Korbit Joins Hands with Shinhan Card and Good Neighbors for NFT Campaign

Japan’s ODX to commence digital securities trading in DecemberOsaka Digital Exchange (ODX) is set to commence security token trading with Ichigo’s real estate assets, marking yet another milestone in Japan’s evolving digital asset landscape.Photo by note thanun on UnsplashDecember 25 ‘START’ODX’s Proprietary Trading System (PTS), named “START,” is scheduled to commence operations on Dec. 25, as announced in a Nov. 20 statement. This development follows the approval from Japan’s Financial Service Agency (FSA) on Nov. 16 for ODX’s securities token proprietary trading system.A security token, essentially a digitized version of traditional securities, represents fractional ownership in real-world assets like equity, real estate, or company shares. ODX’s trading system aims to enhance liquidity and funding opportunities for securities token operations within the region, aligning with its broader vision of establishing a digital stock exchange to rival the Tokyo Stock Exchange.Established in 2021 by SBI Holdings and Sumitomo Mitsui Financial Group (SMFG), ODX is poised to welcome Ichigo as its inaugural client on the START platform. Ichigo is a Japanese sustainable infrastructure firm based in Tokyo. Real estate is one of the sectors it is involved in, where it specializes in the renovation and improvement of existing buildings.Third security token launchThe real estate company has previously issued two security tokens and now plans to issue a new token, facilitating real estate investment opportunities for individuals. A company statement reveals that the new security token will invest in six strategically located rental residential properties with superior access to the city center. Bloomberg reported on Monday that Ichigo intends to sell approximately $20 million worth of securities backed by property investments, with trading set to commence on Dec. 25.The release of real estate-backed security assets will take place on Progmat, a Japan-regulated digital asset platform established in 2022 by Mitsubishi UFJ Financial Group (MUFG) in collaboration with other Japanese banks. Progmat integrates blockchain technology with financial expertise to manage digital assets within the regulatory framework of Japan.As a consequence, MUFG will effectively be acting as custodian and security token issuer as part of this security token offering. SBI Securities will act as the lead underwriter of the project.Security tokens, subject to federal regulations, derive their value from external tradable assets and represent ownership in an enterprise or asset. The introduction of security token trading on ODX has the potential to enhance liquidity and streamline the investment process for individuals. However, with the initial offering of $20 million in securities, it is evident that Japan is cautiously exploring the demand for alternative forms of securities.SBI portfolio companyInitially, Japanese financial services conglomerate SBI Holdings had a 70% stake in ODX, with SMFG holding a 20% equity stake. Investment Bank Daiwa Securities and global financial services group Nomura made up the balance, with each having a 5% equity holding in the business.Those equity stakes have most likely been diluted as in September ODX confirmed that it had accepted equity participation from the Chicago Board Options Exchange (CBOE), the largest U.S. options exchange platform, private equity firm Virtu Investments and proprietary trading firm and global market maker Optiver Principal Strategic Investments (PSI).

