Blockstream partnership & new office announced in Japanese expansion

Dubai Regulator Suspends BitOasis’ Crypto LicenseDubai’s pioneering cryptocurrency exchange, BitOasis, has had its operating license suspended by the city’s cryptocurrency regulator for failing to meet key conditions within the required timeframes. The Virtual Assets Regulatory Authority (VARA) took enforcement action against BitOasis and initiated a review of the Dubai-based firm.BitOasis was granted a conditional license on April 12, which allowed it to operate on the condition that it met specific requirements within 30 to 60 days. However, the exchange has failed to fulfill these conditions, leading to the suspension of its license. VARA did not disclose the exact nature of the unmet conditions, but it stated that until they are satisfied, BitOasis’ “License for Institutional and Qualified Retail Investors” will remain non-operational.Photo by iridial on UnsplashFirst MVP broker-dealer license holderBitOasis had received the first “minimum viable product operational license” from VARA, enabling it to offer broker-dealer services to qualified institutional and retail investors in Dubai. This license represents a crucial step towards obtaining a full market product (FMP) license, but as of now, no firm has been issued an FMP license by VARA.To become eligible for the FMP license, BitOasis must fulfill the conditions specified in its current license, as outlined by VARA. The regulatory authority has emphasized its commitment to monitoring the situation for compliance remediation.OPNX reprimandThis recent development follows VARA’s reprimand of Su Zhu and Kyle Davies, the co-founders of the now-defunct crypto hedge fund Three Arrows Capital, in April. The duo had operated and promoted their new OPNX crypto exchange in Dubai without the necessary license, catching VARA’s attention.BitOasis addressed the regulatory concerns in a blog post on Tuesday, affirming its collaboration with VARA to meet the remaining conditions for the Operational MVP License. The exchange clarified that the issue with its license does not impact other services provided, such as broker-dealer services for existing retail users. It also took to Twitter on Tuesday to clarify the situation. The company has suspended new user registrations until further notice, presumably as it works towards meeting VARAs licensing requirements.BitOasis stated: “You can continue to use BitOasis with the assurance that your assets are safe, secure, and held at their full value on our platform, and our team will continue to cooperate with the Virtual Asset Regulatory Authority and fulfill all post-operational license terms, as well as working towards a full market product license.”The firm referred to the “unique challenges” that are associated with licensing and suggested that it is determined to address them and to “be a leader in the virtual assets sector.”The suspension of BitOasis’ license highlights the stringent regulatory environment in Dubai’s cryptocurrency sector. VARA is demonstrating that it remains committed to enforcing compliance and ensuring that crypto exchanges meet the necessary requirements. BitOasis must rectify the issues and meet the conditions of its license to regain its operational status and proceed towards obtaining the coveted full market product license in the future.

Korean and Indonesian firms join forces to tokenize shipping assetsCentralized decentralized finance (CeDeFi) platform NEOPIN said Wednesday that it has signed a business agreement with the Klaytn Foundation, South Korean juggernaut Kakao’s Layer 1 public blockchain, and Pelayaran Korindo, the shipping arm of Southeast Asian conglomerate Korindo, to tokenize real-world assets (RWAs).Photo by Andy Li on UnsplashRevolutionizing shipping financeThe three companies will first tokenize shipping-related assets owned by Pelayaran Korindo. This integration of digital assets into the maritime industry — which up until now has been under the umbrella of traditional finance — is expected to increase accessibility to shipping investments not only for institutional investors but also for individual investors.Pelayaran Korindo specializes in comprehensive shipping logistics mainly in Indonesia. Under the newest collaboration, the company plans to enhance the accessibility of its RWAs to Web3 companies as well as share its knowledge on localization and partner networks. It aims to play an essential role in the joint venture by leading the decentralization of traditional finance and promoting the widespread adoption of RWA tokenization.On the other hand, NEOPIN, along with the Klaytn Foundation, plans to leverage its expertise in CeDeFi to help Pelayaran Korindo digitize and liquify their assets while optimizing the plaform’s user inferface.Ushering in an era of RWA tokensThe partnership is also a part of the Klaytn Foundation’s efforts to expand its ecosystem through RWA-related endeavors. By tokenizing RWAs and producing certifications of digital ownership, the enterprise hopes to popularize blockchain and create value through real-world use cases. To achieve this, the foundation will work with RWA tokenization experts both in Korea and overseas to build a business model that is profitable, technologically feasible and regulatory compliant.“The Klaytn blockchain enables the construction of a digital asset trading platform with fast processing speed and low fees that can satisfy both token issuers and also regular users,” explained Seo Sang-min, Representative Director at the Klaytn Foundation. “The foundation has accumulated practical experience in the entire service construction process, from discovering promising RWA tokenization projects to launching real services. Moving forward, we will collaborate with Pelayaran Korindo and NEOPIN to actualize various global RWA tokenization initiatives, starting with maritime finance.”NEOPIN’s CEO Ethan Kim also mentioned the company’s intent to work with Pelayaran Korindo and the Klaytn Foundation to introduce attractive RWA investment products that are easy to navigate and have strong factors of appeal, thus leading the global RWA market in maritime finance.

