MANTRA snags VASP license in Dubai

Wemade’s NILE Launches Ticket NFT Sales for Blockchain-Assisted Golf TournamentNFT Is Life Evolution, better known as NILE, commenced the sale of ticket NFTs for the WEMIX Championship 2023, a women’s golf tournament in South Korea, on the NILE Marketplace at noon (local time) on October 18. NILE is a decentralized autonomous organization (DAO) and NFT platform, which operates on the WEMIX3.0 mainnet of South Korean blockchain game developer Wemade.Photo by Robert Ruggiero on UnsplashWEMIX Championship 2023The WEMIX Championship 2023, touted as the world’s first blockchain-assisted golf tournament, will take place from November 18 to 19 at Haeundae Beach Golf and Resort in Busan. The sports event will see participation from 24 players who are members of the Korea Ladies Professional Golf Association (KLPGA), including the top 20 athletes with the most WEMIX points, as they vie for victory in the season-ending competition.Ticket NFTs for perksThe competition is leveraging blockchain technology across all its operations. Specifically, NILE is introducing Real World Event NFTs, which consist of two main types: “ticket NFTs,” which serve as admission tickets and vouchers, and “prize NFTs,” which are awarded to the competition’s winners.Ticket NFTs are dynamic NFTs that provide a range of benefits depending on the selected tier. These benefits encompass souvenirs, food vouchers, and access to VIP-reserved facilities. There are two tiers to choose from: GROUND and NILE Suite. Golf enthusiasts can purchase these NFTs using WEMIX dollars (WEMIX$) through either the WEMIX Wallet or the una Wallet.In addition, ticket NFT holders can verify their NFTs on the decentralized communication platform, PAPYRUS, to join a special channel dedicated to the WEMIX Championship 2023, where spectators can stay informed about the latest competition news and engage in real-time interactions with one another.Looking ahead, Wemade plans to introduce additional sports events that utilize blockchain technology, aiming to provide fresh and engaging experiences while fostering a culture where both athletes and fans can fully enjoy sports competitions.

Singapore Regulator Awards CMS License to AsiaNextAsiaNext, a joint venture between Tokyo-based financial services company SBI Digital Asset Holdings and Switzerland’s SIX Group AG, has received regulatory approval for its institutional-grade digital asset exchange in Singapore. The Monetary Authority of Singapore (MAS) granted AsiaNext an in-principle approval for a Capital Markets Services (CMS) license, marking a significant milestone for the company.Photo by Davis Sánchez on PexelsTaking to LinkedIn last week, the firm said that the achievement is a testament to the efforts it has made in terms of rigorous regulatory compliance. With this CMS license, AsiaNext is poised to become a trusted digital asset exchange catering specifically to institutional investors in Asia and globally. The joint venture, which was finalized in September 2021, brings together the expertise and networks of SBI Digital Asset Holdings and SIX Group AG to meet the growing demand for trading public and private digital assets.Singapore-based joint ventureChong Kok Kee, appointed as the CEO of AsiaNext in March 2022, and Neil Thomas, serving as the Chief Commercial Officer, lead the team. Their combined experience in the financial industry positions AsiaNext to deliver a comprehensive suite of services that meet the rigorous standards of institutional investors.The primary goal of AsiaNext is to bridge the gap between traditional finance and the digital asset space. Chong emphasized the importance of a secure, transparent, and compliant platform that instills confidence in market participants during an interview with Hubbis in 2022. The exchange aims to provide integrated listing, trading, and post-trade services for various digital assets, including digital payment tokens.AsiaNext recognizes the increasing demand for trading digital assets among institutional investors. To address this demand, the joint venture will leverage the extensive networks and expertise of SBI Digital Asset Holdings in Asia and SIX Digital Exchange in Switzerland and Europe. Both partners have already demonstrated their leadership in global digital asset markets through investments, issuances, and initiatives.By securing the CMS license, AsiaNext, which is based in Singapore, has taken a crucial step towards becoming a trusted platform for institutional investors in Singapore and beyond.SBI partnershipsFor its part, SBI has favored joint ventures and partnerships when it comes to its increasing involvement in the digital assets space. It has entered into a joint venture with Zodia Custody, a digital assets custodian which has been spun up by UK-based financial services giant Standard Chartered, to take on the Japanese market. Additionally, it has increased its shareholding in the custodian in recent months.Its crypto exchange subsidiary, SBI VC Trade, recently formed a partnership with the project team behind the XDC Network blockchain with a view towards making inroads into the Japanese market.AsiaNext is now focused on preparing for the launch of its digital asset exchange, which is scheduled to commence later in 2023. Having now established itself on a firm regulatory footing, and the support of its strategic partners, AsiaNext appears to be well-positioned in meeting the evolving needs of institutional investors in the Asian region.

