Pakistan moves towards legalizing & regulating crypto

KISA Seeks Partners for Regional Blockchain Innovation Support Center ProjectThe Korea Internet & Security Agency (KISA) announced on Monday (local time) that it is working with the Ministry of Science and ICT to recruit metropolitan local governments to participate in the 2024 Regional Blockchain Technological Innovation Support Center Establishment Project, which seeks to aid the balanced development of the nation’s blockchain industry and the exploration of technology and services.Photo by Shubham Dhage on UnsplashWith the establishment of the support center, KISA plans to seek out blockchain services linked to regional industries and provide support for the development of blockchain technology and services to foster local businesses.Funding opportunities and application processThe metropolitan local governments selected for this project will be able to leverage KRW 1.8 billion (approximately $1.3 million) in government funding as well as regional expenses to pursue activities such as verifying related services and supporting blockchain and service development through incubation, workforce training, investment endorsement and legal consultations.Applications are open to 14 metropolitan local governments nationwide, excluding those in the country’s largest cities, Seoul, Busan and Daegu. Each applicant is required to form a consortium with one local information technology and communication (ICT) organization that the government invested in or funded and submit their applications through the KISA website by December 5 at 4 p.m. KST.Envisioning the future of Korea’s blockchain industryKISA President Lee Won-tae expressed his hopes that the support centers would become central hubs for blockchain technology within regions nationwide, ultimately contributing to regional economic prosperity. “KISA will continue our efforts to promote balanced regional development and nurture the blockchain industry ecosystem,” he said.

Report: Asia Set to Dominate Web3 Gaming MarketA new report has revealed that Asia is poised to dominate the growing Web3 gaming market, accounting for as much as 80% of all players. The study, conducted by Japanese firm Pacific Meta and DappRadar, found that the region already accounts for 55% of the global gaming population, with 1.7 billion players.©Pexels/Lucie LizThe report identified that the role-playing genre is the most popular in Asia, with games such as Final Fantasy, Phantasy Star Online and Genshin Impact ranking highly.Legal restrictionsThe research noted that legal restrictions on gaming are prevalent across the region, with China only allowing gamers under 18 to play for one hour a day and blockchain games all but banned in South Korea. Despite these restrictions, the report argued that Nexon’s Web3 play with MapleStory Universe and Square Enix’s upcoming Web3 game Symbiogenesis are two examples of crypto games gaining traction in the East. Both games will use the Polygon blockchain, currently the most preferred network for Web3 gaming from a game studio perspective.The report also concluded that Web3 gaming is a “natural” fit for the Asian market because of the types of games to which the market is accustomed. It argues that as Web3 games become more focused on gameplay over financials, Western and Eastern audiences will come to expect similar experiences.A developing understanding of Web3 gamesTo better understand the market, Pacific Meta surveyed over 1,000 adults in Japan and found that 40% knew about blockchain games. Among those who knew about such games, nearly 57% said Web3 games “seemed interesting”, while roughly 10% said they did not seem interesting. Notably, about 33% said “neither”, suggesting they were perhaps unsure about Web3 games and hadn’t yet formed an opinion on them.When asked about the types of blockchain games they would be interested in, 773 out of the 1,030 surveyed said that they would like a game to be free-to-play, and that initial cost was an important feature to them. 538 said that they would like the game to be playable on a mobile phone. Player earnings, game quality, consoles, and famous IP scored lower on the list.Long road to mainstream adoptionThe report highlights that the nascent industry still has a ways to go before it sees mainstream adoption. Nevertheless, big brands such as Razer and FIFA are doubling down on Web3 gaming projects. With the Asian market poised to take a dominant role in Web3 gaming, developers will need to tailor their offerings to suit the preferences of the region’s gamers.The Web3 gaming market in Asia is enormous and is expected to dominate the global market, with Japan a key market for growth. Developers will need to focus on the role-playing genre and create free-to-play mobile games to appeal to gamers in the region. As the Web3 gaming market continues to grow, and blockchain technology advances, it is likely that we will see more games and platforms targeting Asian gamers in the coming years.

Crypto.com’s Dubai-based subsidiary secures crypto licenseCRO DAX Middle East, the Dubai-based subsidiary of Singapore-headquartered cryptocurrency exchange platform Crypto.com, has achieved a significant milestone by obtaining a license from the emirate’s Virtual Assets Regulatory Authority (VARA) to provide specified virtual asset services.Photo by Timo Volz on UnsplashExpanding product offering in DubaiThe approval, announced by the firm via a press release published to its website on Tuesday, marks a pivotal moment for the Singapore-based Crypto.com, allowing it to offer regulated virtual asset services in Dubai, including exchange services, broker-dealer services, management and investment services as well as lending and borrowing services.The virtual assets service provider (VASP) license is contingent upon CRO DAX Middle East meeting specific conditions and localization requirements outlined by VARA. Once these conditions are satisfied and the operational approval notice is received from the regulator, the company will be poised to commence operations. These services will be made accessible to both retail and institutional users through Crypto.com’s app and exchange platform.Kris Marszalek, CEO of Crypto.com, expressed his enthusiasm for Dubai’s regulatory approach, stating: “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation.”Dubai’s virtual asset sector developmentThe regulatory framework for virtual assets in Dubai was established under the Dubai Virtual Asset Regulation Law in March 2022, leading to the creation of VARA. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, founded VARA with the aim of developing an advanced legal framework to safeguard investors. Furthermore, the objective was to set international standards for the governance of the virtual asset industry, while fostering responsible business growth.VARA issued regulations in February to provide clarity and certainty on the expected level of operator responsibility and to mitigate market risks. This move aligns with the broader context of global cryptocurrency regulations, aiming to create a safe environment for investors in the wake of recent collapses of major platforms.Crypto.com is working to become one of the first virtual asset exchanges to implement its VASP license in accordance with VARA’s specialized regulations issued earlier this year. The company had previously received its minimum viable product provisional license in June 2022 and the MVP preparatory license in March of the current year. The operational license, which follows the preparatory and provisional stages, grants virtual asset service providers permission to conduct activities in seven specified categories.Adapting to the marketThe company has also been working on licensing in other markets. In Singapore, where it is headquartered, the company received a Major Payment Institution (MPI) trading license from the Monetary Authority of Singapore (MAS) in June. The company has also re-calibrated its offering based on market shifts. Earlier this year, it halted its institutional exchange service in the United States due to a downturn in institutional demand stateside.In March 2022, Crypto.com declared Dubai as its regional hub for the Middle East and North Africa (MENA), solidifying its commitment to expanding its presence and contributing to the growth of the cryptocurrency ecosystem in the region.