SafePal invests in & partners with Switzerland’s Fiat24

In a bid to foster gender diversity and inclusivity within the blockchain industry, cryptocurrency exchange Bitget has committed $10 million to invest in women-led startups in the Web3 and blockchain sector. Blockchain4HerThe announcement, made at the Web3 Hub Davos event on Tuesday, a part of the World Economic Forum 2024, highlights Bitget's initiative in promoting equality in a rapidly advancing sector. Bitget's research reveals a stark gender bias within the blockchain sector, with only 6% of startup funding directed towards female-led projects. Bitget’s Blockchain4Her project has been established as a direct consequence, in order to address this imbalance. Blockchain4Her has been designed to provide crucial support, mentorship and recognition to women in the industry. The initiative will include tailored incubation programs, pitch competitions exclusively for women-founded startups and the Women in Blockchain Summit & Awards, aimed at acknowledging outstanding achievements by women in the blockchain space. Recognizing the need for comprehensive measures, Bitget aims to confront the gender disparity by creating a nurturing environment through these multifaceted efforts. By offering specialized support for female entrepreneurs, the initiative aims to encourage greater involvement and leadership roles for women in the blockchain space.Photo by Shubham Dhage on UnsplashIndustry ambassadorsAs part of the Blockchain4Her program, Bitget plans to invite industry leaders to serve as ambassadors, supporting gender diversity in the blockchain industry. These ambassadors will play a crucial role in advocating, engaging and driving positive changes, fostering an inclusive environment for women in the blockchain sector. Bitget's commitment to addressing gender disparity in the blockchain industry is further underscored by its recent report on Web3 venture capital funding by gender. The report, published on Jan. 11, revealed that less than 7% of VC funding in the industry went to female-led startups, emphasizing the need for comprehensive measures to increase inclusiveness and accessibility for women in the blockchain sphere. The company is itself leading from the front on the issue, with Gracy Chen as managing director, one of the few crypto exchange platforms headed up by a female executive. Blockchain4YouthIt’s not the first time that the company has embarked upon a corporate social responsibility-themed project. It follows Bitget's earlier commitment to nurturing talent through the “Blockchain4Youth” initiative, which was announced in May of last year. The $10 million initiative set out to serve the objective of “empowering and inspiring younger generations to use Web3 and crypto tools to create and engage in a decentralized space.” It focuses on providing courses through Bitget Academy, hosting university lectures on Web3, incubating innovative projects by young entrepreneurs and organizing hackathons for individuals under 30 to identify promising leaders. A by-product of Blockchain4Youth also involved the company commencing to invest in Indian blockchain startups in November. Bitget's Blockchain4Her initiative represents a significant step towards fostering a more equitable blockchain space. By championing inclusion and diversity, Bitget not only contributes to a fairer industry but also supports the sustainability and growth of the broader technology sector. 

