NEOPIN teams up with Drive-to-Earn app GREEVER to expand blockchain’s role in sustainability

HashKey OTC, the over-the-counter (OTC) trading arm of the Hong Kong-headquartered HashKey Group, has reached a regulatory milestone with the acquisition of a major payment license in Singapore.Photo by Mike Enerio on UnsplashEnabling digital asset service offeringIn a recent announcement via the firm’s official blog, HashKey Group revealed that HashKey OTC has secured in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license application. This approval positions HashKey OTC to offer regulated digital payment token services in Singapore, representing a significant stride in the firm’s efforts towards regulatory compliance. CEO of HashKey OTC, Li Liang, emphasized the company's steadfast commitment to regulatory adherence, considering it a pivotal step towards providing comprehensive and regulated over-the-counter trading solutions for its clients. Liang highlighted the significance of the in-principle approval, expressing the company's vision to furnish a wide array of digital payment tokens and fiat currencies in a regulated environment. The approval has generated optimism within the global crypto market community, particularly amidst prevailing uncertainties surrounding crypto regulations worldwide. Expansion initiativesHashKey OTC's attainment of the MPI license aligns with its strategic expansion initiatives, building upon its earlier success in securing a capital markets services license for fund management in Singapore. This achievement reflects the company's desire to operate within legal frameworks while delivering innovative crypto solutions to its clientele. Furthermore, HashKey OTC's regulatory triumph mirrors the broader regulatory landscape in Singapore, where crypto firms navigate stringent requirements to establish credibility and trust within the market. MPI approvalsThe exchange's milestone mirrors similar successes achieved by other industry players. Recent months have seen a raft of digital asset industry enterprises achieve a similar milestone. In January, American digital asset custodian BitGo acquired in-principle MPI approval. Last November, Taipei-headquartered crypto exchange business XREX achieved a similar outcome. Other entities who had been successful in pursuing MPI licensing earlier in 2023 include crypto exchange Upbit Singapore, crypto trading firm GSR, American crypto exchange platform Coinbase and enterprise blockchain firm Ripple. Despite Singapore's reputation as a crypto-friendly jurisdiction, recent decisions by MAS have demonstrated a cautious approach towards certain crypto products. While spot bitcoin exchange-traded funds (ETFs) received approval in the United States, MAS has opted against permitting the listing of such ETF products for retail investors, citing concerns over the asset's volatility and suitability for retail investment. HashKey is one of only two entities to have secured similar licenses in Hong Kong. Last month, affiliate company HashKey Capital, a Singapore-based crypto fund manager, launched a series of indices designed to track cryptocurrencies in a collaboration with FTSE Russell. Also in January, the Hong Kong business partnered with crypto derivatives platform OKX with the objective of advancing compliant virtual asset innovation. HashKey OTC's acquisition of a major payment license in Singapore, amid a backdrop of similar businesses pursuing similar licensing in various jurisdictions recently, signifies a significant advancement in regulatory compliance within the crypto industry. The approval underscores the exchange's desire to provide regulated over-the-counter trading solutions while navigating the evolving regulatory landscape in Singapore and beyond.

