Taiwanese regulator set to launch crypto custody pilot

Glohow to promote UtopiaGames’ blockchain-based casino games on global stageUtopiaGames, a game developer based in Seoul, has entered into a partnership with Glohow, a global co-publishing service provider and subsidiary of Kakao Games. As per a report by local news website Etoday, this collaboration is aimed at launching comprehensive marketing efforts for UtopiaGames’ blockchain-based social casino gaming platform, “Vegastopia.”Photo by Michał Parzuchowski on UnsplashGlobal metaverse casino cityThe game company anticipates that Vegastopia will introduce innovative elements to the game development industry, as it is conceptualized as a global metaverse casino city. This 3D online gaming platform is developed to mimic a real-life casino setting, offering players an immersive experience. In Vegastopia, virtual gamers can participate in psychological battles, utilizing tactics like bluffing, just as they would in a physical casino environment.150 countries by H1 2024Vegastopia offers a feature where players can create and manage their own casinos or cardrooms. In these personalized spaces, operators have the autonomy to manage their own point systems. The platform has recently concluded its closed beta testing phase and is now gearing up for a soft launch in select countries, including France, Mexico and Southeast Asian nations. Looking ahead, UtopiaGames plans to launch the service in some 150 countries by the first half of next year.Resolving trust issues with blockchainAn official from UtopiaGames highlighted Glohow’s track record in successfully promoting global game projects from notable gaming firms such as Kakao Games, Sky People, Hidea, Gravity, Wemade, Webzen and Neowiz. With Glohow at the helm of Vegastopia’s marketing, management, customer service and localization efforts, the game’s global presence has notably increased, the person added. The official further pointed out that Vegastopia has garnered significant attention for addressing the issue of trust in online casino games by using blockchain, a key factor in its growing popularity and appeal.UtopiaGames’ latest advancement comes on the heels of equity investments from SU Holdings and BU Technology. These investments totaled KRW 21 billion, equivalent to approximately $16.2 million.

Cake DeFi Co-Founder Launches Ordzaar Ordinals MarketplaceU-Zyn Chua, Singaporean Co-Founder and CTO of Singapore-based Cake DeFi, has launched Ordzaar, a Bitcoin Ordinals marketplace.In a social media post on Friday, the marketplace described itself as “a decentralized & trustless marketplace for #Bitcoin Ordinals, bridging the gap between trustlessness and true decentralization.” The Ordinals protocol has been enabled due to the SegWit and Taproot upgrades to the bitcoin protocol. It’s a system for numbering satoshis, the smallest denomination of the Bitcoin cryptocurrency. The protocol assigns each satoshi with a serial number, using that number to track them across transactions.By taking this approach, each individual satoshi becomes unique, allowing additional data to be attached to them in a process called inscription. The project has hit the ground running, with its website online and a step by step guide released, instructing new users in how to buy and sell Ordinals on the marketplace.Releasing a press release to publicize the launch, the project pointed out that “the lack of a fully decentralized Ordinals marketplace [poses] a major challenge”, given a backdrop in which Bitcoin Ordinal inscriptions have surged in popularity over the course of recent weeks. Elaborating on that point, the team stated: “There is a growing need for a reliable and secure platform that allows buyers and sellers to transact in a decentralized manner, giving them complete control over their assets, this is where Ordzaar comes in.”Asia Ordinals marketplace firstOrdzaar represents the first ever Bitcoin Ordinals marketplace based within the Asian region. Alongside U-Zyn Chua, the team behind the project implicates three other seasoned crypto-natives with a wealth of experience in crypto, bitcoin, and blockchain. Cake DeFi colleague Naqib Noor assumes the role of Co-Founder and Development Lead. As well as being Co-Founder, Chua is the project’s Lead Researcher.In an effort to showcase the brand new marketplace, the Ordzaar team sponsored and participated in the Bitcoin Ordinals 2023 conference in Miami late last week, with Chua appearing as a speaker at the event. The Co-Founder told Blockhead that:“Ordinals have proven that Bitcoin is more than just a peer-to-peer payment system and has demonstrated a new, high-value use case for the longest-running cryptocurrency. As the industry continues to build and innovate, Ordinals have the potential to unlock even more value on the Bitcoin blockchain, and will lift the entire crypto ecosystem as a whole.”NFTs took on a life all of their own with a market surge, tripling in value to $250 million in 2020. While that largely Ethereum-based market has cooled somewhat since then, it nonetheless continues to broaden and establish itself. Chua believes that Bitcoin-centric Ordinals can take a large slice of that development. “Along with the explosive adoption seen in the traditional ETH NFT market, we expect to see a similar trajectory in the Ordinals space,” he explained.In a tweet published on Saturday, Crypto journalist and investment team member at Seoul-based crypto venture capital firm #Hashed, Joseph Young, referred to changing dynamics within the NFT space, with relative newcomers Blur and Tensor taking on OpenSea and Magic Eden. Not short on confidence, the Ordinals team responded, stating: “And Ordzaar will be dominating decentralized Ordinals and BRC20 trading.” The overarching crypto space continues its progression at pace, and it will be intriguing to see how Ordinals, together with new marketplaces like Ordzaar, perform as the industry trundles forward.Photo by Dmitry Demidko on Unsplash

