OKX scores payment institution license in Singapore

Korbit and SK Planet Team Up to Promote NFT Membership ProgramKorbit, one of South Korea’s prominent cryptocurrency exchanges, has teamed up with SK Planet, a technology affiliate of the major conglomerate SK Group, in an effort to attract new users to Road to Rich, a non-fungible token (NFT) membership program.Photo by Mo on UnsplashWin up to 0.1 BTCUnder this collaboration, Korbit users will have the opportunity to win up to 0.1 BTC by completing assigned tasks. From those participating, 511 fortunate individuals will be selected as winners. The breakdown of prizes is as follows: 500 participants will earn 0.001 BTC each as third place winners; 10 second place winners will receive 0.01 BTC each; and the single top winner will be awarded the grand prize of 0.1 BTC.Quests, rewards, and rabbit NFTsRoad to Rich was introduced earlier this month by OK Cashbag, a popular customer rewards system offered by SK Planet. Road to Rich offers users daily quests involving rabbit character NFTs. Successful completion of these tasks allows users to gain various benefits, such as OK Cashbag points, which can be used at hypermarkets, restaurant chains, and other partner businesses. To participate in Road to Rich, users need to install the UPTN Station, a decentralized wallet developed by SK Planet, which allows storage, retrieval, and transfer of NFTs.According to a report by local news outlet Newspim, Oh Se-jin, CEO of Korbit, expressed the crypto exchange’s excitement about participating in the expansion of SK Planet’s Web3 ecosystem. Oh said that Korbit is committed to collaborating with SK Planet to deliver more convenient and valuable services to customers in the Web3 space.

Ripple Expands in Asia-Pacific with Full License to Operate in SingaporeEnterprise blockchain firm Ripple announced on Wednesday (UTC) that it has secured a full license to operate in Singapore, where it has established its Asia-Pacific headquarters since 2017.Photo by Sergio Sala on UnsplashFrom outline to full approval in 4 monthsThis development marks another step in Ripple’s strategic expansion within the Asia-Pacific region, known for its rapidly growing cryptocurrency market. Ripple’s journey to obtaining this full license began less than four months ago when the Monetary Authority of Singapore (MAS) granted it an initial in-principle approval in June. With the newly acquired full license, Ripple is now authorized to offer regulated cryptocurrency payment services in Singapore, a key financial hub in the region.Brad Garlinghouse, the CEO of Ripple, expressed his enthusiasm for the company’s continued growth in Singapore, stating:“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore.”Global expansion strategyThe company also highlighted the fact that over 90% of Ripple’s business occurs outside the United States, making the Asia-Pacific region, and Singapore in particular, a vital part of its global expansion strategy.Monica Long, President of Ripple, explained in a recent interview with CNBC that the Singapore office has seen substantial growth in the past year due to the booming business opportunities in the Asia-Pacific region. This expansion aligns with Singapore’s leadership in crypto regulation in the region. The introduction of the Payment Services Act, which has been in effect since January 2020, has played a large part in that, regulating payment services and crypto services to the public.Singapore’s regulatory framework also includes requirements for crypto service providers to safeguard customer assets in statutory trusts by the end of 2023 and restrictions on facilitating lending or staking of retail customers’ assets. These measures ensure consumer protection and responsible growth in the crypto industry.Praising SingaporeGarlinghouse commended Singapore’s regulatory approach, stating, “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs, striking the balance between innovation, consumer protection and responsible growth.” Ripple’s experience in Singapore differs entirely from the ongoing legal battle it has found itself in in the United States with the Securities and Exchange Commission (SEC).Both Ripple and Coinbase have found themselves embroiled in lawsuits with the regulator in the US. In Ripple’s case, the firm and its founders have been accused of unlawfully selling their native cryptocurrency XRP without registering it with the SEC. However, a landmark ruling in July determined that XRP, as a token, may not necessarily be classified as a security.Long spoke to the contrasting experiences the firm has encountered between the United States and Singapore. Long stated:”Being in Singapore a couple weeks ago felt like night and day compared to the US in terms of open dialogue with regulators, and thus being able to build innovative *and* compliant products.”Ripple, along with Coinbase and several other crypto firms, has criticized the lack of regulatory clarity in the US and has even considered relocating operations due to the SEC’s stringent regulatory stance. Notably, Coinbase also recently announced its successful acquisition of a major payment institution license in Singapore, following its in-principle approval obtained about a year ago.

Bitget Targets MENA Business ExpansionBitget, the Seychelles-based cryptocurrency derivatives exchange, is setting its sights on the Middle East and North Africa (MENA) as the region emerges as a fast-growing crypto hub.The firm announced its expansion plans via a press release which was published on Thursday. With countries like the United Arab Emirates (UAE) and Bahrain embracing crypto, more exchanges are taking notice and entering the market. Bitget has now joined the ranks of a series of crypto companies seeking to establish a foothold in the region.Photo by Kyle Glenn on UnsplashIncreasing crypto adoption and interestCiting the region’s impressive crypto adoption rate, which accounted for 9.2% of global transactions between 2021 and 2022, Bitget is capitalizing on the growing interest in digital assets. The UAE alone experienced a remarkable 400% increase in registered crypto businesses over two years, driving a surge in global digital asset trading by 10%. Moreover, blockchain-related educational programs have tripled in the region, which contributes to 8% of the overall mining hash rate. All of these are creating a favorable environment for Bitget’s expansion.Dubai officeTo support its entry into the Middle East, Bitget has opened an office in the heart of Dubai and has already hired 60 new employees for various mid and back-office positions. The company aims to scale its Middle East team further, with plans to hire 30 to 60 more professionals over the next two years.Bitget is not alone in recognizing the potential of the Middle Eastern market. Bybit, another major cryptocurrency exchange, recently obtained local licenses to operate in the digital assets space in the UAE, having moved its global headquarters to Dubai in April.OKX, one of the largest exchanges by volume, also received a Minimal Viable Product (MVP) Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA). Binance is also eyeing the Middle East, with Binance Dubai poised to become the primary focus for the company’s development efforts, given regulatory challenges in Europe and the US.Global expansion strategyBitget’s expansion into the Middle East is part of its broader global scaling strategy. The company has already registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania, and it launched a localized Turkish website earlier this year.Founded in 2018, Bitget boasts a user base of over 8 million users across more than 100 countries, offering copy trading services. The company’s move to the Middle East showcases its determination to tap into new markets and solidify its position as a global player in the cryptocurrency exchange landscape.There’s been a lot going on at Bitget in recent months, in addition to these regional expansion plans. In May the company announced a corporate social responsibility project named “Blockchain4Youth,” cleverly identifying the importance of connecting with the younger demographic which is far more likely to drive crypto and blockchain adoption.Earlier this month it launched a crypto loans product offering while last week it provided transparency via its proof of reserves initiative, demonstrating a 223% level of reserves and outlining that the company is debt free.