Gemini Targets UAE Crypto LicenseGemini, the US-headquartered cryptocurrency exchange owned by the Winklevoss twins, has announced its intention to obtain a cryptocurrency service license in the United Arab Emirates (UAE). The move comes as the exchange seeks to navigate the perceived “hostility and lack of clarity” surrounding cryptocurrency regulations in the United States.In a blog post published on Wednesday, Gemini highlighted the growing interest in cryptocurrencies among UAE citizens and referred to positive interactions with UAE regulators as driving factors behind its pursuit of the license. The co-CEOs of Gemini, Cameron and Tyler Winklevoss, explained in an interview with The National that their decision was influenced by the challenges they faced with crypto regulation in the US. Gemini CEO Tyler Winklevoss expressed optimism about the regulatory environment in the UAE, stating:“We’ve been super encouraged with our conversations here with the regulators. There’s an effort to make the UAE a home and a hub for crypto and, most importantly, to enact thoughtful regulation that connects, that protects both consumers, but also a company’s ability to innovate.”Photo by Nextvoyage on PexelsAbu Dhabi or Dubai — or bothAs of now, the Winklevoss twins have not yet determined the specific location for Gemini’s operations in the UAE. They hinted that the exchange’s headquarters could be established in both Abu Dhabi and Dubai, reflecting the potential for growth and development in both cities.Gemini’s decision to pursue a crypto license in the UAE underscores the country’s growing importance in the cryptocurrency industry. With its efforts to create a favorable regulatory environment and attract crypto-related businesses, the UAE aims to position itself as a crypto hub while safeguarding the interests of both consumers and innovators.Discouraging US outlookAccording to Gemini’s Global State of Crypto Report, which provides insights into cryptocurrency adoption and usage, more than 35% of respondents surveyed in the UAE reported purchasing crypto. In contrast, only 20% of respondents in the United States said they had bought cryptocurrencies.The report also revealed that nearly 32% of non-crypto owners in the UAE expressed their intention to enter the market within the next year. Furthermore, 33% of UAE crypto holders indicated that they plan to use their digital assets for in-person purchases at physical retailers, a significantly higher percentage compared to the global average of 19%.Although still a US-headquartered business, Gemini has been turned off the US market more recently. The Winklevii twins have taken a similar stance to Coinbase’s Brian Armstrong and Ripple’s Brad Garlinghouse. Coinbase has expanded in Singapore, acquired digital asset licensing in Bermuda, and has the intention of establishing a presence in Abu Dhabi.Garlinghouse has matched Armstrong’s outspokenness in criticizing the regulatory approach to digital assets in the United States. Likewise, he has acted to place Ripple on an international footing, establishing a presence in Dubai. In April, Gemini announced the opening of an engineering center in India, together with plans to expand its base in Singapore.As Gemini proceeds with its application for the UAE crypto license, industry observers will be closely monitoring the development, anticipating the potential impact of this expansion on the exchange’s operations and the broader cryptocurrency landscape in the region.

Busan City Aims to Cultivate Growth in Blockchain and Fintech IndustriesThe South Korean Ministry of SMEs and Startups (MSS) convened a meeting at the Korea Technology Finance Corporation today to address issues related to emerging industries, including blockchain and fintech, and devise strategies for their growth in Busan, a city rapidly establishing itself as a global hub. That’s according to a report by local news media News1.Photo by Minku Kang on UnsplashBlockchain, fintech, and hydrogenThe meeting saw the presence of MSS Minister Lee Young, Lawmaker Park Soo-young, Busan government officials, and university representatives. Local business leaders specializing in blockchain, fintech, and hydrogen also attended to provide their opinions.During the meeting, two presentations were delivered, each focusing on key policies. The first presentation outlined Busan’s strategic initiatives aimed at bolstering the finance and hydrogen sectors. The second presentation detailed the plans of the MSS’ Busan branch to support innovative enterprises.Following the presentations, local businesses put forth additional ideas pertaining to the policies. Minister Lee presided over a 100-minute discussion, facilitating an in-depth exploration of these ideas and extracting valuable insights. The proposed ideas encompassed mid-to-long-term strategies aimed at strengthening the connections between innovative firms, streamlining inspection standards for hydrogen containers, and promoting systematic research and development to address the sluggish adoption of new services in the fintech industry.Government’s visionExpressing the government’s commitment, MSS Minister Lee stated that up to ten global innovation clusters will be established across the nation by 2027, accompanied by expanded R&D support for new technologies. She called upon local governments and businesses to collaborate and spearhead innovation in the region.Meanwhile, in February, the MSS implemented a regulatory forecasting system to provide small businesses with advance notice of forthcoming regulations and gather their opinions for consideration. Additionally, the MSS intends to select two municipalities outside of the Seoul metropolitan area by October to enable businesses to drive innovation with minimal regulatory barriers.Busan’s blockchain driveBusan has been actively promoting blockchain initiatives through various events. An example of such an event, as reported by local news outlet Erounnet, is an upcoming three-day educational program on blockchain technology, organized by the Busan Creative Economy Innovation Center. The program will take place from July 25 to 28, followed by another event scheduled for September.