Animoca Brands publishes positive financials in investor update

UAE Forges Partnership to Develop Blockchain-Based Carbon Credit SystemIn an endeavor to combat climate change, the UAE Ministry of Climate Change and Environment (MOCCAE) has joined forces in an initial collaboration with the Industrial Innovation Group and the Venom Foundation to pioneer a groundbreaking blockchain-based carbon credit system.Photo by Daniel Zacatenco on UnsplashThis is the latest commitment by the Middle Eastern country to combat climate change after announcing an ambitious target to slash carbon emissions by a substantial 40% before 2030, a significant escalation from its prior commitments.According to local news sources, a memorandum of understanding (MoU) outlining the partnership was signed by the three entities at MCCE offices in Dubai recently.Carbon credits on blockchainAt the heart of this innovative endeavor lies blockchain technology, heralded as a pivotal tool for both organizations and nations to meticulously trace carbon credits. By virtue of its immutability, data enshrined within the blockchain ensures ironclad security, enabling the seamless sale or exchange of credits while upholding complete transparency among stakeholders.Functioning as crucial intermediaries, government entities such as the UAE’s MOCCAE are poised to either allocate or sell dual-purpose credits to businesses. Beneficiaries can deploy the credits, authorizing the emission of a predetermined quantum of carbon within specific timeframes, or they can be lucratively traded, thereby aiding other establishments in mitigating their ecological footprint.Venom blockchainVenom blockchain is a network developed by the Abu Dhabi-based Venom Foundation. As an asynchronous blockchain, its design implements dynamic sharding with flexible nodes that adapt to traffic changes, rendering it infinitely scalable. The project has established itself within the Abu Dhabi Global Market (ADGM), an international finance center and fintech hub.Revised environmental goalsThe UAE leadership recently orchestrated a sweeping recalibration of the nation’s environmental goals and carbon offset strategies. Envisioning a sustainable horizon, their overarching aspiration revolves around achieving carbon neutrality by 2050.Mariam Al Mheiri, UAE Minister of Climate Change and Environment, articulated how these shifts have cast a positive impact on the nation’s emissions reduction roadmaps:“The UAE believes in its ability to make a difference in this field and has pledged, through the third update of its second Nationally Determined Contributions (NDCs), to reduce its emissions by 40% compared to a business-as-usual scenario, an increase of 9% over its previous pledge.”Even though the UAE ranks 31st on a global scale in terms of total carbon emissions as of 2023, there stands a more sobering reality — the nation ranked sixth worldwide in terms of per capita emissions according to 2021 data. It also emitted a staggering 21.79 tonnes of carbon per capita in the same year.Concurrently with its overarching national push towards emissions reduction, each of the UAE’s seven emirates has unveiled localized initiatives to align with the bold “net zero by 2050” target.Among these, a comprehensive program championed by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has recently gained approval in Abu Dhabi, emblematic of a collective commitment to fostering a sustainable future.

Coinone adds asset analysis service and fiat currency deposit featureSouth Korean cryptocurrency exchange Coinone has added a new asset analysis service, which allows users to easily track their profits and losses, as well as asset trends over time. The latest feature is designed to provide investors with comprehensive insights into their investment performance, including detailed information on their asset history. It is accessible through the “Assets” category on the Coinone website and mobile app.Photo by Markus Winkler on Unsplash“Coinone has been dedicated to enhancing user convenience, conducting over ten service updates this year alone. Moving forward, we will prioritize user needs by conducting in-house analysis and receiving customer feedback in order to provide the best crypto trading services,” said the exchange’s CEO Cha Myung-hun.Charting profit pathsUsers can analyze the trends of their profits and losses over certain periods ranging from weeks to years, the exchange explained, which are displayed on various charts and tables. They can choose to view either daily or cumulative figures along with other relevant information. The “Asset Trends” category also offers a detailed overview of the fluctuation in the total value of a user’s assets. This includes easily accessible data on how the values of the fiat currency (Korean won) and virtual assets that they hold have changed over time.Seamless transactionsCoinone has also added another feature where users can make fiat deposits directly during transactions. In the case that a user does not have enough fiat currency deposited into their account when purchasing virtual assets, a pop-up window appears, leading to a screen that displays the necessary amount that must be deposited and a function that allows them to do so. Upon completing the deposit, users can continue with their purchase. They can also navigate to the fiat deposit screen by selecting the plus symbol icon next to the available purchase amount.

Hong Kong Gives HKVAX Green Light for Virtual Asset TradingHong Kong’s financial landscape continues to develop, with the latest installment coming from a Securities and Futures Commission (SFC) decision to grant in-principle approval to Hong Kong Virtual Asset Exchange (HKVAX) to operate a virtual asset trading platform within the bounds of the region’s securities laws.The development, announced via a press release published to HKVAX’s website on Friday, follows the recent introduction of crypto retail trading by exchanges HashKey and OSL in Hong Kong.Photo by Dids on PexelsLicensed to extend service offeringIn a notable move, the SFC has green-lit HKVAX’s entry into the virtual asset trading arena. The approval-in-principle, announced on Friday, empowers HKVAX to conduct regulated activities of both Type 1 and Type 7. A Type 1 license permits the operation of a digital asset trading platform specializing in securities. Meanwhile, the Type 7 classification endows the company with the official capacity to deliver automated trading services to both retail users and institutional investors.Upon obtaining the final green light, the platform envisions providing an array of services, including over-the-counter (OTC) brokerage enabling seamless fiat-to-digital asset trading, an institutional-grade exchange platform, and a secure custody solution fortified by insurance coverage.HKVAX is poised to introduce an up-and-coming product category, security token offerings (STOs), seeking to harness the burgeoning investment prospects of the Web3 ecosystem. STOs involve offering security tokens which represent traditional legal ownership of real-world assets.Upcoming collaborative fundingAnthony Ng, the Co-Founder and CEO of HKVAX, affirmed the exchange’s growth trajectory and outlined plans for expansion of its product suite in Hong Kong. Ng also emphasized forging collaborations with strategic investors to fuel the exchange’s upcoming funding rounds.HKVAX’s announcement is emblematic of Hong Kong’s embrace of crypto retail trading. Recent entrants HashKey and OSL have set the precedent by becoming the first exchanges to secure licenses for offering crypto trading services in the region as of August 3.It’s been a long process for HKVAX to arrive at this point. The firm first contacted the SFC in 2018 in relation to licensing. It started the application process in 2019. It’s also proving to be an incredibly costly exercise. It’s believed that crypto-related operating licenses are costing firms up to $20 million.The backdrop to these developments is Hong Kong regulators’ proactive stance on crypto regulation, catalyzed by the FTX exchange collapse in 2022. CEO Julia Leung Fung-yee of the SFC, in a speech on June 24, highlighted the integral role of crypto trading in the virtual asset ecosystem, underscoring the importance of safeguarding investors through the new licensing framework for virtual asset service providers.In a financial landscape undergoing transformation, Hong Kong’s regulatory moves are poised to shape the future trajectory of virtual asset trading and its integration within the broader securities landscape. As HKVAX gains its foothold and the crypto industry matures, the coming months are expected to see further refinements in this nascent yet rapidly evolving market.