Japan orders Apple, Google to remove unregistered crypto exchange apps

South Korean insurance companies, DB Insurance (DB) and DB Life Insurance (DB Life), are hosting the 2024 InsurTech Startup Incubation Program (ISIP) in collaboration with Korea Internet & Security Agency (KISA), local media Daily Korea reported.  Insurtech is a compound word of insurance and technology. This year, the ISIP focuses on recruiting blockchain-based insurtech startups with high potential that can contribute to the insurance business value chain, including activities such as product launch, marketing and customer service. The program is open to any insurtech startup with innovative technologies and services. Photo by Tierra Mallorca on UnsplashLaunched in 2020, the ISIP has been supporting insurtech startups with innovative ideas to expand their business in the insurance industry, aiming to create a robust and collaborative insurtech ecosystem. Over the past four years, the program has served as a mentor for 21 startups, supporting their product release, new technology verification and business pivoting.  Business growth opportunity for insurtch startups Startups selected for the ISIP are provided with the opportunity to receive mentorship – including mentoring services from insurance experts, business strategy advice and IR pitching coaching sessions – that will help facilitate their business growth.  In addition, selected startups will be eligible to apply for surety credit to the Korea Credit Guarantee Fund on favorable terms and gain opportunities to raise funds from venture capitalists. Those deemed profitable enough for commercialization will be able to have a chance to collaborate with DB and DB Life.  Application forms are available on the KISA’s website and can be submitted via e-mail between Feb.27 to March 27. Applicants should undergo document screening and a presentation test to join the ISIP.  

Venture Smart Financial Holdings Ltd. (VSFG), a Hong Kong-based financial services company, is gearing up to initiate an exchange-traded fund (ETF) directly investing in bitcoin in the first quarter of this year.Photo by Kanchanara on UnsplashThat’s according to a report by Bloomberg on Friday. The move aligns with Hong Kong's strategic efforts to establish itself as a digital asset hub, and with that, the company plans to submit an application to the Securities and Futures Commission (SFC) for ETF approval. Brian Chan, the group head of investment and product at VSFG, expressed optimism about the potential of this market, setting a goal of achieving $500 million in assets under management by the end of the year. Long-term objectiveWhile the firm has taken the decision to focus on spot crypto ETFs amid a backdrop of spot bitcoin ETF approval in the United States earlier this month, it’s an objective the firm has been working on for some time. In June of last year, crypto media reported that VSFG were planning the launch of such a product. Notwithstanding that intention, the recent launch of several high-profile bitcoin funds in the United States, including offerings from BlackRock and Fidelity Investments, will likely assist the company in getting product approval in Hong Kong. Immediately following U.S. approval, a Hong Kong lawmaker suggested that the Chinese autonomous territory should respond proactively. Johnny Ng outlined that Hong Kong had to respond to secure its global position in developing the digital assets space in Hong Kong. Positive soundingsTowards the end of December, there appeared to be positive soundings on the possibility of spot bitcoin ETF approval in Hong Kong emerging from the local regulator. SFC CEO Julia Leung stated that the regulator was open to the notion of retail participation in spot crypto ETF products. Her comment was followed shortly afterwards by a joint announcement from the SFC alongside the Hong Kong Monetary Authority (HKMA) that they were prepared to accept applications for such funds. The approval process for such products typically takes weeks to months, following the precedent of traditional ETFs. Hong Kong presently permits futures-based crypto ETFs, with three already listed: CSOP Bitcoin Futures, CSOP Ether Futures and Samsung Bitcoin Futures. However, these funds have a combined asset value of around $50 million. Samsung Asset Management has not ruled out exploring the launch of a spot ETF, while CSOP Asset Management remains silent on the matter. VSFG is one of Hong Kong's first SFC-approved virtual asset managers, offering both traditional and digital wealth management services. Aegis Custody, a digital asset custodian, is in discussions with four asset managers about listing spot crypto products in Hong Kong. The regulatory requirements in the city may lead issuers to impose higher fees compared to the low management levies seen in many new U.S. spot bitcoin ETFs. Although bitcoin experienced substantial growth in anticipation of these U.S. products, it has seen a 10% decline since their trading commenced on Jan. 11. Nevertheless, many industry commentators expect a stronger bitcoin unit price in the medium to long term as a direct consequence of these products. 

Coinbase Signals Interest in UAE BaseIn further evidence of a contrast in progression relative to the approach taken to digital assets in the United States versus other world regions, US crypto exchange Coinbase is understood to be considering the United Arab Emirates (UAE) as a potential strategic hub for the company.Photo by Aleksandar Pasaric on PexelsCause and effectA number of weeks ago, while Gary Gensler of the Securities of Exchange Commission (SEC) was facing a grilling in a House Financial Services Committee hearing on Capitol Hill in Washington, Brian Armstrong of Coinbase put out a statement saying that if the regulatory approach to crypto in the United States didn’t change, then the company would choose to locate itself elsewhere.It hasn’t taken Armstrong long to act on that intention. Late last month, the digital assets platform took its first step outside the United States by securing a license to operate in Bermuda. In line with Armstrong’s earlier comments, the move was seen as a strategic action taken by the company to expand its operations on a global basis.Armstrong had warned that unless regulators in the US provided complete regulatory clarity in relation to the activities of cryptocurrency firms, then the innovation would quickly develop in offshore havens. Alongside the announcement of the license to trade in Bermuda, a blog article was published which indicated that the company was also in discussion with regulators in Abu Dhabi in the UAE with a view towards potentially obtaining a license to operate there.Blog articleFast forward to Sunday, with the publication of yet another blog article by the company, and it seems that the company is hinting at a much stronger likelihood of establishing a UAE base. The article outlines that over the course of the next week, the Coinbase founder and CEO and the company’s executive team are in the UAE to participate in a round of meetings with regulators, industry partners, policymakers, clients and web3/crypto founders.The article outlines that Armstrong would give a keynote at the Dubai Fintech Summit, while elaborating that “the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world.” In a recent interview with Bloomberg TV, the Coinbase CEO said that “we are looking for a home to set up an international hub that could serve the long tail of countries in the world.”At the Dubai Fintech Summit on Monday, Armstrong stated that the UAE “is leading the way regionally in crypto” and that it could be a potential international hub. He added: “I would say that the UAE’s approach has been more forward thinking than the US.”UAE crypto aspirationsThere’s no doubt that the UAE is trying to develop itself as a center for crypto and digital asset innovation. The country’s Prime Minister has said as much, declaring his intention to establish the Middle Eastern nation as a key player in the future of crypto. Both the Emirates of Dubai and Abu Dhabi have been proactive in working towards a digital asset regulatory framework, complete with a crypto licensing program in recent months.