First spot bitcoin ETF filed in Hong Kong

Com2uS Platform, a subsidiary of South Korean game publisher Com2uS Holdings, yesterday revealed its plan for a non-fungible token (NFT) airdrop. This event is part of a celebration marking the one-year anniversary of its rebranded NFT marketplace, known as X-PLANET.Popular intellectual propertiesThe NFT marketplace underwent a rebranding in March of last year, aiming to improve its integration with Com2uS' XPLA blockchain mainnet. Named X-PLANET, the platform is envisioned as a new planet where users can "explore" and "play." By November 2023, it had become the top revenue-generating local NFT marketplace, thanks in part to popular intellectual properties like the B.O.P Universe and Choushinsei Flashman. The B.O.P Universe draws inspiration from Bung O Pang Tycoon, a mobile game centered around baking pastries, while Choushinsei Flashman is a 1980s Japanese TV series known for its live-action superheroes.NFT airdrop eventTo mark the first anniversary of its rebranding, X-PLANET is hosting an NFT airdrop event on its official website. The event kicked off on March 21 and will have another round on April 4, at 6 p.m. KST, when 365 "Lucky Star" NFTs will be made available on a first-come, first-served basis. Owners of NFTs bearing lucky numbers will have the chance to earn double points during a B.O.P Universe event, which continues until April 14.  Additional benefits are in store for those purchasing NFTs for the first time and those visiting X-PLANET’s Discord channel. Moreover, participants who spread the word about the anniversary event and the B.O.P Universe contest on social media will be entered into a draw for a chance to win a coffee coupon.Photo by Andrey Metelev on UnsplashNFT marketplace and blockchain ecosystemLee Luda, the Head of the Web3 Platform Business Division at Com2uS Platform, highlighted that the recent event was designed to show gratitude to X-PLANET users who have shown their support since the platform's rebranding. Lee further stated that as the NFT marketplace representing the XPLA ecosystem, X-PLANET is committed to evolving into a user-friendly platform. Their goal is to create an environment that not only adds value but also provides entertainment, making it a welcoming space where anyone can participate and enjoy. Recognized for its straightforward user interface and efficient trading system, X-PLANET has been introducing a collection of valuable NFT works across various domains, including art, games and K-pop. The NFT marketplace is actively pursuing collaborations with talented artists and prominent organizations to bring meaningful NFT content to its users.

Singapore proposes additional rules to safeguard retail crypto investorsSingapore announced on Thursday its intention to implement new regulations aimed at protecting individuals by limiting their ability to trade cryptocurrencies.Photo by Daniel Welsh on UnsplashRules follow public consultation processIn a press release published to its website on Thursday, the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, finalized these measures following a yearlong public consultation and review of cryptocurrency platforms, also known as digital payment token (DPT) service providers.Effective in phases from mid-2024, one key measure will prevent operators from accepting purchases through locally issued credit cards. Along the same lines, the regulator wants operators to discourage the use of margin and leverage transactions, or borrowing to facilitate trading activity. Market commentators, such as Custodia Bank Founder and CEO Caitlin Long, have long warned of the havoc that leverage has played in the crypto sector. Last year Long commented:”SO MUCH of the garbage in #crypto during this cycle was just leverage dressed up as tech innovation.”Additionally, incentives that encourage individuals to trade digital tokens will be banned. Such incentives could include providing free trading credits or digital assets as rewards during sign-ups or referrals.Curbing speculationWhile the MAS acknowledges the speculative and highly risky nature of cryptocurrency trading, it asserts that these regulations aim to help cryptocurrency operators protect customer interests. However, the MAS emphasizes that the regulations “cannot insulate customers from losses associated with the inherently speculative and highly risky nature of cryptocurrency trading.”Ho Hern Shin, the Deputy Managing Director for Financial Supervision at the MAS, urged consumers to exercise caution, stating:“We urge consumers to remain vigilant and exercise utmost caution when dealing in DPT services and to not deal with unregulated entities, including those based overseas.”The MAS expanded the scope of these measures to include all retail customers, regardless of their residency, following public feedback. This includes individuals who are not accredited investors or institutional investors. Accredited investors are those with over $1 million in net financial assets, among other criteria.Responding to crypto platform failuresThese regulatory steps come in response to the increasing access of individuals to the risky asset class, driven in part by the collapse of several unlicensed cryptocurrency companies in Singapore such as Hodlnaut and Vauld last year. The resulting calls for greater oversight prompted the MAS to initiate a feedback-gathering exercise in October, seeking input from industry players on proposed measures and other framework-establishing proposals.The bankruptcy filing of cryptocurrency group FTX the following month further accelerated the need for regulatory action globally, including in Singapore. In July, the MAS published the initial set of measures based on the consultation, requiring operators to keep customer assets in a trust and limiting their lending and “staking” of digital payment tokens.Staking, a process enabling investors to earn yields by depositing crypto assets for use in blockchain transactions, is among the activities facing restrictions. MAS Managing Director Ravi Menon criticized cryptocurrencies recently, stating that they have “failed the test of digital money,” citing poor performance as a medium of exchange or store of value and susceptibility to sharp speculative swings, leading to significant losses for many investors.

