Singer referred to Taiwan prosecutors over alleged links to JPEX

Hong Kong-based digital asset financial services firm HashKey Group has announced its intention to list its platform token, HSK, in Q3 2024. HSK tokenomicsThe company set out details of the HSK listing via a series of posts on the X social media platform. The HSK token is based on the Ethereum ERC-20 token standard. Total token supply will be capped at one billion, 65% of which will be allocated towards ecosystem growth. The team will be incentivized by the allocation of 30% of the supply while 5% will be held back in a reserve fund.  Regarding the token’s burning mechanism, HashKey revealed it retains the discretion to repurchase up to 20% of net profits from specified businesses and subsequently burn the acquired tokens from the total supply.Photo by Zoltan Tasi on UnsplashAirdrop imminentIn a statement shared with The Block, HashKey Group detailed that HSK will be integrated across its various products and applications. The community airdrop, launching in late June, aims to encourage user participation. The company stated:“HSK is scheduled to launch a community airdrop through HashKey's core businesses in late June, encouraging users to contribute to community building.” The company believes that HSK will incentivize ecosystem contributors when it comes to development of its layer-2 ecosystem chain, the HashKey Chain. That incentive structure, the company maintains, will result in contributors “providing robust support,” while acting as a “driving force for on-chain users and assets.”  Integration with external ecosystemsThe firm outlined that the HSK token is designed to integrate with external crypto ecosystems so as to best facilitate synergy between internal and external collaborations. HashKey Group boasts a comprehensive Web3 ecosystem, inclusive of infrastructure, middleware, AI, DeFi, GameFi and the Metaverse. HashKey Group’s core businesses include HashKey Capital, HashKey Tokenisation and HashKey NFT. It also operates HashKey Exchange, a licensed cryptocurrency exchange in Hong Kong, with the exchange business having reached a $500 million assets-under-management (AUM) milestone earlier this month.  HashKey Cloud, a Web3 infrastructure provider, formed a strategic partnership with the Aptos Foundation last month with a view towards progressing projects relative to decentralized identity (DID) and security token offerings (STOs). HashKey Global, a global exchange launched in April, has risen to ninth spot in terms of overall crypto exchange trading volume. In January, HashKey Group announced that it raised nearly $100 million in its Series A financing round, achieving a pre-money valuation above $1.2 billion. In September, the investment arm of the company, HashKey Capital, launched a $100 million fund focused on altcoins.

Full operating license approval for Hex Trust in DubaiIn yet another instance of progress for the cryptocurrency sector, Hex Trust MENA FZE, the Dubai-incorporated subsidiary of Hong Kong-headquartered institutional-grade crypto custodian Hex Trust, has successfully secured an operating license from the Dubai regulator, the Virtual Assets Regulatory Authority (VARA).Photo by Mohammed Nasim on UnsplashExtending regional presenceThis regulatory milestone, acknowledged by the firm in a statement it made public on Wednesday, not only solidifies Hex Trust’s presence in the Middle East but also marks a strategic move to extend its crypto custodial services to institutional clients and sophisticated investors in Dubai. While based in Hong Kong, Hex Trust has offices in Dubai, Singapore, Vietnam and Italy.This full operating license signifies the successful conclusion of the approval process within VARA’s regulatory framework for crypto service providers, which came into effect earlier this year. Initially granted a minimum viable product (MVP) operational license in February, Hex Trust’s latest achievement grants it the official authorization to continue its operations in the region, marking a pivotal moment in the company’s expansion strategy.With an increased footprint in Dubai, Hex Trust is now poised to deliver comprehensive crypto custodial services to both institutional clients and sophisticated investors. This strategic move is in line with the company’s aspiration to meet the escalating demand for secure and regulated digital asset storage solutions in the Middle East.Filippo Buzzi, Hex Trust’s MENA regional director, underscored the company’s dedication to expanding its reach in the Middle East, stating:“Hex Trust is fully committed to expanding into the Middle East and sees enormous potential for digital asset growth given the progressive regulations, welcoming governments, and thriving crypto ecosystem in the region.”This statement not only highlights the favorable regulatory environment but also emphasizes the increasing interest in cryptocurrencies within the Middle Eastern market.$88 million funding roundHex Trust’s recent success in Dubai comes on the heels of its $88 million Series B funding round last year, showcasing the company’s proactive approach to securing regulatory approvals on a global scale.In August, the firm received regulatory clearance in France, enabling it to offer a spectrum of services, including digital asset custody, purchasing, selling and trading. These regulatory triumphs position Hex Trust as a reputable and compliant entity in the competitive crypto custodial space.Series of approvalsWhile Hex Trust has demonstrated its adept navigation through regulatory processes in Dubai, it’s one of many companies to obtain licensing in the emirate in recent weeks.It emerged yesterday that CRO DAX Middle East, the Dubai-registered subsidiary company of Singapore-headquartered Crypto.com, received a trading license from VARA.Last week, Korean Web3 company CarrieVerse clarified that it had joined the Dubai Multi Commodities Center (DMCC) as a metaverse service provider. The DMCC is a United Arab Emirates (UAE) government agency which has developed into a hub for investors and Web3 startups. CarrieVerse and the DMCC have not as yet revealed details regarding the roadmap for the partnership.At the start of this month, VARA awarded Singapore’s WadzPay, a business-to-business (B2B) technology firm that focuses on enabling digital asset-based transaction processing and settlement, a license to trade within the emirate. Meanwhile, on Nov. 1, it emerged that crypto wallet project Backpack had received a license from the Dubai regulator.

