KuCoin affiliate applies for license in Hong Kong amid identity mix-up

Dubai approves crypto license for climate-friendly Web3 startupIn a move that shows some potential towards fostering sustainable innovation within the crypto space, Dubai’s Virtual Assets Regulatory Authority (VARA) has granted a conditional license to Web3 Innovations FZE, which trades as “AYA.”Licensed subject to fulfilling conditionsAYA is the Dubai-based subsidiary of Singapore-headquartered Web3 launchpad, incubator and advisory service, Enjinstarter. The license will enable AYA to offer management and investment services related to crypto assets. However, the license remains non-operational at the moment, as it has been awarded subject to the fulfillment of specific conditions outlined by VARA. The conditional license, awarded on Tuesday, has significance as it is indicative of a commitment from the Dubai authorities to supporting environmentally conscious initiatives in the Web3 ecosystem.The license awaits full compliance with VARA’s stipulated conditions and select localization requirements. Enjinstarter’s AYA platform will undergo further regulatory verification and approval once these prerequisites are met, as stated in the official announcement:“The license remains non-operational until the company fully satisfies all remaining conditions and select localization requirements defined by VARA.”Dubai ‘obvious choice’Back in October, Enjinstarter confirmed Dubai as the chosen location for its AYA platform. At the time, Enjinstarter MENA’s Managing Director, Vasseh Ahmed, described it as the “obvious choice.” Vasseh stated:”No other jurisdiction provides the regulatory clarity and sustainability focus we are looking for. Beyond that, there is a palpable sense of action here, specifically in terms of real-world asset regulation and climate action.”Prakash Somosundram, the co-founder and CEO of Enjinstarter and the AYA Foundation, expressed the company’s dedication to adhering to the regulatory process outlined by VARA.Photo by Qingbao Meng on UnsplashClimate-focused launchpadAYA stands out as a climate-focused launchpad, championing sustainability through initiatives such as reforestation, nature credits, mangrove conservation and sustainable agriculture. Beyond its role as a finance platform for green initiatives, AYA actively supports climate action projects, leveraging blockchain and Web3 infrastructure.As AYA works towards fulfilling VARA’s operational license requirements, the company has also unveiled a collaboration with The Storey Group based in the United Arab Emirates (UAE). This joint effort aims to plant mangroves in Dubai, reinforcing AYA’s commitment to combating climate change. Vasseh Ahmed, Managing Director of Enjinstarter MENA, emphasized the company’s mission:“We are looking to work with founders and projects that have a unique proposition within our key focus areas by helping them build their product narrative, raise capital, and launch their projects.”In a recent interview, Deepa Raja Carbon, Managing Director and Vice Chair at VARA, highlighted the regulator’s agile and collaborative approach. VARA remains committed to responding swiftly and effectively to market needs by engaging in conversations with industry leaders, innovators, peer regulators and legislators. Carbon emphasized the comprehensive and market-aligned guidelines crafted in collaboration with Dubai’s established entities, ensuring a unified framework for the evolving crypto landscape.Dubai’s move to grant a conditional crypto license to AYA appears to reflect a forward-thinking approach, aligning with global efforts to integrate sustainability into the rapidly evolving Web3 and crypto ecosystem.

