Aurora Mobile & VMS Group to invest in crypto

In an effort to safeguard crypto investors from falling prey to misleading advertisements, the Securities and Exchange Commission (SEC) of Thailand has intensified its scrutiny of promotional campaigns within the crypto sphere.  Broker agent eventsOn April 29, the Bangkok Post reported that the SEC has raised concerns regarding the potential violation of local regulations through introducing broker agent (IBA) events. These events, the SEC clarified, may breach regulations as IBAs are only permitted to promote digital token services to deter speculation on cryptocurrencies, categorized as high-risk assets. IBAs, acting as local conduits for partner digital asset exchanges, typically earn commissions by onboarding clients within a specific market. Such practices are common for exchanges or brokers that don't directly operate in certain markets. Deputy Secretary-General Anek Yooyuen conveyed the commission's unease over crypto exchanges offering preferential treatment to onboard users. Yooyuen stated: "When operators organise sales promotions by offering rewards to entice people to use the service, this could encourage use of the service without considering the investment risks. This is especially the case for cryptocurrencies.”Photo by Than Diep on UnsplashWarning of consequencesHe cautioned that failure to adhere to these guidelines would result in “punishment according to the law.” While cryptocurrency exchanges are legal in Thailand, they must secure local approval. Notably, last month, Thailand even greenlit asset management firms to launch private funds, offering Bitcoin exchange-traded funds (ETFs) exclusively to institutional and ultra-high-net-worth investors. Nonetheless, the country recently prohibited the sale of cryptocurrency lending products and mandated that exchanges prominently display risk warning messages. International regulatory trendThis move by the Thai SEC mirrors actions taken by regulators in other major crypto markets. For instance, the United Kingdom's Financial Conduct Authority (FCA) issued 450 alerts for illegal crypto ads in 2023 alone. Similarly, Spain’s principal securities market regulator, the National Stock Market Commission, denounced fraudulent crypto asset promotions in November 2023, emphasizing companies’ obligations to adhere to local laws. Thai advertising guidelines mandate businesses and advertisers to substantiate the “facts” presented in their campaigns, failing which could lead to legal repercussions. A recent incident provides a case in point. Hackers hijacked advertisements on Etherscan, redirecting users to phishing sites aimed at draining crypto wallets. Scam Sniffer, a blockchain investigation firm, attributed the widespread phishing campaign to the inadequate oversight by advertisement aggregators. The company made the following statement on the matter: “Etherscan aggregates ads from platforms like Coinzilla and Persona, where insufficient filtering could lead to exposure to phishing attempts.” The wallet drainer scam involves enticing users to counterfeit websites and coercing them to link their crypto wallets, enabling scammers to siphon funds into their own wallets without user authentication or consent. This is not the first time that the authorities in Thailand have homed in on crypto-related advertising. In August 2023, the southeast Asian country’s Ministry of Digital Economy and Society (MDES) outlined that it had engaged with social media firm Meta, owner of Facebook, informing it that its response to the proliferation of fraudulent platform ads relative to crypto had been inadequate. 

