Bybit enables stock trading with USDT

Nexo DWTC, the Dubai arm of the well-known crypto lender, has obtained initial licensing approval from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant milestone in the company’s growth and development.Photo by Carlos Alberto Gómez Iñiguez on UnsplashLending, borrowing and broker-dealer activitiesThe approval grants Nexo the authorization to engage in virtual asset lending and borrowing, management and investment relative to digital assets, together with broker-dealer activities within the region. Commenting on the development, Nexo Managing Partner, CFO and Co-Founder Kalin Metodiev, stated:”Nexo is enthusiastic about the pursuit of new market strategies aligned with the transformative guidance of Dubai's Virtual Asset Regulatory Authority." The United Arab Emirates (UAE) has played a pivotal role in promoting the region as a nucleus for global innovation and governance. Dubai's early adoption of blockchain strategies in 2016 and the establishment of VARA in 2022 underscore its commitment to emerging as a global epicenter for digital asset innovation. This initiative mirrors the city's longstanding influence in the traditional finance sector. Seven million worldwide usersFor Nexo, which caters to over 7 million users worldwide, the Dubai market represents a substantial opportunity for regional expansion and the delivery of premium services. Nexo is cementing its position as a leading digital assets institution. However, it hasn’t always been easy for the company. Amidst the broader cryptocurrency downturn post the 2021 market peak, Nexo faced significant challenges. In 2022 prominent crypto lenders faced bankruptcy, drawing heightened scrutiny towards Nexo given its involvement in similar business activities. This prompted speculations about the platform's sustainability. Additionally, Nexo grappled with regulatory pressures, notably agreeing to a $45 million settlement with the U.S. Securities and Exchange Commission (SEC) for failure to register the offer and sale of its Earn Interest Product (EIP). It also faced money laundering charges in its home base of Bulgaria. These charges were later dropped. Subsequently, the company pursued $3 billion in damages from the Bulgarian state, refuting allegations that brought disrepute to the company following an investigation that found no evidence against it. Reflective of a more positive outlook more recently, Nexo Co-Founder Antoni Trenchev took to CNBC on March 1, offering his prediction that Bitcoin is on target for a $100,000 unit price in the not-too-distant future. VARA, established in March 2022 following the enactment of Law No.4 of 2022, assumes the responsibility of regulating, supervising and overseeing virtual assets and virtual asset activities across all zones in the Emirate of Dubai, excluding the Dubai International Financial Centre. VARA's pivotal role in crafting an advanced legal framework is geared towards safeguarding investors, setting international standards for virtual asset industry governance and bolstering the vision of a borderless economy. Nexo's attainment of initial approval from VARA signifies a major breakthrough in its expansion efforts, underscoring its commitment to compliance and innovation in the digital asset space. This achievement positions the company as one of the few crypto lenders making inroads into the influential Dubai market. 

GSR Gets on Path Towards Full Regulatory Approval in SingaporeGSR Markets Pte. Ltd., the Singaporean subsidiary of the global crypto trading firm GSR, has reached a significant milestone in its quest to become a fully licensed entity within the city-state. On Monday, the Monetary Authority of Singapore (MAS) granted GSR in-principle approval for a Major Payment Institution (MPI) license.Photo by Mike Enerio on UnsplashTrading licenses filtering throughThis development mirrors similar approvals granted to other crypto firms in the region, solidifying Singapore’s status as a hub for crypto and Web3 innovations. The approval of GSR’s MPI license follows hot on the heels of Coinbase Singapore’s announcement of securing a full Major Payment Institution license from MAS.Other companies such as Circle, Blockchain.com, and Crypto.com have also obtained MPI licenses this year. These developments underscore the competitive yet regulated landscape of the cryptocurrency market in Singapore.In-principle approvalThe in-principle approval from MAS empowers GSR to provide crypto and fiat-related services to Singaporean residents and entities. This includes the ability to conduct payment services without the limitations of single transaction thresholds (SGD 3 million) and monthly limits (SGD 6 million). GSR’s CEO, Jakob Palmstierna, expressed gratitude for MAS’s constructive oversight, which has played a pivotal role in shaping the evolving digital asset landscape in Singapore. Palmstierna stated:“We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.”Meanwhile, GSR’s COO Xin Song, emphasized the importance of this approval, stating that it enables them to “deepen our local client partnerships and continue in our critical role as a liquidity provider within the ecosystem.”GSR’s presence in Singapore aligns with the country’s burgeoning crypto-friendly environment. Recent surveys indicate that 25% of Singaporeans view cryptocurrency as the future of finance, with 32% having some involvement in crypto ownership. Moreover, Singapore boasts over 700 Web3 companies, positioning itself as a pivotal market for the expansion of the crypto and Web3 economy.Company ambitionsGSR, established in 2013 in New Jersey, offers a diverse range of services, including over-the-counter crypto trading, derivatives trading, market making, and venture capital investments. The firm is no stranger to regulatory compliance, holding Money Service Business licenses across several US states.The company was founded by former Goldman Sachs Executives Rich Rosenblum and Cristian Gil. At the height of the last crypto bull run, the crypto market maker had plans “to add 100 hires every six months for the next few years.” No doubt that ambition has been scaled back since then, given the protracted bear market which has followed.Last month, Gil became embroiled in a spat with Andrei Grachev of rival market making firm, Singapore-based DWF Labs.GSR’s recent attainment of in-principle approval for a Major Payment Institution license from MAS reinforces Singapore’s position as a leader in the crypto space. The firm’s interest in pursuing a compliant route forward and its role as a liquidity provider bode well for both GSR and the broader crypto community in the Asia-Pacific region.

