OKX mulls U.S. IPO

Bybit CEO Applauds Hong Kong and UAE Regulatory ApproachesBen Zhou, the CEO of Dubai-based crypto spot and derivatives trading platform Bybit, has recently lauded the regulatory approach of Asian and Middle Eastern countries.In a recent interview with CoinDesk, Zhou singled out Hong Kong and the United Arab Emirates (UAE) in particular, while also drawing attention to the contrasting approach taken to regulation of digital assets in North America, particularly Canada.Photo by Alex King on UnsplashDiffering regulatory approachesThe Bybit CEO believes that the tone set by regulators towards the crypto industry differs significantly between regions, with Asia and the Middle East displaying a more collaborative and supportive stance compared to North America. He perceives a shift in the attitude of regulators, seeing cryptocurrencies as an opportunity rather than a crisis.Praising Hong Kong and Dubai Regulators, Zhou highlights Hong Kong’s aggressive efforts to attract crypto companies by tapping into the talents within the industry. While recognizing the common goals among regulators worldwide, he notes that Dubai’s crypto regulatory framework has advanced even further than Hong Kong’s.Bybit’s strategic moves underline Zhou’s praise for these regions’ regulatory environments. On April 1, Bybit announced plans to establish its core operations in Hong Kong, positioning its research and development (R&D) and marketing teams in the Chinese autonomous territory.Subsequently, on April 17, Bybit officially unveiled its headquarters at the Dubai World Trade Center, a year after receiving in-principle approval to operate its crypto asset business in the UAE.Canadian market exitHowever, Bybit faced challenges in Canada due to its evolving regulatory landscape. While the company claimed not to operate in the United States, it had onboarded customers in Canada in the past. The situation changed in May when Bybit withdrew its services from Canada following the fallout from the FTX exchange scandal in November 2022.The regulatory environment became increasingly stringent, prompting Bybit to exit the Canadian market. Despite having ongoing conversations with Canadian regulators and receiving an invitation to apply for a crypto license, the restrictions on stablecoin usage played a significant role in the company’s decision to withdraw.Fifth most popular exchangePresently, Bybit ranks as the fifth most popular crypto exchange in the world, according to a report by CoinGecko for the second quarter of 2023.The company has been extending out its product offering, recently entering the crypto lending arena. Towards the end of May, the business received “in-principle” approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset trading business and digital asset custodian in Kazakhstan.In June the crypto exchange followed the lead of other global crypto platforms such as Crypto.com and Binance by integrating artificial intelligence-driven trading tools into its platform for the benefit of its users.As the crypto sector continues to evolve, the differing regulatory approaches in different regions will play a crucial role in shaping its future. Bybit’s CEO, Ben Zhou, advocates for collaboration between regulators and crypto companies, emphasizing that viewing cryptocurrencies as an opportunity will foster innovation and growth in the industry.

