Korean Conference Captures Interest of NFT and Blockchain Game Enthusiasts

Huobi Expands Crypto Trading Services in Hong KongHuobi, the Seychelles-headquartered prominent cryptocurrency exchange, is making strides in Hong Kong as its local subsidiary, Huobi HK, now offers crypto trading services to clients in the region.Following its expressed intention to apply for a virtual asset exchange license from the Hong Kong Securities and Futures Commission (SFC), Huobi HK has commenced providing crypto spot trading and virtual asset custody in Hong Kong. In order to comply with regulatory and anti-money laundering (AML) requirements, the exchange will collaborate with independent auditors, as announced by Huobi HK on Twitter.Photo by Shubham Dhage on UnsplashCrypto business licensingThis move aligns with the broader trend of crypto firms shifting their focus toward the East, where regulatory environments are becoming increasingly accommodative. A spokesperson for Huobi stated in a prepared statement: “Regulation of Web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale.”Hong Kong, a Special Administrative Region under Chinese governance, recently introduced a regulatory framework for crypto exchanges, which took effect on June 1. Under these new regulations, retail investors in Hong Kong will be able to trade cryptocurrencies on licensed platforms, removing previous restrictions that limited trading to investors with portfolios exceeding HK$8 million (approximately $1 million).The new regulations impose requirements on virtual asset trading platforms to implement “suitable” onboarding processes and disclosures. Additionally, tokens must meet “minimum criteria” to ensure that “retail investors should be less prone to market manipulation.”Crypto sector interestHong Kong’s inviting regulatory landscape has already piqued the interest of crypto firms. The Greater China division of WeWork, a coworking provider, reported receiving 40 to 50 applications and inquiries from crypto businesses seeking to establish a presence in Hong Kong in recent months.Justin Sun, Tron founder and Huobi global adviser, drew parallels between the developments in Hong Kong and Beijing in a tweet, stating, “It is indeed fascinating to witness the Beijing government’s recent focus on Web 3.0, particularly considering the imminent June 1st developments in Hong Kong.” Sun added that this represents “a significant step towards recognizing the transformative potential of decentralized systems and blockchain-based solutions.”Huobi is actively involved in the development of Hong Kong’s Web3 ecosystem. In addition to its cryptocurrency trading license application, the firm became a significant contributor to Hong Kong’s first Web3 ecosystem fund during this year’s Hong Kong Web3 Carnival.HK Virtual Assets ConsortiumIn a separate announcement, Huobi disclosed that it has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), an organization dedicated to providing credit ratings for crypto asset exchanges and trading products. HKVAC, a collaborative effort between crypto industry players, including exchanges, institutional investors, and Hong Kong-licensed rating agencies, aims to enhance the security risk management capabilities of the crypto industry and assist authorities in establishing Hong Kong as a regional hub for virtual assets and digital finance.As a founding member of HKVAC, Huobi will serve as a reference point for the organization, leveraging its expertise in security technology and its compliance-oriented, standardized processes.

The Abu Dhabi Agriculture and Food Safety Authority has announced a ban on cryptocurrency mining on farms, addressing concerns over the misuse of agricultural land.Photo by Kamil Rogalinski on UnsplashClaims of farm misuseAccording to the Khaleej Times, the Authority has informed UAE farmers that their lands are not to be used for Bitcoin and crypto mining. This activity is deemed a “misuse of the farm for purposes other than its intended use.” The new regulation aims to preserve the primary agricultural function of these lands and imposes penalties of up to 10,000 United Arab Emirates Dirhams (approximately $2,722) for violations. Cryptocurrency mining requires significant computational power and electricity, which conflicts with the farms’ intended agricultural use.  Broader support for miningDespite this specific restriction, the United Arab Emirates (UAE) maintains a supportive stance towards cryptocurrency and cryptocurrency mining beyond a farm setting. In 2023, the country emerged as a notable player in the global Bitcoin mining industry, with a combined mining capacity of around 400 megawatts, contributing approximately 4% of the global Bitcoin hash rate. It’s proven to be a popular place in which to locate a mining facility as the country has a robust infrastructure. Stable power is essential in order for miners to be able to run their machines in a sustainable manner. Additionally, the government has generally been supportive of the activity, fostering a conducive environment for both crypto and Bitcoin mining and blockchain technology more generally. Furthermore, the country occupies a strategic location at the crossroads of major trade routes. Regulatory clarity has also been provided by the authorities in the UAE with regard to how crypto mining activity is to be carried out. While this latest move against mining within a farm setting is a restriction, it still feeds into that overall framework of regulatory clarity and certainty. Attracting mining firmsGiven the aforementioned reasons in support of mining in the UAE, the Middle Eastern country continues to attract cryptocurrency mining firms.  In December of last year, a Dubai-headquartered Bitcoin mining company, Phoenix Group, struck a $380 million deal with Chinese mining equipment manufacturer MicroBT. That same month, the company was listed on the Abu Dhabi Securities Exchange (ADX). In May 2023, Abu Dhabi-based digital assets development company Zero Two entered into a partnership with North American crypto miner Marathon Digital with a view towards developing the region’s first large-scale crypto mining facility. Beyond mining, the location is also proving popular for crypto firms more generally. In May 2023, Chainalysis, a leading blockchain analytics company, established its regional headquarters in Dubai. Similarly, Blockdaemon, a provider of institutional infrastructure, expanded its operations in Abu Dhabi, facilitated by the Abu Dhabi Global Market (ADGM), a key financial regulator. Speaking at the Dubai FinTech Summit recently, Reece Merrick, Managing Director of enterprise blockchain company Ripple for the Middle East and North Africa (MENA) region, said that “the UAE has done a remarkable job in really putting itself in a position to be the global crypto hub.”