Hong Kong–listed companies are stepping up digital-asset bets as the city sets out a clearer rulebook, a sign that tighter oversight and new market rails are starting to unlock institutional demand.Photo by Ruslan Bardash on UnsplashCorporate moves signal rising appetiteBoyaa Interactive International has been adding Bitcoin (BTC) to its treasury, with the latest acquisition of 411 BTC bringing its total holdings to 4,091 BTC. The gaming company has said it will direct 90% of a planned $56.3 million rights issue into Bitcoin. Yunfeng Financial raised HKD 1.17 billion, or about $150 million, through a new share issuance and plans to use part of the proceeds to launch cryptocurrency trading and investment management services. The firm is associated with Yunfeng Capital, which was co-founded by Alibaba founder Jack Ma, and has previously outlined plans to accumulate BTC, Ethereum (ETH), and Solana (SOL). These moves land alongside a policy reset from the top. In his annual address on Sept. 17, Chief Executive John Lee reaffirmed Hong Kong’s goal of cementing its position as an international hub in finance, including digital assets, while pairing that ambition with stronger investor safeguards. Tokenization and blockchain testbedThe centerpiece is Project Ensemble, run by the Hong Kong Monetary Authority (HKMA). The initiative is building infrastructure for a tokenized market and operates a sandbox where institutions can test blockchain systems in live business settings. Priorities include tokenized bank deposits, settlement of tokenized assets such as money market funds, and standardized issuance of government tokenized bonds. Regulation is advancing in parallel. The government is preparing legislation for a licensing regime that covers stablecoin issuers as well as digital-asset dealing and custody providers. The Securities and Futures Commission is studying an expansion of products for professional investors, with tougher protections baked in. The regulator plans to use automated reporting and data surveillance to curb misconduct. Authorities also intend to deepen cross-border cooperation to combat tax evasion. Banking rules are set to shift as well. The HKMA has circulated draft guidance that would ease capital requirements for certain crypto exposures in line with Basel standards through a new policy module called CRP-1. Under the proposal, assets issued on permissionless blockchains could qualify for lower capital charges when issuers demonstrate effective risk management. Hong Kong aims to implement the international rules by early 2026.Publicly traded BTC treasury firms in China Source: BitcoinTreasuries.NETAdoption amid constraintsNot every institution will join the build-out. Mainland policies may constrain participation, according to Caixin. Chinese digital platforms, state-owned enterprises (SOEs), and financial entities operating in Hong Kong could face limits on stablecoin and other crypto activity. Branches of several SOEs and Chinese banks are also unlikely to seek a Hong Kong stablecoin license. Corporate adoption remains broad despite those headwinds. Publicly traded Bitcoin treasury companies in China and Hong Kong hold a combined 19,280 BTC, according to BitcoinTreasuries.net. Several appear among the top 50 public corporate holders worldwide, including Next Technology Holding (16th), Cango (18th), Boyaa (24th), Nano Labs (48th), and Ming Shing Group (50th). The tally points to rising regional interest in digital assets. Publicly traded BTC treasury firms in Hong Kong Source: BitcoinTreasuries.NET