DWF Labs, a Singapore-based crypto sector investment firm and market maker, has decided to move its headquarters to Abu Dhabi in the United Arab Emirates (UAE). Alongside its current offices and headquarters in Singapore, the company has established offices in Dubai, Hong Kong, Switzerland, South Korea and the British Virgin Islands (BVI).Photo by Adnan Uddin on PexelsFocusing on MENA growthIn an X post published on Dec. 2, DWF Labs Co-Founder Andrei Grachev announced the change of headquarters location from Singapore to Abu Dhabi, stating: “In order to build a strong presence in the Middle East and run more RWA [Real World Assets] and financial services there, @DWFLabs is moving the headquarter to Abu Dhabi.” Grachev added that more news in this regard will be announced soon, advising stakeholders to stay tuned regarding the matter. In the past, the DWF Labs founder has highlighted the significance of the Middle Eastern market.  Earlier this year, he suggested that the Middle East and North Africa (MENA) market is “one of the fastest growing markets in the world,” while commenting on the firm’s partnership with the Dubai Multi Commodities Centre (DMCC), a Dubai-based ecosystem for blockchain and distributed ledger technologies.  That isn’t the firm’s only partnership within the UAE. In September, it emerged that it had partnered with Abu Dhabi-based Web3 venture capital firm Klumi Ventures. The firms intend to collaborate in relation to the offering of strategic crypto advisory services in the UAE, investments and market making, market education and in the facilitation of over-the-counter (OTC) deals and crypto asset options. Strategic positioningAt the time, Grachev said that the two firms were “strategically positioned to drive the digital transformation in the UAE,” with the ability to empower both new market entrants and established institutions to succeed within the digital assets arena. It appears that Grachev has been spending a significant amount of time in Abu Dhabi of late. On Sept. 25, he posted on X that he had arrived in Abu Dhabi and was “cooking something special for the industry.” He followed up on that more recently, posting a selfie on X on Nov. 25 with the caption “Chef cooking in Abu Dhabi.” The authorities in both Dubai and Abu Dhabi, as well as Singapore, have all been working towards attracting crypto startups to their cities. All of them have had some success in that regard, although DWF Labs’ move away from Singapore indicates how competitive this environment is and how mobile crypto startups are. ADGM crypto hubIn the case of Abu Dhabi, most crypto sector activity has happened within the city’s international financial centre (ADGM), which has attracted projects such as the Kaia DLT Foundation, stablecoin issuer Paxos, blockchain infrastructure firm Blockdaemon, crypto custodian Liminal, crypto venture capital fund Token Bay Capital and many others. DWF Labs was first founded in Singapore in 2022. It has established ecosystem funds and grants relative to projects such as EOS, Floki, Gala Chain, Klaytn and TON. Additionally, the firm has just announced the launch of a $20 million fund focused on meme coin projects.

Sejong Telecom to showcase real estate STO platform at 2023 Blockchain Grand WeekSejong Telecom announced that it is participating in the upcoming 2023 Blockchain Grand Week from Wednesday to Thursday in Seoul to showcase BBRIC — its blockchain-based security token offering (STO) service that tokenizes real estate profit rights — while securing business partners in the process.Photo by Precondo CA on UnsplashLeveraging blockchain technology in real estateBBRIC is built and operated on distributed ledger technology, which protects investors by digitizing their real estate profit rights and recording them on the ledger. This customizable solution enables enterprises to operate and manage the life cycle of an STO, including token issuance, investment product sales, investor deposits and transactions.Corporate clients can seamlessly integrate BBRIC into their respective services or platforms to issue and trade security tokens, calculate dividends, conduct settlements and organize shareholder meetings. They can also securely manage tokens and digital wallets based on smart contracts.“Our technology-intensive STO solution will be a great help to companies that are preparing STO-related projects,” said Park Hyo-jin, head of Sejong Telecom’s marketing strategy division.Bringing BBRIC to the massesThe 2023 Blockchain Grand Week — hosted by the Ministry of Science and ICT and jointly organized by the National IT Industry Promotion Agency (NIPA), the Korea Internet and Security Agency (KISA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP) — aims to promote the value of blockchain technology in enhancing trust in the digital age.Additionally, Sejong Telecom plans to introduce BBRIC at SoftWave, the largest software exhibition in Korea, set to take place at the end of this month. This follows the company’s presentation at the Busan Blockchain City Conference, which showcased the feats of technological innovation in regulation-free zones. Sejong also seeks to expand its network and accelerate the commercialization of its service.The company will also share updates on its submission for a proof of concept (PoC) project to the NIPA. This project involves building a blockchain-based platform for issuing and distributing security tokens and integrating systems for the utilization of mineral resources.Sejong Telecom also recently partnered with enterprises like Hyosung TNS and KOREIT to promote BBRIC and expand the products and services available on the platform.