Mocaverse strikes up strategic alliance with Halo, KuCoin and OKX

Celsius and BlockFi Filings Reveal Bhutan Crypto InvestmentThe tiny kingdom of Bhutan, nestled in the Himalayas, has been secretly holding millions of dollars in cryptocurrency, according to recent filings in the bankruptcy processes of crypto lenders Celsius and BlockFi. The revelation has surprised many observers, given the country’s reputation as a conservative and traditionalist society that places a high value on spiritual well-being and happiness over material wealth.©Pexels/Prateek KatyalDruk Holdings and InvestmentThe cryptocurrency holdings were reportedly managed by Bhutan’s Druk Holdings and Investment, which was established in 2018 with the aim of investing in a range of assets to help diversify the country’s economy and reduce its dependence on hydro-power exports. It’s understood that the fund had invested in a number of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, and had seen significant gains as a result.While the exact amount of cryptocurrency held by the Bhutan Investment Fund is not known, a Forbes report estimates that it could be worth several million dollars. This represents a significant portion of Bhutan’s overall foreign reserves, which stood at $1.2 billion at the end of 2022.The news of Bhutan’s cryptocurrency holdings has sparked a debate about the role of digital assets in the country’s economy. Some experts have argued that cryptocurrencies could provide a valuable source of revenue for Bhutan, particularly as the country seeks to reduce its reliance on hydro-power exports. Others, however, have expressed concerns about the risks associated with investing in such a volatile and unpredictable asset class.A new frontier for investmentDespite these concerns, it appears that the Bhutan Investment Fund is committed to continuing its cryptocurrency investments. In a statement to Blockworks, the fund’s CEO, Tenzin Lekphell, said that “digital assets represent a new frontier for investment, and we believe that they have the potential to provide significant returns for our investors.”The news of Bhutan’s cryptocurrency holdings comes at a time when many countries around the world are grappling with the question of how to regulate and manage digital assets. While some countries, such as China, have taken a hardline approach and banned cryptocurrencies altogether, others, like Japan, have taken a more moderate approach and have sought to regulate the industry to prevent fraud and protect investors.Others still, like the United States and India have flip flopped on the subject with the United States having taken a regulatory hard line in recent months.A crypto opportunity for smaller nationsIt remains to be seen what approach Bhutan will take towards cryptocurrency regulation. However, the news of the country’s cryptocurrency holdings is a sign that even small, remote nations can take advantage of the opportunities provided by digital assets. On Tuesday Jason Lau, COO of crypto exchange Okcoin, stated that Bhutan’s investment was no surprise, with the expectation that other sovereign wealth funds would follow suit.Bhutan’s decision to invest in cryptocurrency has raised eyebrows in the international community. However, it is also a testament to the country’s willingness to explore new and innovative approaches to economic development. As the world continues to grapple with the opportunities and challenges posed by digital assets, Bhutan’s example may provide a valuable case study for other nations seeking to diversify their economies and embrace new technologies.

