Crypto.com faces criticism for forcing through 2021 token burn rollback

Korean game company Krafton’s metaverse studio OVERDARE announced yesterday via its official blog that it forged a partnership with Circle, a U.S.-based fintech firm that issues stablecoin USDC. Founded in December 2023, OVERDARE is a joint venture between Krafton and Naver Z, a subsidiary of online platform operator NAVER Corporation.  In collaboration with Circle, OVERDARE plans to jointly develop its own USDC payment and settlement system in addition to the Web3 wallet. These services are set to be adopted by its upcoming user-generated content (UGC) platform “OVERDARE,” which bears the same name as the company. Photo by Javier Martínez on Unsplash A metaverse platform for game creationThe soon-to-be-launched OVERDARE is a metaverse platform where users can create various types of games ranging from action role-playing games (RPG) to sports and shooting games. What enables users to create games with ease on this platform is “OVERDARE Studio,” a sandbox tool equipped with generative AI and Unreal Engine 5.   OVERDARE adopts the Create-to-Earn (C2E) system, which returns a portion of the sales profit to creators. The creators’ works in the form of NFTs and their transaction details are recorded onchain, strengthening the transparency of transactions and payments. OVERDARE’s self-developed Layer-1 blockchain mainnet “Settlus” will also do its part in the service operation, which would license the intellectual property (IP) of creators’ works on Web2 platforms.  Stablecoin to empower creator economy“Circle is excited to be at the forefront of this pioneering venture with OVERDARE to empower the creator economy through the provision of secure Web3 wallets and near-instant USDC payouts on a global scale. We believe this partnership will be a catalyst in shaping the future of digital entertainment, ultimately fostering an innovative Web3 environment for all,” said Jeremy Allaire, CEO and co-founder of Circle. Henry Park, CEO of OVERDARE, stated, “We’re excited to unveil our partnership with Circle, a company distinguished by its regulatory compliance and trustworthiness. Their robust support ensures that we are able to support the creator economy, and guarantee creators reliable access to their earnings.”OVERDARE is scheduled to launch a large-scale user test in the first half of this year and officially launch the service in the second half.

Politician Responds as Buterin Questions Hong Kong’s Crypto CredentialsIn a measured response on Friday, Johnny Ng, a member of Hong Kong’s Legislative Council, addressed the comments made by Ethereum co-founder Vitalik Buterin concerning Hong Kong’s future stance on cryptocurrencies.Photo by Florian Wehde on UnsplashInvitation extendedNg extended an invitation to Buterin to visit Hong Kong, allowing him to gain a more nuanced understanding of the region’s dynamics. Ng also expressed his intent to collaborate with relevant institutions and enterprises to provide Buterin with insights into Hong Kong’s current situation.Vitalik Buterin had voiced his concerns at the Web3 Transition Summit in Singapore on Thursday. Buterin stated:“If any crypto project wants to make Hong Kong their home, they would want to have some confidence — not just that it’s friendly now but that it will continue to be friendly years from now when all kinds of unknown, regulatory and political and other kinds of events are going to happen.”He acknowledged that he did not possess an in-depth understanding of Hong Kong’s intricacies, particularly in light of recent developments in its relationship with mainland China. Buterin emphasized the need for crypto projects to have confidence not only in Hong Kong’s current crypto-friendliness but also in its ability to maintain this stance amidst unforeseen regulatory, political, and other events.In response to Buterin’s remarks, Ng reassured him that Hong Kong’s crypto-related policies were not prone to sudden changes. He highlighted that these policies had been formulated with broad social consensus and underwent comprehensive procedural assessments. Ng asserted: “Therefore, I can tell Mr. Vitalik that Hong Kong’s policies are very stable.”He further elaborated on Hong Kong’s legislative process, emphasizing the stages of government policy drafting, public consultation, discussions within multiple committees of the Legislative Council, and the General Assembly’s review.Best-prepared crypto jurisdictionIn a separate development, Hong Kong has maintained its position as the best-prepared jurisdiction for widespread cryptocurrency adoption in 2023, according to a recently published study. The Chinese autonomous territory secured the top rank for the second consecutive year.This recognition is based on a crypto readiness score (CRS) that takes into account factors such as the presence of crypto ATMs, the regulatory environment, accessibility, and legality.In contrast, the United States slipped to third place, experiencing a 6.5% drop in its CRS score from the previous year. Switzerland emerged as the second-best-prepared jurisdiction, with its CRS score surging by over 9%.The Dutch demonstrated the highest per capita interest in crypto, while Hong Kong stood out for having the most crypto ATMs per square foot due to its smaller landmass. Within the United States, New York became the most crypto-ready state, boasting a CRS of 9.80, owing to a robust legislative environment and a thriving crypto and blockchain industry.Chainalysis crypto adoption reportMeanwhile, India emerged as the global leader in crypto adoption in 2023, according to a recently compiled Chainalysis report. The report also highlighted other lower middle-income nations, such as Nigeria and Thailand, ranking prominently in crypto adoption. India’s crypto market has surged to become the second-largest globally by raw estimated transaction volume.Johnny Ng’s response to Vitalik Buterin’s comments is indicative of the measured and informed approach of Hong Kong’s leadership regarding cryptocurrencies. With a stable and consensus-driven regulatory framework, Hong Kong remains a key player in the evolving landscape of digital currencies.

