Korbit hosts its first cryptocurrency investment league

Coinbase Signals Interest in UAE BaseIn further evidence of a contrast in progression relative to the approach taken to digital assets in the United States versus other world regions, US crypto exchange Coinbase is understood to be considering the United Arab Emirates (UAE) as a potential strategic hub for the company.Photo by Aleksandar Pasaric on PexelsCause and effectA number of weeks ago, while Gary Gensler of the Securities of Exchange Commission (SEC) was facing a grilling in a House Financial Services Committee hearing on Capitol Hill in Washington, Brian Armstrong of Coinbase put out a statement saying that if the regulatory approach to crypto in the United States didn’t change, then the company would choose to locate itself elsewhere.It hasn’t taken Armstrong long to act on that intention. Late last month, the digital assets platform took its first step outside the United States by securing a license to operate in Bermuda. In line with Armstrong’s earlier comments, the move was seen as a strategic action taken by the company to expand its operations on a global basis.Armstrong had warned that unless regulators in the US provided complete regulatory clarity in relation to the activities of cryptocurrency firms, then the innovation would quickly develop in offshore havens. Alongside the announcement of the license to trade in Bermuda, a blog article was published which indicated that the company was also in discussion with regulators in Abu Dhabi in the UAE with a view towards potentially obtaining a license to operate there.Blog articleFast forward to Sunday, with the publication of yet another blog article by the company, and it seems that the company is hinting at a much stronger likelihood of establishing a UAE base. The article outlines that over the course of the next week, the Coinbase founder and CEO and the company’s executive team are in the UAE to participate in a round of meetings with regulators, industry partners, policymakers, clients and web3/crypto founders.The article outlines that Armstrong would give a keynote at the Dubai Fintech Summit, while elaborating that “the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world.” In a recent interview with Bloomberg TV, the Coinbase CEO said that “we are looking for a home to set up an international hub that could serve the long tail of countries in the world.”At the Dubai Fintech Summit on Monday, Armstrong stated that the UAE “is leading the way regionally in crypto” and that it could be a potential international hub. He added: “I would say that the UAE’s approach has been more forward thinking than the US.”UAE crypto aspirationsThere’s no doubt that the UAE is trying to develop itself as a center for crypto and digital asset innovation. The country’s Prime Minister has said as much, declaring his intention to establish the Middle Eastern nation as a key player in the future of crypto. Both the Emirates of Dubai and Abu Dhabi have been proactive in working towards a digital asset regulatory framework, complete with a crypto licensing program in recent months.

Bitget Adopts Stricter KYC Measures in Line with Global RegulationsBitget, the cryptocurrency derivatives exchange registered in Seychelles, has announced a significant update to its Know Your Customer (KYC) requirements.Announced via a blog post published to its website on Sunday, the move is aimed at enhancing user security and ensuring compliance with evolving global regulatory guidelines, joining other exchanges like KuCoin and OKX in tightening its KYC policies.Photo by Brett Jordan on UnsplashChanges taking effect in SeptemberStarting from September 1, Bitget will enforce level 1 KYC verification for all new users accessing its services, including depositing and trading digital assets. Existing users are also required to complete this level 1 verification by October 1. After this deadline, users who have not completed the verification will have limited functionality on the Bitget platform, including only being able to withdraw, cancel orders, redeem subscriptions, and close positions. They will be unable to initiate new trading orders.The KYC process involves verifying users’ identities and is commonly used by regulated entities to assess risk. Bitget emphasizes the importance of this verification process to maintain a secure trading environment and comply with regulatory recommendations.Following an industry trendBitget’s decision to reinforce its KYC standards aligns with the broader trend observed across the cryptocurrency exchange landscape. In the wake of increased regulatory scrutiny earlier this year, many exchanges have taken steps to strengthen their verification procedures. KuCoin, for instance, introduced mandatory identity checks in July to align with global Anti-Money Laundering (AML) regulations. Similarly, OKX is implementing a KYC process for identity verification, with a deadline also set for September.As regulatory frameworks evolve worldwide, cryptocurrency exchanges are under increased pressure to align with stricter standards. Bitget’s decision to enhance its KYC measures signifies its intention to maintain a secure and compliant trading environment for users, and to appease global regulators. This announcement follows a series of proactive steps taken by the exchange this year, indicating its dedication to navigating the changing regulatory landscape and promoting user security.Bitget has made headlines throughout the year for various developments, including the inclusion of Liquid Staking Derivatives (LSDs) as a margin option for crypto futures customers. As recently as last week, the platform garnered attention within the crypto sector, having gotten itself embroiled in a legal dispute with crypto influencer Evan Luthra.Earlier this year the platform acquired the Singapore-based BitKeep cross-chain wallet business. It’s believed that acquisition has assisted the company in achieving further growth in 2023, with 20 million users.Bitget invested $10 million in Fetch.ai, an artificial intelligence platform, and launched a referral program to expand its user base. Moreover, Bitget’s collaboration with comedian Adam Devine for a promotional campaign underscored its innovative marketing strategies.Bitget’s adoption of stricter KYC measures reflects the broader trend of exchanges bolstering their verification procedures in response to global regulatory changes. As regulatory expectations continue to evolve, exchanges worldwide are revisiting their policies to ensure a secure and trustworthy trading environment for their users.

