BitOasis Obtains First Early-Stage Broker Dealer License in Dubai

Bybit CEO Applauds Hong Kong and UAE Regulatory ApproachesBen Zhou, the CEO of Dubai-based crypto spot and derivatives trading platform Bybit, has recently lauded the regulatory approach of Asian and Middle Eastern countries.In a recent interview with CoinDesk, Zhou singled out Hong Kong and the United Arab Emirates (UAE) in particular, while also drawing attention to the contrasting approach taken to regulation of digital assets in North America, particularly Canada.Photo by Alex King on UnsplashDiffering regulatory approachesThe Bybit CEO believes that the tone set by regulators towards the crypto industry differs significantly between regions, with Asia and the Middle East displaying a more collaborative and supportive stance compared to North America. He perceives a shift in the attitude of regulators, seeing cryptocurrencies as an opportunity rather than a crisis.Praising Hong Kong and Dubai Regulators, Zhou highlights Hong Kong’s aggressive efforts to attract crypto companies by tapping into the talents within the industry. While recognizing the common goals among regulators worldwide, he notes that Dubai’s crypto regulatory framework has advanced even further than Hong Kong’s.Bybit’s strategic moves underline Zhou’s praise for these regions’ regulatory environments. On April 1, Bybit announced plans to establish its core operations in Hong Kong, positioning its research and development (R&D) and marketing teams in the Chinese autonomous territory.Subsequently, on April 17, Bybit officially unveiled its headquarters at the Dubai World Trade Center, a year after receiving in-principle approval to operate its crypto asset business in the UAE.Canadian market exitHowever, Bybit faced challenges in Canada due to its evolving regulatory landscape. While the company claimed not to operate in the United States, it had onboarded customers in Canada in the past. The situation changed in May when Bybit withdrew its services from Canada following the fallout from the FTX exchange scandal in November 2022.The regulatory environment became increasingly stringent, prompting Bybit to exit the Canadian market. Despite having ongoing conversations with Canadian regulators and receiving an invitation to apply for a crypto license, the restrictions on stablecoin usage played a significant role in the company’s decision to withdraw.Fifth most popular exchangePresently, Bybit ranks as the fifth most popular crypto exchange in the world, according to a report by CoinGecko for the second quarter of 2023.The company has been extending out its product offering, recently entering the crypto lending arena. Towards the end of May, the business received “in-principle” approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset trading business and digital asset custodian in Kazakhstan.In June the crypto exchange followed the lead of other global crypto platforms such as Crypto.com and Binance by integrating artificial intelligence-driven trading tools into its platform for the benefit of its users.As the crypto sector continues to evolve, the differing regulatory approaches in different regions will play a crucial role in shaping its future. Bybit’s CEO, Ben Zhou, advocates for collaboration between regulators and crypto companies, emphasizing that viewing cryptocurrencies as an opportunity will foster innovation and growth in the industry.

South Korean NFT trading platform Eggverse has signed a strategic business agreement with blockchain gaming platform operator Weracle to target the global market for NFT-linked gaming and expand the ecosystem, according to local news site ZDNet on Thursday (KST). The two firms plan to sketch a business model and implement specific strategies to provide differentiated and more convenient gaming experiences for users by making trading NFTs faster and easier.Photo by Choong Deng Xiang on UnsplashCollaborative expansion"With our years of project experience with leading partners in each field and our in-house technology, we expect to create strong synergies in expanding the global gaming ecosystem of both companies," Eggverse said. "Through this collaboration, we will promote various types of Web3 games in new marketplaces. We expect it will yield the biggest progress among the events we plan to organize in the first half of 2024." Popularizing digital assetsBased in Singapore, Weracle provides a variety of services, including swapping its own governance token, Weracle (WERAC), and Weracle Wallet, which allows users to store and manage game NFTs. Eggverse, on the other hand, is known for its Web3-compatible service that allows customers to mint and resell real-life items like hotel vouchers and artwork as NFTs – the first of its kind in South Korea. Last November, the platform signed a business deal with Asian blockchain hub SPLabs to venture into the Southeast Asian Web3 market.