Kaspersky Says Crypto Phishing on the Rise in the PhilippinesThe Philippines witnessed a significant increase in detected cryptocurrency-related attacks last year while Vietnam recorded the highest level in Southeast Asia, according to cybersecurity firm Kaspersky.Photo by Markus Spiske on UnsplashEase of crypto accessVietnam topped the list with over 64,000 detections. Meanwhile, the Philippines recorded 24,737 cases of crypto-phishing attacks in 2022, up from 9,164 cases in 2021, making it the second-highest number in Southeast Asia.Adrian Hia, Managing Director for Asia Pacific at Kaspersky, attributed the rise to the ease of accessing cryptocurrency in the Philippines. He explained that as users increasingly turn to mobile devices, they are inadvertently exposing themselves to potential breaches, as malware can be installed through various touch points.Research published by Malaysian crypto data aggregator, CoinGecko, earlier this month, also points to the Philippines as having the second highest level of interest in crypto in Southeast Asia, after Singapore.Targeting popular platformsCybercriminals commonly target accounts of popular online gaming platforms and crypto wallets using advanced stealers or “stalkerware” that allow them to spy on individuals through their mobile devices, Kaspersky stated. The firm’s monitoring data revealed that malware is spreading through legitimate channels such as official marketplaces and advertisements in popular apps.Across Southeast Asia, the total number of crypto-phishing detections decreased to 147,649 in 2022 from 164,330 in 2021, according to Kaspersky. However, only Singapore (down 74%), Thailand (down 51%), and Vietnam (down 15%) observed declines in detections. Besides the Philippines, crypto-related attacks also increased in Indonesia (from 19,584 in 2021 to 24,642 in 2022) and Malaysia (from 16,071 to 16,767).Kaspersky discovered an average of 400,003 new malicious files per day in 2022, representing an increase of 20,000 files per day compared to the previous year. Hia emphasized that scammers are relentless in their efforts to steal cryptocurrency due to its increasing popularity and adoption, particularly in Southeast Asia. He urged cryptocurrency adopters in the region to stay informed about the latest tricks used by crypto phishers to protect their digital assets.Email-based attacksRoman Dedenok, a spam analysis expert at Kaspersky, revealed that crypto phishers often employ email-based attacks to target crypto users. He explained that scammers entice victims with the prospect of participating in a cryptocurrency giveaway, offering popular digital assets such as Bitcoin, Ethereum, Litecoin, Tron, or Ripple.The scammers provide a three-point guide to claim the free cryptocurrency along with a link to the “promotion” website. Clicking on the link leads users to a phishing site where they are prompted to specify the wallet to which they want the funds transferred.In response to the growing cybersecurity concerns, Kaspersky is engaging in discussions with government institutions worldwide. In the Philippines, while the central bank does not directly regulate cryptocurrency, it has established guidelines for virtual asset service providers. The Chairman of the Securities and Exchange Commission (SEC) in the Philippines, Emilio Aquino, recently delayed publication of a regulatory framework for crypto, on the basis of having “to make sure people don’t get burned.”Entities involved with virtual assets are required to obtain a license from the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to comply with regulations.