Ripple supports Japanese Web3 initiative & crypto research within APAC

Nomura’s Crypto Subsidiary Secures Dubai VARA LicenseLaser Digital Middle East FZE, the digital asset subsidiary of Japanese global financial services group Nomura, has successfully obtained an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA).This significant development, announced via a statement published to Laser Digital’s website on Tuesday, comes as part of Nomura’s strategic efforts to make a strong presence in the digital asset space.Photo by Paul MARSAN on UnsplashOpportunity to expand servicesThe newly acquired Virtual Asset Service Provider (VASP) license empowers Laser Digital to offer broker-dealer services and provide virtual asset management and investment solutions within the emirate. Additionally, the license will enable the company to carry out trading and asset management operations in the near future. This could potentially include the provision of over-the-counter (OTC) services, together with a diverse range of digital asset investment products.Jez Mohideen, the CEO of Laser Digital, expressed his confidence in VARA’s meticulous and collaborative process, which assures institutional investors looking to get involved in this emerging asset class. “We are very grateful to VARA for approving our Operating License. VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class. With the license now in place, we are looking forward to Laser’s growth over the coming years,” he stated.Established in September 2022 under the guidance of Nomura, Laser Digital was the brainchild of Steven Ashley, the former head of Nomura’s wholesale division, alongside Mohideen, who served as the firm’s former Chief Digital Officer and Co-Head of Global Markets for Europe, Middle East, and Africa (MENA). The company is headquartered in Switzerland, with sub-offices located in Dubai and London.Dubai’s rapidly growing crypto ecosystem has garnered global attention, especially after the establishment of its own virtual asset rules and the formation of VARA in March 2022. In February, the regulatory body issued the “Full Market Product Regulations,” comprising four compulsory rulebooks and activity-specific guidelines that delineate the framework for Virtual Asset Service Providers (VASPs).Following in Binance’s footstepsLaser Digital’s recent achievement coincides with Binance’s continuous efforts to solidify its presence in the United Arab Emirates. Its license award comes hot on the heels of Binance having achieved the same milestone. On Monday, Binance’s Dubai subsidiary, Binance FZE, received an operational Minimum Viable Product (MVP) from VARA, granting it permission to operate cryptocurrency exchange and virtual asset broker-dealer services locally.Apart from Binance, only two other entities, digital asset custodians Komainu MEA and Hex Trust MENA FZE, currently hold operational MVP permits in the region. Notably, crypto exchange BitOasis also secured a conditional license but it has faced a suspension from VARA for non-compliance with mandated conditions.Laser Digital’s successful licensing and entry into Dubai’s crypto landscape further enrich the diversity of players in the region’s digital asset market. The involvement of reputable financial institutions like Nomura contributes to the establishment of a robust and well-regulated ecosystem in the United Arab Emirates. The license paves the way for Laser Digital to serve institutional investors and individual clients alike, offering innovative digital asset solutions while complying with the region’s regulatory standards.

CeDeFi protocol NEOPIN has agreed to work with GREEVER, the developer of an eco-friendly Drive-to-Earn (D2E) app that rewards users for their efforts towards sustainable driving, marking an accelerated move towards forging a greener economy, according to an official Medium post on Wednesday (KST).Photo by why kei on UnsplashFostering green innovation“NEOPIN is actively collaborating with the government of Abu Dhabi to establish a DeFi regulatory framework. It is also recognized as a pioneer in Permissioned DeFi. On the other hand, GREEVER is distinguished by its strong commitment to public interest initiatives like promoting eco-friendly and safe driving,” said Ethan Kim, CEO of NEOPIN. “Through this partnership, our goal is to demonstrate our achievements in the blockchain space, emphasizing key themes such as compliance, eco-friendliness, and sustainability.” NEOPIN and GREEVER plan to integrate their platforms to expand their respective user bases. Specifically, the NEOPIN digital wallet will be integrated into the GREEVER app. They also intend to introduce NEOPIN’s DeFi products by linking them with GVL, GREEVER’s governance token. Through their collaboration, both companies aim to popularize blockchain on a global scale, especially by leveraging Busan’s technological expertise in the technology.  Driving towards sustainabilityGREEVER resides at the Blockchain Innovation Technology Center at the Busan International Finance Center. The GREEVER D2E platform was launched last September as South Korea’s first blockchain service for eco-friendly driving. It rewards drivers based on their safe and eco-friendly driving habits while promoting the adoption of blockchain technology in different areas of daily life. The team responsible for developing and operating the app is led by CEO Yun In-kyu, a Director of the Busan IT Partners Association and a General Manager who spearheaded various blockchain education initiatives tailored for Busan in 2021. “GREEVER is actively engaged in socially responsible projects with government organizations. Our alliance with NEOPIN is a pivotal move towards sustainability that aligns perfectly with GREEVER’s mission of enhancing accessibility and public interest,” said Yun In Kyu, CEO of GREEVER.

