Bitget Adopts Stricter KYC Measures in Line with Global Regulations

Digital asset insurer funds Middle East expansionOneDegree, a Hong Kong-based InsurTech startup is expanding its area of engagement to the Middle East, funded through an undisclosed investment from Dubai Insurance.Fresh funding round to finance growthThe seven-year-old startup announced on Friday that it has secured further funding, solidifying its commitment to Middle East expansion while building upon the success of OneDegree’s $55 million Series B round in June. Total funds raised are believed to be in the region of $100 million.The Series B round was required to expand its digital assets insurance portfolio. Similarly, the partnership with Dubai Insurance is aimed at facilitating OneDegree’s expansion into the digital asset insurance sector within the United Arab Emirates (UAE) and the Gulf region. The startup firm will now proceed to establish a new entity in Dubai and hire staff locally to take on new business in the region.Among its notable investors are Alibaba Entrepreneurs Fund (AEF) Greater Bay Area Fund, Sun Hung Kai & Co and Cathay Venture, the venture capital arm of Taiwanese billionaire Tsai Hong-tu’s Cathay Financial Holdings. OneDegree’s CEO, Alvin Kwock, has stated that the company is on track to achieve profitability by the second half of 2024.Photo by Roman Logov on UnsplashMinisterial interestIt’s understood that the UAE’s economy minister, Abdulla bin Touq Al Marri, had outlined his interest in OneDegree bringing its service offering to the UAE when he met with representatives from the company at the Belt and Road Summit in Hong Kong in September.Given that OneDegree is planning to service the digital assets sector in the UAE, the move aligns with Dubai’s new crypto regulatory framework implemented earlier this year, which mandates insurance coverage for licensees engaged in crypto-related businesses to safeguard users’ funds. Major players in the crypto industry, such as Binance, Crypto.com and OKX, have already established a presence in Dubai.Only digital asset insurer in AsiaIn a video interview from Dubai on Friday with Forbes, Alvin Kwock emphasized OneDegree’s unique position as the first and only licensed insurer in Asia capable of providing digital asset insurance.Kwock revealed that approximately half of the world’s top 20 crypto exchanges have approached OneDegree for its digital asset insurance, with some of them already being clients. The startup has extended its services to around 30 companies, including Cactus Custody, the custodian unit of Singapore’s Matrixport; Rakkar Digital, backed by Thailand’s Siam Commercial Bank; and Hashkey, one of Hong Kong’s licensed crypto exchanges.In July it penned a deal with blockchain infrastructure firm Blockdaemon. Meanwhile, it has been underwriting digital assets for crypto custodian METACO since November 2022.Anticipating substantial growth, Kwock expects the number of OneDegree’s digital asset insurance customers to surpass 100 by the end of 2024. He foresees this segment constituting about half of the company’s total business in the coming year, up from the current level of 30%. Kwock underscored the evolving dynamics in the crypto market, emphasizing the increasing importance of risk management and the essential role of insurance in the digital asset industry.OneDegree’s expansion into the UAE aligns with the nation’s crypto-friendly policies, actively attracting firms to leverage its supportive regulatory environment. Indirectly, it also serves the Hong Kong government’s strategy to deepen business ties with the Middle East.