Indonesian Food Industry Conglomerate Embraces Blockchain TechIndonesia’s ID Food, a prominent state-owned food industry holding company, is embracing blockchain technology to revolutionize its fisheries operations.Photo by R Eris Prayatama on UnsplashD3 Labs CollaborationIn a strategic collaboration with Singapore-headquartered D3 Labs, a blockchain-based fintech startup, ID Food is set to usher in a new digitized fish trading process. The move leverages the power of blockchain to enhance traceability and transparency throughout the value chain while adhering to stringent fishing standards.With the backing and support of PT Perikanan Indonesia, a subsidiary specializing in the fisheries sector, ID Food will harness D3 Labs’ innovative blockchain-based solution to create a real-time fish exchange platform known as the Indonesia Fishery eXchange (IFX).Indonesia Fishery eXchange (IFX)IFX promises an array of advantages, including transparent stock monitoring and auctions, the facilitation of digital payments for seamless transactions, robust Know Your Customer (KYC) measures, and stringent account management protocols to safeguard against fictitious buyers.Furthermore, it will integrate seamlessly with digital sales markets abroad. The recent collaboration was signed by ID Food and D3 Labs in the presence of fisheries industry stakeholders from 29 countries earlier this month.Dirgayuza Setiawan, the Director of Development and Business Control at ID Food, expressed enthusiasm for the collaboration, noting the positive implications it holds for fishermen, producers, and consumers. He stated:“We recognize the importance of sustainability in the fisheries industry, especially in Indonesia, which is one of the world’s largest fish producers. In addition to improving efficiency and transparency, the use of blockchain technology can enhance productivity, the well-being of our fishing partners, and sustainability in the fisheries sector.”He added that the collaboration with D3 Labs is a commitment to drive innovation in the fisheries industry, with the goal of improving efficiency, productivity, well-being, and sustainability in this sector.Trian Yunanda, Indonesia’s Secretary of the Directorate General of Wild-Catch Fisheries at the Ministry of Maritime Affairs and Fisheries, praised the partnership as a pivotal step towards building a robust fisheries ecosystem for the future. With blockchain technology at its core, this collaboration is aiming to revolutionize Indonesia’s fisheries industry, fortifying its position as a global leader in responsible and efficient fish trade.ID Food, the corporate brand of the state-owned food giant PT Rajawali Nusantara Indonesia (Persero), boasts a diversified portfolio spanning agriculture, livestock, fisheries, and trade and logistics.Indonesia’s digital rupiahThis is not D3 Labs’ first Indonesian blockchain-related collaboration. In August, the Singaporean blockchain technology firm partnered with the Indonesian Blockchain Association with the objective of supporting the first phase of development of Indonesia’s digital rupiah.The initiative, titled Project Garuda, is being overseen by Bank Indonesia, the Southeast Asian country’s central bank. While cryptocurrency is not deemed to be legal tender in Indonesia and is not permitted for use when it comes to payments for goods and services, the Indonesian authorities permit trading of digital assets. In June, the Indonesian government published a document that set out a list of cryptocurrencies which are eligible for trading within the country.

Bitfinex Turkiye Facilitates Zero-Cost Deposits via VakıfBank PartnershipIn a strategic move to bolster its presence in Turkey, cryptocurrency trading platform Bitfinex has introduced a seamless and cost-free method for Turkish customers to deposit Turkish lira directly into their accounts.According to a press release published by the company on Thursday, this integration comes as a result of collaboration between Bitfinex Turkiye and VakıfBank, Turkey’s second largest bank in terms of asset size, and a significant player in the Turkish banking sector.Photo by Meg Jerrard on UnsplashExpanding market accessBitfinex’s Chief Technology Officer, Paolo Ardoino, emphasized the user-centric benefits of this partnership. He stated that Turkish customers can now deposit lira effortlessly and economically, streamlining their access to the cryptocurrency market.This development could potentially aid Bitfinex in expanding its operations within Turkey, which stands as one of the largest markets for leading global crypto exchange Binance. Ardoino stated that the move facilitates “the ability to deposit [lira] seamlessly and cost-effectively.” Additionally, Ardoino maintained that market access was being enabled “by integrating with VakıfBank,” and that “[Bitfinex] is making it easier” for customers to participate.Collaborating with the crypto sectorFounded in the 1950s, VakıfBank has 935 brick-and-mortar branches, a network of over 4,000 ATMs and almost one million point-of-sale (POS) terminals in use. This latest partnership is not the first touch point for the bank when it comes to the crypto sector. It has a similar deal in place with Istanbul-based crypto platform, CoinTR. In that instance, CoinTR customers can deposit or withdraw Turkish lira to or from their CoinTR accounts via VakifBank instantly, 24/7 and with zero fees.The bank has also participated in a blockchain-based trade finance initiative, the Turkish Trade Chain Project. In a press release published by the bank last year, it expressed the belief “that blockchain technology will make data sharing more transparent, traceable, verifiable and controllable by reducing the communication traffic between parties in the foreign trade process that requires many documents.”Partnering with TradFiBy aligning its services with a traditional financial institution, Bitfinex joins the ranks of other industry players like Fidelity, BlackRock, and PayPal, which have demonstrated increasing openness to cryptocurrencies despite the ongoing bear market.Turkey has proven to be an important market for cryptocurrencies like Bitcoin and USDT, the US dollar stablecoin issued by Bitfinex’s sister company, Tether. Runaway inflation in recent years has led to an outsized interest in decentralized money in the country.Bitfinex’s business in Turkey has not been without its hiccups. Earlier this year, a Wall Street Journal report alleged that Bitfinex Turkiye user accounts had been implicated in terrorist financing. One particular account was alleged to have been used for money laundering purposes by the armed wing of Palestinian militant group, Hamas.This latest initiative follows Bitfinex’s recent announcement of the launch of Bitfinex P2P, a peer-to-peer exchange catering to clients in Argentina, Venezuela, and Colombia. With such expansions and collaborations, the cryptocurrency sector continues to evolve, demonstrating resilience and adaptability in the face of bear market conditions and regulatory challenges.