AsiaNext Secures Market Operator License from Singapore’s MASThe Monetary Authority of Singapore (MAS) has granted regulatory approval to AsiaNext, officially designating it as a Recognized Market Operator (RMO).The firm announced the milestone achievement via a blog post published to its website on Wednesday. The license opens the doors for AsiaNext to operate as a digital asset exchange exclusively catering to institutions, including banks, family offices, asset managers, broker-dealers, prime brokers, hedge funds, and market makers.This RMO license, granted by MAS, complements the in-principle approval of the Capital Markets Services (CMS) license awarded to AsiaNext in June. AsiaNext, under the leadership of its CEO, Chong Kok Kee, has positioned itself as an institutional-grade exchange with a focus on compliance and risk management.Kok Kee expressed his elation at receiving the full RMO license from MAS, emphasizing that the AsiaNext team has constructed an institutional-grade exchange governed by stringent compliance and risk management standards, not only for their organization but also for the various asset classes traded on their platform.Photo by Davis Sánchez on PexelsPivotal and positive industry shiftRecent months in Singapore, Hong Kong, Dubai, and other centers geared towards progressive regulation have demonstrated a pivotal shift in the industry, as responsible contributions to a secure digital asset ecosystem are now better poised to advance the mainstream adoption of digital assets.Chua Kah Hau, Chief Compliance Officer at AsiaNext, reiterated the company’s dedication to upholding the highest standards of regulatory compliance and corporate governance, aiming to provide a fair, orderly, and transparent marketplace where institutional investors can confidently reap the benefits of digital assets.Amidst the growing institutional appetite for trading digital assets, AsiaNext’s role is significant. There is a noticeable scarcity of regulated and secure platforms to satisfy this demand, making AsiaNext’s presence crucial in meeting this market need.AsiaNext originated as a joint venture between SBI Digital Asset Holdings and SIX Group in 2021. Now, holding both the RMO and CMS (in-principle) licenses, the firm is well-equipped to provide integrated listing, trading, and post-trade services for digital assets.Fernando Luis Vázquez Cao, CEO of SBI Digital Asset Holdings, highlighted Singapore’s favorable regulatory environment, stating: “The regulatory environment in Singapore is favorable for fintech firms, which is why we have selected it as the headquarters for AsiaNext. The nation’s commitment to fostering innovation and worldwide recognition of Singapore’s economic potential as a global digital asset trading hub have been pivotal factors in our decision.”Colt Technology partnershipIn a strategic move, last month AsiaNext partnered with Colt Technology Services to leverage its suite of secure, high-performance digital infrastructure solutions, including Multicast Market Data in the Cloud and PrizmNet.The partnership is set to facilitate high-frequency trading of various digital securities and crypto derivatives trading on AsiaNext. Notably, AsiaNext stands as the first institutional-grade digital exchange to utilize Colt Multicast Market Data in the Cloud, providing a unique solution to connect buyers and sellers.This connectivity breakthrough aims to bridge the gap between mainstream finance and secure digital assets trading, coming at a time of rapid growth in digital asset trading in Asia and significant global investment in the region’s crypto markets.