BingX Enhances Automated Trading via AstraBit PartnershipBingX, a Singapore-based crypto platform that offers spot, derivatives, and grid trading services, has announced a strategic partnership with AstraBit, an automated algorithmic trading and portfolio management tool, to enhance the efficiency and success of automated crypto trading for its users.Photo by Wance Paleri on UnsplashRevolutionizing user experienceThe collaboration, announced via a blog post published by BingX on Monday, aims to revolutionize the crypto trading experience by combining BingX’s robust platform with AstraBit’s cutting-edge technology.AstraBit empowers BingX users with total control over risk and exposure in their trades through automated trading strategies powered by artificial intelligence and machine learning. Users can leverage AstraBit’s technology to customize and hyper-personalize their trading strategies, maximizing their trading potential in the dynamic crypto market. AstraBit-powered bots follow preset instructions, but users have the flexibility to adjust parameters such as stop loss and take profit at any time, even in the middle of a trade.Security measuresTo ensure the highest level of security, AstraBit operates 24/7, utilizing two-factor authentication (2FA) and implementing advanced security measures such as machine learning intrusion detection systems and anti-ransomware software. Importantly, AstraBit cannot withdraw funds from users’ wallets, providing an additional layer of protection.Elvisco Carrington, PR and Communications Director at BingX, expressed excitement about the partnership, stating: “The integration with AstraBit helps revolutionize the crypto trading experience. By combining BingX’s robust platform with AstraBit’s cutting-edge technology, we are empowering our users to maximize their trading potential and achieve greater success in the dynamic crypto market. This partnership aligns perfectly with our commitment to delivering excellence and driving the industry forward.”MT5 integrationIn addition to the collaboration with AstraBit, BingX made headlines earlier this year by announcing its direct integration with MetaTrader 5 (MT5), making it one of the first crypto platforms to connect with the world’s most popular trading platform. MT5 offers advanced features, including a wide range of technical indicators, depth of market (DOM) functionality, and support for trading on multiple exchanges. It is known for its versatility, supporting various asset classes, including stocks and futures.The integration with MT5 allows BingX users to activate their BingX MT5 accounts and trade futures directly from MT5’s user-friendly interface. This seamless connection optimizes the trading process, leveraging cutting-edge innovations from the world of traditional finance. Users can expect a safe and stable trading experience on cryptocurrencies like BTC and ETH, accompanied by advanced analysis tools for quantitative trading and customized functions.By tapping into the MT5 platform, BingX not only enhances the trading experience for its existing user base but also opens the door for forex traders on MT5 to easily enter the world of cryptocurrencies. This integration provides a smooth transition for forex traders, allowing them to explore the crypto market with ease.The partnership with AstraBit and the integration with MT5 demonstrate BingX's efforts in driving the business forward. Those efforts are further evidenced by a decision taken by the firm earlier this month to expand outside of its Southeast Asia base market into the Middle East and North Africa (MENA).

The launch of Hong Kong's inaugural spot crypto exchange-traded funds (ETFs) is expected to occur by mid-2024, according to one of Hong Kong’s leading crypto executives. Gary Tiu, the executive director and head of regulatory affairs at OSL, a licensed cryptocurrency exchange based in Hong Kong, made that assertion in discussion with The Hong Kong Economic Journal. Tiu provided the publication with insights into the accelerating pace of negotiations between cryptocurrency exchanges and fund companies in the region.Photo by Stella P on UnsplashUp to ten firms contemplating ETF launchOSL is actively engaged in discussions with multiple fund companies, with five to ten firms contemplating the introduction of spot crypto ETFs. Tiu revealed that certain firms have made notable progress, raising the possibility of the debut of these ETFs in Hong Kong by the middle of the year. Additionally, the OSL executive emphasized the significance of maintaining reasonable fees in collaborations between OSL and fund companies, given the limited presence of licensed crypto exchanges in the city – a total of two at present. This suggestion from Tiu aligns with similar recent soundings emanating from HashKey, another licensed crypto exchange in Hong Kong, which recently disclosed its ongoing discussions with asset managers exploring the potential launch of spot crypto ETFs. Livio Weng, the CEO of HashKey, indicated that approximately ten fund companies are considering the introduction of such ETFs in the city. VSFG’s ETF plansAligned with Tiu’s thoughts on the matter, according to a Bloomberg report last week, Venture Smart Financial Holdings Ltd (VSFG), a Hong Kong-based financial services firm, expressed plans to potentially launch a spot bitcoin ETF within the first quarter of this year. Bloomberg reported the company's goal of growing the ETF's assets under management to $500 million by the end of 2024. The regulatory landscape in Hong Kong is actively adapting to accommodate spot crypto ETFs, with the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) announcing in December that they have reviewed their existing policies. Two circulars were published, outlining the requirements for spot crypto ETFs, with the SFC stressing that transactions should be conducted through SFC-licensed crypto platforms or authorized financial institutions. Currently, Hong Kong has listed several futures-based crypto ETFs, including the Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF. Hong Kong venue for Bitcoin conferenceIn a related development, local lawmaker Johnny Ng revealed on social media on Monday that Hong Kong will host The Bitcoin Conference this year. Earlier this month Ng urged the local administration in Hong Kong to swiftly follow the United States' approval of spot bitcoin ETFs and position the city as a leading hub in the cryptocurrency space. With Hong Kong and Singapore vying for hub status in the Asian region relative to the digital assets space, the launch of ETF products would give the Chinese autonomous territory a competitive head start given that Singapore doesn’t appear to be close to accommodating crypto ETFs for the time being.