Singapore’s Cosmose AI Jilts Stripe in Favor of Near

Hong Kong Launches Web3 InstituteThe Institute of Web3 Hong Kong has recently been established with the aim of promoting and developing Web3 technologies, including blockchain and other decentralized technologies. That’s according to a report that was published by the Hong Kong China News Agency (HKCNA) last week.©Pexels/Zetong LiPromoting Web3 developmentThe Institute of Web3 Hong Kong aims to promote the development of Web3 technologies by providing education, research, and development support to individuals and organizations interested in these technologies. It will also serve as a platform for collaboration between different stakeholders in the Web3 ecosystem, including developers, entrepreneurs, investors, and regulators.The institute is being led by Joseph Yam, the former Chief Executive of the Hong Kong Monetary Authority (HKMA), and is expected to play a key role in the growth and development of Web3 in Hong Kong and beyond.Yam is well-known for his expertise in financial regulation and has been a strong advocate for the adoption of blockchain technology in the financial industry. In his new role as the head of the Institute of Web3 Hong Kong, he is expected to use his experience and knowledge to promote the adoption of Web3 technologies in Hong Kong and the wider Asia-Pacific region.Developing financial centerThe establishment of the Institute of Web3 Hong Kong is seen as a significant development in the growth of the Web3 ecosystem in Hong Kong. Hong Kong is already known for its strong financial industry, and the adoption of Web3 technologies could further enhance the city’s position as a leading financial hub in the region. The institute’s focus on education and research will also help to develop a skilled workforce that can support the growth of the Web3 industry in the future.The institute is expected to work closely with the Hong Kong government and other stakeholders to create a regulatory framework that supports the growth and development of Web3 technologies. This is important, as regulatory uncertainty is often cited as a barrier to the adoption of blockchain and other decentralized technologies.Precursor to investmentThe establishment of the Institute of Web3 is also expected to attract more investment in the Web3 industry in the region. The institute’s focus on education and research will help to create a favorable environment for startups and other organizations that are developing Web3-based applications.While China has not been a crypto-friendly region in recent years, there are increasing signs that Chinese officials are content to see Hong Kong develop as a hub for Web3-based technologies while keeping the sector under much stricter control within mainland China. Chen Dong, Deputy Director at the Liaison Office of the Central People’s Government in Hong Kong has publicly praised Hong Kong’s push to become a regional center for Web3 innovation. Meanwhile, Li Feng, the Chairman and CEO of China Mobile, has been installed as the non profit’s honorary chairperson.The establishment of the Institute of Web3 Hong Kong is a significant development in the growth and development of Web3 technologies in the Asia-Pacific region. The institute’s focus on education, research, and collaboration will help to promote the adoption of Web3 technologies and create new business models in various industries. With the leadership of Joseph Yam, the institute is expected to play a key role in the growth of the Web3 ecosystem in Hong Kong and beyond.

