Malaysian exchange Hata raises $4.2M

LINE NEXT and Sega Join Hands to Develop Web3 Games with NFTsLINE NEXT, the NFT business arm of Tokyo-based messaging app developer Line Corporation, has announced the signing of a memorandum of understanding (MOU) with Japanese game company Sega. This partnership will see LINE NEXT acquiring intellectual property (IP) licenses of Sega’s video game franchises for the purpose of jointly developing Web3 games.Renowned for its iconic Sonic the Hedgehog franchise, Sega boasts studios in Japan and abroad. The Japanese game publisher produces games of various genres on different platforms, including arcade machines, desktop computers, and mobile phones. Sega has gained recognition for creating generational games for international users through innovative ideas and outstanding game development skills.Photo by Shubham’s Web3 on UnsplashWeb3 game popularizationThrough this collaboration, LINE NEXT will introduce Sega-licensed games on its NFT-based gaming platform, GAME DOSI, with the aim of popularizing Web3 games. GAME DOSI will provide functionalities such as NFT creation, easy payment, and marketing. While the specific lineup of games and their details will be revealed at a later date, LINE NEXT CEO Ko Young-su expressed his belief that this MOU with Sega will bring new elements of joy to global gamers, emphasizing that the NFT company is dedicated to delivering readily enjoyable Web3 content not only to Sega fans but to everyone through GAME DOSI.Launched in May, GAME DOSI focuses on user-oriented games with the slogan “Gamer First, Web3 Next.” The platform has recently unveiled several new games, including Sweet Monster Guardians (a village defense game); Vestria the Last Order, also known as V.L.O, (a roguelite role-playing game); and KEROZ (a hack and slash game). Additionally, GAME DOSI is actively involved in Project GD, an initiative aimed at developing a diverse range of games based on its own intellectual properties.LINE NEXT’s NFT endeavorsIn its efforts to attract NFT enthusiasts, LINE NEXT has undertaken various projects. Last month, it introduced DOSI Land, a program that rewards users with the FINSCHIA token (FNSA). FNSA is currently listed on crypto exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto market data website CoinMarketCap.Sega’s blockchain hesitancyMeanwhile, it was reported earlier that Sega has been rethinking its involvement in blockchain gaming. Shuji Utsumi, the Co-Chief Operating Officer of Sega, recently stated in an interview with Bloomberg that the company intends to protect the value of its content by withholding from participating in third-party blockchain gaming projects. Utsumi expressed his belief in the importance of the fun element in games, while he described “play-to-earn” (P2E) blockchain games as “boring.” P2E games refer to those that enable players to earn tokens as rewards for completing specific tasks or winning battles against other players.

Abu Dhabi’s ADGM unveils DLT foundations regulationsThe Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has officially unveiled the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking yet another milestone in the evolution of digital assets regulatory frameworks both regionally and internationally.Photo by Kamil Rogalinski on UnsplashFramework for DAOs and foundationsThe new regulations were published to the ADGM website on Wednesday, with enactment occurring on Thursday. This legislative framework has been crafted to offer a comprehensive structure for DLT foundations and decentralized autonomous organizations (DAOs), addressing their unique operational needs within the blockchain sector. ADGM’s strategic vision to promote initiatives in the broader blockchain and digital asset sphere has culminated in the creation of this regulatory regime.As a global first of its kind, the DLT foundations regulation sets a precedent for blockchain foundations, Web3 entities, DAOs and traditional foundations seeking to enhance their operations through DLT. This forward-thinking framework is poised to provide a unified solution for digital asset-related activities and the broader foundations landscape, fostering transparency and efficiency.Establishing governance structuresThe ADGM DLT foundations regulation represents an effective means to establish governance structures while acknowledging the imperative decentralization characteristic of the industry. This regulatory development followed a robust public consultation process, actively involving stakeholders and industry participants to gather feedback and refine the regulations.In the realm of digital assets, ADGM continues to push towards taking leadership in regulatory standards, providing an attractive environment for Web3 startups. Ahmed Jasim Al Zaabi, Chairman of ADGM, emphasized the pivotal role that the DLT Foundations Regime plays in shaping the future of digital asset development. According to a press release on PR Newswire, Al Zaabi stated:“Abu Dhabi is rapidly emerging as the destination of choice for global players at the forefront of digital asset development. The introduction of the DLT Foundations Regime marks a revolutionary step forward, reinforcing ADGM’s commitment to a proactive approach rooted in extensive cross-industry dialogue and collaboration with various stakeholders. The new regime serves as a driving force for positive change in the digital assets sector. By transforming the blockchain and Web3 landscape, we are moving towards a future characterised by setting global benchmarks with enhanced transparency and efficiency.”Nurturing Web3 innovationOver the course of the past 12 months, the authorities in Abu Dhabi, alongside the United Arab Emirates (UAE) itself and other emirates such as Dubai, have been allocating resources towards developing the right conditions for the Web3 sector to flourish. In April of this year, a legislative framework was proposed by the ADGM.Recent months have seen a plethora of digital asset sector firms gain trading approval within the emirate. These included virtual asset firm M2, Standard Chartered digital asset subsidiary firm Zodia Markets and Laser Digital, the digital assets subsidiary of Japanese financial services conglomerate Nomura.By way of its DLT foundations regulations, the ADGM is attempting to go beyond simply creating a set of rules. The aspiration is to strive towards a future where the blockchain and digital asset industry operates within a transparent, efficient and globally respected framework. As blockchain technology continues to gain traction, Abu Dhabi’s ADGM is positioning itself to play a role in driving these advancements.

