Alchemy Pay scores second money services license in United States

Intella X Partners With Aptos Foundation to Accelerate Growth of Web3 GamingIntella X, the Web3 blockchain gaming platform developed by Neowiz, a South Korean gaming company, has forged a strategic partnership with the Aptos Foundation, an esteemed layer-1 blockchain entity.Photo by Shubham’s Web3 on UnsplashAptos’ expansion in KoreaDedicated to nurturing the growth and advancement of the Aptos Network, a community-centric layer-1 network, the Aptos Foundation operates grant programs designed to expedite the expansion of the Aptos ecosystem. Seizing this collaboration as a valuable opportunity, the foundation envisions expanding the network’s presence in the Korean gaming market.These two entities will be collaborating across various technological and business domains, with the goal of enhancing the Intella X ecosystem and fostering the success of its Web3 projects.Empowering newcomers in Web3Intella X’s mission revolves around establishing an accessible platform that guides newcomers into the Web3 landscape. Beyond its gaming offerings, Intella X stands as a decentralized exchange, NFT launchpad, and NFT trading platform.On the global stage, Intella X has taken proactive strides to amplify its ecosystem’s reach. Among its notable achievements is a recent alliance with Yield Guild Games (YGG), a DeFi-powered gaming guild boasting a user base of over 450,000 worldwide. The cooperation between these entities will delve into the integration possibilities of YGG’s soulbound reputation tokens into Intella X Wallet (IX Wallet), the dedicated Web3 wallet for the Intella X platform.

Japanese Crypto Exchange Zaif Adds KLAY/JPY and KLAY/BTC Trading PairsJapanese cryptocurrency exchange Zaif added the KLAY token to its list of supported cryptocurrencies on August 16. Following in the footsteps of BITPoint Japan, which introduced KLAY trading in August 2022, Zaif has become the second trading platform in Japan to facilitate the trading of the KLAY token.Zaif’s inclusion of KLAY presents traders with the opportunity to engage with the token using the Japanese yen and Bitcoin (BTC). With this addition, the total number of tokens hosted on Zaif’s platform has now reached 21, bolstering its diverse selection.Photo by Nicholas Cappello on UnsplashKLAY’s path to Green ListKLAY presently requires an additional listing on a Japanese cryptocurrency trading platform to fulfill the requirements for being included in the “Green List” of the Japan Virtual and Crypto Assets Exchange Association (JVCEA). Cryptocurrencies that have achieved green-listed status are exempt from undergoing individualized approval procedures across various exchanges. As stipulated by the JVCEA’s criteria for the Green List, a virtual asset must be featured on a minimum of three member exchanges and exhibit a trading track record of no less than six months on one of these select platforms.As of August 8, the number of green-listed virtual assets is 25, including prominent cryptocurrencies such as BTC, Ether (ETH), and Bitcoin Cash (BCH).Zaif’s upcoming listing of MBXAlong with this development, Zaif is reportedly engaged in discussions with MARBLEX, a blockchain subsidiary belonging to South Korean gaming giant Netmarble. The aim of these talks is to list MBX, the native token of MARBLEX, on the Japanese exchange in October.KLAY is the native token of the Klaytn blockchain, which was created by GroundX, a blockchain-focused arm of Kakao. Kakao is a South Korean tech giant recognized for its widely used messaging app, KakaoTalk. The company has also been expanding its presence in Japan through its subsidiary, Kakao Piccoma, which operates an online comics platform called Piccoma.

Kazakhstan shuts out 980 non-compliant crypto exchanges in 2023Kazakhstan has implemented stringent measures in 2023 when it comes to regulating the crypto sector, resulting in the closure of 980 crypto exchanges that failed to comply with government regulations.That’s according to a press release published by the Central Asian country’s Financial Monitoring Agency (FMA), the state entity responsible for anti-money laundering (AML) policy. These measures, taken over the course of the year, were highlighted during the 39th Plenary Week of the Eurasian Group (EAG) in the resort city of Sanya, in Hainan province in China.Photo by Kuralbek Djumagaziev on UnsplashCombating money laundering threatsThe seminar served as a platform for participating countries to exchange experiences, with an emphasis on leveraging advanced technologies, including artificial intelligence, to effectively combat emerging threats related to money laundering and terrorist financing. The Kazakhstani delegation played a leading role in discussions on virtual assets.Ruslan Ostroumov, the Head of Kazakhstan’s Financial Monitoring Agency, showcased the country’s legislative regulations and robust measures to combat the illegal turnover of digital assets. Ostroumov reported the blocking of 980 illegal cryptocurrency exchange platforms in the current year. Additionally, nine investigations into illegal exchange operations, amounting to $36.7 million, have been initiated, accompanied by ongoing preventive measures.Registration process complexityWhile the seminar’s organizers commended Kazakhstan for its proactive stance against financial crimes in the virtual assets space, the country’s crypto laws have added complexity to the registration process for exchanges.In November, the Kazakhstani authorities blocked local access to the Coinbase website due to potential violations of the country’s digital asset legislation. This decision aligned with the law on digital assets, effective since February 2023, which prohibits the issuance and trading of digital currencies and cryptocurrency exchange businesses without proper licensing.While challenges remain for crypto platforms within Kazakhstan, some have been successful in their efforts. In May, crypto derivatives trading platform Bybit was successful in gaining approval to offer its services within the country. Binance followed suit in June, securing preliminary approval. Other platforms such as CaspianEx, Biteeu, ATAIX, Upbit, Xignal and MT have been granted permission to conduct trade in Kazakhstan.In December 2020, Kazakhstan formally legalized cryptocurrency mining, and on May 6, 2021, the National Bank of Kazakhstan announced plans to issue a “digital tenge,” their version of a central bank digital currency (CBDC). Various CBDC-related projects have followed. In September, the National Payment Corporation, an entity which will be responsible for CBDC development, was launched. The same month, the National Bank of Kazakhstan entered into a collaboration with financial messaging service SWIFT to work on an interoperable CBDC connector.For the most part, these comprehensive regulations and the issuance of a CBDC signify Kazakhstan’s broader acceptance and adaptation to the cryptocurrency landscape. Authorities internationally are trying to find a balance between adequate regulation and enabling innovation to take place. Kazakhstan is no exception, and with that, there are bound to be challenges as regulatory frameworks are optimized and tweaked along the way.