Proposed stablecoin legislation advances to Hong Kong’s Legislative Council

SKYPlay and 3D Factory join forces to bring Web3 to everyday lifeSKYPlay, a Seoul-based blockchain gaming platform, announced Monday (local time) that it has signed a business agreement with 3D Factory to create content that integrates Web3 into everyday life, thus facilitating the rapid expansion of Web3 technology.Photo by Medienstürmer on UnsplashSynergizing Web3 realmsThrough this business agreement, SKYPlay aims to combine its Web3 capabilities in gaming and art with 3D Factory’s Web3 capabilities in sports. The two enterprises will ultimately establish a technological foundation for accelerating the integration of Web3 into society and expanding its uses.Pioneering paths in gaming, sports and moreEstablished in 2021, SKYPlay is a Play-to-Earn (P2E) platform that offers several games and related services, including a gaming community and forum, to some 300,000 users. Previously, the company secured large-scale investments worth $3 million and $10 million from Hong Kong-based startup accelerator 1st Soul Group and U.S.-based investment group LDA Capital, respectively. It is also expected to participate in an outer space mission led by NASA and SpaceX through a partnership with Web3 community BitBasel.3D Factory is a global blockchain-based meta platform that provides a range of services like gaming, NFT sales and metaverse memberships. Notably, it is deeply engaged with Spanish soccer. Having signed an NFT sponsorship agreement with the Spanish Football Federation (RFEF) in November last year, 3D Factory was able to create its own metaverse. This partnership involves not only the Spanish national team but also club teams in the Copa del Rey and Super Cup competitions, featuring some of the world’s biggest football teams like Real Madrid FC and FC Barcelona.

Kazakhstan sets sights on 2024 expansion amid CBDC pilot successKazakhstan’s central bank digital currency (CBDC), the digital tenge, has completed a one-month pilot project, paving the way for significant advancements in business, regulation and technology in 2024.Photo by Nessi Gileva on UnsplashReal-world use through Onay cardThe National Bank of Kazakhstan (NBK) established the National Payment Corporation (NPK) in September. NPK is a dedicated entity that’s responsible for spearheading the launch and development of the digital tenge.At that time, the CBDC pilot phase had advanced to controlled environment use. Global exchange Binance has been actively involved with the project. It supported the pilot by way of its BNB Chain.During the pilot phase, the digital tenge played a pivotal role in providing free school lunches to children in Almaty, Kazakhstan’s largest city. The initiative utilized the local Onay card, initially designed for the transit system and transactions were facilitated by Kazpost, the Kazakh postal system operator.Local banking partnersNPC Chairman Binur Zhalenov became the first person to transact using the digital tenge in November. At the time, it was revealed that Eurasian Bank was one of the local banking participants on the project.Eurasian collaborated with Visa and Mastercard, alongside three other local banks, distributing plastic cards to focus group members. These cards empowered users to make both in-person and online purchases, with the added functionality of cash withdrawals from ATMs.Participating merchants were given the flexibility to accept digital tenge directly or convert them into “non-cash” tenge. The converted funds seamlessly integrated into existing point-of-sale (POS) and QR systems, demonstrating interoperability within and outside Kazakhstan.The success extended beyond local transactions, with further experiments involving cross-border payments via SWIFT, issuance of CBDC-backed stablecoins on platforms like Binance and the Kazakhstan Stock Exchange, tokenization of gold, value-added tax collection through smart contracts and the trial of a “move-to-earn” app.New objectivesWith an eye on the upcoming year, the National Bank of Kazakhstan and the National Payment Corporation (NPC) have set ambitious objectives. Plans include expanding the network of intermediary banks and advancing decentralized finance applications. A primary focus is on enabling offline transactions on a large scale to enhance financial inclusion in regions with limited internet connectivity.Anticipated developments also include increased participation in cross-border payment projects, such as Project mBridge, an experimental multi-CBDC platform being coordinated and developed by the central bank of central banks, the Bank for International Settlements. Regulatory and legislative goals are on the agenda, alongside efforts to enhance the security and processing speed of the digital tenge.While addressing privacy concerns, Zhalenov emphasized in interviews that the digital tenge will not be utilized for user surveillance. Previously, Zhalenov has also alluded to the versatility of the digital tenge due to its programmable nature, citing smart contracts in particular as having great potential.The successful pilot project and the ambitious plans for 2024 position Kazakhstan’s digital tenge as a promising development in the realm of CBDCs, showcasing the central Asian nation’s positive approach to innovation and financial inclusivity.

Japanese regulators are scrambling to police a chaotic fringe of opportunistic crypto projects, even as the country’s traditional banking heavyweights and global exchanges race to establish themselves in a rapidly expanding digital asset market.Photo by Aditya Anjagi on UnsplashOn the regulatory front, authorities are considering a criminal investigation into “Sanae Token,” a token named after Prime Minister Sanae Takaichi, DL News reported. Issued in late February on the Solana blockchain, the token was created by NoBorder, a video production team and decentralized autonomous organization led by Japanese entrepreneur and YouTuber Yuji Mizoguchi. As of late January, NoBorder had not obtained a crypto exchange license and reportedly had not applied for one. Takaichi says govt never authorized tokenBefore reports of the investigation emerged, Takaichi said in a March 2 statement on X that she had no knowledge of the project and that the government had not authorized it. She added that the clarification was necessary to prevent the public from being misled. According to Phantom wallet data, the token has a total supply of 1 billion and is currently trading at $0.00415291, giving it a market capitalization of roughly $4.2 million. The Financial Services Agency (FSA) is conducting voluntary interviews with involved parties to establish the facts. As regulators move to curb opportunistic actors exploiting a nascent but expanding market, established global crypto firms are continuing to deepen their presence in the region. Crypto exchange Binance plans to secure five additional regulatory licenses in Asia this year, according to Nikkei Asia. The exchange currently holds licenses in Japan, Australia, India, Indonesia, New Zealand, and Thailand. It is also expected to gain a South Korean license through its planned acquisition of local exchange Gopax. Binance aims to expand its total number of licensed jurisdictions to more than 20 by securing further approvals across Asia. TradFi deepens crypto pushJapan’s traditional financial institutions are also accelerating their blockchain efforts. South Korean news outlet Newspim reported that Bank of Japan Governor Kazuo Ueda announced plans to technically verify a blockchain-based system that would digitize a portion of current account deposits for settlements. Made at FIN/SUM 2026, a major fintech event co-hosted by Nikkei and the FSA, the comments suggest the central bank is moving beyond merely studying a central bank digital currency and may begin experiments linking its funds directly to blockchain infrastructure. Further underscoring this institutional push, Cointelegraph reported that Mitsubishi UFJ Financial Group (MUFG), one of Japan’s three largest banks, will conduct a joint stablecoin pilot program alongside Mizuho Bank and Sumitomo Mitsui Banking Corporation.