OSL Prepares for Fund Launch Following License ApprovalIn a press release published on Tuesday, Hong Kong-based digital asset platform OSL announced that its asset management business, OSL Asset Management (OSLAM), has been granted a license to trade by the autonomous territory’s securities regulator.Photo by Eliobed Suarez on UnsplashType 1,4 & 9 approvalHong Kong’s Securities and Futures Commission (SFC) has issued the firm with a license which permits it to carry out trading activities encompassing Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 activities. The latter category enables OSLAM to carry on a business involved in asset management.Upcoming fund launchWith licensing secured, OSLAM is now building up to its first fund launch which it envisages will happen within the next few months. According to the statement the company released, “OSLASM’s inaugural product offering will concentrate on unlocking new opportunities in the rapidly growing sectors of blockchain solutions, artificial intelligence (AI), and Web 3.0 technologies.”The firm claims that it has access to unique deal flow, together with the experience to operate in the asset management arena relative to the digital asset sector. OSL thinks that it is well placed in this regard as it is one of only two companies in Hong Kong who are currently licensed to facilitate security token offerings, trading and dealing.”OSL is an offshoot of the BC Technology Group, a company that provides staffing services to clients in the telecommunications sector. Ken Lo, the Deputy Chairman of BC Technology Group said that this milestone would empower the company “to explore new frontiers in blockchain and AI, creating value for our clients and shaping the future of the industry.” He added that the firm “can unlock unprecedented opportunities for growth, collaboration, and value creation” relative to these sectors.Licensing going live in JuneHong Kong has been pulling out all the stops to enable crypto business in recent months. It recently called on the banks to make an additional effort in catering to the needs of crypto businesses. It has been working on a regulatory framework culminating in this licensing regime. Licensing goes live on June 1.Speaking at the Bloomberg Wealth Asia Summit on Tuesday, Eddie Yue, the CEO of Hong Kong’s other regulatory body, the Hong Kong Monetary Authority (HKMA), said that the autonomous territory had very high guardrails over the past number of years that impeded the development of digital asset-related business. Yue believes that Hong Kong now has the right level of regulation and investor protection in place to enable the development of the sector.According to Yue, Hong Kong sees a greater opportunity in the overarching digital assets space as it develops. “Virtual assets or crypto is actually a very broad term. It’s not really about crypto, you’re talking about stablecoins or tokenized assets in the future.,” he stated.Many commentators have suggested that all illiquid real world assets will ultimately be tokenized in the future. As it stands today, a mere $0.3 trillion of illiquid real world assets have been tokenized. Some researchers anticipate that this level of real world asset tokenization will climb to $16 trillion by 2030.

Having introduced its swift licensing process late last year, Hong Kong's Securities and Futures Commission (SFC) has extended access to the process to all new virtual asset trading platform (VATP) applicants. In a statement published on its website on Jan. 16, the regulator outlined that it is extending the swift licensing process to new applicants. Back in December, the SFC approved licensing relative to four exchanges under the expedited process. Those additions included Accumulus GBA Technology Co., DFX Labs Company, Hong Kong Digital Asset EX and Thousand Whales Technology (BVI).Photo by Ruslan Bardash on UnsplashSeven licensed VATPsThat has brought the total number of licensed exchanges to seven, as HashKey, OSL and HKVAX were the first exchanges to be approved. In November, fifteen licensing applications relative to virtual asset platforms, had been pending. According to SFC CEO Julia Leung, the regulator had hoped to issue licenses to eleven VATPs by the end of 2024.  The new expedited process requires applicants to “implement their policies, procedures, systems and controls before conducting an external assessment on these measures.” The regulator decided to extend the swift licensing process due to the effectiveness of the SFC’s engagement with other applicants, relative to the regulatory standards being put in place, implemented through on-site inspections being carried out. Fostering a healthy ecosystem Commenting on the development, Dr. Eric Yip, the SFC’s Executive Director of Intermediaries, stated:“The SFC is committed to fostering a healthy ecosystem and a robust regulatory framework for the development of virtual assets in Hong Kong. With the new approach, we will enhance our collaboration with VATP applicants, providing them with constructive and timely feedback, thereby enabling fully compliant VATPs to bring their services to investors more swiftly.” While the regulator is awarding licensing on an expedited basis through the swift licensing process, licensing is conditional. The VATP can operate on a restricted scope of business once it has completed rectification actions following feedback provided by SFC inspectors.  In October Yip outlined the SFC’s plans to create a consultative panel consisting of senior management executives from licensed VATPs. The objective of the panel is to gather feedback and concerns from licensees, adjusting the regulatory framework where deemed appropriate, relative to that feedback. Commenting on the initial introduction of the expedited approval system last December, Yip stated: “We have been proactively engaging with VATPs’ senior management and ultimate controllers, which helps drive home our expected regulatory standards and expedite our licensing process for VATPs. We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.” The Hong Kong government has also been working towards incorporating a stablecoin bill, which will establish a regulatory framework with regard to fiat-referenced stablecoins. The SFC also intends to introduce licensing for crypto custodians in 2025.