Intella X teams up with Galxe to ramp up ecosystem

Streami Appoints New CEO, Boosting Hopes for Regulatory Crypto Approval in KoreaStreami, the operator of South Korean cryptocurrency trading platform Gopax, has been struggling for months to obtain approval for the change of its chief executive officer from the financial regulator. This challenge emerged following the significant investment by the global exchange Binance, which became the company’s largest shareholder in February. At that time, Leon Sing Foong, who was the Asia-Pacific head of Binance, was appointed as CEO.Photo by Andriyko Podilnyk on UnsplashCityLabs’ emergenceHowever, the recent appointment of a CEO from a Korean company could potentially represent a turning point for Streami. This development is particularly noteworthy because this local firm has acquired shares in Streami and is expected to further increase its stake in the company.In a report from local news outlet Bizwatch, it was revealed that Cho Young-joong, who currently serves as CEO of CityLabs, has been officially designated as the new CEO of Streami. This appointment now places him in a leadership position overseeing both the smart city infrastructure company and the cryptocurrency exchange operator.Before Cho’s appointment, CityLabs had made investment in Streami, contributing KRW 5.4 billion, which is approximately $4 million. This investment secured CityLabs an 8.55% stake in Streami, equivalent to a total of 76,308 shares of the company.Thanks to this development, Streami has finally filled the CEO position, ending a two-month vacancy that began after the resignation of former CEO Lee Joong-hoon in August. While it has been confirmed by a company official that Cho has been selected as the new CEO, he has not yet assumed his role.Frequent leadership changesIn the course of this year, Streami has already undergone three leadership changes. The stagnant administrative process at the Financial Intelligence Unit (FIU) compelled Leon Foong to step down from his position, which was subsequently assumed by Lee Joong-hoon, Streami’s former Vice President. However, despite Lee’s appointment, little progress was made during his tenure. Additionally, It’s also worth noting that there were reports indicating Leon Foong’s complete departure from Binance in late August.Several industry sources have suggested that Binance is likely to relinquish its status as Streami’s largest shareholder but could later participate in managing the company. The hope is that this strategic maneuver will assist Streami in securing approval from the FIU.

AsiaNext, a Singapore-based institutional digital asset trading venue, has officially rolled out its cryptocurrency derivatives trading platform.Photo by Kirill Petropavlov on UnsplashWintermute and B2C2 collaborationsThe launch involves notable trading members such as Wintermute and London-headquartered liquidity provider B2C2. B2C2 is a subsidiary company of Japanese financial services conglomerate SBI Holdings. SBI acquired the company in August of last year with B2C2 expressing the view that the acquisition would represent an opportunity for the company to broaden its client base. SBI partnered with Swiss financial infrastructure firm Six Group in a joint venture to establish AsiaNext back in 2020 with a view towards driving institutional digital asset liquidity. Meanwhile, Wintermute’s involvement with AsiaNext in this instance follows its move in 2023 to expand its Singapore base, where it conducts its derivatives business. In November, Wintermute Asia conducted its first-ever options block trade through the CME Group, one of the world’s leading derivatives marketplaces. Wintermute's Founder & CEO, Evgeny Gaevoy, highlighted the significance of the partnership with AsiaNext in the context of traditional financial institutions seeking alternative exposure to digital assets. Gaevoy stated: "Partnering with AsiaNext enables us to elevate our derivatives offering, positioning Wintermute in the foreground of the expanding digital asset ecosystem." The AsiaNext platform asserts that it provides enhanced risk management with reduced counterparty and settlement risk. Additionally, AsiaNext offers capital efficiencies through intraday margining and settlement processes, supporting high-frequency trading and ensuring availability 24/7 for crypto derivatives trading. Chong Kok Kee, CEO of AsiaNext, emphasized the platform's commitment to providing a secure environment for institutional investors to explore digital assets in the region. By prioritizing regulation and rigorous governance, AsiaNext aims to establish itself as a trusted venue for exposure to digital assets. B2C2 CEO Thomas Restout commented on the positive nature of the collaboration. He stated:”We’ve witnessed [AsiaNext’s] unwavering commitment to governance and risk management, alongside their focus on aligning closely with our needs. This instills a high level of confidence in our partnership. Being at the forefront of digital asset adoption, we are pleased to provide liquidity on the venue through our collaboration.” Licensing approvalsIt's worth noting that AsiaNext obtained a Recognized Market Operator (RMO) license from the Monetary Authority of Singapore (MAS) in September. However, this license specifically pertains to tokenized securities, and as such, the crypto derivatives trading operates through a separate subsidiary. In June the company had acquired in-principle approval for a Capital Markets Services (CMS) license. On the digital securities front, SIX Digital Exchange (SDX) and Osaka Digital Exchange (ODX), operated by SIX and SBI respectively, play key roles in secondary markets, showcasing the partners' commitment to advancing regulated digital securities markets. Launched in late 2021, SDX was the world's first regulated digital securities market. SBI followed suit with the recent launch of ODX on Christmas Day. The anticipated approval of the first U.S. spot bitcoin ETFs adds a timely dimension to the launch, potentially driving increased demand for hedging strategies in the market. 

Japan’s FSA Joins Project Guardian of Singapore’s MAS to Explore Digital Asset ApplicationsThe Financial Services Authority (FSA) of Japan has announced its participation in “Project Guardian,” an initiative led by the Monetary Authority of Singapore (MAS), as part of their ongoing cooperation framework established in 2017 to boost fintech linkages. The FSA will be an observer in the project, which aims to explore the potential of digital assets.Photo by Joshua Miranda on PexelsExploring fintechProject Guardian, initiated by MAS in May 2022, aims to engage the financial industry in exploring the feasibility of incorporating asset tokenization, decentralized finance (DeFi), and other financial technologies. Together, the MAS and the participants of this endeavor aim to execute pilot projects, shape pertinent policies, and establish technical standards.For pilot projects, the MAS works with traditional financial institutions and fintech firms in Singapore and other jurisdictions to understand potential benefits and risks associated with digital assets. For policy development, the project participants strive to develop rulebooks and governance models, as well as to review the legal and regulatory frameworks that govern tokenized assets. These collaborations also seek to establish technical standards concerning trust anchors, which are qualified third-party authentication service providers; open networks; and institutional-grade DeFi protocols.Comments from officialsExpressing enthusiasm about the collaboration, Leong Sing Chiong, Deputy Managing Director of the MAS, stated, “We welcome FSA’s participation in Project Guardian. We look forward to greater public-private collaboration with FSA to support global efforts in developing a responsible and innovative digital asset ecosystem.”Mamoru Yanase, Deputy Director-General of the Strategy Development and Management Bureau at the FSA, also expressed delight at joining Project Guardian. He said, “We are delighted to join the Project Guardian. Decentralized financial ecosystem continues to develop in complexity, and it is important to address emerging risks. Blockchain technology including web3 has a potential to become a strong driver of innovation. We look forward to working with MAS, traditional financial institutions and FinTech firms to further enhance our knowledge in this area.”By participating in Project Guardian, the FSA and MAS are reinforcing their commitment to exploring the potential of digital assets while addressing regulatory considerations. This collaborative effort is poised to contribute to the responsible and innovative development of the global digital asset ecosystem.