UAE’s Royal Office Visits Korea to Further Security Token Collaboration with AIITONEAIITONE, a Korea-based augmented reality firm specializing in security tokens, invited journalists to showcase its strategy to foster business collaborations between South Korea and the United Arab Emirates (UAE) on the occasion of the Korean visit of the Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi.Photo by Ethan Brooke on UnsplashPrivate Office’s return visitThe Private Office is a Dubai-based corporate conglomerate that operates businesses in various areas including real estate, energy, and finance. This visit by the Private Office marks a return visit following AIITONE’s visit to the UAE in July.The conference took place at a hotel in Gangnam, Seoul, and was attended by Lee Jin-yeop, CEO of AIITONE; Bruce Jeong, Chairman of Middle East Investment; and H.H. Sheikh Ahmed Bin Faisal Al Qassimi.Security tokens, CBDCs, smart defenseChairman Jeong, leading AIITONE’s global initiatives, said that their primary endeavor is to set up a Korean branch of the Royal Office. This branch will function as an international business hub, facilitating collaborations across three key sectors: security tokens, central bank digital currencies (CBDCs), and smart defense ventures.The event also featured presentations by AIITONE officials who introduced the company’s focus areas.Kang Man-soo, who leads AIITONE’s defense unit, highlighted the company’s technical expertise in maintenance training equipment, interactive electronic technical manuals, and integrated system support. He pointed out that AIITONE has been actively involved in the development of technical manuals and training simulators for various defense assets, including warships, guided weapons, and fighter aircraft. Kang emphasized that AIITONE’s strategic partnerships with Korean defense firms have propelled their engagement in initiatives aimed at exporting these products to countries such as Indonesia, Malaysia, and Poland.Lee Joo-hyung, the head of AIITONE’s extended reality (XR) content division, revealed the company’s plan to create portable products that can replicate the physical sensations of the real world, including sensations like physical contact and heat. Additionally, Lee introduced MOUM, a metaverse platform that features blockchain-powered security functions and generative artificial intelligence (AI) capabilities.Park Sang-il, who is at the helm of the firm’s security token project, showcased AIITONE’s comprehensive security token platform, which enables users to both issue and distribute security tokens. Notably, the platform is compatible with hyperledgers Besu and Fabric.Since arriving in Korea last Wednesday, the Royal Office has met with representatives from Standard Chartered Bank Korea and lawyers from law firm Kim and Chang, as well as lawmaker Yang Hyang-ja. Additionally, the Royal Office made a visit to smart farms located in South Jeolla Province.H.H. Sheikh Al Qassimi expressed a high regard for South Korea, acknowledging its beautiful natural landscapes and significant economic development. He underlined that this visit serves as an opportunity for the Royal Office to strengthen cooperation between UAE companies and their Korean counterparts, further fostering economic exchanges between the two countries.