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

In a global effort to bolster regulatory control over the cryptocurrency sector, Asian nations feature prominently among 17 jurisdictions globally, who have implemented tighter cryptocurrency regulations in 2023. That’s the view expressed by blockchain analytics firm TRM Labs in a report published on Monday.Photo by CARTER SAUNDERS on Unsplash2023 notable for regulatory tighteningThe increased scrutiny comes on the heels of several crypto meltdowns in 2022, including the collapse of major platforms like Terraform Labs, Celsius, BlockFi and FTX, resulting in a market rout that wiped out trillions of dollars in value. The subsequent year witnessed an extraordinary surge in regulatory measures globally, with governments prioritizing consumer protection in the volatile crypto space. TRM Labs' report indicates that the jurisdictions strengthening consumer protection measures accounted for 80% of the 21 studied, representing 70% of global exposure to cryptocurrencies. As the crypto ecosystem grappled with the aftermath of the FTX collapse at the beginning of 2023, regulatory actions surged, shaping a transformative year for the industry. The TRM Labs report emphasizes that nearly half of the jurisdictions tightening crypto regulations in 2023 prioritized increasing consumer protection measures. Additionally, international organizations, including the G20, Financial Action Task Force, Financial Stability Board, International Monetary Fund and the International Organization of Securities Commissions, played a role in shaping global frameworks and policy recommendations for cryptocurrency regulation. While prominent regulatory moves included the European Union's implementation of the Markets in Crypto Assets Regulation (MiCA) in June, Asian countries were particularly active in rolling out regulatory controls and measures relative to digital asset markets.  Stronger measures in SingaporeSingapore, recognized as an early adopter of crypto regulation, took significant steps in November to curb retail speculation in cryptocurrencies. The city-state’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), brought in these restrictions following a year-long public consultation process, together with a review of cryptocurrency platforms. The country set itself apart from other jurisdictions by becoming one of the first to finalize rules governing stablecoins. That regulatory action included the establishment of a comprehensive framework relative to stablecoin operations. South Korea and Australia increased scrutiny of the cryptocurrency sector, contributing to the global trend of regulatory tightening. Hong Kong licensingHong Kong introduced a new licensing regime for centralized crypto exchanges, aligning with its goal to become a global hub for virtual asset businesses. Following its major initiative in October 2022 to support the virtual asset sector, it has since implemented a mandatory licensing regime for centralized crypto exchanges, allowing them to accept retail investors. Eleven companies, including OKX, one of the largest exchanges by trading volume, have submitted applications for the license in the city. In December, Hong Kong followed Singapore’s lead, by proposing stringent rules for stablecoin issuers, prohibiting unlicensed companies from selling stablecoins to the city's retail investors through regulated channels or actively marketing their tokens within the city. These rules are considered challenging for stablecoin issuers and may potentially deter major stablecoin operators like Tether and USDC from entering the city, according to experts. As Hong Kong solidifies its regulatory stance, it positions itself alongside other major players, contributing to the global evolution of cryptocurrency oversight.

Coinone Boosts Crypto Account Security with Naver Two-Factor AuthenticationCoinone, one of South Korea’s leading crypto exchanges, announced on Wednesday that it has added Naver as another channel for two-factor authentication (2FA) when signing up for an account. This move aims to enhance security and convenience for users by introducing another option for the second step of authentication in addition to KakaoTalk and one-time password (OTP) authentication.Photo by Franck on UnsplashCombatting social engineering attacks“As the popularity of investing in virtual assets is on the rise, attempts to gain unauthorized access to accounts through smishing and phishing have also increased. We hope that users can use Coinone services in a safer, more convenient manner by using Naver as an easy authentication channel,” said Cha Myunghun, CEO of Coinone.All users are required to go through 2FA when signing up for a Coinone account in order to simultaneously protect their credentials and conduct deposits, withdrawals, and transactions. Users must verify themselves with their phone number first, then once more through an additional channel like KakaoTalk, Naver, or OTP authentication.Using KakaoTalk or Naver is easy and convenient since most Koreans already have both of these apps on their phones, and it takes a relatively short amount of time to complete.Extra benefitsUsers can register for Naver authentication on both the Coinone website and the app. Once they do, they can verify themselves through the Naver app without a separate login. These users can be granted more benefits such as increased withdrawal limits, the exchange said. Those who have verified their bank accounts for storing Korean won can have a withdrawal limit of up to 500 million won (approximately $373,000).

Hong Kong-based game software company Animoca Brands has announced its foray into the Bitcoin industry by endorsing the Opal Foundation, a novel Bitcoin ecosystem protocol. The move involves the Opal Protocol and BLIF token, initiated by Animoca Brands and Darewise, a metaverse technology platform. On April 30, Animoca Brands disclosed its plans to become the "largest Web3 ecosystem" for gaming, education and culture built on Bitcoin. The company aims to establish the Opal Protocol and BLIF token as key components of this ecosystem.Photo by Kanchanara on UnsplashBLIF token and Opal ProtocolThe BLIF token, also known as the Opal Protocol Runes token, is hailed by Animoca as a means to enable a "true digital life" on Bitcoin. According to Animoca's executive chairman and co-founder Yat Siu, Bitcoin is now primed for Web3, transitioning from a mere store of value to a store of culture for the Web3 age. Six of Animoca Brands' portfolio companies have already joined as Genesis members, signaling a strong start for the Opal Protocol. Additionally, all future Bitcoin-based projects from Animoca Brands will collaborate with the Opal Foundation. Launched in 2024, the Opal protocol positions itself as a decentralized ecosystem protocol on Bitcoin, powered by BLIF. Its litepaper describes it as a seamless blend of virtual and real-life experiences, offering digital extensions of reality across various domains such as banking, entertainment, education and social interactions. The launch date of the Opal protocol and BLIF airdrop is yet to be announced, but Opal's Telegram group has hinted at its impending arrival. Despite not being operational, Opal's X profile already boasts over 270,000 subscribers. Strategic partnershipAnimoca Brands is hailed as the first strategic launch partner for the Opal Foundation. The company's collaboration aims to integrate its vision into the open Opal protocol on Bitcoin and ordinals. Animoca's venture into Bitcoin coincides with the recent trading debut of spot Bitcoin and Ether exchange-traded funds (ETF) in Hong Kong. However, the initial trading volumes of these ETFs were relatively modest compared to spot Bitcoin ETFs launched in the United States in January 2024.