Creditcoin listed on Upbit

ZA Bank to Expand into Crypto Trading in Hong KongZA Bank, a leading virtual bank in Hong Kong, announced its plan to launch virtual asset trading services for retail investors. This initiative aligns with the Hong Kong government’s objective to foster a thriving virtual asset sector.The bank aims to enable investors to trade virtual assets in fiat currency via the ZA Bank App, a move that involves securing regulatory approvals and forming partnerships with licensed virtual asset exchanges.Photo by Jimmy Chan on PexelsComprehensive financial servicesIn a press release on Wednesday, ZA Bank CEO Ronald Lu appreciated the licensing guidelines set forth by the Hong Kong Securities and Futures Commission (SFC), expressing belief that virtual assets could evolve into a major asset class. The virtual bank’s new venture forms part of ZA Bank’s broader strategic expansion plan to provide a full range of financial services, which will eventually include US stock trading services.ZA Bank places a high emphasis on customer security and regulatory compliance. The bank commits to employing appropriate safeguards, including working with reliable third-party providers, implementing advanced security protocols, and strictly following anti-money laundering (AML) and know-your-customer (KYC) rules. Furthermore, ZA Bank will educate its users about the potential risks and rewards of virtual asset trading, assisting customers in making informed decisions.Similar move by an exchangeA similar move was seen earlier from crypto exchange BitMEX. The Seychelles-based trading platform announced in a blog post that it is gearing up to launch “BitMEX Hong Kong.” The company is presently working towards acquiring a virtual asset service provider (VASP) license from the SFC. The SFC notified that the VASP guidelines will become effective on June 1.Facilitation from regulatorsThese recent developments in the crypto industry follow the Hong Kong Monetary Authority’s (HKMA) efforts to facilitate dialogue between banks and crypto enterprises. According to last month’s column by HKMA Deputy Chief Executive Arthur Yuen, the HKMA and the SFC convened a joint meeting for the banking industry and VASPs to share opinions on bank account opening.

Sega Curbs Interest in ‘Boring’ Blockchain GamingJapanese video game behemoth Sega Corp., once an advocate for blockchain gaming, is reevaluating its involvement in the sector as the global crypto industry continues to face challenges.In a recent interview with Bloomberg, Shuji Utsumi, the Co-Chief Operating Officer of Sega, revealed that the company will withhold its major franchises from third-party blockchain gaming projects to protect the value of its content.Photo by Pat Krupa on UnsplashHalting blockchain game developmentAdditionally, Sega is temporarily halting the development of its own blockchain games. These decisions mark a significant shift for the 60-year-old gaming studio, which previously joined other industry players in exploring the potential of blockchain technology to enhance game appeal. However, the recent collapse of the digital currency market has dampened enthusiasm for such initiatives.While Sega withdraws from blockchain gaming, it does plan to allow external partners to utilize its lesser-known characters, such as those from Three Kingdoms and Virtua Fighter, for non-fungible tokens (NFTs). NFTs serve as digital asset ownership certificates.Sega’s intention to venture into the NFT community drew criticism from some gamers who viewed crypto technology as environmentally harmful. Utsumi emphasized the importance of creating enjoyable gaming experiences and expressed his skepticism about the “play-to-earn” model associated with blockchain games, describing such games as “boring.”Reservations on Web3 adoptionIn addition to the uncertainties surrounding blockchain gaming, Utsumi expressed reservations about the adoption of Web3 technology in Sega’s upcoming “super game” initiative. This initiative involves the release of high-budget online multiplayer games starting in 2026. Sega is currently assessing whether the technology will gain traction in the gaming industry before committing to its implementation.Sega’s strategic shift reflects a broader cooling trend relative to the Web3 concept, which implicates an internet built on blockchain technology. Despite attracting significant investments in the past, Web3 has faced criticism and diminishing interest from major players like Ubisoft.However, Sega will continue to offer its lesser franchises to several blockchain games that will be announced later this year. The company also plans to invest hundreds of millions of yen in related projects, as the technology still holds value in enabling the transfer of characters and items between different games. Sega remains open to further involvement in blockchain gaming as the technology matures.Big brand cautiousnessUtsumi acknowledged that the views expressed by blockchain advocates may seem extreme to many in the video game industry. Nevertheless, he recognized the importance of risk-takers who pioneer new technologies, referring to them as the “first penguins” who should not be underestimated.Sega’s cautious approach reflects the need to strike a balance between innovation and maintaining the core aspects of enjoyable gaming experiences, while closely monitoring the evolution of blockchain and Web3 technologies in the industry.It’s also likely that the gaming sector’s most coveted brands will remain cautious on blockchain gaming while newcomers like Animoca Brands can better afford to be the risk takers that drive blockchain gaming forward. Earlier this week, Animoca’s Co-Founder Yat Siu said that he was bullish where blockchain gaming is concerned.

Indonesia Embraces XRP, ADA as Tradable Crypto AssetsIn a significant move towards cryptocurrency acceptance, the Indonesian government has taken a momentous step by including a range of digital assets, including XRP and ADA, in a recently published regulatory document.Photo by Nick Agus Arya on Unsplash501 digital assetsThe document, published earlier this month, comprises an extensive list of 501 cryptocurrencies that are eligible for trading within the country. Unsurprisingly, BTC and ETH feature on the list. Other notable cryptocurrencies that have been listed include SOL, LTC, DOT, SAND, and UNI. This development is seen as a positive stride towards wider crypto adoption and holds the potential for broader use of all of these assets. In the case of XRP, it provides it with greater potential to become a viable means of payment within the region in the future, even though current regulation within Indonesia prohibits payments for goods and services in anything other than the rupiah.Defining tradable assetsThe regulatory document, officially titled “Supervisory Body Regulation Commodity Futures Trading Number 4 of 2023,” signifies an amendment to the Trade Controlling Agency Regulations Commodity Futures Number 11 of 2022. Its main objective is to identify the assets that can be traded in the physical market of crypto assets within Indonesia.Colin Wu, a prominent Chinese reporter, shared this significant development on Twitter, sparking interest and discussions within the crypto community. The news has been met with a mix of optimism and caution from Indonesian individuals. One Indonesian YouTuber expressed enthusiasm for the country’s XRP-friendly stance and voiced hope for XRP to eventually attain legal tender status. However, others, like Twitter user Pondok Indah, urged the government to focus on regulatory oversight and taxation rather than direct involvement in the crypto business.This development takes place in the broader context of Indonesia’s evolving crypto landscape. According to a 2022 research report titled “The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption ‘’ by Chainalysis, Indonesia ranked at the top among the 20 countries analyzed in terms of peer-to-peer (P2P) exchange trade volume. The country has demonstrated its active participation in the crypto market, with Indodax, the largest Indonesian exchange, adding support for FLOKI, an up-and-coming cryptocurrency, back in April.That said, as we’ve seen in many other jurisdictions, the development of regulation and policy relative to digital assets has not been without its hiccups. Last month, the governor of Bali warned the foreign tourists that flock to the Indonesian island that there would be consequences for those that flouted Indonesian law and used crypto as a form of payment for goods and services.Indonesia’s recognition of the potential benefits of digital assets demonstrates a path forward for other nations to follow. Providing regulatory clarity with regard to digital assets bolsters investor confidence but also opens doors for innovation and financial inclusion. In taking this approach, the Southeast Asian country is setting the stage through which digital assets can contribute to economic growth and technological advancement.