Coins.ph leads Digital Asset Exchange Alliance in Southeast AsiaCoins.ph, a leading Filipino cryptocurrency exchange, has taken a step towards promoting responsible and secure cryptocurrency usage in Southeast Asia through the establishment of the Digital Asset Exchange Alliance (DAEA).Photo by Mike L on UnsplashRegional industry partnershipIn a press release published on Friday, the company announced the formation of the industry body. The strategic partnership includes other prominent licensed exchanges in the region, namely Coinhako (Singapore), Indodax (Indonesia) and Bitkub (Thailand).Wei Zhou, CEO of Coins.ph, expressed enthusiasm about the collaborative effort, stating:“Coins.ph is excited to work with our Southeast Asian counterparts in advancing the responsible and secure use of cryptocurrencies and promoting the development of user-friendly and compliant products for users.”Zhou emphasized the belief that the alliance’s combined efforts would contribute to building a more robust and resilient cryptocurrency ecosystem in Southeast Asia.Unifying licensed exchangesThe DAEA represents a milestone in unifying licensed exchanges across the Southeast Asian region, aiming to enhance regulatory advocacy by leveraging the collective expertise and experience of the four founding exchanges. It seeks to foster collaboration by sharing protocols and best practices to elevate service quality and bolster security measures.Educating users about the benefits of trading on licensed exchanges and the importance of following regulatory guidelines is a core commitment of the Alliance. This extends to promoting financial literacy, consumer protection and responsible trading practices in the cryptocurrency space.The cryptocurrency sector has experienced an outsized proportion of scams and fraud. Within that, Southeast Asian crypto users and platforms have been hardest hit, with instances in recent months of malicious activity across the region, from pig butchering scams to exchange hacks and crypto-related phishing. Regulators have started to counteract such problems, but a level of greater organization within crypto through bodies like the DAEA will go some way further towards protecting crypto users.Building a safer ecosystemYusho Liu, CEO of Coinhako, highlighted the significance of the Alliance for the entire cryptocurrency industry, emphasizing the role of licensed exchanges in fostering trust and growth. He stated:“By collaborating with Coins.ph, Indodax, and Bitkub, we are taking a monumental step towards building a safer and more transparent ecosystem for users in the region.”As the blockchain space evolves with a growing emphasis on regulatory compliance, Coins.ph, along with Coinhako, Indodax and Bitkub, has distinguished itself by prioritizing security and trust through obtaining licenses from their respective regulatory bodies.Moving towards self-regulation2022 brought with it some spectacular crypto platform failures such as FTX, which affected locations like Singapore disproportionately. A regulatory backlash has resulted in 2023, and it is amid that backdrop that we are seeing increasing efforts towards better organization and self-regulation within the crypto sector.The formation of the Digital Asset eXchange Alliance in South Korea, involving a consortium of the top five exchange businesses in the country in July of this year, is a stand-out example. In Taiwan, regulators have been actively fostering self-regulation. Those efforts have resulted in the establishment of an industry group of Taiwanese Exchanges.