Binance withdraws Abu Dhabi bid amid global licensing reevaluation

Coinbase Signals Interest in UAE BaseIn further evidence of a contrast in progression relative to the approach taken to digital assets in the United States versus other world regions, US crypto exchange Coinbase is understood to be considering the United Arab Emirates (UAE) as a potential strategic hub for the company.Photo by Aleksandar Pasaric on PexelsCause and effectA number of weeks ago, while Gary Gensler of the Securities of Exchange Commission (SEC) was facing a grilling in a House Financial Services Committee hearing on Capitol Hill in Washington, Brian Armstrong of Coinbase put out a statement saying that if the regulatory approach to crypto in the United States didn’t change, then the company would choose to locate itself elsewhere.It hasn’t taken Armstrong long to act on that intention. Late last month, the digital assets platform took its first step outside the United States by securing a license to operate in Bermuda. In line with Armstrong’s earlier comments, the move was seen as a strategic action taken by the company to expand its operations on a global basis.Armstrong had warned that unless regulators in the US provided complete regulatory clarity in relation to the activities of cryptocurrency firms, then the innovation would quickly develop in offshore havens. Alongside the announcement of the license to trade in Bermuda, a blog article was published which indicated that the company was also in discussion with regulators in Abu Dhabi in the UAE with a view towards potentially obtaining a license to operate there.Blog articleFast forward to Sunday, with the publication of yet another blog article by the company, and it seems that the company is hinting at a much stronger likelihood of establishing a UAE base. The article outlines that over the course of the next week, the Coinbase founder and CEO and the company’s executive team are in the UAE to participate in a round of meetings with regulators, industry partners, policymakers, clients and web3/crypto founders.The article outlines that Armstrong would give a keynote at the Dubai Fintech Summit, while elaborating that “the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world.” In a recent interview with Bloomberg TV, the Coinbase CEO said that “we are looking for a home to set up an international hub that could serve the long tail of countries in the world.”At the Dubai Fintech Summit on Monday, Armstrong stated that the UAE “is leading the way regionally in crypto” and that it could be a potential international hub. He added: “I would say that the UAE’s approach has been more forward thinking than the US.”UAE crypto aspirationsThere’s no doubt that the UAE is trying to develop itself as a center for crypto and digital asset innovation. The country’s Prime Minister has said as much, declaring his intention to establish the Middle Eastern nation as a key player in the future of crypto. Both the Emirates of Dubai and Abu Dhabi have been proactive in working towards a digital asset regulatory framework, complete with a crypto licensing program in recent months.

BPMG launches competition platform GemPION for Web3 gamersBPMG, a South Korean Web3 platform developer, revealed the launch of GemPION. This platform, operated under BPMG’s gaming arm GemHUB and developed in collaboration with blockchain network Everscale, is designed specifically for competitive gaming. It offers users of its integrated games the opportunity to engage in tournament competitions or partake in various missions.Photo by Andrey Metelev on UnsplashDiverse competitive formatsOn the GemPION platform, gamers have the opportunity to participate in various competitive formats such as single-elimination tournaments, battle royales, or leaderboard challenges. The platform features both free-to-enter and paid competitions, with the latter offering larger prize pools. To maintain and increase user engagement, each game hosted on GemPION provides a variety of competitions, either through seasonal events or on an ongoing, all-year-round basis.Launch eventsIn celebration of its official launch, GemPION is organizing a series of events. From Nov. 18 to Dec. 16, a selection of games on GemHUB, including Number Shoot, Jelly Snake, Find Bird, Push Push Cat and Mayan Cryptex, will be highlighted in tournament competitions. These tournaments are set to occur every Saturday and feature a total prize pool of $3,500.The platform is offering 1,000 tickets for complimentary access to paid tournaments. These tickets are available on a first-come, first-served basis and can be obtained by users who apply the promotion code. Furthermore, users who invite friends to join the platform, either by completing certain missions or through the use of referral links, will receive additional incentives.GemPION is also preparing to launch more games, including Heroes9 with NFT, Jewel Dungeon Quest and Farm Raid Mission.Cha Ji-hoon, CEO of BPMG, stated that GemPION is a gaming system designed to elevate the immersive experience of users and increase their engagement. He highlighted that the system utilizes technology that is not only applicable to Web3 games but also to conventional games. Cha further shared his vision for GemPION, expressing his aspiration to broaden the gaming ecosystem. He plans to do this by introducing seasonal events and country-specific competitions, which will feature even larger prize pools.

Netmarble’s MARBLEX Secures Whitelist Approval for MBX Token in JapanSouth Korean gaming company Netmarble made an announcement today that its blockchain subsidiary, MARBLEX, has obtained whitelist approval for its governance token MBX in Japan. This marks a significant milestone for the project, opening up new opportunities for MBX’s utilization within the Japanese market.Photo by Eliobed Suarez on UnsplashCrypto listing in JapanIn Japan, crypto assets must undergo a rigorous review conducted by the Japanese Financial Services Agency (FSA) before being listed on crypto exchanges. Boasting its stability and reliability, MBX has become the first token from a Korean blockchain gaming project to be added to the Japanese whitelist of crypto assets.As part of its expansion plan, MARBLEX is in discussions with Zaif to arrange the listing of the MBX token on the Japanese crypto exchange in October.Utility expansion planMoon Jun-ki, Business Division Director of MARBLEX, expressed confidence in MBX’s competitiveness as a verified token. He highlighted MARBLEX’s strategy to introduce a token burn policy and expand the token’s utility, all aimed at establishing a sustainable and transparent ecosystem.These comments from Moon point to MARBLEX’s overhaul plan for MBX tokenomics. As a key step in this initiative, the blockchain firm burned 67% of its total 1 billion MBX distribution on July 19.