Singaporean takes helm at Binance as CZ steps aside

Parameta and Solbric Korea to Create First Solar Power Plant Security Token Platform in KoreaSouth Korean blockchain company Parameta (formerly known as Iconloop) said Tuesday it entered a business deal with Solbric Korea, a subsidiary of solar energy innovation company Next Solar Energy, to jointly establish the country’s first solar power plant security token platform that allows investors to make fractional investments in solar energy.Photo by Nuno Marques on UnsplashReceiving approval as an innovative financial serviceIn order to establish such a platform that designates solar power plants as underlying assets, they will jointly apply for a financial regulatory sandbox — a program introduced by the Korean government that offers a special and provisional regulatory exemption for financial services that have been recognized for their innovativeness.Once the platform is recognized under the sandbox as an innovative financial service, the two companies will work together on the issuance and distribution of security tokens.Expanding opportunities to invest in solar energyUltimately, Solbric aims to build a platform that brings security token technology to the solar power sector, which, until now, has presented limited investment opportunities for individual investors in Korea. It will allow them to trade securities and make small-scale, fractional investments in solar power plants.To do so, Solbric intends to leverage the knowledge and expertise of its parent company, Next Solar Energy — an experienced veteran in the solar plant industry.As its partner, Parameta will provide the necessary blockchain technology for constructing and managing the platform based on its security token offering service, Parameta S. This service uses tokens to allow fractional management of real-world assets (RWAs), making it easy to invest in and organize them. This offers more liquidity and flexibility compared to traditional investment methods.“We will focus on providing investment returns to platform users as well as the unique experience of owning various solar power plants,” said Kang Jae-won, the CEO of Solbric Korea.Increased institutional supportThis project is made possible by the recent upturn in institutional support from Korean financial authorities that allows more security token offerings. Last month, the Korean Financial Services Commission ultimately granted regulatory exemptions to several fractional investment firms that have successfully completed the business reorganization as requested by the regulator. The Financial Supervisory Service has also decided to allow fractional investment businesses to apply for investment contract securities.Taking advantage of this momentum, Solbric and Parameta plan to continually explore diverse business opportunities to establish their platform.“We are currently working with various specialized companies, including Solbric, to expand our security token businesses in various fields such as solar power plants, mobility, real estate non-performing loans, carbon emission rights, and electric vehicle batteries,” said Kim Jong-hyup, CEO of Parameta.

Several players across Asia and the Middle East have announced expansions into the stablecoin sector, aiming to capitalize on a market projected to double in size within the next two years. A notable example came from Hong Kong-listed OSL Group, which unveiled plans last week to introduce a new U.S. dollar-pegged stablecoin, USDGO. The token is scheduled to launch in the first quarter of next year with San Francisco-based Anchorage Digital serving as the issuer. According to OSL, the product is designed to comply with the recently passed U.S. GENIUS Act, a legislative framework establishing federal guidelines for stablecoins. The company stated that USDGO will be backed one-to-one by high-quality liquid assets, including U.S. Treasuries, and will undergo third-party audits to meet anti-money laundering (AML) and know-your-customer (KYC) standards. Anchorage Digital, notably the only digital asset company holding a U.S. national trust bank charter, will handle issuance, while OSL Group will manage branding and distribution. In Hong Kong, distribution is restricted exclusively to OSL Digital Securities Limited. The token will deploy first on the Solana blockchain, with expansion to other networks planned for the future.Photo by engin akyurt on UnsplashInfrastructure expansion in TaiwanTaiwan has also seen movement in the stablecoin space, with blockchain infrastructure firm OwlTing announcing its integration into the Circle Payments Network (CPN). The move allows the firm’s digital wallet, OwlPay Wallet Pro, to utilize stablecoin routing for cross-border transactions. OwlTing is currently targeting markets with high demand for cross-border payments, including Brazil, Nigeria, and the European Union. The company aims to secure a foothold in a global payments market that FXC Intelligence estimates is currently worth $194 trillion and could reach $320 trillion by 2032. As part of its regulatory footprint, OwlTing disclosed it holds Money Transmitter Licenses in 39 U.S. states, a Virtual Asset Service Provider (VASP) license in Europe, and a Bank API license in Japan. The firm is pursuing further regulatory approval in Hong Kong, Singapore, and Latin America. Adoption in the UAEIn the Middle East, state-owned telecommunications giant e& UAE signed a strategic memorandum of understanding (MoU) with Al Maryah Community Bank, according to Khaleej Times. The agreement focuses on enabling payments via AE Coin, the UAE’s first central bank-licensed, dirham-backed payment token. Ramez Rafeek, General Manager of AED Stablecoin LLC, stated that the initiative aims to create a "regulated, transparent, and instant stablecoin framework" for daily transactions. The collaboration supports the UAE’s broader Digital Economy Strategy, designed to transition the nation toward a cashless society. Stablecoins projected to reach $750BThese regional developments come as the global stablecoin market continues to expand. According to data from RWA.xyz, total stablecoin market capitalization, including major tokens such as USDT and USDC, stands at roughly $300 billion, reflecting a 1.17% increase over the past 30 days.Analysts anticipate continued expansion. In a September research note, Teresa Ho, Head of U.S. Short Duration Strategy at J.P. Morgan, projected the market could reach between $500 billion and $750 billion within the next two years. Other market reports offer more aggressive forecasts, suggesting valuations could top $2 trillion by the end of 2028.

