Korea Customs Service to form task force to combat crypto-related crimes

NPIXEL Wraps Up 2nd Community Test for Web3 Game “Gran Saga: Unlimited”Korean game developer NPIXEL announced on Tuesday the successful completion of the second community test for its Web3-based PC massively multiplayer online role-playing game (MMORPG) called “Gran Saga: Unlimited.”The test — conducted over the course of two weeks with some 8,000 global participants — was aimed at enhancing the gameplay environment and strengthening community-based content ahead of the official release of the game.Photo by Andrey Metelev on UnsplashExploring game features and player-based developmentAccording to local news outlet ETnews, participants had the opportunity to try out various features within the game, including new dungeons, a 16-player raid, and a player-versus-player (PvP) battleground called “Chaos Field.” In particular, the “Idol & Fan” system garnered significant attention, where 100 global influencers who received soulbound tokens participated as “idols” to create diverse content with their “fandoms.”NPIXEL’s development team was actively engaged in the testing process, collaborating with users to strategize dungeon conquests and partake in community activities. They implemented real-time communication with users, gathering feedback and opinions to build a game that players directly contributed to.“Proof-of-Play”: The expansion of blockchain in gamingOne of the key features of Gran Saga: Unlimited is its Proof-of-Play technology, NPIXEL explained, much like the Proof-of-Work process used in cryptocurrency. Proof-of-Play involves recording all the in-game items and commodities that a player receives on a blockchain, thus proving and disclosing the items’ randomness of acquisition. The difficulty of obtaining certain items is determined based on in-game demand, and users can search and verify real-time information such as time of acquisition, ownership identification, and random probability.Upcoming launch and exclusive rewardsThe developer is also offering rewards to all 8,000 testers, including a Mount NFT when the game is launched and a chance to win a whitelist spot raffle of Catcha NFT with 1,000 open spots to all testers.NPIXEL will thoroughly review user feedback and opinions collected during the test to further improve the game, after which they plan to officially launch the game through the web-based premier gaming ecosystem, METAPIXEL.METAPIXEL will be developed on the Layer 1 blockchain network Aptos, which is based on NPIXEL’s partnership with Aptos established back in November of last year.

Real-world asset (RWA) tokenization, the conversion of tangible assets into digital tokens on a blockchain, is gaining momentum in the United Arab Emirates (UAE), according to a number of industry professionals working in the sector.Photo by ZQ Lee on Unsplash‘No lack of demand’Scott Thiel, founder and CEO of Dubai-based RWA token marketplace Tokinvest, recently outlined to Cointelegraph that the company is experiencing “no lack of demand” for tokenized RWAs. Thiel believes that demand is coming from real estate developers and large property owners who “want to explore how they can use this as an alternate means of financing or selling their property.” The Tokinvest CEO explained that a booming property market in the UAE,  particularly in Dubai, is contributing towards RWA tokenization demand in the country. He stated: “What’s the hottest real estate market in the world? Well, I think today it’s probably Dubai, and so, everyone would like to own a piece of this or to get access to the economic benefits of being a participant in that marketplace.” RWA tokenization dealsLast year, Liv Digital Bank, a subsidiary of Emirates NBD, the second largest bank in the UAE, signed a deal with RWA tokenization firm Ctrl Alt. At the time, Ctrl Alt CEO Matt Ong pointed to a Boston Consulting Group report that forecast a $16 trillion business opportunity with regard to the tokenization of global illiquid assets by 2030. In January, MANTRA, a layer-1 blockchain project that focuses on RWA tokenization, inked a $1 billion deal with Damac Group, an Emirati property development company. The objective of the partnership is to bring transparency, security and access to Damac’s assets using blockchain. Last month, MANTRA was awarded a Virtual Asset Service Provider (VASP) license by Dubai regulator, the Virtual Assets Regulatory Authority (VARA). MANTRA Co-founder and CEO John Patrick Mullin described the license award as “a validation of our purpose, which is to provide developers and institutions with a purpose-built RWA Layer 1 Blockchain, that’s capable of adhering to real world regulatory requirements.” Proactive regulationIt is with regard to regulation that many in the industry feel that the UAE is gaining the upper hand where RWA tokenization is concerned. Tokeninvest’s Thiel provided input into the formulation of VARA’s regulatory framework back in 2022. He said that the authorities there have taken a proactive approach to digital asset regulation, with a genuine desire to provide regulatory clarity. The Tokinvest CEO was sufficiently impressed by the regulatory approach in the UAE to relocate the company there. Back in January, VARA awarded the company a trading license for its tokenized RWA marketplace. Commenting following the announcement of the Damac deal, MANTRA’s Mullin complimented the UAE authorities on their business-friendly approach: “The UAE has shown time and again that they can lead the crypto industry in innovation.”  In a series of posts on X recently, Julian Kwan, CEO and founder of IXS, a Singapore-based institutional bridge for tokenized RWAs, cited the Damac tokenized real estate deal while asserting that tokenized “RWAs are no longer a concept — they are an unstoppable financial movement.”