UK-headquartered decentralized mobile network project World Mobile has teamed up with PT Professional Telekomunikasi Indonesia, better known as Protelindo, to launch a blockchain-based 5G mobile network. Founded in 2003, Protelindo is an Indonesian digital infrastructure firm that specializes in fiber optic networks and telecommunications towers. It owns and operates a large network of these towers in Indonesia, leasing them out to various mobile service operators.  The two firms acquired Combined Space Technologies (CST) earlier this year as a joint venture. CST had been originally founded in Cambridge in the UK, backed by Deutsche Telekom to the tune of $70 million. Successful demos of its proprietary technology had been completed in conjunction with British Telecom (BT) and Deutsche Telekom before World Mobile and Protelindo decided to purchase the company.Photo by Alessio Soggetti on UnsplashWorld Mobile StratosphericIn a press release published on Aug. 8, World Mobile outlined that through CST, the two companies have launched World Mobile Stratospheric.  World Mobile asserts that the establishment of this stratospheric connectivity platform is “unprecedented.” The project implicates the use of fixed-wing drone aircraft, which it proposes to use to host 500,000 simultaneous 5G handset connections while flying at altitudes of up to 20,000 meters. World Mobile Group Chief Business Officer (CBO), Charles Barnett, told Cointelegraph that each drone can provide wireless network coverage over an area of 15,000 square kilometers. Each aircraft will host 450 individually steerable beams in order to deliver the service within a defined geographical area. Low latencyBarnett outlined that the technology can achieve just six milliseconds of total latency with the service having the capability of providing 5G service up to 18 times cheaper per gigabyte by comparison with other similar technologies. It’s thought that the service will compete with space/satellite-based telecoms systems such as Elon Musk’s Starlink. While Starlink has brought internet to corners of the globe that were otherwise underserved, it has been criticized in terms of its interference with astronomy, increased space debris and the potential for atmospheric pollution. Additionally, the low-earth orbit (LEO) satellite-based service has much higher overheads. In comparison with World Mobile Stratopheric’s six millisecond latency, Starlink is much higher at 47 milliseconds. The system delivers directly to the consumer’s device, whereas Starlink is delivered to a satellite dish with significant cost implications for the user. Stratomast, the hydrogen-powered drone aircraft, can stay up for between six and nine days and produces zero emissions. While Starlink and World Mobile Stratospheric may compete, Barnett believes that Starlink is the better choice when delivering service to remote areas that lack any cellular connectivity at all, whereas Stratospheric is the best option in areas with a higher density of mobile users. Micky Watkins, CEO of World Mobile, said that the partnership proves how blockchain can unlock new models for global connectivity. He added:“It aligns infrastructure deployment with community participation and makes decentralized telecom not just possible, but scalable.” Watkins believes that by combining advanced aerospace technology with token-driven economics, the project is building a network that connects more people, faster, in an economically efficient and environmentally sound manner.