DV8, a Thai company that recently pivoted to become Southeast Asia’s first Bitcoin treasury firm, has carried out an initial capital raise to fund its new strategy. Up until recently, DV8’s business activites were confined to media, innovation and technology. It emerged earlier this month that the company was being acquired by a group of Bitcoin-focused investors.  The consortium includes privately-held Bangkok-headquartered investment firm Kliff Capital, hedge fund manager UTXO Management and Taipei-headquartered crypto-backed venture capital firm Sora Ventures. It also includes Simon Gerovich, the CEO of Metaplanet, Asia’s largest Bitcoin treasury company.Photo by Thought Catalog on UnsplashThai market potentialAt the time, Sora Ventures founder Jason Fang told Decrypt that there is great potential in the Thai market, giving DV8 the potential “to be the next Metaplanet on SET [Stock Exchange of Thailand]." The company recently appointed Chatchaval Jiaravanon as its new chairman. Jiaravanon currently serves as the founder and chairman of Water Asia and Charoen Energy, while independently owning Fortune magazine.  Alongside Jiaravanon, new appointments have also been made to the company’s board as it looks to revamp its leadership team to deal with the challenge of pivoting and pursuing a Bitcoin treasury strategy. Share issuanceA filing with SET on July 16 has revealed that the company has proceeded to raise 241 million baht, equivalent to $7.44 million. In raising this capital, the company issued 301,491,057 new shares. The shares were issued under DV8-W2 warrants with a strike price of 0.80 baht per share. Over the course of the past 12 months, a plethora of corporations around the world have adopted Bitcoin either as a strategic asset to hold on their balance sheets or they’ve taken matters further and followed companies like Strategy (formerly MicroStrategy) and Japan’s Metaplanet, with the Bitcoin treasury becoming the central focus of the business. Bitcoin treasury debateThe practice has proven to be controversial with some believing that Michael Saylor’s Strategy has found a workable approach using leveraged debt financing within TradFi to accumulate Bitcoin. Others like short seller Jim Chanos has called the Strategy approach “financial gibberish.” Chanos recently debated Bitcoin investor Pierre Rochard on the subject on The Investor's Podcast. The podcast provoked a discussion on X, with Grok, the AI bot integrated within X, coming down in favor of Rochard’s pro-Strategy argument, prompting Chanos to tell Grok that it was drunk and to stop posting.Aside from those companies that have pivoted entirely to Bitcoin treasury firms, many others who have started to accumulate some Bitcoin have been struggling companies.  Vincent Liu, chief investment officer at Taipei-headquartered Kronos Research said recently that “when struggling firms make sudden moves, it often feels like a short-term stunt or hype play." On the other hand, he added: “When a company builds a BTC treasury with strategy, conviction, and clear communication, it signals strength.” Taking to social media on July 14, Belgian economist and Bitcoin investor Tuur Demeester set out his thoughts on the opportunity that Bitcoin treasury companies are exploiting: “Who else in this world can borrow at below 0.5% interest rates, when real inflation is above 10%? Bitcoin Treasury companies seem to have found, or are creating, a growing hole in a giant dam.”

NFTs to Enrich Reading Experience for Book Lovers in JapanBook lovers in Japan are soon going to be able to enjoy an enhanced reading experience with the introduction of electronic books based on non-fungible tokens (NFTs). Media Do, an ebook distributor based in Tokyo, has partnered with Hayakawa Books & Magazines to publish a series of five NFT-based ebooks. The first lineup is scheduled for release on June 20, 2023.Photo by Hiroshi Tsubono on UnsplashTraditional and digital publishingThis collaboration is noteworthy as it merges the world of physical paper books with digital editions, making it the first-ever initiative to create non-fungible token (NFT) copies of traditional books. By bridging the gap between traditional and digital publishing, readers can now enjoy the benefits of both formats.These NFT-based ebooks offer readers the convenience of accessing and reading them through smartphone apps, while also serving as proof of ownership for each book. Media Do’s NFT platform, FanTop, will facilitate the trading of these NFTs, creating a marketplace for enthusiasts to buy, sell, and collect these unique digital editions.Copyright owner supportWhat sets FanTop apart is its dedication to supporting authors. Each NFT transaction on FanTop will result in a fee paid to the copyright owners, ensuring they receive fair compensation for their valuable work. Connecting more than 2,200 publishers and 150 ebook stores, Media Do aims to develop FanTop into a platform that consistently provides fair and appropriate incentives to copyright owners, including authors and publishing houses.Enriched reading experienceMoreover, these NFT-based ebooks will elevate the reading experience by offering exclusive content such as alternative endings, commentaries, and guidelines. NFT ebooks possess a unique ability to incorporate videos and music, thereby enriching the reader’s understanding of the original text and immersing them in the world of the work. In the future, NFT ebooks may even include licensed works such as films or music that inspired the author during the writing process. This additional value will fuel demand in the secondary market, including trading on FanTop.Empowering creatorsFanTop aims to establish itself as a non-speculative platform that focuses on distributing valuable content. It is dedicated to empowering creators, allowing them to exercise autonomy in determining specific trading details for their works. This includes the ability to set royalties and other parameters that align with their preferences and goals.Higher books sales with NFTsSince October 2021, FanTop has been offering exclusive NFT materials to promote sales of paper books. This initiative has allowed readers to enjoy the digital versions of their books on FanTop. As of March 2023, the sales of about 100 works, which included NFT copies, were 32% higher than their original editions within 30 days of release. Their average sales price was also 31% higher than their original counterparts. Media Do has been collaborating with over 70 companies, including publishers, to plan and develop content with NFT-based books.