Com2uS’ partnership with Thailand’s SHIN-A to boost Web3 gaming presence in Southeast Asia

Hong Kong Launches Web3 InstituteThe Institute of Web3 Hong Kong has recently been established with the aim of promoting and developing Web3 technologies, including blockchain and other decentralized technologies. That’s according to a report that was published by the Hong Kong China News Agency (HKCNA) last week.©Pexels/Zetong LiPromoting Web3 developmentThe Institute of Web3 Hong Kong aims to promote the development of Web3 technologies by providing education, research, and development support to individuals and organizations interested in these technologies. It will also serve as a platform for collaboration between different stakeholders in the Web3 ecosystem, including developers, entrepreneurs, investors, and regulators.The institute is being led by Joseph Yam, the former Chief Executive of the Hong Kong Monetary Authority (HKMA), and is expected to play a key role in the growth and development of Web3 in Hong Kong and beyond.Yam is well-known for his expertise in financial regulation and has been a strong advocate for the adoption of blockchain technology in the financial industry. In his new role as the head of the Institute of Web3 Hong Kong, he is expected to use his experience and knowledge to promote the adoption of Web3 technologies in Hong Kong and the wider Asia-Pacific region.Developing financial centerThe establishment of the Institute of Web3 Hong Kong is seen as a significant development in the growth of the Web3 ecosystem in Hong Kong. Hong Kong is already known for its strong financial industry, and the adoption of Web3 technologies could further enhance the city’s position as a leading financial hub in the region. The institute’s focus on education and research will also help to develop a skilled workforce that can support the growth of the Web3 industry in the future.The institute is expected to work closely with the Hong Kong government and other stakeholders to create a regulatory framework that supports the growth and development of Web3 technologies. This is important, as regulatory uncertainty is often cited as a barrier to the adoption of blockchain and other decentralized technologies.Precursor to investmentThe establishment of the Institute of Web3 is also expected to attract more investment in the Web3 industry in the region. The institute’s focus on education and research will help to create a favorable environment for startups and other organizations that are developing Web3-based applications.While China has not been a crypto-friendly region in recent years, there are increasing signs that Chinese officials are content to see Hong Kong develop as a hub for Web3-based technologies while keeping the sector under much stricter control within mainland China. Chen Dong, Deputy Director at the Liaison Office of the Central People’s Government in Hong Kong has publicly praised Hong Kong’s push to become a regional center for Web3 innovation. Meanwhile, Li Feng, the Chairman and CEO of China Mobile, has been installed as the non profit’s honorary chairperson.The establishment of the Institute of Web3 Hong Kong is a significant development in the growth and development of Web3 technologies in the Asia-Pacific region. The institute’s focus on education, research, and collaboration will help to promote the adoption of Web3 technologies and create new business models in various industries. With the leadership of Joseph Yam, the institute is expected to play a key role in the growth of the Web3 ecosystem in Hong Kong and beyond.

OSL Group, a Hong Kong-based publicly listed digital asset exchange platform, has raised $300 million to finance further expansion of the business.Photo by Towfiqu barbhuiya on UnsplashLargest publicly disclosed crypto equity raise in AsiaIn a press release published on July 25, the company claimed that it has completed the largest publicly disclosed equity raise to date within Asia’s digital asset sector. It suggested the funding signaled market confidence in the digital asset business model that the firm is pursuing.  OSL intends to allocate the funding across three primary areas. Acquisition opportunities are one core area the company plans to home in on. It says that it will continue its “aggressive global expansion drive” through a combination of licensing, partnerships and acquisitions.  As part of its global expansion strategy, last month the company acquired a 90% stake in Evergreen Crest Holdings, an Indonesian crypto exchange operator. In February, it rebranded CoinBest, a Japanese crypto exchange, as OSL Japan after acquiring it late last year. Stablecoin initiativesOSL plans to pursue new global business initiatives, including initiatives related to stablecoins and payments. It stated that it will accelerate its “build-out of global business and payment networks, integrating fiat currencies, stablecoins, and major digital assets.” The company feels that investment in infrastructure of this nature will facilitate its institutional and enterprise clients, giving them access to “secure, efficient, and seamless cross-border payment solutions.” The third core area it will allocate funding to is working capital. OSL believes that enhancing the strength and depth of its working capital will give the firm a competitive advantage over its rivals in terms of reach, coverage, scale and volume. The company’s Chief Financial Officer (CFO), Ian Wong, commented on this latest development, stating: "This US$300 million equity raise marks a major milestone in our journey and reflects strong conviction in OSL's digital asset strategy and execution.” OSL is already well established as a key player in the digital assets space in Hong Kong. Founded in 2003 as BC Technology Group, it later rebranded and in 2018 the company expanded its services to cater to the digital assets sector. In 2023, OSL, alongside rival HashKey, became the first digital assets companies in the Chinese autonomous territory to be licensed by the Securities and Futures Commission (SFC). Supporting spot crypto ETF issuersOSL supports asset management firms that have listed Bitcoin and Ether exchange-traded funds (ETFs) on the Hong Kong Stock Exchange (HKEX), through its staking and digital asset custody infrastructure. In April, the company was approved by the SFC to offer Ethereum staking services. In July 2024, the company claimed that 88% of spot digital asset ETF trading in Hong Kong had been carried out by firms that it has partnerships with. The timing of the announcement of this latest development is interesting, given that one of the focuses for the funds raised is to develop stablecoin-related business, against a backdrop of Hong Kong’s new Stablecoins Ordinance coming into effect in less than a week from now.Bloomberg reported last week that around fifty companies have expressed interest in obtaining stablecoin licensing in the city, with the local regulator and central banking institution, the Hong Kong Monetary Authority (HKMA), likely to issue ten licenses. 

Incheon Empowers Korean Blockchain Startups with Binance and Undefined Labs as Accelerator OperatorsIncheon Technopark (ITP), a public organization dedicated to promoting startup growth in Incheon, South Korea, has revealed the selection of two accelerator program operators to support ten blockchain ventures. This joint effort between ITP and Incheon Metropolitan City aims to nurture blockchain startups and establish Incheon as a thriving blockchain hub.Photo by Shubham Dhage on UnsplashTwo operatorsA consortium consisting of Web3 gaming studio Ret Games, on-chain risk rating solution developer Undefined Labs, and global cryptocurrency exchange Binance will join forces as a single operator. Venture capital firm Nanuhm Angels will participate as the other operator. Each blockchain venture enrolled in the accelerator program will receive support worth 20 million KRW ($15,000) from one of the two accelerators. The application window will run from June 28 to July 21.Support contentUndefined Labs will provide comprehensive insights into the blockchain industry, covering technology, market trends, and use cases. Binance will offer consultations on business modeling and marketing strategies. Ret Games will share its expertise in developing blockchain services. Meanwhile, Nanuhm Angels will enable participants to test their business models by granting them access to Rotonda’s launchpad. Rotonda is a subsidiary of the Korean crypto exchange Bithumb and operates the Web3 Burrito Wallet.In a recent tweet, Jo Dong-hyeon, the founder of Undefined Labs, expressed his enthusiasm for assisting other companies in entering the blockchain industry.