HashPalette acquisition sees Aptos Labs enter Japanese market

GroundX to Bring NFT Activities to 2023 Seoul Light Hangang Bitseom FestivalGroundX, the blockchain subsidiary of South Korean conglomerate Kakao, said Tuesday that it will host NFT-related activities at Seoul’s largest laser art festival, the 2023 Seoul Light Hangang Bitseom Festival, from October 6 to 15 in collaboration with the Seoul Metropolitan Government and other affiliates like LG Uplus and the Seoul Foundation for Arts and Culture.Photo by Wes Hicks on UnsplashMerging physical activity, learning, and artThe activities will fall under the theme of “3L”: Light Run, Laser Art, and Lecture. Light Run is a four-kilometer running course scheduled for October 6 and 14, for which GroundX will mint NFT certificates for participants who complete the course. The NFTs will contain information about the participant, as well as the date of the event and a record of completion. They will then automatically be sent to and stored in the participant’s Klip wallet, GroundX’s digital wallet service, and can be accessed at any time on the Klip app and KakaoTalk Wallet.GroundX said that it will also showcase digital artworks by eight artists, including Kim Duk-ki, Han Seung-ku, and Berry Kim. These works will be displayed on LED platforms installed at the Banpo and Ichon Hangang Parks.Kim Tae-keun, Head of Business at GroundX, is set to participate as a lecturer for the Bitseom Lecture segment on October 8, where he will discuss NFT art and the company’s vision for the media art industry. Bitseom Lecture is an outdoor art convergence lecture program that introduces immersive media artworks and technology in virtual reality (VR) and extended reality (XR).Bringing the NFT experience to Seoul“We hope that citizens visiting the Bitseom Festival will be able to get the real NFT experience through our media art displays, lectures, and running course completion certificates,” GroundX said. “We will continue to collaborate with various organizations and create NFT use cases through participation in offline festivals and events.”

Thailand’s capital markets supervisory agency, the Securities and Exchange Commission (SEC), is preparing to launch a trading system, built on distributed ledger technology (DLT), to enable securities firms to trade tokenized securities.Photo by allPhoto Bangkok on PexelsTokenized investments gaining tractionThat’s according to a report published on Feb. 3 by Bangkok-based English language newspaper, the Bangkok Post. Jomkwan Kongsakul, deputy secretary-general of Thailand’s SEC, said that tokenized investments are gaining traction. With that, the development will give the regulator experience in supervision of the latest digital-era markets. The move is also seen as an indication to securities firms of the acceptability of DLT-based tokenized trading from a regulatory perspective in Thailand. The regulator plans to sign off on permitting securities firms to trade digital tokens, bootstrapping digital token trading through accessing the large investor bases of these firms. Commenting on the initiative, Jomkwan Kongsakul stated: “The SEC is leveraging technology to enhance efficiency in the capital market by promoting an electronic securities ecosystem,” while “new regulations will be launched to facilitate the issuance of electronic securities and online purchases of debentures.” Debentures are unsecured debt instruments issued by companies to raise funds. Efficient primary & secondary market tradingThe proposed system will incorporate primary and secondary market trading of fully digitized bonds. Other features will include investor registration and multiple blockchain support with the inclusion of blockchain interoperability capabilities. It is as yet unclear which blockchains the platform will be built around. Speaking on that topic, the SEC executive stated: “In the future, there may be multiple chains for trade. Trading through DLT on all systems is connected by a shared ledger, which is expected to be completed soon.” In its preparations to launch the system, the Thai SEC has approved four digital token projects thus far. Two more projects are understood to be at the review stage. The focus is being placed on green tokens and investment-based projects. The regulator believes that through tokenization, greater efficiency and liquidity can be achieved. There’s a delay of between seven and 14 days before bonds, which have been bought on the primary market, can be traded on a secondary market. Tokenization can help to resolve this issue.  Furthermore, where bonds are too expensive for investors or too illiquid, tokenization can help in both cases, broadening access to the range of products available to the investing public. In addition to this latest news, a number of positive signs have arisen from Thailand with respect to digital assets in recent weeks. It emerged last month that the SEC is considering approving spot Bitcoin exchange-traded funds (ETFs) within the Southeast Asian nation.  Related to that development, SEC Secretary-General Pornanong Budsaratragoon said that the agency has “to adapt and ensure that our investors have more options in crypto assets with proper protection.” Last month, comments made regarding cryptocurrency by Thailand’s former Prime Minister, Thaksin Shinawatra, were quite positive. He called on the SEC to enable the trading of stablecoins. Since then, Thailand’s Minister of Finance, Pichai Chunhavajira, discussed plans to issue a stablecoin that would be based on the Thai Baht and backed by government bonds.

American digital asset prime brokerage FalconX has unveiled its strategic expansion into Hong Kong, doubling down on its growth within the Asia-Pacific (APAC) region.Photo by Chapman Chow on UnsplashOTC brokerage servicesThe move, announced by the company through the release of a statement on Thursday, represents the firm’s latest stride in pursuing a global expansion strategy. In February 2023 the company announced that it was establishing its APAC headquarters in Singapore. FalconX intends to provide tailored over-the-counter (OTC) brokerage and OTC virtual asset derivatives services to professional investors in Hong Kong, including proprietary trading firms, family offices and fund managers. Leading the charge in this expansion is Belle Leung, who assumes the role of commercial lead in Hong Kong. Leung brings a wealth of experience from her previous position as head of SaaS sales for digital assets at OSL in Hong Kong. Her primary focus will be on raising awareness of FalconX’s offerings within Hong Kong's rapidly expanding institutional Web3 community.Leung expressed enthusiasm for Hong Kong's proactive regulatory approach, noting the strong market certainty it has generated. She emphasized FalconX's support for and alignment with the regulatory landscape. This expansion aligns with ongoing efforts by Hong Kong regulators to shape a conducive environment for virtual assets and related products, thereby providing market certainty and fostering innovation. The recent guidelines set by Hong Kong's regulators aim to align the region’s regulatory framework with international best practices, positioning it as a leading global center for digital asset innovation and investment. Executing an expansion strategyThe company is likely to have been planning its Hong Kong expansion for some time. Earlier this month, FalconX confirmed that it would be expanding its APAC operations. In November, the company was actively recruiting to fill Hong Kong-based positions. That same month, FalconX announced a partnership with Bullish, a digital assets exchange with 110 employees in Hong Kong. As part of that integration, the prime broker gained access to further digital asset liquidity on the Bullish platform.In its home market in the United States, the company has also been furthering its market influence. With spot bitcoin exchange-traded funds (ETFs) having been approved in the U.S. in January, FalconX executed over 30% of all bitcoin creation transactions for ETF issuers on the first day of trading. Matt Long, FalconX's APAC general manager, underscored the pivotal role of Hong Kong in the virtual asset innovation landscape, noting its historical significance as a hub for such innovation. He emphasized the region's leadership in the market with a clear focus on Web3 technologies. Long expressed FalconX's commitment to global growth and confidence in Hong Kong's progressive stance on virtual asset regulation and its leading position in the Web3 ecosystem. FalconX's expansion into Hong Kong follows its recent strategic moves in the Asia Pacific region, including the appointment of Ivan Lim as Trading Manager, APAC derivatives, based in the firm’s Singapore office. These developments underscore FalconX's intention to expand its footprint in the region and cater to the evolving needs of institutional investors in the digital asset space.