Matrixport forecasts SEC bitcoin ETF rejection

LINE NEXT scores biggest Web3 investment in Asia of 2023LINE NEXT, the NFT business arm of Tokyo-based Internet giant LINE Corporation, has secured a $140 million investment from a consortium led by Seoul-based private equity firm Crescendo Equity Partners, according to an official press release on Wednesday (KST). This is the largest investment in the Asian blockchain and Web3 industry this year.Photo by Precondo CA on Unsplash“LINE’s global competitiveness and its vision to lead Web3 services were the investment thesis,” said Kevin Lee, Managing Partner at Crescendo. “We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain to all sorts of services and brands of Web2.”Ambitious roadmapLINE NEXT plans to use the funds to popularize Web3 by expanding its global platform and developing new services. This includes the official launch of DOSI, a global mobile NFT marketplace app for trading digital products, which will be integrated with LINE’s Japanese NFT marketplace LINE NFT. The launch is scheduled for January next year.The firm will also enable Web2 services and brands to easily adopt Web3 technology by providing new solutions that allow them to directly own and trade digital products.To further promote the widespread adoption of Web3 technology, LINE NEXT plans to create an app that utilizes AI technology to facilitate communication between users via characters they create themselves, as well as a new Web3 game featuring iconic LINE characters. These services will be developed on the public blockchain Finschia.LINE NEXT and Crescendo will also participate as governance council members of the Finschia Foundation and contribute to the expansion of the ecosystem.Strategic investmentKo Young-su, CEO of LINE NEXT, pointed out that such a large-scale investment is a major step considering the global investment environment has recently been shrinking. “We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods,” he said.Sponsored by Peter Thiel — the co-founder of Paypal, Palantir Technologies and Founders Fund — Crescendo is dedicated to discovering and investing in promising technology companies both in South Korea and overseas.

Suspects emerge in Taiwan in ongoing JPEX scandal falloutIn the ongoing saga surrounding the collapse of Dubai-headquartered cryptocurrency exchange JPEX, Taiwanese prosecutors have identified new suspects, marking a significant development in the case.The Taipei District Prosecutors Office (TDPO) has requested the custody of Chang Tung-ying, chief partner at JPEX’s Taiwan office, over allegations of fraud. That’s according to a report by local TV channel TVBS News on Thursday.Photo by Ricky Zeng on UnsplashMoney laundering and Banking Act violationsThis latest development brings a new twist to the scandal, which has largely been playing out in the Chinese territory of Hong Kong. The TDPO reportedly conducted searches at nine locations linked to the JPEX investigation. Chang, along with three other individuals, including JPEX lecturer Shih Yu-sheng (also known as Shi Yu), was summoned by the authorities. Chang and Shih are being investigated for violations of the Banking Act and the Money Laundering Control Act.During the investigation, JPEX salespersons Liu Chien-fu and Niu Keng-sheng were released, with Liu being granted bail of 50,000 New Taiwan dollars ($1,550). Niu, the registered person in charge of JPEX Taiwan, was released after questioning.Celebrity promoter focusThe report also revealed that Nine Chen, a Taiwanese celebrity and singer who previously served as a brand ambassador for JPEX, was summoned by prosecutors. He has cooperated with law enforcement in the role of a witness to the alleged fraud who has testified to illicit activity carried out by the platform. However, it is now understood that recent events have developed such that Chen is now being treated as a defendant.This action resonates with actions taken by the authorities in Hong Kong some weeks ago in the earlier stages of investigation into this affair. In September, one of the first actions taken by Hong Kong law enforcement was the arrest and detention of social media influencer and former lawyer Joseph Lam, known to followers as “Jolamchok” on the Instagram platform.Alleged liquidity crisisJPEX, once a successful crypto exchange, abruptly halted some services in mid-September, citing a liquidity crisis triggered by alleged “unfair treatment” from institutions in Hong Kong. The sudden implosion led to accusations of misleading investors regarding the application for a crypto trading license and other issues.The scandal surrounding JPEX has escalated into a major industry concern, prompting investigations by Hong Kong authorities. Over 2,000 complaints from JPEX users, reporting losses of nearly $180 million, have triggered significant regulatory attention.As investigations progressed in Hong Kong, the authorities took the decision to block access to the platform, with the platform responding by advising customers to circumvent this restriction through the use of a virtual private network (VPN).As of September 25, law enforcement has arrested at least 11 alleged suspects in the JPEX case, while the alleged masterminds remain at large. At that time, Hong Kong’s Securities and Futures Commission (SFC) pledged to renew its efforts to combat unregulated crypto platforms in Hong Kong.A survey conducted by the Hong Kong University of Science and Technology (HKUST) business school has indicated that the affair has had a negative impact on public sentiment towards crypto more recently.

India’s RBI Collaborates Internationally on Digital Rupee PaymentsIndia’s Reserve Bank (RBI) is expanding its exploration of central bank digital currencies (CBDCs) by focusing on cross-border functionality, despite its cautious approach to CBDC development.The RBI aims to experiment with various use cases for CBDCs in international payments, as it believes this can enhance the efficiency of cross-border transactions. That’s according to a report which was recently published by local media source, the Economic Times. RBI Governor Shaktikanta Das emphasized the potential benefits of quicker, seamless, and cost-effective cross-border payments. The RBI is actively engaging in dialogue with other central banks that have already implemented or are planning to introduce CBDCs.Photo by rupixen.com on UnsplashUAE collaborationIn collaboration with the United Arab Emirates (UAE), the RBI is promoting joint studies on using CBDCs for settling international payments. The partnership is driven by the high volume of remittances between the two countries, a consequence of the large number of Indian migrants in the UAE.These recent developments follow the RBI’s retail and wholesale CBDC pilot programs, which began just seven months ago. Although the retail pilot attracted 50,000 users within 60 days, the RBI remains committed to a gradual and cautious approach to mitigate potential risks.Onboarding one million CBDC usersWhile expanding the pilot program to new cities, the RBI aims to onboard one million CBDC users within the coming weeks, despite the digital rupee currently having a very low circulation level. On the wholesale side, the RBI’s pilot has shown promising results, with the digital rupee being explored for government bond transactions, money market funds, and short-term lending.RBI Deputy Governor T. Rabi Sankar emphasized the importance of exploring multiple use cases for CBDCs, including account-based CBDCs. The RBI aims to offer as many applications for CBDCs as possible while ensuring the existing National Electronic Funds Transfer (NEFT) and other systems are not disrupted.Global surge in CBDC developmentThe surge in CBDC development worldwide can be attributed to various factors. The imposition of sanctions on Russia following its invasion of Ukraine led to a significant increase in wholesale CBDC initiatives as Russia sought alternatives to bypass the sanctions.Additionally, the diminishing use of cash and the rise of dollarization and cryptocurrency adoption in local economies have motivated over 120 central banks to initiate CBDC research. These central banks are attracted by the potential benefits of financial inclusion and the opportunity to address the decline in cash usage.India has been selective in terms of the aspects of digital asset technology it wants to see further developed within its borders. At a recent conference organized by the RBI, a central bank official called on Indian banks to adopt blockchain technology. When it comes to stablecoins, the central bank is apprehensive, warning of associated risks while calling for global regulation.As India’s RBI continues its CBDC exploration, the focus on cross-border functionality underscores the growing recognition of CBDCs as a transformative tool for international payments. The ongoing collaborations and pilots demonstrate India’s level of interest in staying at the forefront of CBDC development while taking measured steps to ensure a secure and efficient transition to digital currency.