BitMEX Returns to Derivatives Arena with Prediction MarketBitMEX, a name synonymous with the early days of crypto derivatives, has made a return to its core focus with the launch of a prediction market.Through this new product, the company aims to captivate traders by offering them the opportunity to wager on real-world events, effectively extending the boundaries of crypto derivatives trading.Photo by Amjith S on UnsplashBetting on the outcome of real-world eventsThis shift in direction is being overseen by Stephan Lutz who took the helm as CEO and group CFO in 2021.In a blog post announcing the product launch on Tuesday, the firm expressed its vision for the prediction market, asserting that it would introduce an entirely new dimension to crypto derivatives trading.The product is designed to diversify traders’ portfolios and yield returns based on predicting the outcomes of real-world occurrences, an offering that the company feels holds significant promise. Especially in bear markets characterized by subdued volatility, the prediction market could serve as a valuable instrument for traders seeking to enhance their strategies.Novel initial wagersBitMEX’s inaugural move into the prediction market sees the firm offer an array of contracts for traders to explore. Among those initial offerings are contracts enabling wagers on various outcomes, such as the percentage recovery rate of FTX’s bankruptcy claims and the likelihood of the US Securities and Exchange Commission (SEC) approving a Bitcoin exchange-traded fund (ETF) by October 17. These contracts underscore BitMEX’s intent in covering a wide spectrum of topics, with the firm promising to introduce more options in the near future.The prediction market holds the potential to revolutionize the way traders engage with real-world events, introducing a novel form of participation that transcends traditional trading boundaries. This launch has significant potential for BitMEX as it endeavors to reclaim its position in the competitive crypto derivatives market.Change of strategyUnder the stewardship of former CEO Alexander Höptner, BitMEX embarked on a diversification strategy termed “beyond derivatives,” delving into areas like spot trading and exploring new business avenues. However, the departure of Höptner in October ushered in a change in direction for the firm. The introduction of the prediction market now symbolizes BitMEX’s return to its foundational business model, with a renewed focus on derivatives.In May, the Seychelles-headquartered firm introduced perpetual contracts relative to SUI and PEPE tokens. Later that month, it launched a dedicated virtual asset service to Hong Kong-based customers. Hong Kong was its original center of operations when the company was first formed. It has since moved those operations to Singapore while maintaining its corporate presence in the Seychelles.BitMEX’s fresh foray into the derivatives space not only signifies a return to its roots but also presents traders with a means to trade relative to real-world events. By offering an eclectic range of contracts, the platform seeks to attract traders who crave more than conventional crypto trading. This strategic move could serve as a catalyst for BitMEX as it strives to regain its foothold in the competitive crypto sector.