China Launches National Blockchain Center to Develop Talent

Abu Dhabi Approves M2 for Crypto ServicesM2, a virtual asset firm based within Abu Dhabi Global Market (ADGM) in Abu Dhabi, has received authorization from the Financial Services Regulatory Authority (FSRA) to establish a multilateral crypto trading facility in the United Arab Emirates (UAE) capital.This pivotal development, announced on Wednesday, allows M2 to provide both retail and institutional clients in the region with the capability to engage in activities such as purchasing, selling, and safeguarding digital assets, including Bitcoin.Photo by Jametlene Reskp on Unsplash2023 platform launchScheduled for a launch later in 2023, the M2 platform’s creation has been a year-long process, designed to cultivate trust, security, and integrity within the burgeoning virtual asset landscape. The company’s mission is to empower users with access to the highest level of services, including the ability to transact with cryptocurrencies using fiat currency and tap into derivative and yield offerings.Stefan Kimmil, the CEO of M2, acknowledged the significance of this regulatory milestone:“The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets.”Kimmil also expressed M2’s commitment to maintaining the high industry standards, as the UAE solidifies its position as a global front-runner in the virtual asset realm.Founded earlier this year, M2 claims to have a depth of credible expertise driving it, with executives having joined the firm from traditional finance giants such as Deutsche Bank, JP Morgan, and Goldman Sachs.Progressive regulationThe FSRA has taken a forward-thinking approach to digital asset regulation, having introduced a comprehensive framework for virtual assets in 2018. This framework has not only attracted numerous major cryptocurrency-focused companies to establish operations within its regulated financial and economic zone but has also fostered the region’s digital asset landscape.ADGM CEO Salem Al Darei underscored the organization’s mission of driving growth and investment opportunities in the virtual asset sector: “We remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy.”This sentiment is well-aligned with the broader vision of expanding the digital horizons of the UAE. The approval granted to M2 follows in the footsteps of significant advancements in the UAE’s cryptocurrency landscape. In November 2022, cryptocurrency exchange giant Binance secured financial services permission, bolstering its presence in the region.Furthermore, Rain, a prominent cryptocurrency exchange that serves the Middle East and North Africa (MENA), Turkey, and Pakistan, obtained regulatory approval last month to extend virtual asset brokerage and custody services to UAE residents.The emergence of M2’s platform points to the ongoing fostering of a dynamic virtual asset ecosystem that is currently ongoing in Abu Dhabi and the UAE at a national level. As the platform prepares for its forthcoming launch, it’s seeking to usher in a new era of accessibility, sophistication, and opportunity for the growing community of retail and institutional clients seeking to engage with cryptocurrencies in the UAE.

Japanese Games Publisher Suspends Metaverse DownloadsJapanese video game publisher Bandai Namco has taken the step of temporarily suspending downloads of its recently unveiled Gundam Metaverse, raising questions and concerns about a potential major leak within the project.In an official announcement on Thursday (local time), the company expressed regret over the temporary suspension of client file downloads, stating that the firm is sorry that downloading the client files for the Gundam Metaverse has been temporarily suspended.Photo by Jason Ng on UnsplashRecent game releaseGundam Metaverse was launched with the collaborative intention of Bandai Namco and Gundam fans, aimed at creating a community that contributes to future Gundam projects. The sudden halt to downloads came as a surprise, given that the game was released just this month.The Gundam Metaverse was initially slated to be open for a limited time in Japan and the US. It featured an “Early Access” phase for a select number of users, which commenced on October 6, followed by the “General Access” phase available to the public starting on October 12.During this time, visitors had the opportunity to immerse themselves in a 3D world inspired by the iconic Gundam anime. The virtual world included a store offering six distinct Gundam Plastic models, commonly known as Gunpla, and a space for digital live performances by artists affiliated with the Gundam series.Suspected design file flawsBandai Namco has remained tight-lipped about the reasons behind the decision to cease downloads, leaving fans and observers speculating about potential issues with the project. Speculation was further fueled by rumors that circulated online, suggesting that the game’s downloads contained unencrypted design files related to specific models from “Gundam SEED Freedom.”These rumors began circulating as early as mid-September when a Weibo user claimed to have shared images of the “Freedom Gundam” and “Justice Gundam” designs, scheduled to make their debut in “Gundam SEED Freedom.” This upcoming animated film is produced by Bandai Namco Filmworks and directed by Mitsuo Fukuda, with a release date set for January 26 next year, marking the 20th anniversary of the Gundam SEED franchise.Given that Gunpla models were set to be released in tandem with the film’s screening in January, the alleged leak of design files would be a substantial concern for Bandai Namco.Hong Kong news outlet HK01 reported:“There were a large number of 3D model CAD [computer-aided design] files of Gundam models hidden inside [a download], including 2024-only 3D model CAD files.”Metaverse visionBandai Namco set out its metaverse vision in March 2022 when it provided initial details on what it termed back then as its “Gundam Metaverse Project.” The project involved an outlay of $130 million for the company to get it off the ground.At the time, Bandai Namco saw its entry into the world of the metaverse as an opportunity for it to be “connected with fans,” becoming a hub so that those connections could run more deeply and broadly and result in greater enjoyment for IP fans, partners, group employees, and society worldwide.Bandai Namco’s decision to halt downloads remains a topic of intrigue that has left Gundam fans and industry observers eagerly awaiting further developments and clarifications from the gaming giant.