HashKey Group, the operator of one of Hong Kong's two licensed crypto exchanges, declared its newfound unicorn status on Tuesday, having successfully raised nearly $100 million in a recent funding round.Photo by Markus Winkler on UnsplashSeries A funding roundThe term "unicorn" denotes privately held companies valued at $1 billion or more, reflecting the remarkable achievement for HashKey in the rapidly evolving crypto landscape. With a valuation now surpassing $1.2 billion, HashKey positions itself as a major player in the crypto space within East and Southeast Asia. It’s leveraging its activities that span trading platforms, venture funding, wealth management and asset management in key locations like Hong Kong and Singapore. Its Singapore arm was awarded a capital markets license by the local regulator in December. Undisclosed investorsThe fundraising initiative was first reported in May of last year and later announced by HashKey in August. It attracted contributions from both existing and new investors. While the company refrained from divulging specific investor names, it referred to them as "prominent institutional investors" and "leading Web3 institutions," signaling a mix of established entities and those already at the forefront of Web3 innovation. It was previously disclosed that the company has been backed by the support of OKX Ventures, the investment arm of the well-known OKX digital asset exchange. The funds secured will serve a dual purpose – fostering the development of a robust Web3 ecosystem and supporting licensed products in Hong Kong. HashKey's diverse business arms, including asset management, a blockchain node validation service, a tokenization service, and a Web3 incubation arm, are set to benefit from the fresh capital infusion. The allocation of funds towards these ventures aligns with HashKey's strategic vision to contribute significantly to the evolving crypto ecosystem. Hong Kong hubHong Kong, eager to establish itself as a digital asset hub, has been the backdrop for HashKey's growth. The city's dedicated virtual-asset regulatory framework, introduced in June, aims to attract companies while prioritizing investor protection. Under this framework, retail investors can trade major tokens such as Bitcoin and Ether on licensed exchanges, with HashKey Exchange and BC Technology Group Ltd.’s OSL currently leading the way. Despite the optimism surrounding Hong Kong's potential as a crypto hub, uncertainties linger. The city's ability to support multiple crypto exchanges and the long-term commitment of officials to the sector remain open questions, given its susceptibility to occasional scandals. Since commencing its retail trading service in late August, HashKey Exchange has garnered over 155,000 registered users. The platform's 24-hour spot trading volume is estimated at approximately $11 million, according to CoinMarketCap data as of this writing. While this figure may pale in comparison to Binance, the world's largest crypto platform, HashKey's focus on building a resilient and user-friendly ecosystem positions it as a strong contender in the crypto industry's ongoing evolution. The successful funding round and unicorn status attained by HashKey underscore the renewed optimism in the crypto venture capital landscape. Following a market slump in 2022 and various challenges faced by crypto startups, the recent resurgence in token prices has reignited hopes for a more favorable venture capital outlook.