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Hong Kong Authorities Block Access to JPEX Amid Ongoing InvestigationDubai-headquartered crypto exchange JPEX has been under intense scrutiny in Hong Kong over the course of the past week due to issues experienced by Hong Kong users in withdrawing funds from the platform. In the most recent twist to the saga, authorities in the Chinese autonomous territory have now blocked access to the JPEX website and mobile application.Photo by Tao Yuan on UnsplashCutting off service accessThe firm published a statement on Wednesday, outlining this latest sanction, while protesting that the move had been unreasonable. It appears that the authorities requested local telecommunications providers to block access to the company’s online platform.The measure follows ongoing enforcement actions initiated by local law enforcement agencies, which have led to the detention of at least 11 individuals and the seizure of assets related to the case. The scandal has also had implications for the crypto sector as a whole, as local regulators are now looking once more at regulation and determining if there’s a need to tighten regulatory measures as a consequence of JPEX’s failings in Hong Kong.VPN recommendationIn its statement, JPEX stated:“Since September 13, 2023, the SFC [Securities and Futures Commission] has suddenly made a series of accusations against our platform’s operating model and promotional methods, which we vehemently resent as they were made without investigation or review.”In response to the blocking of their platform, JPEX has encouraged users to utilize virtual private network (VPN) services to access their services. The exchange sought to reassure its user base, stating: “Here, we strongly reiterate that, even in the face of such oppression and unfair treatment, our platform will continue to operate as usual. Users can log into our mobile application or operate on our web version using VPN applications like Surfshark.”The investigation into JPEX was initiated following warnings from the SFC regarding false or misleading statements made on social media by crypto influencers and the trading platform relative to a trading license application.On Sunday, JPEX announced that it had suspended certain operations and increased withdrawal fees due to an ongoing liquidity crisis, triggering an influx of complaints from users. As of Monday night, the police had received a total of 1,641 complaints, with claims amounting to approximately HK$1.19 billion ($152 million) in assets involved, as revealed during a police briefing on Tuesday.DAO Stakeholders Dividend PlanIn response to these developments, JPEX unveiled plans for a “DAO Stakeholders Dividend Plan.” Under this initiative, JPEX users will have the opportunity to convert their assets on the platform into DAO stakeholder dividends at a 1:1 ratio.The exchange intends to distribute 49% of the DAO Stakeholder dividends, with an estimated total value of approximately 400,000,000 USDT available for subscription and conversion. Additionally, JPEX plans to offer repurchase options one year and two years after the program’s launch.New users who subscribe to the DAO stakeholder dividends will enjoy double payouts, and they will not be required to bear all the operational responsibilities of the platform. This move is seen as an attempt by JPEX to address the concerns of its user base and navigate the challenges it currently faces.The situation surrounding JPEX remains fluid, with ongoing investigations and regulatory actions continuing to unfold.

Wemade Partners with Katnappe to Bring Arcade Game to Blockchain PlatformSouth Korean blockchain game developer Wemade has entered into a partnership with Katnappe sp. z o.o. to introduce Hoomeez, a multiplayer casual arcade game from the Poland-based indie game publisher, onto Wemade’s blockchain gaming platform, WEMIX PLAY.Hoomeez has been developed by Sourena Games Studio and is made accessible to players worldwide through Katnappe, which was established in 2008.Photo by Shubham Dhage on UnsplashAddition of casual gamesThanks to this partnership between these two entities, users of WEMIX PLAY will now have the opportunity to engage in casual games like racing, ball games, hazard elimination, and coin collection, using cartoon avatar Hoomie, and compete with friends from around the world.Through collaborations with game companies across North America, Europe, and Asia, Wemade has been strengthening the competitiveness of WEMIX PLAY, and its commitment extends to acquiring a broader range of games encompassing various genres.Omnichain network developmentWemade’s global collaborations extend beyond the realm of gaming and encompass the development of the Web3 ecosystem. Recently, Wemade’s WEMIX Foundation forged a strategic partnership with oracle solutions provider Chainlink Labs in order to establish an omnichain network named the Unbound Networking and Accelerating Growth Initiative (Unagi). Blockchain oracles allow developers to bring data