Amber Group Targets Trust in Web3 Via Thoughtworks PartnershipSingapore-based Amber Group, a leading digital asset service provider in crypto-related infrastructure, products and trading, has announced a partnership with global technology consultancy Thoughtworks.© Pexels/Palu MalerbaAI-led product offeringThe strategic partnership has been formed between the two entities in an effort to develop innovative security solutions that can enhance transparency and trust in Web3. It’s envisaged that in meeting this objective, product development will rely heavily on artificial intelligence-based technology.In a press release on Wednesday, Amber Group’s Head of Web3 Security, Dr. Chiachih Wu, said that the partnership allows the firm to provide its clients with “even more comprehensive and cutting-edge security solutions, such as automated software testing and AI-powered vulnerability detection.”Leveraging software design and security expertiseSong Zhang, Global Service Lines Lead at Thoughtworks believes that in order to advance the development of a next-gen internet, Web3 has to use “sophisticated engineering practices and scientific methods to address crucial issues caused by decentralization.” Zhang cites issues such as compliance, privacy and security. He believes that through the collaboration both firms can contribute to leverage their respective software design and security expertise, and in that way, tackle these challenges.“By using new technology and tools, we aim to create applications and new standards that promote the construction of a healthy, transparent, open, inclusive and responsible Web3 ecosystem,” he stated.Strategic realignmentThis is not the first strategic departure Amber Group has taken recently. Earlier this month the Singapore-based firm was said to be mulling over the sale of its Japanese crypto lending subsidiary. It’s understood that the proposed move would help the company to streamline its operations and focus on its core markets.Launched in 2018 as a joint venture with Japanese financial services conglomerate SBI Group, the Amber Japan crypto lending business had failed to gain traction in a difficult Japanese market.The firm acts as a liquidity provider, miner and validator on over 70 digital asset exchanges, applications and networks. Earlier this year it took the decision to cut headcount, in the process reducing staffing at its Hong Kong office by 40. Last December the firm shuttered WhaleFin, its crypto exchange business.The collapse of crypto exchange FTX in November 2022 had a knock-on effect on some of the firm’s products and customers. 10% of its trading capital was held with FTX when the exchange collapsed. Additionally, a number of the firm’s products would have experienced significant drawdowns without the company taking action. In response, Amber raised $300 million in a Series C funding round to overcome that challenge.Those events are likely to have been key in terms of the company subsequently taking a strategic approach of focusing on core business operations and partnerships like this one that it has just announced with Thoughtworks. Undeterred by the challenges, the company still focuses on becoming a category leader in the industry.

Remixpoint, a publicly listed Japanese company that develops and sells energy management systems, is adding 500 million yen, around $3.2 million, in Bitcoin to its corporate treasury.Photo by Traxer on UnsplashBitcoin buying motivationsThe firm outlined details of the planned purchase in a statement published on Nov. 25, following a meeting of the firm’s board of directors. Remixpoint justified its decision to purchase Bitcoin in light of widespread uptake by institutional investors of spot Bitcoin exchange-traded funds (ETFs) which were launched in the United States in January. It suggested that there had been an uptick in holdings of the leading digital asset by corporations. Remixpoint cited the increase in the Bitcoin unit price since the Bitcoin halving event earlier this year, together with a positive outlook for the asset following a presidential election victory by Donald Trump in the U.S., as motives for the company to come to the decision to purchase Bitcoin. However, this is not its first crypto purchase. The company first started to buy Bitcoin, as well as five other cryptocurrencies, in September, suggesting at the time that digital assets provided the company with a mechanism to diversify its holdings at a time when the value and buying power of the Japanese yen had been weakening.  Including its latest announcement, Remixpoint has worked up total crypto investments to the value of 3.5 billion yen. According to Japanese crypto media publication Coinpost, on Nov. 20 the company held 215.76 Bitcoin (BTC), 9,674 Solana (SOL) and 228 Ether (ETH), with the remainder of its crypto portfolio consisting of Avalanche (AVAX), Dogecoin (DOGE) and Ripple (XRP). Unrealized gainsThe company is understood to be sitting on unrealized gains of approximately 810 million yen, given that Bitcoin has appreciated in value by around 68% since the beginning of September, with all other cryptocurrencies within Remixpoint’s portfolio having experienced unit price increases during that period also.  In its latest statement, the company advised that while gains and losses related to its crypto portfolio had not been included within its latest consolidated earnings forecast, it will disclose any significant crypto gain or loss in the future if its deemed to have had a significant impact upon consolidated results. Bitcoin corporate treasury adoptionThe Japanese energy management firm has taken its place in a growing list of corporations that have put Bitcoin on their balance sheets in recent weeks. Earlier this week, it emerged that North American video streaming and cloud platform Rumble had made plans to allocate $20 million in excess cash reserves to the acquisition of Bitcoin. The following day, Jiva Technologies, a Canadian Securities Exchange (CSX)-listed online wellness community builder, approved a $1 million Bitcoin purchase for its treasury. Last week U.S. e-commerce platform LQR House approved the purchase of $1 million in Bitcoin as part of its treasury management strategy. Furthermore, the company committed to retaining up to $10 million in Bitcoin from crypto payments received via its CWSpirits.com platform. In the same week, AI-powered education company Genius Group established a Bitcoin treasury, acquiring 110 Bitcoin. In the same week, Cosmos Health, a Nasdaq-listed pharmaceutical company, announced that it was adding Bitcoin and Ethereum to its balance sheet as hedges against inflation and as a diversification mechanism.