Dubai’s VARA grants WadzPay ‘initial approval’ of trading licenseIn the latest demonstration of the emirate’s crypto-friendly credentials, Dubai regulator, the Virtual Assets Regulatory Authority (VARA), has granted an “Initial Approval” license to WadzPay.WadzPay was founded in 2018 in Singapore as a business-to-business (B2B) technology firm that concentrates its efforts on enabling digital asset-based transaction processing and settlement. This licensing approval is a significant step forward for the startup, as it inches closer to obtaining a full-fledged Virtual Asset Service Provider (VASP) license.Photo by Paul MARSAN on UnsplashGearing up for service roll-outWith this approval in hand, WadzPay is gearing up to offer a range of virtual asset services, specifically under the forthcoming VASP License for Transfer and Settlement, as well as Broker-Dealer trading activities.That said, the current VARA license places certain restrictions on WadzPay’s offerings. While WadzPay is known for providing a wide array of services to businesses (B2B) and individual users through its B2B2C platform, the “Initial Approval” license limits its scope to only a subset of its virtual asset products and services.Flurry of approvalsDubai has taken center stage in the realm of crypto-friendly jurisdictions, granting a flurry of operational licenses to numerous crypto firms and exchanges in recent months. The regulatory framework in Dubai is underpinned by robust guidelines for VASPs. To operate fully within this framework, crypto firms must navigate a meticulous three-tier licensing process, starting with provisional approval, followed by a minimal viable product (MVP) license, culminating in a total market product license.One of the recent beneficiaries of VARA’s approvals is Backpack, a virtual currency wallet provider. Last month, Backpack received its VASP license, allowing the introduction of the Backpack Exchange to the market. However, similar to WadzPay’s situation, Backpack’s license comes with certain limitations.It permits the offering of crypto exchange services within Dubai but restricts the rollout of other virtual asset services. The Backpack Exchange sets itself apart with advanced features, including zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for secure custody and lightning-fast order execution capabilities.Nomura portfolio company approvalsKomainu, a collaborative venture involving financial heavyweights like Nomura, CoinShares and Ledger, is another notable success story. After a diligent licensing journey, Komainu secured its full operating license from VARA, approximately 10 months after obtaining its MVP license in November 2022.Laser Digital, a crypto division under the vast umbrella of financial giant Nomura, also earned its operational license from VARA in August. Through its dedicated subsidiary, Laser Digital Middle East FZE, based conveniently in Dubai, Nomura has showcased its VASP license. The permit enables the firm to offer a suite of services, including brokerage, virtual asset management and investment offerings within the emirate.Notably, Laser Digital’s licensure followed closely on the heels of Binance, the global crypto exchange. Binance secured its operational minimum viable product (MVP) license from VARA, paving the way for providing crypto exchange and virtual asset broker-dealer services within the region.This flurry of licensing activities and approvals in Dubai is suggestive of the emirate’s commitment to fostering a progressive and regulated crypto environment.

TON Foundation $250M Accelerator Fund LaunchThe team behind The Open Network (TON) layer one blockchain has launched a $250 million fund to promote and incentivize development on the network.The Dubai-headquartered TON Foundation, the community managing the TON/Open Network blockchain project, provided details of the program via social media on Monday.Photo by Ibrahim Boran on UnsplashBoosting ecosystem projectsThe $250 million fund is aiming to boost key TON ecosystem projects, with a particular focus on DeFi. The TON Foundation is already canvassing projects to participate and apply for funding.Successful applicants will be offered between $50,000 and $250,000. The scheme goes beyond funding. Projects will also get to avail of mentorship from partners like GotBit, a consulting service targeted at blockchain start-ups. Growth advisory firm Web3Port will also be available to successful candidates in that mentorship role.UAE-based multi-strategy crypto investment firm Cypher Capital will also be at the disposal of the TON-based start-ups, while they will also have the ability to access the Tonstarter launchpad. Additionally, the scheme features participation from East Asia, with South Korea-based Boom Labs, an incubator for Web3 developers, lending its support.Justin Hyun, Head of Incubation and Growth at the TON Foundation, had this to say about the development:“This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations.”$25M funding in first yearFunding will be allocated from the TONcoin.Fund, a $250 million TON syndicate which invests in teams and projects that build on The Open Network. In the first year of the program, $25 million will be allocated.Bill Qian, Chairman of Cypher Capital, said that the program “is unique within the Web3 universe today.” “TON Accelerator Program is taking the well-known incubator principle from the Web2 ecosystem, refining it, and evolving it by incorporating the best practices of Web3 protocols and methodologies,” he added.DoraHacks Hack-a-TONxIn its announcement the TON Foundation outlined its intention to select the first successful projects from those who took part in the DoraHacks Hack-a-TONx. Hack-a-TONx was a two-month-long hackathon, put together by the TON Foundation in coordination with global hackathon organizer and multi-chain Web3 developer community, DoraHacks.Submissions are being accepted by the TON Foundation from projects that have built on TON, who already have a minimum viable product (MVP). Although originally promoted by the makers of the Telegram messaging app, since 2020, TON has harnessed the TON Foundation to develop the project as a community-run and community-led open source initiative.The African nations of Cameroon, the Democratic Republic of the Congo, and the Republic of Congo have all expressed an interest in adopting the TON blockchain. Earlier this month, the TON Foundation entered into a partnership with the Seychelles-based BIT crypto exchange. That collaboration will see BIT accepting TON tokens from its users for the payment of trading fees, with discounts offered to the exchange users who opt to pay using TON.