security token projects within the Association of Southeast Asian Nations (ASEAN) region.Photo by Kelvin Zyteng on UnsplashSingapore in Q1 2024As an asset manager in Singapore and Japan, AGST is set to play a pivotal role in the issuance and distribution of security tokens in these markets. Their strategy includes launching security token products in Singapore in the first quarter of next year. These products will be backed by assets from Buysell Standards.The partnership between Buysell Standards and AGST is set to be multifaceted, encompassing several key areas of collaboration. Together, they will focus on developing new investment products and building the necessary infrastructure to support them. They will also focus on marketing and promotional efforts in the ASEAN region.Anticipating regulatory exemptionBuysell Standards is among the seven companies that received approval from the South Korean Financial Services Commission to issue security tokens. The company is anticipating a regulatory exemption from the government, which would allow them to introduce fractional investment products linked to ship finance.Buysell Standards expects that its partnership with AGST will facilitate quicker access to funding from international sources for high-quality investment products in South Korea. Meanwhile, AGST seeks to introduce a range of Korean assets to the global security token market.Emphasizing the quick adoption of fintech by ASEAN investors and their fondness for South Korea, Shin Beom-jun, CEO of Buysell Standard, stated that the company is committed to actively promoting Korean security token products on the global investment stage.Kim Chang-soo, Chairman of Fundiant Holdings, expressed his ambition to strengthen the Korean security token market. He observed that the market is currently in an early stage of development, leading to the undervaluation of underlying assets. He believes that introducing Korean security tokens to international markets will reciprocally aid in the expansion and maturation of the domestic market.

Planetarium Labs opens pre-registration for Nine Chronicles MWeb3 gaming company Planetarium Labs is set to release Nine Chronicles M, the mobile version of its popular game Nine Chronicles, on Nov. 22 at 2 a.m. UTC, accompanied by a global pre-registration event that will run from now until Nov. 21.Photo by Priscilla Du Preez 🇨🇦 on UnsplashNine Chronicle M is a fully on-chain open-source massively multiplayer online role-playing game (MMORPG) — the first of its kind — set against the backdrop of Norse mythology. The PC version of the game has been in development since 2020 and has consistently topped the ranks of dapp store DappRadar’s blockchain game listings with more than 200,000 users worldwide.Bringing Web3 to gamers worldwide“Through this mobile release, users will be able to enjoy Nine Chronicles anywhere at any time,” said Kim Jae-seok, CEO of Planetarium Labs. “We expect to introduce the Web3 experience with an approach that is familiar even to ordinary gamers who are not familiar with blockchain technology by supporting in-app purchases on Google Play and Apple’s App Store.”The pre-registration event will be open to participants all over the world in regions like East Asia, Southeast Asia and Europe. Participants will be eligible to receive various rewards, including up to 10,000 units of the in-game currency Nine Chronicles Gold (NCG), which can be used to purchase in-game items or staked to earn additional rewards. The event will also offer diverse benefits to attract a larger user base through activities such as the Gacha Workshop, which when unlocked presents free rewards like NCG and rare costumes.To overcome the currency exchange-related roadblocks that tend to stand in the way when releasing Web3 games in Korea, Nine Chronicle M’s Korean release will exclude the bridge function that moves NCG to the Ethereum network.High hopes“Nine Chronicles M can play a crucial role in promoting widespread Web3 adoption and is expected to grow as one of the representative games in the idle RPG genre,” said Alan Lau, Chief Business Officer of Animoca Brands, a blockchain firm that invested $32 million in Planetarium Labs during their Series A funding round.