BlackRock Investment Marks its Return to IndiaBlackRock, the world’s largest money manager with $9.4 trillion in assets under management, has made a significant move by joining forces with the financial services arm of Indian tycoon Mukesh Ambani.This strategic partnership aims to tap into India’s rapidly growing asset management market and marks BlackRock’s return to the country following a six-year absence.The collaboration between BlackRock and Jio Financial Services, a company built by Reliance Industries Limited, will establish a 50–50 joint venture called Jio BlackRock. BlackRock announced the collaboration via a statement published to its website on Wednesday.Photo by Naveed Ahmed on Unsplash$300 million investmentBoth companies plan to invest up to $150 million each in this venture. Larry Fink, BlackRock’s Chairman and CEO, articulated his satisfaction regarding the partnership in a LinkedIn post, emphasizing the significance of expanding BlackRock’s presence in India.Mukesh Ambani, the Founder and Chairman of Reliance Industries, is India’s richest man with a net worth believed to be in the region of $90.6 billion. The conglomerate is the country’s largest listed company by market share. Collaborating with BlackRock will likely strengthen its position in the financial services sector.The joint venture aims to leverage BlackRock’s expertise in investment and risk management, combined with Jio Financial Services’ technological capabilities and deep market knowledge. The objective will be to provide “tech-enabled access to affordable, innovative investment solutions” for Indian investors. With rising affluence, favorable demographics, and the ongoing digital transformation across industries in India, the market is undergoing a significant shift.Potential implications for cryptoThis move comes shortly after Jio Financial Services was spun off from its parent company, Reliance Industries. The digital-first service is focused on delivering innovative investment solutions to cater to the growing needs of Indian investors.While there’s absolutely no mention of crypto relative to this announcement, it may still have implications for crypto in India. BlackRock has progressed from taking a dim view of Bitcoin and crypto to now turning towards this new asset class. It recently filed an application to launch a bitcoin exchange-traded fund (ETF) in the United States. That move is considered highly significant by most market commentators.Given that Jio Financial takes a digital-first approach and that the idea of the partnership is to bring the latest financial products to retail customers in India, there’s potential for this new entity to bring digital asset-related products to that market.Indian market re-entryBlackRock’s re-entry into India’s asset management industry is not the first attempt by the US investment management firm. In 2018, BlackRock exited the Indian market by selling its 40% stake in an asset management venture to partner DSP Group, but the company recognizes the enormous potential that India presents.Over the past five years, assets under management of Indian mutual funds have doubled, reaching 44.39 trillion rupees ($542 billion) by June this year. The exponential growth in this sector highlights the immense opportunities India offers to global asset managers like BlackRock.While the launch of the joint venture is subject to closing conditions and regulatory approvals, the collaboration between BlackRock and Jio Financial Services appears to be poised to unlock the power of investing for millions of people in India.