BIONES partners with Bithumb Burrito Wallet for integrated service development

Bybit Suspends UK Services Due to New Marketing RegulationsDubai-based crypto exchange Bybit has taken the proactive decision to suspend services in the UK market ahead of the impending implementation of new cryptocurrency marketing regulations by the Financial Conduct Authority (FCA).Photo by Nick Fewings on UnsplashNew marketing rulesThe FCA is set to enforce these rules starting next month, marking a significant shift in the regulatory landscape for crypto businesses operating in the United Kingdom. In an official announcement published on its website on Friday, Bybit stated: “In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses as outlined in the June 2023 Policy Statement (PS23/6) entitled ‘Financial Promotion Rules for Crypto assets,’ Bybit has made a choice to embrace the regulation proactively and pause our services in this market.”Efforts to remainLast week, there had been speculation that the crypto exchange platform would be exiting the UK market. However, Bybit responded on September 14, stating that it intended to maintain its presence in the UK over the long term.Clearly these new rules are proving to be an insurmountable challenge for the exchange platform, given its more recent decision to pause its services. The new rules aim to introduce a cooling-off period for first-time investors, with the ultimate goal of enhancing the transparency and accuracy of crypto product marketing.Their implementation has drawn criticism from within the industry. On Thursday, Nic Carter, Co-Founder of blockchain data aggregator Coinmetrics.io and Partner at Web3-focused venture capital firm Castle Island Ventures, shared his thoughts on the new regulations via X (formerly Twitter): “I have a hard time taking the UK seriously as a domicile for crypto companies based on their completely ludicrous advertising law — clown country.”Withdrawal timelineBybit has outlined a timeline for its withdrawal from the UK market. Starting from October 1, the exchange will no longer accept new user account applications from UK residents.Subsequently, on October 8, coinciding with the enforcement of the new regulations, existing UK users will no longer be able to “make any new deposits, create new contracts, or increase any of their existing positions for all products and services.” However, users will retain the ability to reduce or close their positions and withdraw their funds from the platform.Bybit has set a final deadline of January 8, 2024, for UK customers to manage and wind down their remaining positions. Any positions left open after this date will be automatically liquidated, with the resulting funds made available for withdrawal.While the duration of Bybit’s suspension in the UK remains uncertain, the exchange has expressed its commitment to aligning with UK regulatory requirements in the future. Bybit stated: “The suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future.”Bybit is not the only crypto exchange affected by the UK’s regulatory changes. Other major platforms, including OKX and Binance, are reassessing their strategies in response to the FCA’s stringent guidelines. The new rules have broad implications, with even having a website accessible to UK customers potentially being considered a promotional activity.

XRP, the native asset of the XRP Ledger (XRPL), a blockchain network developed by Ripple Labs, is destined for further institutional adoption in Asia due to the launch of the region’s first XRP tracker fund. Crypto-focused institutional asset manager HashKey Capital recently announced the launch of its HashKey XRP Tracker Fund, which has been devised to track the performance of what is the world’s fourth-largest crypto asset by market cap, after Bitcoin (BTC), Ether (ETH) and U.S. dollar stablecoin Tether (USDT).Photo by Kanchanara on UnsplashEnabling institutional accessThe fund enables investors to gain exposure to XRP without having to take direct ownership and custody of the digital asset. Bitcoin and Ethereum exchange-traded funds (ETFs) have become popular in a number of markets, including the United States, as they allow institutional investors to gain exposure to these digital assets where they may have been uncomfortable with direct ownership due to concerns around custody and counterparty risk or regulatory concerns. According to HashKey’s press release, investors can buy into the fund through cash or in-kind subscription and subscribe or redeem shares monthly. The fund will be measured and compared against a benchmark index provided by CF Benchmarks, a provider of crypto-related indices. HashKey Partner Vivien Wong acknowledged the potential that XRP has in the market, stating:“XRP stands out as one of the most innovative cryptocurrencies in today’s market, attracting global enterprises who use it to transact, tokenize, and store value.”She added that the new fund simplifies access to XRP within the region, while catering to a growing demand for investment opportunities related to digital assets.Potential ETF fund conversionThis marks HashKey’s third product that tracks digital asset pricing, with the company having launched both Bitcoin and Ethereum exchange-traded funds (ETFs) previously. On X, HashKey Capital outlined that the XRP Tracker Fund could potentially evolve into a fully fledged ETF, subject to regulatory approval, within the next 1-2 years. The new fund, which was launched on April 18, also incorporates a strategic partnership with XRP developer Ripple Labs. In what is understood to be the first of a number of collaborations, Ripple will fulfill the role of being the fund’s anchor investor. Ripple’s Managing Director for the Asia-Pacific (APAC) region, Fiona Murray, cited the development as proof that institutional adoption of digital assets continues to go from strength to strength.  Ripple CEO Brad Garlinghouse stated last month that he expects a number of spot XRP ETFs to be approved in the United States later this year. Earlier in March, analysts at American investment bank JPMorgan had estimated that spot XRP ETF approval in the U.S. could result in net inflows of $8 billion into such products.At the time of writing, XRP was trading at $2.09. The asset has increased in price by 300% over the course of the past 12 months, largely due to a changing regulatory environment in the United States and optimism that a settlement can be reached to end its multi-year legal battle with the Securities and Exchange Commission (SEC).

Wemade has agreed to onboard Ritmi – a blockchain-based, Free-to-Play dance and rhythm mobile game built by UAE-based game developer Ritmi Games – onto its blockchain gaming platform WEMIX PLAY, according to an official Medium announcement on Friday (KST). It will be the first game of its kind in the WEMIX ecosystem.Photo by Kelli McClintock on UnsplashRhythmic funIn Ritmi, players can earn points by following the motions displayed on the screen in time with the music playing in the background. The game offers engaging and entertaining content like customizable avatars, personal music collections and dance battles. “We are pleased to partner with Wemade as pioneers in the gaming industry. We believe that together Wemade and Ritmi can sound harmonious in the gaming market,” said Ritmi Games CEO Kate Koroleva. Wemade’s global expansionThis rides on the coattails of Wemade’s recent efforts to expand its presence in the UAE. Last month, it became the first South Korean gaming company to form a partnership with the Dubai International Financial Centre’s (DIFC) Innovation Hub, where it plans to establish a WEMIX Play Center. It also partnered with the Dubai Chambers to contribute to advancements in the global Web3 and gaming industry.  On a broader scale, Wemade has been consistently securing partnerships with various developers in other regions as well, including North America, Europe and Asia.