Com2uS’ partnership with Thailand’s SHIN-A to boost Web3 gaming presence in Southeast AsiaCom2uS Holdings, a South Korean game developer, announced on Thursday that its subsidiary, Com2uS Platform, has forged a reselling partnership with SHIN-A, a Bangkok-based marketing and game service firm. This collaboration aims to bolster the expansion of Com2uS Platform’s all-in-one gaming platform, Hive, marking a significant step in its global outreach and growth strategy.Photo by Lisheng Chang on UnsplashBlockchain-powered, all-in-one platformHive offers a comprehensive suite of services, including authentication, payments, promotions, customer support, analytics, and Web3 integrations, all integrated within a single software development kit (SDK). Since opening its services to external game companies in 2021, the blockchain-powered platform has secured contracts with 51 games from 39 different publishing clients, demonstrating its growing influence and utility in the gaming industry.Against this backdrop, the newly established partnership between Com2uS Platform and SHIN-A paves the way for cooperative marketing and sales efforts aimed at promoting the Hive platform to a broader range of global gaming companies. To facilitate this goal, SHIN-A is planning to establish a dedicated support team in Thailand, which will focus on the resale of Hive products.SHIN-A, a key player in game publishing and global marketing, covers a wide range of business areas, including Web2 and Web3, across mobile, desktop and console platforms. The company has forged game publishing contracts with global giants like HoYoverse and Tencent, and has successfully conducted local marketing for Com2uS’ game, Birdie Crush: Fantasy Golf. Additionally, SHIN-A collaborates with major Thai firms like mobile phone network AIS and is involved in entertainment ventures, including organizing large-scale K-pop concerts.Thailand’s growing gaming marketWith almost 40% of its 70 million population engaging in games, Thailand presents a significant market opportunity. This is further underscored by the fact that the country boasts the highest average in-app purchase spending per person in Southeast Asia. It is also witnessing rapid growth in the gaming sector as the second-largest gaming market in Southeast Asia, trailing only behind Indonesia.In this vibrant market, Com2us’ action RPG, Summoners War: Chronicles, has achieved notable success, becoming one of the top-grossing games on the Steam platform in Thailand. This success signals a promising landscape for the introduction of Com2uS Platform’s Hive, which is likely to further enhance customer engagement and expand the company’s footprint in the region’s booming gaming market.Com2uS Platform’s Business Director, Kim Jong-moon, stated that the reselling partnership with SHIN-A is poised to significantly enhance Hive projects in the Southeast Asian market, a region known for its dynamic gaming and blockchain sectors. Kim highlighted the company’s plans to earmark the upcoming year as a pivotal period for Hive, marking the beginning of its global strategy implementation.