Crypto enthusiasm prevails in China despite crypto trading prohibition

Lotte World Unveils Theme Park Maps in Metaverse Platform The SandboxLotte World, one of South Korea’s major theme parks, announced Wednesday (local time) that it is making its debut on the global metaverse platform The Sandbox, on which it will unveil a virtual map that mirrors the offline theme park experience with quests and missions.Photo by Shuto Araki on UnsplashImmersive virtual adventuresThe map portrays a fantastical concept with two realms — Lotte World Station and Fairy Tale World. Lotte World Station is a map of a train station modeled after the theme park that serves as both the starting point for all journeys through the metaverse and as a gateway to other maps. Users can explore the map and learn about the various virtual adventures awaiting them. The map also offers information about Lotte World’s five businesses, including Lotte World Adventure, Lotte Water Park, Seoul Sky, and more.Users can even enjoy attractions such as Lotte World Adventure’s Balloon Ride and World Monorail, as well as Seoul Sky’s Sky Bridge and the Water Park’s Tornado Water Slide.On the other hand, Fairy Tale World is a kingdom-themed map where Lorry and Lotty — Lotte World’s famous mascots — reside as queen and knight. Users can access this map by riding the World Monorail from Lotte World Station. They can then embark on quests to save the cursed Fairy Tale World and enjoy rides such as Gyro Drop, Fantasy Dream, Bumper Cars, and Merry-Go-Round.Furthermore, the virtual map features Lotte World Adventure’s iconic landmark, Magic Castle, and Lotte World Adventure Busan’s Talking Tree, where parades will also be held.Special eventThe theme park is also holding an opening event in celebration of the map’s launch. Users who complete quests within Lotte World Station and Fairy Tale World by November 8 will receive rewards. Furthermore, those who possess items that they collected from the Lotte World Adventure game that was released in July will receive additional rewards.“We plan to release three more maps in the future to further diversify our metaverse content. We are committed to showcasing unique content that Lotte World alone can provide, transcending the boundaries of online and offline experiences,” the theme park said.

Hong Kong’s OSL crypto exchange receives $91M boostBC Technology Group, the owner of the licensed OSL exchange, has secured a HK$710 million ($90.9 million) investment from BGX.Photo by Precondo CA on UnsplashBringing clarity to BitgetX market withdrawalBGX is reportedly associated with Seychelles-incorporated crypto exchange Bitget. The investment, which was announced via statements published by both BC Technology Group and BGX on their respective websites on Tuesday, brings further clarity to the rationale behind Bitget’s recent decision to withdraw its BitgetX platform from the Hong Kong market.BitgetX was believed to be working towards crypto licensing in Hong Kong. Its decision on Monday to stop pursuing a virtual asset trading platform (VATP) license and withdraw from the market entirely had been perceived as a weakness of the regulatory regimen in Hong Kong. However, it now appears that it was just clearing the way for involvement in crypto trading brought about through its investment in OSL, an entity that has already acquired a trading license within the Chinese autonomous territory.BGX has entered into an agreement to acquire a 29.97% stake in BC Technology, OSL's parent company, pending shareholder approval. According to an announcement, BGX CEO Patrick Pan Zhiyong is set to become one of two new executive directors as part of this investment. Pan, concurrently serving as the CEO of BitgetX, will also oversee the transition as Bitget steps back from the market, scheduling its platform closure for Dec. 13.Sale rumors deniedReports emerged in October that BC Technology Group was considering the sale of OSL based on a $128 million valuation. Contrary to those reports, BC Technology vehemently denied any intentions to sell OSL, emphasizing its commitment to maintaining the exchange’s operations. The company dismissed such speculation as “factually inaccurate and highly misleading,” underscoring its dedication to navigating the evolving crypto landscape.Bitget, responding to inquiries from the South China Morning Post (SCMP), asserted its independence from BGX, stating that it is “an independent entity” with no legal or commercial connections to the crypto firm.BGX is incorporated in the Cayman Islands and wholly owned by Liu Shuai, the founder of Shenzhen Qianhai Junchuang Fund Management and Singaporean crypto fund Foresight Ventures. Liu’s investment portfolio includes Bitget, as well as U.S. crypto media group The Block, which was acquired by Foresight Ventures, according to reports earlier this week.The incorporation of BGX into BC Technology’s ecosystem introduces a dynamic player with diverse investments across the crypto space. Against the backdrop of Hong Kong’s changing regulatory landscape, with the introduction of a mandatory licensing scheme last year, BC Technology’s OSL was the first exchange to obtain a voluntary license from the Securities and Futures Commission (SFC) in 2020. The asset management division of the company received a trading license in May of this year. In August, OSL, along with HashKey, received approval from the SFC to upgrade their licenses, allowing them to serve retail investors.The evolving regulatory environment reflects Hong Kong’s ambition to position itself as a crypto hub, attracting both institutional and retail participants. While that endeavor is not without its challenges, the city hasn’t been adversely affected by BitgetX's withdrawal from the market, given this related investment in OSL.

