The 3rd Busan Blockchain Regulation-free Zone Steering Committee holds meeting

The UK affiliate of Banxa, the Australia-headquartered financial infrastructure firm, has clinched a coveted spot as the first entity to grace the Financial Conduct Authority's (FCA) crypto register for the year 2024.Photo by Susan Q Yin on UnsplashAuthorized VASPThe company drew attention to this milestone on Tuesday, through the publication of a press release. The approval catapults BNXA UK VASP (virtual asset service provider) into the realm of authorized providers of crypto-related services to clients residing in the United Kingdom. Notably, the UK subsidiary company's managing director, Brinda Paul, formerly held the director of compliance position at Banxa in Melbourne. She struck an optimistic note in her comments on the approval, stating:"I am incredibly proud to have led this registration process to a successful outcome, especially considering the low approval rate of 7% for FCA registrations in 2023, - only 4 companies received their registration. Banxa believes the FCA's high standards, focusing on robust business models, corporate governance, risk management and compliance validates the Company's commitment to support cryptoasset adoption and the development of the crypto market in the UK while doing so in a compliant manner." Banxa's stature extends to its listing on the Toronto Stock Exchange, solidifying its position as a key player in the payments infrastructure domain. The company claims to be following a mission to “build the infrastructure to extend the benefits of crypto to every merchant & consumer in the world.” The firm includes Asian crypto service provider and investor OK Group among its list of initial investors. Other early stage investors include KuCoin and Australia’s Thorney Investment Group. Fiat processing servicesThe company specializes in fiat-processing services tailored for various cryptocurrency exchanges, including heavyweights like Binance and OKX. It’s interesting to note that in the case of these two companies, neither Binance nor OKX holds FCA approval for their crypto operations, although OKX has been making a concerted effort of late towards coming into compliance. Banxa has been accumulating money transmitter licenses in the United States. As of September, the company held 32 such licenses for various U.S. states. A pivotal aspect of FCA registration pertains to promotional endeavors targeting UK customers. Entities aiming to disseminate promotional materials to UK-based clients must either secure registration with the FCA or obtain approval for their promotions through an authorized entity. Responding to legislative changes, the FCA has rolled out updated guidance, extending its oversight to crypto promotions targeting UK consumers. This move aims to enhance consumer comprehension of crypto investments and associated risks, in line with the FCA's commitment to consumer protection and market integrity. New UK marketing rulesNew marketing rules have led to exchanges like Bybit withdrawing services from the UK market. Recent developments have also seen crypto platforms like KuCoin and HTX added to the FCA’s warning list of unregulated entities. Drawing insights from industry consultations, the FCA has refined its rules and accompanying guidance, integrating feedback from stakeholders to ensure coherence and effectiveness in navigating the evolving regulatory terrain. 

Rotonda and Bithumb META to Co-Host Next Block 2023 Conference for Web3 CollaborationsRotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 Burrito Wallet, and Bithumb META, the exchange’s metaverse subsidiary, said Friday they will jointly host the Next Block 2023 conference. The conference’s main objective is to explore new business collaboration opportunities in building a new ecosystem for accelerating Web3 projects.“We are pleased to offer a space for interaction where virtual asset exchanges, wallets, and NFT marketplaces — which constitute the core infrastructure of the Web3 industry — can work together to set the stage for an innovative future of blockchain business,” a representative from Burrito Wallet said.Photo by CHUTTERSNAP on UnsplashExploring Web3 and industry insightsThe inaugural Next Block conference is scheduled for September 4 at Amoris Hall in Yeoksam GS Tower located in Seoul.Bithumb is the main sponsor of the conference, and more than 15 companies from various sectors including decentralized finance (DeFi), Play-to-Earn (P2E) gaming, venture capital, and securities are set to attend. A total of ten companies will pitch business ideas, deliver keynote speeches, and participate in panel and networking sessions. Topics to be covered for the event include transitioning to Web3 and discovering new opportunities and paradigms through blockchain.Junbo Yang, investment manager at Hong Kong’s HashKey Capital, and Kim Do-hyung, CEO of blockchain-based investment banking platform Finhaven, will deliver the keynote speeches, discussing the various perspectives of investment and security tokens. Companies like Property Heroes, Oasis, Mineral Hub, and more will participate in the panel discussions.Key business opportunitiesIn particular, the companies that give business pitches will have the chance to present their business models directly to venture capitalists and key industry figures. They can subsequently gain access to broader networking and promotional possibilities.

Metabora Singapore (Metabora SG), a blockchain content platform and an affiliate of multi-platform game company Kakao Games, announced a partnership today with Oasys, a blockchain platform tailored for Web3 games.  According to local media outlet Dailian, the partnership is expected to attract more users to Oasys’ Web3 gaming platform by enhancing its interoperability, expanding its ecosystem and providing “killer content,” all of which are the pillars of “Dragon Update,” a vision to achieve for Oasys for the year 2024.  Oasys has been emerging as a blockchain for Web3 gamers, as it continues to forge partnerships with Asian tech and game giants such as Com2uS and Ground X, a blockchain subsidiary of Kakao. Com2uS is the developer of popular games such as “Summoners War: Chronicles” and “Walking Dead: All Stars”, while Ground X operates its own crypto wallet.  Photo by Fredrick Tendong on UnsplashMaking inroads into the Japanese gaming market It is anticipated that Metabora SG will make use of Oasys’s strong network and powerful user base to enter the Japanese gaming market, which is deemed one of the biggest global markets boasting $44.4 billion in sales this year, according to Statista.  Oasys is known to have forged deep partnerships with major gaming companies in Japan, of which Oasys serves as their network validator. Metabora SG will be able to leverage Oasys’ support when entering the Japanese market.  Collaboration on blockchain technology “We are delighted to partner with Metabora SG, a company that fully shares our vision of revolutionizing the gaming industry through the use of blockchain technology. As we aggressively move forward and expand our business relationships with various gaming giants based in Korea, the partnership with Metabora SG by Kakao Games marks another important milestone for further business expansion in the region,” said Dominic Jang, the head of global business development at Oasys and the head of Korea at Oasys. “We are keen to nurture a more in-depth relationship with the Metabora SG team to maximize the synergy with Oasys, advancing the mass adoption of blockchain gaming,” he added.  With its extensive experience in offering immersive gaming experiences to users, Metabora SG is on its way to revolutionizing the gaming industry by integrating eco-friendly technology provided by Oasys.  Vincent Lim, CBO of Metabora SG, said that behind this partnership are people who share the same vision of enhancing the Web3 gaming ecosystem. He added that the two companies will provide immersive games that are easy to access to gamers all across the world, who haven’t yet experienced blockchain-based games.