Julius Baer Expands Crypto Wealth Management Services in DubaiJulius Baer, a renowned Swiss private bank, is making strides in the world of digital assets with the expansion of its crypto wealth management services in Dubai.This move, reported by Bloomberg on Wednesday, represents the bank’s first major crypto product offering overseas. The Middle Eastern subsidiary of Julius Baer, JBME, has announced its intention to apply for a “digital assets license variation” to complement its existing permissions granted by the Dubai Financial Services Authority.If successful, this license variation will empower the company to offer advisory and custodial services for digital assets like Bitcoin, Ether, and other cryptocurrencies.Photo by Sascha Bosshard on UnsplashUAE “key geography”Jonathan Hayes, the head of digital assets development at Julius Baer, has underscored the United Arab Emirates (UAE) as a “key geography” for the bank’s expansion. He points to the region’s substantial economic development as a catalyst for venturing into the Dubai market.Julius Baer has already made strides in the crypto space within Switzerland by offering lending services to select crypto clients. This pioneering service allows customers to leverage their digital assets held by the bank. However, it is currently limited to clients with diversified portfolios that include traditional assets.Attracting international interestThe UAE, along with other individual Emirates in the country, has been actively striving to attract crypto businesses. As US authorities tighten regulations, numerous companies are seeking more crypto-friendly environments to operate in. It started to accept crypto business license applications in April. US crypto exchange Coinbase indicated its interest in locating a base there the following month.In Dubai, prominent cryptocurrency exchanges such as Binance Holdings Ltd., OKX, and Crypto.com have all submitted license applications to the Virtual Assets Regulatory Authority. Binance was among one of the first to secure a license while its understood that it may be looking towards the UAE as a strategic base for the company going forward. Meanwhile, another US crypto platform, Gemini, has suggested that it will now work towards obtaining a crypto license in the UAE.Julius Baer has witnessed a broad demand from affluent individual clients ranging in age from 25 to 70, according to Lucia Desmarquest, the Deputy Head of the bank’s central and eastern European division.Having first launched its crypto services in May of the preceding year, Julius Baer currently provides standard advice on digital assets to investors domiciled across 25 countries, including Luxembourg and Singapore.The bank’s wealth management services cover approximately the top 15 cryptocurrencies in the market. Each token undergoes meticulous due diligence and is subject to review by a dedicated panel.This expansion aligns with the broader trend of TradFi firms exploring opportunities in the digital assets space, as the industry continues to evolve and gain traction globally. Julius Baer’s expertise and established reputation position it well to navigate the evolving landscape of crypto wealth management and cater to the needs of its savvy clientele.

Barunson Labs and EQBR forge partnership to develop film-based security tokensBarunson Labs, a Korean blockchain-based platform for culture and arts, has joined forces with Web3 firm EQBR Holdings to offer film-based security tokens, aiming to bridge the realms of finance and cinema both in Korea and overseas.Photo by Felix Mooneeram on UnsplashBarunson’s diversified endeavorsBarunson Group, the parent company of Barunson Labs, has been a major leader in various cultural ventures involving film, drama, virtual reality, games and the metaverse. Notably, its production subsidiary Barunson E&A is known for its investment in “Parasite,” the critically acclaimed movie that won four Oscars at the 92nd Academy Awards.Earlier this year, Barunson Labs applied for a financial regulatory sandbox — a program under Korea’s Financial Services Commission that offers a special and provisional regulatory exemption for financial services that have been recognized for their innovativeness — to launch security tokens based on films. To gain approval, the firm also released the beta version of CRADE, a blockchain-based service that manages the flow of funds during the film production process.EQBR’s strategic expansionMeanwhile, EQBR has been developing a security token offering (STO) platform called Apanda Partners — a joint venture established with Shinhan Securities and Aegis Asset Management that received approval as a financial regulatory sandbox in December of last year. Apanda Partners’ Singaporean branch has since established a localized platform catered to the country’s securities firms and prepared for listing on the country’s regulated investment and trading platform SDAX. Barunson Labs and EQBR plan to list their first security token based on Korean content on SDAX in the first half of next year.“Starting with our collaboration with Barunson Labs, we are developing a process to make diverse assets available as products on various security token platforms built on EQBR’s technology,” explained Lee Hyun-ki, CEO of EQBR. “We will not simply talk about our technological possibilities but also demonstrate them through real-life cases, proving that investments can be diversified through the use of blockchain technology and smart contracts.”Lee is also set to participate in the STO Summit hosted by local news outlet Edaily from Thursday to Saturday (local time), where he will deliver a presentation on the application of STO solutions to actual financial services and the future trajectory of this trend. He will also introduce EQBR’s STO platform.“We are taking a dual-track strategy by simultaneously launching security token products in Korea and in overseas markets like Singapore, which is one step closer to institutionalization,” said Kang Shin-beom, CEO of Barunson Labs. He added that the company would launch more innovative investment products in the future that are poised to boost the status of Korean cultural and entertainment content on the global stage.