from off-chain sources onto the blockchain.In this collaborative effort, the two companies will implement the Chainlink Cross-Chain Interoperability Protocol (CCIP) into Unagi’s core engine, unagi(x). The integration of CCIP will facilitate the creation of a decentralized omnichain messaging protocol, enhancing the ability to conduct swift and secure transactions between on-chain and off-chain systems.Furthermore, Chainlink Labs will become the inaugural member of the Certified Organizations for Unagi Round Table (COURT), a group dedicated to advancing technological research and development with the aim of nurturing a sustainable omnichain ecosystem.Leveraging the support of Unagi, the WEMIX Foundation is working towards connecting diverse blockchains to construct an extensive Web3 ecosystem. Additionally, the foundation is committed to an ongoing recruitment drive for global partners, seeking to expand the ranks of COURT members in pursuit of technological innovation.Sergey Nazarov, the co-founder of Chainlink Labs, shared his excitement about collaborating with Wemade to further the widespread adoption of Web3 games. He mentioned that Chainlink’s CCIP will open new horizons for unagi(x) in the blockchain sphere and help it secure interoperability between different blockchain networks.Henry Chang, CEO of Wemade, resonated with this perspective. He emphasized that their partnership stems from a mutual goal of advancing technological innovation and shaping the blockchain’s future. Chang expressed that Chainlink’s CCIP will bolster the Korean company’s efforts in enhancing its user-centric Web3 gaming platform.

Hong Kong’s Development as Crypto Hub May Soften Chinese Stance on CryptoHong Kong is making waves in the crypto sector that could potentially signal a shift in China’s attitude toward digital assets. That’s a theory that has been given consideration by crypto analytics firm Chainalysis in a recently released report highlighting Hong Kong’s crypto transformation and suggesting a growing tolerance for crypto within China’s corridors of power.Photo by farfar on UnsplashOTC trade showing resilienceDespite China’s stringent regulations and the ongoing crypto market downturn, Hong Kong’s over-the-counter (OTC) crypto market has demonstrated remarkable resilience, with a transaction volume of $64 billion in the past year. While this is slightly less than China’s $86.4 billion, it’s a noteworthy achievement considering Hong Kong’s smaller population and the challenges facing the crypto industry.The close relationship between China and Hong Kong has led some industry commentators to speculate that Hong Kong’s rise as a crypto hub could indicate a shift in China’s stance on digital assets.The crypto-friendly environment in Hong Kong has not gone unnoticed. Merton Lam of Crypto HK, an OTC digital asset trading center in the city, notes that cryptocurrencies have become an integral part of investment portfolios for banks, private equity firms, and high-net-worth individuals in the region. Even Chinese state-owned businesses are launching cryptocurrency-focused investment funds.Hong Kong cornering institutional tradeWhat sets Hong Kong apart in the crypto landscape is its proficiency in large institutional crypto transactions, with 46.8% of its annual crypto trades exceeding $10 million. In contrast, retail trades under $10,000 accounted for just 4% of the city’s crypto volume, slightly below the global average of 4.7%. This institutional dominance distinguishes Hong Kong from other Asian regions.For comparison, South Korea heavily relies on retail trading on centralized exchanges, while Japan maintains a transaction breakdown that aligns closely with global trends, balancing centralized exchanges with DeFi protocols.A cautionary noteHowever, Dave Chapman of OSL Digital Securities offers a note of caution, suggesting that Hong Kong’s promotion as a crypto hub might be more exploratory, aimed at gaining a better understanding of digital assets without significantly loosening mainland policies.Despite the uncertainties, Markus Thielen, Head of Research and Strategy at Singapore’s Matrixport, believes that Hong Kong is acting as a “testing ground” for broader cryptocurrency adoption in China. The city’s unique position makes it an attractive destination for the crypto asset management industry, setting it apart from other jurisdictions that often view crypto firms as service providers rather than end-users.Hong Kong’s progress is particularly noteworthy when considering the broader context of East Asia’s crypto market. Chainalysis analysis reveals that East Asia’s share of crypto transaction value dropped from around 30% in 2019 to less than 10% by the second quarter of 2022 due to China’s crypto bans. Hong Kong’s recent surge could potentially act as a “tailwind” to reignite crypto activity in the region.The evolving relationship between the mainland and the autonomous territory of Hong Kong may hold the key to understanding the future of cryptocurrency in the region.