Remixpoint, a publicly listed Japanese company that develops and sells energy management systems, is adding 500 million yen, around $3.2 million, in Bitcoin to its corporate treasury.Photo by Traxer on UnsplashBitcoin buying motivationsThe firm outlined details of the planned purchase in a statement published on Nov. 25, following a meeting of the firm’s board of directors. Remixpoint justified its decision to purchase Bitcoin in light of widespread uptake by institutional investors of spot Bitcoin exchange-traded funds (ETFs) which were launched in the United States in January. It suggested that there had been an uptick in holdings of the leading digital asset by corporations. Remixpoint cited the increase in the Bitcoin unit price since the Bitcoin halving event earlier this year, together with a positive outlook for the asset following a presidential election victory by Donald Trump in the U.S., as motives for the company to come to the decision to purchase Bitcoin. However, this is not its first crypto purchase. The company first started to buy Bitcoin, as well as five other cryptocurrencies, in September, suggesting at the time that digital assets provided the company with a mechanism to diversify its holdings at a time when the value and buying power of the Japanese yen had been weakening.  Including its latest announcement, Remixpoint has worked up total crypto investments to the value of 3.5 billion yen. According to Japanese crypto media publication Coinpost, on Nov. 20 the company held 215.76 Bitcoin (BTC), 9,674 Solana (SOL) and 228 Ether (ETH), with the remainder of its crypto portfolio consisting of Avalanche (AVAX), Dogecoin (DOGE) and Ripple (XRP). Unrealized gainsThe company is understood to be sitting on unrealized gains of approximately 810 million yen, given that Bitcoin has appreciated in value by around 68% since the beginning of September, with all other cryptocurrencies within Remixpoint’s portfolio having experienced unit price increases during that period also.  In its latest statement, the company advised that while gains and losses related to its crypto portfolio had not been included within its latest consolidated earnings forecast, it will disclose any significant crypto gain or loss in the future if its deemed to have had a significant impact upon consolidated results. Bitcoin corporate treasury adoptionThe Japanese energy management firm has taken its place in a growing list of corporations that have put Bitcoin on their balance sheets in recent weeks. Earlier this week, it emerged that North American video streaming and cloud platform Rumble had made plans to allocate $20 million in excess cash reserves to the acquisition of Bitcoin. The following day, Jiva Technologies, a Canadian Securities Exchange (CSX)-listed online wellness community builder, approved a $1 million Bitcoin purchase for its treasury. Last week U.S. e-commerce platform LQR House approved the purchase of $1 million in Bitcoin as part of its treasury management strategy. Furthermore, the company committed to retaining up to $10 million in Bitcoin from crypto payments received via its CWSpirits.com platform. In the same week, AI-powered education company Genius Group established a Bitcoin treasury, acquiring 110 Bitcoin. In the same week, Cosmos Health, a Nasdaq-listed pharmaceutical company, announced that it was adding Bitcoin and Ethereum to its balance sheet as hedges against inflation and as a diversification mechanism.