Bitcoin Miners Likely Selling at $28K Level, Says Matrixport

Taiwan to review crypto ETFs amid developments overseasThe Financial Supervisory Commission (FSC) in Taiwan has disclosed its close examination of foreign cryptocurrency futures products and exchange-traded funds (ETFs), signaling a potential shift in its regulatory approach.According to a report in Chinese-language financial newspaper, Taiwan’s Commercial Times, the FSC aims to gradually ease restrictions, aligning its stance with global market conditions.Photo by bordercollie 1712 on UnsplashResponding to crypto ETF activity internationallyThe Taiwanese regulator is carrying out this exploration against the backdrop of significant global developments. The possibility of the Federal Reserve cutting interest rates and the upcoming review by the U.S. Securities and Exchange Commission (SEC) of the spot bitcoin ETF in January next year are key factors influencing the FSC’s considerations.The anticipation surrounding the Bitcoin halving in April, combined with speculation that a spot bitcoin ETF approval is imminent in the U.S., have contributed to a 145% surge this year in Bitcoin’s unit price, adding momentum to that regulatory contemplation in Taiwan. There has been speculation that BlackRock, the world’s largest fund manager, is already preparing for the approval of its iShares Bitcoin Trust ETF.Recognizing the potential impact of a Bitcoin index stock fund, contingent on SEC approval and subsequent public investment permission, the FSC is closely monitoring global trends.Closer to home, it emerged last month that Hong Kong’s Securities and Futures Commission (SFC) is actively exploring the possibility of permitting retail participation in a spot crypto ETF. Domestic investment banks in Taiwan, attuned to these developments, have expressed longstanding interest in introducing similar crypto products.The FSC draws parallels with global counterparts, citing the proliferation of cryptocurrency futures products and ETFs in various markets.Cautious regulatory reviewAdopting a phased approach, the FSC emphasizes self-discipline and standards in relaxing regulations around crypto ETFs. This cautious strategy aligns with Taiwan’s historical prudence, previously observed in the delayed approval of cryptocurrency ETFs and blockchain ETFs due to concerns over volatility and speculative nature.As Taiwan contemplates a significant move into the cryptocurrency ETF domain, industry players remain cautiously optimistic. While some had considered private placements for overseas cryptocurrency ETFs, challenges such as tightened regulatory supervision and concerns over errors and price lags prompted a reevaluation.Earlier this month, ETF issuer ProShares launched its short Ether-linked ETF product on the New York Stock Exchange’s Arca, using the ticker symbol SETH. Spot bitcoin ETFs have been launched in Canada, Germany, Australia and Brazil. The products have also been made available via tax havens such as the Cayman Islands, Jersey, Liechtenstein and Guernsey.The regulator in Taiwan hints at a potential strategy involving “cryptocurrency concept ETFs.” These funds could invest in cryptocurrency-related software and hardware vendors, offering investors exposure to the industry without direct linkage to cryptocurrency price fluctuations.

DMM Crypto, the crypto exchange, blockchain gaming and NFT arm of Japanese e-commerce and internet firm DMM, has taken the decision to shut down the Seamoon Protocol. Economic zone concept projectTaking to X on Nov. 15, the project outlined that it has decided to cancel the economic zone concept project, Seamoon Protocol. The project added:”We would like to express our deepest gratitude to the business operators who have provided us with so much support thus far, as well as to all those who have placed their hopes in this project and shown us their kind support, and we would like to offer our heartfelt apologies.” The move suggests a sudden change in the fortunes of the project. As recently as last August, DMM Group had announced a collaboration with Progmat, a distributed ledger technology (DLT) platform for tokenization and stablecoins, with a view towards looking into the issuance of a stablecoin. The stablecoin was intended to act as a reserve currency, providing backing for Seamoon Protocol’s treasury pool while also acting as a price stabilization mechanism. At the time, DMM Crypto CEO Nagato Kasaki had said that the Seamoon Protocol had been launched in order to create a space “where a global community could experience DMM’s cultural universe and co-create new experiences together.” Notwithstanding that goal, no new services are planned to replace the Seamoon Protocol.Photo by Shubham Dhage on UnsplashLaunched in 2023, Seamoon Protocol ran on the DM2 Verse, a layer-2 network associated with the Oasys blockchain. DM2 Verse was designed to act as a community hub for the Seamoon Protocol, hosting NFT drops, games, tournaments and collaborations. Activity on Seamoon was powered by its own native SMP token. Changing business environmentNorbert Gehrke, a commentator on the Japanese fintech sector, outlined in a Medium blog post that Seamoon was abruptly terminated “due to recent rapid changes in the business environment that have created challenges for the project’s sustainability.” The company didn’t provide detail on the nature of the challenges encountered which impacted on the sustainability of the project. With the shutdown, issuance of the SMP token will be discontinued. Furthermore, new service applications for the Seamoon Protocol platform have been suspended. It’s unclear what will now happen with existing services which have been built on the platform. The company has suggested that this matter is under discussion.  One exception is the Kanpani Girls RE:BLOOM project, a Web3 game that was the first of five games that had been envisaged for the protocol. The company has confirmed that this project will be terminated.  In-game notices will be provided at a later stage to provide users with advice regarding refunds and compensation for game items. The game will be wound down by the end of January. Once decisions have been made relative to other services and projects, the company will make announcements on the social media channels of those affected services. DMM Crypto received investment from Neoclassic Capital last month, with a view towards pursuing a global expansion strategy.

Aptos and Lotte Group Collaborate on Pink Bear NFTs to Drive Web3 ExpansionLayer-1 blockchain network Aptos took to X (formerly Twitter) to announce a partnership with Lotte Group, an industrial conglomerate based in South Korea with a specialization in the retail business. This strategic collaboration aims to propel Lotte’s expansion into the dynamic Web3 landscape.Photo by 김 대정 on PexelsPink bear NFTsThe initial focus of their collaboration will center around Bellygom, the pink teddy bear mascot of Lotte Home Shopping — a major player in the Korean media commerce industry. NFT projects associated with Bellygom, including the Bellyland universe, are under the stewardship of Daehong Communications, a marketing solutions company affiliated with Lotte. Aptos will play a pivotal role by providing the backend support for the development of Super Jelly, a reward system within Bellyland. These Super Jelly rewards, slated to be launched on the Aptos mainnet, will be attainable through engaging in Jelly Adventures — a collection of diverse games and missions within Bellyland.Aptos and Lotte Group have expressed their enthusiasm for venturing into Web3 initiatives throughout multiple business areas of the South Korean retail giant. Aptos noted that more updates will follow as this collaboration unfolds.Earlier partnership with PolygonThe momentum behind Daehong Communications’ Bellygom NFT initiatives for global expansion grew as it joined hands with blockchain company Polygon in February. This partnership led to the migration of Bellygom NFTs from the Klaytn blockchain to the Polygon blockchain in April.Lotte’s hospitality business and NFTsIn June, Daehong employed NFTs to attract customers to various Lotte entities. Through Korea’s largest NFT trading platform, Pala, the marketing affiliate sold Magic Ride NFTs, aiming to enhance customer engagement for the Lotte World amusement park, Lotte Duty Free, and Lotte Hotels.