Hong Kong SFC CEO Prioritizes Investor Protection in Crypto Regulations

Bitget Targets MENA Business ExpansionBitget, the Seychelles-based cryptocurrency derivatives exchange, is setting its sights on the Middle East and North Africa (MENA) as the region emerges as a fast-growing crypto hub.The firm announced its expansion plans via a press release which was published on Thursday. With countries like the United Arab Emirates (UAE) and Bahrain embracing crypto, more exchanges are taking notice and entering the market. Bitget has now joined the ranks of a series of crypto companies seeking to establish a foothold in the region.Photo by Kyle Glenn on UnsplashIncreasing crypto adoption and interestCiting the region’s impressive crypto adoption rate, which accounted for 9.2% of global transactions between 2021 and 2022, Bitget is capitalizing on the growing interest in digital assets. The UAE alone experienced a remarkable 400% increase in registered crypto businesses over two years, driving a surge in global digital asset trading by 10%. Moreover, blockchain-related educational programs have tripled in the region, which contributes to 8% of the overall mining hash rate. All of these are creating a favorable environment for Bitget’s expansion.Dubai officeTo support its entry into the Middle East, Bitget has opened an office in the heart of Dubai and has already hired 60 new employees for various mid and back-office positions. The company aims to scale its Middle East team further, with plans to hire 30 to 60 more professionals over the next two years.Bitget is not alone in recognizing the potential of the Middle Eastern market. Bybit, another major cryptocurrency exchange, recently obtained local licenses to operate in the digital assets space in the UAE, having moved its global headquarters to Dubai in April.OKX, one of the largest exchanges by volume, also received a Minimal Viable Product (MVP) Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA). Binance is also eyeing the Middle East, with Binance Dubai poised to become the primary focus for the company’s development efforts, given regulatory challenges in Europe and the US.Global expansion strategyBitget’s expansion into the Middle East is part of its broader global scaling strategy. The company has already registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania, and it launched a localized Turkish website earlier this year.Founded in 2018, Bitget boasts a user base of over 8 million users across more than 100 countries, offering copy trading services. The company’s move to the Middle East showcases its determination to tap into new markets and solidify its position as a global player in the cryptocurrency exchange landscape.There’s been a lot going on at Bitget in recent months, in addition to these regional expansion plans. In May the company announced a corporate social responsibility project named “Blockchain4Youth,” cleverly identifying the importance of connecting with the younger demographic which is far more likely to drive crypto and blockchain adoption.Earlier this month it launched a crypto loans product offering while last week it provided transparency via its proof of reserves initiative, demonstrating a 223% level of reserves and outlining that the company is debt free.

Mirae Asset Securities Expands Security Token Group with Media CollaboratorsSouth Korean securities firm Mirae Asset Securities announced yesterday the expansion of its security token working group. This development includes the addition of two new media-related companies to the group: Studio Genius, a content production house, and Solaire Partners, a venture capital firm with a specific focus on the media industry. Mirae has chosen to collaborate with these companies to jointly develop security token products centered around Korean films and TV series.Photo by Timothy Ries on UnsplashSynergy between Korean content and financeThe Korean securities company claims that since the Financial Services Commission unveiled regulatory guidelines for security tokens in February, it increased focus on exploring the synergy between Korean content and finance. In support of this, data from the Korea Creative Content Agency indicates that as of 2022, the Korean content market stands as the world’s seventh-largest, experiencing an average annual growth rate of 11%.Studio Genius, established by Yang Woo-suk, the director behind the box office success “The Attorney,” is currently in the process of producing a TV series with a global audience in mind.Meanwhile, Solaire Partners was a key investor in the critically acclaimed movie “Parasite.” This investment company, founded in 2017, is led by Choi Pyung-ho, a seasoned expert in content production. Prior to founding Solaire Partners, Choi held the position at CJ Entertainment (now CJ ENM) as head of its film business.Fractional investment and blockchain techOther participants who are newly joining the group include Treasurer, a luxury goods fractional investment platform, as well as Coinplug and Zkrypto, both technology companies. In collaboration with Treasurer, Mirae intends to discuss the valuation and commercialization of luxury goods, which hold substantial investment potential. Subsequently, they plan to explore various avenues for integrating security tokens into their business strategies.Coinplug is the first company in Korea to commercialize blockchain-based certificates for the financial sector. Positioned as a Web3 technology company, Coinplug boasts a diverse portfolio of blockchain technologies, including decentralized identity (DID), mainnets, wallets, decentralized applications (dApps), and non-fungible tokens (NFTs).Zkrypto stands as a prominent leader in South Korea within the realm of zero-knowledge (ZK) proof technology. This distinction is underscored by its product, which received an innovation award at CES in Las Vegas earlier this year. Mirae holds the belief that ZK-proof technology will play a pivotal role in facilitating enhanced privacy protection and accelerated transaction speeds for security tokens.Another collaborative endeavorIn addition to the aforementioned working group, Mirae is running the Next Finance Initiative, a consortium with the primary goal of broadening the security token ecosystem. Partners in this consortium are the two notable entities: SK Telecom and Hana Financial Group. Mirae will strive to further grow and enhance the reach of this consortium.

The 38th Young Architects Forum, which will explore the integration of metaverse technology into architecture, is set to take place next Thursday at the Weple NFT Gallery building in Yongsan-gu, Seoul, according to an official announcement on Friday (KST). Co-hosted by STELSI, a Build-to-Earn (B2E) decentralized metaverse project, and the Young Architects Forum Korea, the event will revolve around the theme “Beyond Realms: Architectural Odyssey in the Metaverse Era,” hosting experts from the architecture industry and anyone interested in the topic. Photo by Redd F on UnsplashArchitectural imperatives in the era of Web3In particular, the forum will delve into the impact of the Fourth Industrial Revolution and blockchain technology on AI architecture and the metaverse. A crucial consideration in this topic is the role that architects must play in an unprecedented era of Web3, namely promoting creativity while determining ethical boundaries through collaboration and sharing of ideas. Another point for discussion will be expanding diversity and the possibilities in architecture by tapping into advancements in digital technologies. STELSI is a decentralized metaverse island that provides a realistic and intuitive extended reality (XR) experience where users can design, construct and manage buildings. Built with the 3D creation tool Unreal Engine, it aims to support the seamless application of blockchain technology across different sectors of the construction industry, including architectural planning and design, construction and real estate. The platform also runs on a native token called STELSI, which users can earn by staking building NFTs. The event’s other organizer, the Young Architects Forum Korea, was established in 2011 with a mission to boost the presence of young architectural visionaries in South Korea. The forum provides opportunities for them to leverage their talents and expertise to contribute to societal advancement. In addition to the Young Architects Forum, it also hosts other events like exhibitions, cooperative projects and seminars. Professionals uniteSpeakers set to attend include STELSI CEO Ryan Shim, CSO and Co-Founder of IoTrust Yoo Min-ho, CCO of jpa. JUNGLIM Architecture Kim Kyung-hoon and more. Firms like blockchain news outlet Tokenpost, LandFi metaverse OrbCity and Wepin Wallet are also sponsoring the event. STELSI stated in its announcement that the forum aims to “provide a unique space for architects who perceive the world differently, transcending dimensions.”