Experts Offer Insights into Bitcoin ETFs, Stablecoins, and On-Chain Data AnalysisDuring Korea Investment Week 2023, hosted by local newspaper Korea Economic Daily, experts in the field of virtual assets gathered at the Korea Exchange (KRX) PR Hall on Thursday. They came together to share their expertise on the cryptocurrency market and discuss various investment strategies.Key topics covered at the event ranged from the global outlook for virtual asset exchange-traded funds (ETFs) to the prospects of the US approving Bitcoin spot ETFs. Strategies based on on-chain data analysis were also on the agenda.Photo by Kanchanara on UnsplashThe potential of Bitcoin spot ETFsOne of the notable speakers, Lee Tae-yong, the Chief Global Strategy Officer at Wavebridge, a cryptocurrency market index provider, argued that the potential approval of Bitcoin spot ETFs could attract global investors to the market. He opined that this could subsequently improve market liquidity and contribute to stabilizing the Bitcoin market.Lee has made a prediction that Bitcoin spot ETFs will likely receive approval in the United States. He cited examples from Europe, Australia, and Brazil, where such financial products are already being managed effectively. He also suggested that the US Securities and Exchange Commission (SEC) would likely take note of this global trend and may find it challenging to go against it.Experts believe that among the various Bitcoin spot ETF applications submitted to the US SEC, Grayscale Investments’ proposal to convert the Grayscale Bitcoin Trust (GBTC) into an ETF stands the best chance of receiving approval first. Data from The Block indicates that the Grayscale Bitcoin Trust manages crypto assets totaling $16.13 billion as of September 7.Lee predicts that the approval of Bitcoin spot ETFs will serve as a pivotal milestone for the cryptocurrency market, potentially triggering a significant uptick in the price of Bitcoin. To support this assertion, Lee pointed to the historical precedent set by the introduction of a gold-backed ETF in 2004. Since its inception, the gold-backed ETF has swelled in value to exceed $45 billion. Importantly, gold does not have a fixed supply, yet the availability of an ETF mechanism boosted its value considerably. Lee argues that the impact on Bitcoin could be even more pronounced given its fixed supply cap.There was also a projection that virtual assets are set to play a crucial role in expanding the size of the ETF market, potentially more than doubling it. Lee pointed out that conventional ETFs typically charge fees of around 0.15%, whereas virtual asset ETFs tend to charge over 1%. This underscores that virtual assets are seen as a new revenue source among asset managers.Stablecoins and regulationsSome viewed that stablecoins would emerge as a focal point among the innovations taking place within the cryptocurrency industry. Kim Yong-beom, the CEO of Hashed Open Research and a former vice minister of the Ministry of Strategy and Finance, noted that Asia has been actively advancing regulations related to stablecoins. Stablecoins are a category of cryptocurrencies that are pegged to traditional fiat currencies like the US dollar.Highlighting the efforts of many countries to develop a comprehensive regulatory framework for cryptocurrencies, Kim noted the importance of establishing regulations that accommodate stablecoins. In his view, the introduction of such regulations will amplify the impact of stablecoins within the market.Kim mentioned that Asian countries are leading in blockchain research and digital competitiveness. He said that Asian universities, particularly those in China, are among the world’s best in producing blockchain research papers and offering related lectures. Kim also pointed out that while the leadership in the blockchain industry has shifted towards Asia, South Korea is now emerging as a prominent hub for virtual assets in the region. He emphasized the need for South Korea to position itself as a more influential nation in this context.On-chain data and investmentDuring the event, a cryptocurrency investment strategy based on on-chain data was also presented. On-chain data refers to publicly accessible information about transactions conducted on a blockchain network. This data can be utilized as an investment indicator that is not available within the traditional financial sector.Ju Ki-young, the CEO of on-chain analytics resource CryptoQuant, underlined that virtual asset investors are particularly interested in tracking who is selling which tokens at any given moment. He stressed that examining on-chain data, such as deposit and withdrawal information from major cryptocurrency exchanges, can be a valuable tool for risk mitigation.