Singapore-headquartered cryptocurrency exchange platform Crypto.com is making a move to further its global reach through an application for a virtual asset trading platform (VATP) license with the Hong Kong Securities and Futures Commission (SFC). Application via Fortis DAX HK LimitedA number of months ago, the SFC established a list of both licensed platforms and license applicants. Crypto.com is the latest entity to appear on that list through a locally incorporated entity, Fortis DAX HK Limited. The application was made on Feb. 9, 2024. In this pursuit of regulatory approval in Hong Kong, Crypto.com now joins 16 other exchanges, including notable players like Bybit, Bullish, OKX and VAEX.Photo by Jie Yeu Teoh on UnsplashRegulatory ultimatumThe urgency to obtain a VATP license has become more immediate, given the regulatory ultimatum issued by the SFC recently. A stern warning from the Hong Kong regulator has been issued, mandating that exchanges must apply for the said license by Feb. 29, 2024, with a looming shutdown deadline of May 31, 2024, for those that fail to comply.  Currently, only two platforms, OSL and HashKey Exchange, hold the coveted licenses, underscoring the rigorous process and the importance of compliance in operating within the Hong Kong market.  Despite recent approvals of spot bitcoin exchange-traded funds (ETFs) in the United States and the acceptance of applications for similar products in Hong Kong, regulators are once again asserting their authority in the crypto space, demanding stringent compliance measures to safeguard investors and combat financial crimes.  Julia Leung, the chief executive officer of the SFC, emphasized the importance of regulatory oversight in today's landscape, highlighting the need to protect investors and hold wrongdoers accountable.  In light of these developments, the SFC has issued a cautionary advisory to investors, urging them to verify the regulatory status of the platforms they engage with. While exchanges can continue operating during the application process, investors are encouraged to take proactive measures, such as closing accounts with unlicensed platforms or transferring their assets to SFC-licensed exchanges before the looming deadline.  Licensing and partnerships Despite the regulatory pressures, Crypto.com appears to be navigating the challenges adeptly, leveraging its strategic partnerships and growth initiatives to reinforce its position in the market. In a recent interview, Eric Anziani, the COO of Crypto.com, highlighted the success of the company's collaborations with sports giants like F1 and the UFC, as well as a stadium naming rights deal in Los Angeles that has led to the Crypto.com Arena. These partnerships not only enhance brand visibility but also serve as avenues for attracting new users to the platform. With an approaching user base of 100 million, Crypto.com continues to expand its offerings, recently introducing Crypto.com Prime, an exclusive program tailored for high-net-worth individuals requiring a $1 million deposit. Anziani emphasized the importance of compliance, user convenience and competitive fees, while also acknowledging the diverse trading preferences among users. This license application is the most recent example of Crypto.com’s efforts to expand compliantly. Over the course of the past 12 months, the company has secured trading licenses in Spain, the UK, Dubai and Singapore.