A number of corporations across the Asian region have announced plans to introduce cryptocurrencies as a fixture within their corporate treasuries recently.Photo by Kanchanara on UnsplashReitar Logtech HoldingsAccording to a June 2 filing with the U.S. Securities and Exchange Commission (SEC), Hong Kong-based Reitar Logtech Holdings Limited, a logistics solutions provider listed on the Nasdaq (RITR), intends to purchase $1.5 billion worth of Bitcoin. The filing outlines that the company is at an advanced stage of negotiation with a consortium of institutional investors and high-net-worth individuals with expertise in the digital assets field regarding this strategic treasury diversification initiative. The firm foresees greater involvement in the future with digital assets beyond just holding Bitcoin as a reserve asset. It stated: “The BTC Program will also pave the way for the Company to engage in logistics real estate projects which may involve digital assets in the future by establishing a reserve of digital asset through this initiative and setting up the necessary internal organizational and technical infrastructure for managing such digital assets.” The tokenization of real-world assets (RWAs) is building momentum, with real estate being the standout use case for that activity. DigiAsiaLast month, DigiAsia, an Indonesian fintech firm listed on the Nasdaq (FAAS), outlined that it had launched a Bitcoin reserve strategy. The company stated that the initiative aligns it with the growing trend among publicly-listed companies to add digital assets to the corporate balance sheet. DigiAsia is understood to be actively exploring a capital raise of up to $100 million in order to fund its first Bitcoin purchases. Treasure GlobalOn June 4, yet another Nasdaq-listed firm with Asian origins announced the launch of its digital asset treasury initiative. Malaysia-based e-commerce platform operator Treasure Global stated that its digital asset treasury would be funded with $100 million raised through a new institutional funding partner and an existing equity financing agreement. It plans on buying Bitcoin, Ethereum and regulated stablecoins. K Wave MediaNasdaq-listed K Wave Media, a South Korean entertainment company, also announced on June 4 that it had put together a $500 million securities purchase agreement to facilitate the establishment of a Bitcoin-based treasury. XRP making corporate treasury inroadsWhile there has been a raft of Bitcoin-related corporate treasury announcements within the Asian region and globally, Ripple’s XRP is starting to see some corporate treasury-related activity. On June 3, Webus International, a Chinese international chauffeur service provider listed on the Nasdaq (WETO), outlined in a filing with the U.S. SEC that it plans to establish a $300 million XRP-based corporate treasury.  In addition, Webus plans to integrate corporate use of the XRP blockchain to facilitate cross-border payments for its partners and travelers worldwide. The move follows a recent announcement by London-based VivoPower International, yet another Nasdaq-listed (VVPR) company, outlining that it was establishing a $121 million XRP corporate treasury with funding for the initiative provided by a Saudi prince.