Japan’s ODX to commence digital securities trading in DecemberOsaka Digital Exchange (ODX) is set to commence security token trading with Ichigo’s real estate assets, marking yet another milestone in Japan’s evolving digital asset landscape.Photo by note thanun on UnsplashDecember 25 ‘START’ODX’s Proprietary Trading System (PTS), named “START,” is scheduled to commence operations on Dec. 25, as announced in a Nov. 20 statement. This development follows the approval from Japan’s Financial Service Agency (FSA) on Nov. 16 for ODX’s securities token proprietary trading system.A security token, essentially a digitized version of traditional securities, represents fractional ownership in real-world assets like equity, real estate, or company shares. ODX’s trading system aims to enhance liquidity and funding opportunities for securities token operations within the region, aligning with its broader vision of establishing a digital stock exchange to rival the Tokyo Stock Exchange.Established in 2021 by SBI Holdings and Sumitomo Mitsui Financial Group (SMFG), ODX is poised to welcome Ichigo as its inaugural client on the START platform. Ichigo is a Japanese sustainable infrastructure firm based in Tokyo. Real estate is one of the sectors it is involved in, where it specializes in the renovation and improvement of existing buildings.Third security token launchThe real estate company has previously issued two security tokens and now plans to issue a new token, facilitating real estate investment opportunities for individuals. A company statement reveals that the new security token will invest in six strategically located rental residential properties with superior access to the city center. Bloomberg reported on Monday that Ichigo intends to sell approximately $20 million worth of securities backed by property investments, with trading set to commence on Dec. 25.The release of real estate-backed security assets will take place on Progmat, a Japan-regulated digital asset platform established in 2022 by Mitsubishi UFJ Financial Group (MUFG) in collaboration with other Japanese banks. Progmat integrates blockchain technology with financial expertise to manage digital assets within the regulatory framework of Japan.As a consequence, MUFG will effectively be acting as custodian and security token issuer as part of this security token offering. SBI Securities will act as the lead underwriter of the project.Security tokens, subject to federal regulations, derive their value from external tradable assets and represent ownership in an enterprise or asset. The introduction of security token trading on ODX has the potential to enhance liquidity and streamline the investment process for individuals. However, with the initial offering of $20 million in securities, it is evident that Japan is cautiously exploring the demand for alternative forms of securities.SBI portfolio companyInitially, Japanese financial services conglomerate SBI Holdings had a 70% stake in ODX, with SMFG holding a 20% equity stake. Investment Bank Daiwa Securities and global financial services group Nomura made up the balance, with each having a 5% equity holding in the business.Those equity stakes have most likely been diluted as in September ODX confirmed that it had accepted equity participation from the Chicago Board Options Exchange (CBOE), the largest U.S. options exchange platform, private equity firm Virtu Investments and proprietary trading firm and global market maker Optiver Principal Strategic Investments (PSI).