Binance APAC Head Urges the Korean FIU to Approve Gopax’s Exec Changes

Surge in Hong Kong Crypto License Applications from Mainland-Linked BrokersTwo new platforms with mainland China links are preparing to apply for retail trading licenses in Hong Kong, with several others believed to be interested in following suit.According to a report published by Nikkei Asia earlier this week, the platforms, Yax and PantherTrade, have connections to mainland online securities brokers. PantherTrade is reportedly associated with Futu, a company which in turn is backed by Chinese tech giant Tencent, one of China’s largest technology companies. Yax, an emerging player in the crypto sector, has strong links to UP Fintech Holding, a Beijing-headquartered firm more commonly known as Tiger Brokers.Photo by Kanchanara on UnsplashCapital flight concernsThese connections are significant, given the previous involvement of these brokers in helping mainland Chinese customers invest in offshore assets, primarily US stocks. The firms have previously attracted the attention of China’s financial regulators. A notice from the Chinese securities watchdog in December last year compelled them to cease their “illegal cross-border business” activities.While crypto trading is banned in mainland China, an investigative report by the Wall Street Journal in August suggested that global exchange Binance was thriving in China despite the ban. Actions taken by the Chinese authorities are demonstrative of some level of concern with regard to crypto trading and potential capital flight through crypto.VASP licensingThe move by Yax and PantherTrade signals their intention to apply for a virtual asset service platform (VASP) license in Hong Kong, which would enable them to operate cryptocurrency exchanges for retail customers.Currently, both platforms are undergoing third-party assessments, a mandatory step preceding their formal application to the Securities and Futures Commission (SFC). The timeline for their applications remains uncertain.Broader interestThe growing interest in VASP licenses is not unique to Yax and PantherTrade. At least four other exchange platforms, similarly linked to mainland China, have also sought the same license, highlighting the eagerness of various players to enter the Hong Kong market. OneDegree, the sole licensed insurer for digital assets in Asia, has observed a significant uptick in license applications, including applications from traditional financial institutions, reflecting a positive trend toward educating the mass market.The SFC’s recent decision to make license application information public is an attempt to enhance transparency, following a scandal related to Dubai-headquartered crypto exchange JPEX in which over HK$1.5 billion (approximately $190 million) in virtual assets reportedly disappeared from the exchange.Currently, only two cryptocurrency exchanges, OSL and Hashkey, have received SFC approval. Others, including online brokers, have considered applying for licenses since late last year but are awaiting greater regulatory clarity before taking the plunge.Hong Kong, under the “one country, two systems” framework, has established itself as a hub for legal retail trading of cryptocurrencies. This development may signify a shift in China’s stance on digital assets and its increasing openness to crypto initiatives, as noted recently by blockchain data provider Chainalysis.

Korean pro female golfers to compete in WEMIX golf tournament this weekendThe world’s first blockchain-assisted golf tournament, WEMIX Championship 2023, will take place this weekend at the Haeundae Beach Golf and Resort in Busan. 24 female golfers from the Korea Ladies Professional Golf Association (KLPGA) — including the top 20 who earned the most WEMIX points during the preliminary Race to WEMIX Championship — are set to compete.Photo by Mick De Paola on UnsplashBringing blockchain to sportsNotably, blockchain technology is incorporated into all aspects of the tournament. This includes dynamic Real World Event NFTs that are available via NFT Is Life Evolution (NILE), Wemade’s decentralized autonomous organization (DAO) and NFT platform. These NFTs come in two categories: “ticket NFTs,” which function as admission tickets and food or parking vouchers for spectators, and “prize NFTs,” which contain WEMIX token awards for tournament winners. The total prize budget is one million WEMIX, or approximately KRW 2.4 billion ($1.9 million) as of 4:30 p.m. on Thursday (local time). The first-place winner will receive 250,000 WEMIXThe tournament venue will also have a Gallery Plaza with various activities and showcases for visitors to enjoy, like exhibitions for Volvo’s newest vehicles, photo zones and putting games. The food and beverage zone will serve BAYC-themed burgers from Californian burger brand Bored and Hungry, as well as beverages from Hide Me, Please, a Korean food and beverage NFT membership brand. BAYC is the globally renowned IP from the Bored Ape Yacht Club NFT collection.The competition’s top playersMeanwhile, the subject of many golfing enthusiasts’ interest is Im Jin-hee, the golfer who won the most WEMIX points during the Race to WEMIX Championship with 6,450 points. She secured 90,000 WEMIX for earning the top ranking, adding another personal achievement to her successful season this year. Coming in second and third place were Lee Ye-won and Kim Min-byeol. The final results of the competition were determined based on the golfers’ performances in the Lotte Rent-a-Car’s Ladies Open and the SK Shieldus-SK Telecom Championship.

Aptos charts success in South Korea through bridging Web2 and Web3Aptos, a major layer 1 blockchain network developed by the experts behind Meta’s canceled stablecoin payment system Diem, is growing in South Korea. In a recent Aptos Day conference held at the Hashed Lounge in Seoul, the Aptos team shared its vision for developing its ecosystem in Korea and attracting users by actively bringing content from Web2 to Web3, instead of simply focusing on cultivating a Web3-only ecosystem.Photo by GuerrillaBuzz on UnsplashDavid Wolinsky, a software engineer at Aptos and a former developer at Facebook, presented Aptos’ key advantages and achievements since its launch last year and outlined the blockchain’s future plans for growth.High-speed Web3 powerhouseIn particular, he highlighted Aptos’ high compatibility with social media, its solid security framework built with the Move programming language and a rapid processing speed of up to 200,000 transactions per second (TPS) — with a time to finality (TTF) of less than one second. Thanks to this impressive speed, Wolinsky explained, lots of projects have onboarded the network, which is anticipated to grow into a bigger ecosystem with more decentralized applications (dApps).Aptos has also carried out over 300 million transactions since its launch in October of last year, creating seven million unique addresses. Just two months following its launch, there were already over 200 projects on the blockchain. Aptos could thus play a significant role in revolutionizing Web3, which is currently dominated by the Ethereum virtual machine (EVM).Facilitating the transition from Web2 to Web3To grow the ecosystem further, Wolinsky emphasized the importance of bringing Web2 users to Web3 in an efficient and seamless manner. Aptos aims to achieve this by facilitating the creation of Aptos-based wallets through integration with platforms like Facebook, X (formerly Twitter) and Google, allowing users to enjoy various dApps.Wolinsky also noted that Aptos uses Move — an open-source programming language developed by Facebook for writing smart contracts on the Diem blockchain — which is designed to be developer-friendly, employing similar mechanisms that developers generally use to build applications on Web2. This language can attract not only Web2 users but also Web2 developers who are transitioning to Web3 without worrying about the complexity of the process. Aptos argues that Move is more secure than EVM’s Solidity language.Positive prospects in KoreaAptos also regards Korea as a key market for growth, as Korean developers are actively contributing to the Aptos ecosystem and providing helpful feedback. The blockchain disclosed that as of Q3 this year, Korea has 13 Aptos validators — second only after the U.S., which has 14.Christie Lee, Head of Business Development and Partnerships in Korea at Aptos, argued that Korea is innovating the most at the larger corporate level while also contributing to the ecosystem. Lots of endeavors are playing out in the Korean market, she said, as regulatory restrictions in fields like gaming, entertainment, finance and more are starting to loosen.She also added that the Korean market is not only driven by innovation from large companies but also by small developers who can contribute to the ecosystem, noting that the market is a favorable environment for developers to thrive. In addition, Korean users are sensitive to trends and adept at incorporating technology, which would allow them to quickly adopt Web3 culture.