Philippines Delays Crypto Framework Publication

Global crypto exchange OKX has acquired full licensing in the United Arab Emirates and with that, it has launched its trading platform in the Gulf state. Serving retail and institutional clientsThat’s according to a press release published by PR Newswire on the company’s behalf on Oct. 10. The platform has now been opened to both retail and institutional investors in the UAE. Those customers who have completed the required onboarding steps, either via the OKX app or the OKX website, can now access the firm’s range of services. Those services include spot trading, on-chain yield-bearing products, token conversion and express buy and sell services. For retail-level customers to qualify for derivatives trading, they are obliged to undergo a knowledge test in addition to undertaking a suitability assessment.  When it comes to institutional clients, the platform has advised that they will have access to derivatives trading so long as they have met specific criteria set out by the company. It’s understood that this will include specific "Know Your Customer" requirements set out by OKX. Photo by Phil Shaw on UnsplashMinimum liquidity requirementsAdditionally, an institutional investor must meet two out of three minimum liquidity requirements. These are understood to include a net annual turnover of $40 million, the institution’s own funds being in excess of $2 million or a balance sheet demonstrating a minimum of $20 million. Investors will be able to deposit or withdraw UAE dirhams (AED) to/from the OKX platform, with AED trading pairs having been established for a range of cryptocurrencies including Bitcoin, Tether and Ether. Launch eventAside from the company’s press release, OKX made its announcement at an event at the Museum of the Future at an event which it titled “A New Alternative for Dubai.” The event featured OKX CEO Star Xu, the firm’s CMO Haider Rafique, SkyBridge Capital’s Anthony Scaramucci, Polygon Co-Founder Sandeep Nailwal and Stacks Co-Founder Muneeb Ali.  Scaramucci spoke positively about the business conditions that have been created in the UAE, stating that the change “in 20 years is nothing short of a miracle.” With that, he recognized that’s why OKX has established itself within the UAE. OKX General Manager for the Middle East and North Africa (MENA), Rifad Mahasneh, told Cointelegraph that the company is “extremely bullish on the UAE as a crypto hub and only see the sector growing in the next few years.” Mahasneh told CoinDesk that the firm has two targets in the UAE, with its intention to onboard retail clients via the OKX app and lure TradFi institutions. "The return on investment is going to come from our ability to convert traditional institutions,” he stated. OKX has been working towards this moment for some time. It opened an office in Dubai in mid-2023, quickly expanding its presence by hiring local staff. Its local subsidiary, OKX Middle East Fintech FZE, received a non-operational license from Dubai’s Virtual Assets Regulatory Authority (VARA) in January of this year.

KT and Iron Mountain Forge Alliance to Propel Blockchain-Powered E-Document EcosystemSouth Korean telecommunications giant KT has entered into a strategic partnership with global information management company Iron Mountain to leverage blockchain technology in expanding the certified electronic document ecosystem.Photo by ron dyar on UnsplashFrom paper to digitalUnder this collaboration, KT and Iron Mountain will utilize the Korean telecom firm’s blockchain-based electronic document platform to digitize Iron Mountain’s physical documents. The partnership extends beyond digitization, with plans to explore diverse business prospects across various markets. It’s worth noting that Iron Mountain has an extensive global presence, operating across 54 countries.KT has been operating the Paperless platform since 2020, providing services such as contract writing, registered document delivery, and document storage. This initiative has been particularly beneficial for small and medium-sized enterprises, as well as sole proprietorship businesses, eliminating the need to establish individual systems.Asia-Pacific market as a priorityBoth companies are united in their objective to capture the Asia-Pacific market, a region where conventional paper documentation remains deeply ingrained. Given the extensive usage of paper documents in this market, the anticipated demand for digital transformation is substantial.Song Jae-ho, Vice President of KT’s AI/DX Convergence Business Division, emphasized the promising prospects of combining KT’s technological expertise with Iron Mountain’s global business capabilities. He highlighted the potential for a significant positive impact that their collaboration could bring to the global document market. Song expects the partnership will help KT position as a leader in driving digital transformation within the document management sector.Joyce Housien, Vice President of Commercial at Iron Mountain, echoed these sentiments, underlining the broader scope of their collaboration. She noted that their joint efforts are not only focused on achieving digital transformation within South Korea but also on generating new value within the wider Asian digital industry landscape.

Huobi Expands Crypto Trading Services in Hong KongHuobi, the Seychelles-headquartered prominent cryptocurrency exchange, is making strides in Hong Kong as its local subsidiary, Huobi HK, now offers crypto trading services to clients in the region.Following its expressed intention to apply for a virtual asset exchange license from the Hong Kong Securities and Futures Commission (SFC), Huobi HK has commenced providing crypto spot trading and virtual asset custody in Hong Kong. In order to comply with regulatory and anti-money laundering (AML) requirements, the exchange will collaborate with independent auditors, as announced by Huobi HK on Twitter.Photo by Shubham Dhage on UnsplashCrypto business licensingThis move aligns with the broader trend of crypto firms shifting their focus toward the East, where regulatory environments are becoming increasingly accommodative. A spokesperson for Huobi stated in a prepared statement: “Regulation of Web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale.”Hong Kong, a Special Administrative Region under Chinese governance, recently introduced a regulatory framework for crypto exchanges, which took effect on June 1. Under these new regulations, retail investors in Hong Kong will be able to trade cryptocurrencies on licensed platforms, removing previous restrictions that limited trading to investors with portfolios exceeding HK$8 million (approximately $1 million).The new regulations impose requirements on virtual asset trading platforms to implement “suitable” onboarding processes and disclosures. Additionally, tokens must meet “minimum criteria” to ensure that “retail investors should be less prone to market manipulation.”Crypto sector interestHong Kong’s inviting regulatory landscape has already piqued the interest of crypto firms. The Greater China division of WeWork, a coworking provider, reported receiving 40 to 50 applications and inquiries from crypto businesses seeking to establish a presence in Hong Kong in recent months.Justin Sun, Tron founder and Huobi global adviser, drew parallels between the developments in Hong Kong and Beijing in a tweet, stating, “It is indeed fascinating to witness the Beijing government’s recent focus on Web 3.0, particularly considering the imminent June 1st developments in Hong Kong.” Sun added that this represents “a significant step towards recognizing the transformative potential of decentralized systems and blockchain-based solutions.”Huobi is actively involved in the development of Hong Kong’s Web3 ecosystem. In addition to its cryptocurrency trading license application, the firm became a significant contributor to Hong Kong’s first Web3 ecosystem fund during this year’s Hong Kong Web3 Carnival.HK Virtual Assets ConsortiumIn a separate announcement, Huobi disclosed that it has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), an organization dedicated to providing credit ratings for crypto asset exchanges and trading products. HKVAC, a collaborative effort between crypto industry players, including exchanges, institutional investors, and Hong Kong-licensed rating agencies, aims to enhance the security risk management capabilities of the crypto industry and assist authorities in establishing Hong Kong as a regional hub for virtual assets and digital finance.As a founding member of HKVAC, Huobi will serve as a reference point for the organization, leveraging its expertise in security technology and its compliance-oriented, standardized processes.