Bybit Powers Trading Tools via ChatGPT Integration

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.

Korean regulator monitors non-listed token amidst peer-to-peer trading surgeThe South Korean financial regulator is closely monitoring BTCMobick, a non-listed token issued by crypto influencer Oh Tae-min, who is known for authoring books like “The Great Bitcoin” and “Bitcoin and the Geopolitics of the Dollar.” The Financial Services Commission (FSC) is cautioning local crypto exchanges regarding the potential for price manipulation should the token be listed.Photo by Daniel Bernard on UnsplashBTCMobick TokenThe BTCMobick token is reportedly being traded peer-to-peer at around KRW 300,000, which is approximately equivalent to $230, in chat rooms of messaging apps like KakaoTalk outside of cryptocurrency exchanges. The token has gained enough traction to spur the emergence of dedicated apps that facilitate these peer-to-peer trades, charging fees for their services. Based on the size of the chat rooms and apps involved, it is estimated that approximately 3,000 participants are trading the token, according to a report by local news website Etoday.As per another coverage by the same outlet, the Virtual Asset Inspection Division of the Financial Intelligence Unit (FIU), which operates under the FSC, has inquired with local crypto exchanges on two occasions — once in September and again this week — about whether they have listed or are planning to list the BTCMobick token. It’s rare for the financial authority to specifically target a particular token when making inquiries with crypto trading platforms.Potential price manipulationAn FIU official explained the rationale behind the agency’s inquiry into crypto exchanges. The official stated that the probe aimed to caution the exchanges about potential price manipulation of the BTCMobick token. The concern is that many crypto users might suffer losses if such a token, which has been experiencing a continual rise in price outside of trading platforms, were to be listed. Currently, legal penalties for cryptocurrency price manipulation fall under the Virtual Asset User Protection Act, which will not be enforced until July 2024. This indicates a regulatory gap in the immediate term.Hwang Suk-jin, a professor at Dongguk University’s Graduate School of International Affairs and Information Security, pointed out that while giving out privately generated tokens to friends or acquaintances doesn’t raise any legal issues, the situation changes once these tokens are listed for trading on exchanges and distributed more broadly in the market. In such scenarios, these tokens can become a source of legal disputes, he explained.Amidst these developments, there are circulating rumors suggesting that BTCMobick is on the verge of being listed on exchanges. An industry insider has mentioned that there are brokers actively spreading these rumors, indicating that the token might soon become publicly tradable.Oh Tae-min’s denial of rumorsMeanwhile, Oh Tae-min, the creator of BTCMobick who has been distributing his token for free, states that the token is part of an experiment intended to mimic the early stages of Bitcoin. However, critics are concerned that the personally issued token has no practical utility. Addressing the circulating rumors about the token’s potential listing on exchanges, Oh asserts that these rumors are baseless and false. He further warns that any brokers spreading such rumors are likely engaging in fraudulent activities.

LINE NEXT scores biggest Web3 investment in Asia of 2023LINE NEXT, the NFT business arm of Tokyo-based Internet giant LINE Corporation, has secured a $140 million investment from a consortium led by Seoul-based private equity firm Crescendo Equity Partners, according to an official press release on Wednesday (KST). This is the largest investment in the Asian blockchain and Web3 industry this year.Photo by Precondo CA on Unsplash“LINE’s global competitiveness and its vision to lead Web3 services were the investment thesis,” said Kevin Lee, Managing Partner at Crescendo. “We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain to all sorts of services and brands of Web2.”Ambitious roadmapLINE NEXT plans to use the funds to popularize Web3 by expanding its global platform and developing new services. This includes the official launch of DOSI, a global mobile NFT marketplace app for trading digital products, which will be integrated with LINE’s Japanese NFT marketplace LINE NFT. The launch is scheduled for January next year.The firm will also enable Web2 services and brands to easily adopt Web3 technology by providing new solutions that allow them to directly own and trade digital products.To further promote the widespread adoption of Web3 technology, LINE NEXT plans to create an app that utilizes AI technology to facilitate communication between users via characters they create themselves, as well as a new Web3 game featuring iconic LINE characters. These services will be developed on the public blockchain Finschia.LINE NEXT and Crescendo will also participate as governance council members of the Finschia Foundation and contribute to the expansion of the ecosystem.Strategic investmentKo Young-su, CEO of LINE NEXT, pointed out that such a large-scale investment is a major step considering the global investment environment has recently been shrinking. “We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods,” he said.Sponsored by Peter Thiel — the co-founder of Paypal, Palantir Technologies and Founders Fund — Crescendo is dedicated to discovering and investing in promising technology companies both in South Korea and overseas.