Ripple exec: regulatory priority as focus shifts to tokenization in APAC

Night Crows, a massive multiplayer online role-playing game (MMORPG) set in 13th-century Europe with play-to-earn (P2E) features, is set to launch next month. This global release will be available in nine languages across 170 countries, except for South Korea and China, according to a recent press release by its South Korean operator, the blockchain game company Wemade.European history with fictionDeveloped by MADNGINE, Night Crows harnesses the power of Unreal Engine 5 to deliver highly realistic battles. The game merges elements of European history with fiction, creating a unique universe for players to explore. Within this universe, players can select from four classes and eight subclasses for their characters. Thanks to its inter-server technology, Night Crows enables over 1,000 players from three servers to combat against each other in the "Battlefront," as well as collaborate and trade at the "World Exchange."Photo by Nik Shuliahin 💛💙 on UnsplashBlockchain-based economyThe March 12 worldwide launch of Night Crows incorporates the Multi Utility Token Economy (MUTE) within Wemade’s WEMIX 3.0 blockchain network. In this economy, users can complete requests to earn DIA, an in-game resource that can be used to mint Crow. The Crow token will serve as the base token for the game and will be supported on WEMIX Play’s GameFi platform. Last month, Night Crows kicked off its pre-registration campaign to attract gamers from around the globe. The game will be available for pre-download on March 11 via Google Play, the Apple App Store and the web.P2E games banned in KoreaNight Crows first made its debut in South Korea last April, where it quickly captured the interest of Korean gamers. However, the version released in Korea differs from the one planned for the global launch, as it lacks a blockchain-based economy. This absence is in line with the Game Industry Promotion Act in Korea, which prohibits the conversion of in-game resources, whether tangible or intangible, into money.

Zodia Custody Expands to Hong Kong to Meet Asian Institutional DemandZodia Custody, the crypto arm of British banking conglomerate Standard Chartered, is extending its digital asset custody services to financial institutions in Hong Kong, making further in-roads in terms of the company’s Asia-Pacific expansion.News of the expanded offering came via a CNBC report published on Sunday. Launched in 2020, Zodia Custody was founded to address the growing institutional demand for secure crypto asset storage, making Hong Kong a strategic addition to its service areas alongside its recent foray into the Australian market.Photo by Emily Xie on UnsplashAsia-Pacific expansionCurrently, only two companies, OSL Digital and HashKey, have obtained licenses from the Securities and Futures Commission (SFC) to operate within Hong Kong’s regulated crypto space. In its initial phase of operations in Hong Kong, Zodia Custody intends to offer a limited range of crypto assets to its institutional clients, aligning with its commitment to prudent expansion.Zodia Custody’s expansion into Hong Kong follows a series of moves into other key Asia-Pacific (APAC) markets, including Japan, Singapore, and Australia. Moreover, the company remains open to potential partnerships and clientele from regions beyond its current operational footprint.Earlier this month, Zodia Custody made headlines in Australia with the introduction of SAF3, a digital asset custody platform tailored specifically for institutional clients. SAF3 boasts bank-grade cold wallet storage accessible in real-time, complemented by advanced risk management and fraud detection capabilities. Julian Sawyer, the CEO of Zodia Custody, emphasized the importance of responsible institutional adoption, a significant step as Australia’s digital asset industry continues to mature.Institutional demand in Hong KongIn response to the surging institutional interest in crypto assets, Zodia Custody is capitalizing on this market trend, recognizing that Hong Kong’s demand for crypto services is predominantly institutionally driven. Sawyer underlined the unique character of the Hong Kong crypto market compared to other regions, where retail consumers often dominate trading activities. The confluence of institutional demand and Zodia’s specialized services positions Hong Kong as an ideal market for the company’s expansion.Notably, Hong Kong has demonstrated a more crypto-friendly stance compared to its neighboring China, which has taken a stricter approach with crypto bans. Earlier this year, Hong Kong’s SFC introduced a regulatory framework that allows companies to register and provide regulated crypto services. In light of these developments, Zodia Custody is in talks with both the SFC and the Hong Kong Monetary Authority to secure regulatory approval within the financial district.Julian Sawyer articulated this opportunity, stating:“The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub.” These discussions are poised to pave the way for Zodia Custody to operate within a well-regulated environment.Standard Chartered has been making in-roads into the Asian market, largely through its Singaporean subsidiary SC Ventures. Zodia Custody launched in Dubai in June and in Singapore last month.However, it is not just progressing solely in the Asia-Pacific region. Recently, Zodia Markets, another Standard Chartered subsidiary, achieved registration as a Virtual Asset Service Provider (VASP) with the Central Bank of Ireland. In September, Zodia Markets also made significant strides in the Middle East and Africa by securing In-Principle Approval from the Abu Dhabi Global Market.

Beijing Municipal Government Unveils Web3 White PaperIn what is being perceived by many as a significant development, the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, has released a white paper titled “Web3 Innovation and Development.”Photo by zhang kaiyv on PexelsThe “inevitable trend” of Web3This announcement, as reported by local news outlet, The Paper, was made during the Zhongguancun Forum. The Forum is an event focused on technological advancements and innovation. The white paper acknowledges Web3 technology as an “inevitable trend for future Internet industry development.”The objective of the Beijing Municipal Government is to establish the city as a global innovation hub for the digital economy. To support this ambition, the government plans to allocate a minimum of 100 million yuan (approximately $14 million) annually over the next two years.Enhanced policy supportThe white paper points towards Beijing’s intention to enhance policy support and accelerate technological advancements to foster the growth of the Web3 industry. This strategic move aligns with what appears to be China’s evolving stance toward the crypto industry, as the government aims to leverage the potential of emerging technologies.The timing of the white paper release coincides with the upcoming implementation of new digital asset regulations in Hong Kong. At the beginning of next month, the Securities and Futures Commission (SFC) of Hong Kong will introduce new rules for the cryptocurrency sector, permitting retail investors to engage in crypto trading. This stands in stark contrast to the current regulatory environment in the United States, where authorities have been tightening their control over cryptocurrencies.Second guessing China’s approach to cryptoChina had previously banned the use of cryptocurrencies in 2021. Notwithstanding that, the release of the Web3 white paper may suggest a potential shift in the country’s approach. Notably, on May 23, China Central Television, a state-owned media outlet, aired a segment focused on cryptocurrencies, prominently featuring the Bitcoin logo and a Bitcoin ATM in Hong Kong.This coverage holds significance, but the fact that the video was quickly taken down from the broadcaster’s website casts doubt on just how far down the crypto rabbit hole China is willing to go.Changpeng Zhao (CZ), the Founder and CEO of global crypto exchange Binance, tweeted out that the timing of the publication of the paper is apt given other blockchain and crypto-related initiatives taken on by various Chinese entities. A recent study suggested that Hong Kong is emerging as a leading jurisdiction when it comes to its crypto readiness.It remains to be seen how these developments will unfold and whether Beijing’s proactive approach will pave the way for further integration of blockchain technology and cryptocurrencies in China’s digital economy.For the time being, with the release of the white paper, Beijing appears to have taken a significant step forward in shaping its future as a leading player in the global Web3 landscape. However, to what extent Beijing is ‘all in’ on crypto remains imponderable.