JPYC secures $11.4M funding as Japan expands stablecoin push 

Seychelles-based crypto exchange OKX’s Web3 wallet service, OKX Wallet, has begun supporting Wemade’s blockchain network WEMIX3.0, according to an announcement on Friday (KST). This development will allow OKX Wallet holders to directly manage the crypto assets that they hold from the WEMIX3.0 ecosystem. Photo by GuerrillaBuzz on UnsplashSeamless access and versatile Web3 servicesOKX Wallet notably supports over 70 networks and 3,000 cryptocurrencies and provides other wide-ranging Web3 services like NFT trading, crypto swaps and a decentralized finance (DeFi) platform. In particular, it also has a hassle-free recovery process for account access that employs Multi-Party Computation (MPC) technology, effectively eliminating the need for traditional recovery methods like seed phrases.  OKX Wallet and WEMIX3.0 also vowed to work on more integrations and joint campaigns in the future to round up a larger global user base and lead the era of Web3.  A rising force in cryptoIn other news, WEMIX3.0’s governance token, WEMIX, has been making a significant impact in the crypto industry. The asset ranked ninth in CoinMarketCap’s list of largest blockchains in crypto ranked by total value locked (TVL) last month, and it possessed the largest constituent weight in terms of market capitalization in the gaming sector in the latest Crypto Sector Indices released by Sygnum, a global digital asset banking group headquartered in Switzerland and Singapore. 

Bybit Denies Plans to Leave UK MarketReporting related to Dubai-based crypto exchange Bybit had suggested in recent days that the firm was leaving the UK market. However, the company has since responded to state that it has strongly reaffirmed its commitment to the UK market and its dedication to collaborate with regulators to find mutually agreeable solutions.Photo by Marcin Nowak on UnsplashCompany clarificationThat speculation had arisen in the first place on the basis of difficulties the business may experience as a consequence of the upcoming implementation of new strict marketing rules for crypto firms in the UK. Taking to social media on Thursday, the company stated:”At Bybit, we consider the UK to be a highly important market for the advancement of crypto and blockchain technologies. Our commitment to this market is unwavering, and we intend to maintain our presence in the UK for the long term. Meanwhile, we are dedicated to working collaboratively with regulators upon the new law to ensure the responsible and secure development of the industry.”The reports published earlier in the week had fueled speculation that Bybit might exit the UK market, along with other jurisdictions characterized by rigorous crypto regulations. The concerns primarily centered around the UK’s recently introduced financial promotion rules, designed to bolster customer protection and enhance understanding of crypto investments.Ben Zhou, Co-Founder and CEO of Bybit, commented on the situation, underscoring the exchange’s unwavering commitment to regulatory compliance. Zhou confirmed that ongoing discussions with UK regulators aimed to find mutually beneficial solutions, aligning the interests of all stakeholders involved. He emphasized Bybit’s commitment to keeping its community well-informed about the progress of these discussions.Regulatory changesThe recent move by Bybit is in direct response to regulatory changes introduced by the UK’s Financial Conduct Authority (FCA) in June. These changes were implemented to improve transparency and enhance customer protection within the crypto sector, with a particular focus on ensuring that UK customers have a clear understanding of the risks associated with crypto investments. The FCA also outlined various pathways for asset promotion, including those involving FCA-authorized personnel or crypto companies registered with the FCA.Exchanges have been very much under the cosh in 2023 when it comes to regulatory pressures. Bybit, accompanied by MEXC Global, Bitforex, and Bitget, were all issued with a warning by the Japanese regulator, the Financial Services Agency (FSA), in April on the basis that the exchanges were running unregistered crypto asset exchange business operations within Japan. In May Binance left the Canadian market.In the months that followed, the leading global crypto exchange was forced out of markets in Germany, Belgium, The Netherlands, and Cyprus due to regulatory pushback. In May Seychelles-based Huobi was ordered to cease its business offering in Malaysia by the local regulator.Moving forwardDespite these setbacks, Bybit has been making efforts to move the business forward. In May it obtained approval from the authorities in Kazakhstan to offer its services within the country. Some weeks prior, it announced that it had chosen Dubai as the global exchange’s headquarters.The firm also introduced TradeGPT recently, an AI-powered educational tool designed to enrich traders’ engagement with the crypto market.

With the general election just over a month away, South Korea’s ruling People Power Party (PPP) has retracted its campaign pledges to allow trading of spot bitcoin ETFs, local media outlet Chosun Biz reported. The PPP has previously drawn substantial attention from the crypto industry, as the party showed its intention to ease a range of crypto regulations in hopes of gaining more votes in the general election.  A political insider familiar with the issue said yesterday that the PPP has recently removed crypto-related agendas from its priority list. The crypto pledges, initially planned to be announced last week, have been permanently suspended, the person said. “The leaders of the PPP are currently focusing on nomination for local constituencies and its satellite People’s Future Party, rather than coming up with additional crypto agendas. As the PPP appears to be embarking on the election campaign starting in March, the likelihood of the ruling party releasing crypto pledges is very slim,” another political circle insider mentioned.Photo by Traxer on UnsplashTalks between PPP and FSC go in vainThe PPP’s decision to retract crypto-related pledges comes after its attempt to approve the introduction and trading of spot bitcoin ETFs met with opposition from the Financial Services Commission (FSC).  Unlike the PPP or its opposition Democratic Party of Korea (DPK) that scrambled to ease crypto regulations ahead of the general election, the FSC’s stance on viewing crypto assets as risky hasn’t changed much. Despite last month’s approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), the FSC continues to ban the issuance of crypto-based financial products or investments in them, stating that crypto assets are not defined as underlying assets under the current Capital Markets Act. This has gotten in the way of the PPP’s plan to delay taxation on crypto gains for as long as two years and allow institutional investments in virtual assets.  The PPP also had to verify all the party members to see if any of them had a record of wrongdoings related to crypto transactions, which further delayed the pledges. This shows politicians’ heightened awareness of crypto-related issues. Last year, the DPK lawmaker Kim Nam-guk made headlines for a scandal, as he was accused of failing to report a considerable amount of crypto assets transactions to the financial authority. PPP lags a step behind its opposition DPKThe DPK has also strived to come up with crypto pledges alongside the PPP. The crypto-related pledges released by the DPK so far largely overlap with those of the PPP, meaning there’s no particular merit to the PPP’s campaign vows leading up to the general election. Many see this as another reason for the PPP’s decision to withdraw crypto pledges. The DPK unveiled its plan on Feb. 21 to legalize spot bitcoin ETFs, and pledged to deduct taxes on crypto gains worth less than KRW 50 million ($37,400). Under the current law, only crypto gains that are worth less than KRW 2.5 million qualify for the tax deduction. Most of these pledges largely align with those of the PPP.  With the PPP’s withdrawal of its plan to ease crypto regulations, the excitement among crypto industry insiders for the upcoming general election appears to have subsided. “Despite the DPK’s promise to allow spot bitcoin ETFs, it is unlikely that we’ll see crypto assets being incorporated into the conventional financial system without the ruling party’s approval, let alone fostering the blockchain industry,” said one crypto insider.