Korean Crypto Exchanges Struggle Despite Market RecoveryThe results of a recent study by the South Korean Financial Intelligence Unit (FIU) released on Monday revealed that ten domestic cryptocurrency exchanges have reported zero revenue from transaction fees, with half of them struggling to achieve a daily average trading volume of KRW 1 million ($740).Photo by Maxim Hopman on UnsplashTrends of growth and declineThe study looked into data from 35 registered virtual asset service providers (VASPs) for the first half of this year. The findings showed that compared to the second half of last year, the crypto market capitalization and Korean won deposits increased, but exchanges faced growing challenges, illustrated by a widening gap between leading fiat-to-crypto exchanges and smaller crypto-only exchanges.In the first half of this year, the operating profit of won-based exchanges reached KRW 259.8 billion (approximately $193 million), a 46% increase compared to the second half of last year, which recorded KRW 177.9 billion. In contrast, crypto exchanges recorded an operating loss of KRW 32.5 billion. Notably, out of 21 crypto-only exchanges, 10 of them reported no revenue at all from transaction fees, and 18 were in a state of complete capital impairment. Meanwhile, the operating profit of won-based exchanges was concentrated among the country’s top two exchanges, Upbit and Bithumb.But from a broader perspective, as of the end of June, this year’s total capitalization of the crypto market reached KRW 28.4 trillion — a 46% increase compared to the end of the second half of last year. Korean won deposits also increased by KRW 400 billion, or 11%, compared to the previous half. The overall operating profit was KRW 227.3 billion, up 82% from KRW 124.9 billion at the end of the second half of last year.“The first half of this year saw a rise in prices of virtual assets and investor sentiment, leading to an increase in Korean won deposits, overall market capitalization, and operating profits for exchanges, compared to the second half of 2022,” the FIU remarked.The number of new listings and delistings on virtual asset exchanges also surged with 169 new listings and 115 new delistings. These represented a more than double increase and a 47% increase, respectively, compared to the second half of last year. 66% of the delisted crypto assets were coins that had been exclusively listed on a given exchange.Despite the market’s recovery, trading volume and the number of users have slightly decreased. The daily average trading volume in the domestic crypto market for the first half of this year was KRW 2.9 trillion, down 1.3% compared to the second half of 2022. In addition, the number of registered accounts with VASPs also dropped by 19% to 9.5 million compared to the end of last year. This can be attributed to a growing number of dormant accounts and the removal of duplicate accounts.The quantity of verified users has also declined. The number of individuals and corporations that had completed the mandatory Know Your Customer (KYC) procedures needed to engage in trading decreased by 210,000 to 6.06 million (including duplicates) compared to the end of 2022. The majority of users, or those who own less than KRW 1 million in virtual assets, dropped by 7%.On the other hand, the amount of virtual assets leaving the country increased. In the first half of this year, a total of KRW 22.1 trillion was transferred to whitelisted overseas operators or individual wallet addresses, marking a KRW 500 billion increase compared to the second half of last year. This trend could be accredited to futures trading and arbitrage trading influenced by the so-called “kimchi premium” — a term used to describe the difference between trading prices of cryptocurrencies in Korea and in other foreign exchanges.Age demographicsOther findings showed that the age group that traded the most virtual assets is in their 30s, accounting for 30% of all users. Within this group, men make up 70%, with 1.27 million men recorded as engaging in crypto trading. Following closely with 1.2 million, men in their 40s were the second-largest demographic.