Lemon Healthcare launches blockchain-based electronic prescription service

In a global effort to bolster regulatory control over the cryptocurrency sector, Asian nations feature prominently among 17 jurisdictions globally, who have implemented tighter cryptocurrency regulations in 2023. That’s the view expressed by blockchain analytics firm TRM Labs in a report published on Monday.Photo by CARTER SAUNDERS on Unsplash2023 notable for regulatory tighteningThe increased scrutiny comes on the heels of several crypto meltdowns in 2022, including the collapse of major platforms like Terraform Labs, Celsius, BlockFi and FTX, resulting in a market rout that wiped out trillions of dollars in value. The subsequent year witnessed an extraordinary surge in regulatory measures globally, with governments prioritizing consumer protection in the volatile crypto space. TRM Labs' report indicates that the jurisdictions strengthening consumer protection measures accounted for 80% of the 21 studied, representing 70% of global exposure to cryptocurrencies. As the crypto ecosystem grappled with the aftermath of the FTX collapse at the beginning of 2023, regulatory actions surged, shaping a transformative year for the industry. The TRM Labs report emphasizes that nearly half of the jurisdictions tightening crypto regulations in 2023 prioritized increasing consumer protection measures. Additionally, international organizations, including the G20, Financial Action Task Force, Financial Stability Board, International Monetary Fund and the International Organization of Securities Commissions, played a role in shaping global frameworks and policy recommendations for cryptocurrency regulation. While prominent regulatory moves included the European Union's implementation of the Markets in Crypto Assets Regulation (MiCA) in June, Asian countries were particularly active in rolling out regulatory controls and measures relative to digital asset markets.  Stronger measures in SingaporeSingapore, recognized as an early adopter of crypto regulation, took significant steps in November to curb retail speculation in cryptocurrencies. The city-state’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), brought in these restrictions following a year-long public consultation process, together with a review of cryptocurrency platforms. The country set itself apart from other jurisdictions by becoming one of the first to finalize rules governing stablecoins. That regulatory action included the establishment of a comprehensive framework relative to stablecoin operations. South Korea and Australia increased scrutiny of the cryptocurrency sector, contributing to the global trend of regulatory tightening. Hong Kong licensingHong Kong introduced a new licensing regime for centralized crypto exchanges, aligning with its goal to become a global hub for virtual asset businesses. Following its major initiative in October 2022 to support the virtual asset sector, it has since implemented a mandatory licensing regime for centralized crypto exchanges, allowing them to accept retail investors. Eleven companies, including OKX, one of the largest exchanges by trading volume, have submitted applications for the license in the city. In December, Hong Kong followed Singapore’s lead, by proposing stringent rules for stablecoin issuers, prohibiting unlicensed companies from selling stablecoins to the city's retail investors through regulated channels or actively marketing their tokens within the city. These rules are considered challenging for stablecoin issuers and may potentially deter major stablecoin operators like Tether and USDC from entering the city, according to experts. As Hong Kong solidifies its regulatory stance, it positions itself alongside other major players, contributing to the global evolution of cryptocurrency oversight.

CoinFund expands its reach into AsiaCoinFund, a New York-based venture capital firm specializing in the cryptocurrency ecosystem, is strategically expanding its presence in Asia, with Hong Kong as its first destination.The move comes amid regulatory uncertainties in the United States, prompting some crypto companies to explore more favorable environments. CoinFund’s decision is bolstered by Hong Kong’s recent implementation of a regulatory framework for virtual assets and its commitment to attracting virtual asset businesses.Photo by Florian Wehde on UnsplashHiring in Hong KongIt emerged earlier this month that the U.S. company had hired Dmitry Lapidus as its Senior Liquid Analyst based in Hong Kong. The move has highlighted the increasing trend of capital flowing out of the United States, particularly towards Asia.In an interview with the South China Morning Post (SCMP) last week, Lapidus expressed the firm’s goal to tap into the growing crypto trading activities and the burgeoning community of crypto entrepreneurs in the region. CoinFund, established eight years ago, sees Asia as a key market for expansion. Lapidus stated:“If you look at the history of how this industry has evolved, there has always been very active participation from Hong Kong and China, in particular in the early days” . . . “So I almost view it as one of the more natural places for innovation and for experimentation.”Asian opportunity amid U.S. difficultiesThe regulatory landscape in the United States has been a source of frustration for crypto firms, facing challenges due to a lack of clear cryptocurrency regulations and increased enforcement actions by authorities. To underscore the adversarial regulatory environment further, it emerged on Monday that the Securities and Exchange Commission (SEC) is suing crypto platform Kraken for the second time, having agreed to a $30 million settlement with the company back in February.Taking to the X platform, Kraken Founder Jesse Powell stated:”Message is clear: $30m buys you about 10 months before the SEC comes around to extort you again. Lawyers can do a lot with $30m but the SEC knows that a real fight will likely cost $100m+, and valuable time. If you can’t afford it, get your crypto company out of the US warzone.”CoinFund’s move to Hong Kong follows a broader trend, with other U.S.-based crypto VC firms, such as Hivemind Capital Partners, also expanding their operations to the region.Hong Kong’s commitment to embracing the cryptocurrency sector has been evident in its policies, including the implementation of a mandatory licensing regime for centralized exchanges, enabling them to cater to retail investors. The city’s proactive approach contrasts with the regulatory uncertainty in the U.S., making it an attractive destination for crypto businesses seeking a more favorable environment.CoinFund Founder Jake Brukhman highlighted the importance of the Asian market in a recent blog post. Brukhman confirmed that 45% of the startup founders the firm backs are headquartered outside the United States. Against that backdrop, Brukhman said, “We’re both inspired by the energy in the Asian market and responsible for interpreting these opportunities for our portfolio.”While the broader crypto investment landscape has seen a decline, with a 28% quarter-over-quarter drop in investment in the third quarter of this year, CoinFund stands out. In July, the firm successfully raised $158 million for a new fund dedicated to supporting early-stage crypto startups.

Hana Financial Group Joins Hands with Netmarble to Attract Digitally Savvy Youths to the MetaverseKorean financial holding company Hana Financial Group has formed a strategic partnership with game publisher Netmarble, aiming to capture the attention of digitally savvy youths in South Korea. Their strategy involves introducing innovative financial services and identifying opportunities for joint business projects, as reported by local news outlet Consumer Times.Photo by Andre Taissin on UnsplashFinancial services in the gaming realmThe two sides intend to launch Hana Financial Group’s services within the realm of Grand Cross: Metaworld, a 3D animated massively multiplayer online (MMO) game. Grand Cross is being developed using Unreal Engine 5 and is a project led by Metaverse World, an affiliate of Netmarble.While the companies strive to collaborate on joint marketing promotions that encompass both gaming and financial aspects, the specific plans for executing these initiatives are still in the process of being developed.Some industry experts anticipate that the two entities will leverage their respective strengths within the virtual world to create synergistic outcomes.User interaction and advertising benefitsAccording to a tech insider who spoke to Consumer Times, there are indications that Netmarble will initially empower Hana to feature the financial group’s affiliated entities on the gaming company’s metaverse platform. This strategic step holds the potential for fostering user interaction and reaping advertising benefits. Additionally, the source mentioned that subsequent to this phase, Hana might take steps to enable customers to access banking services within the virtual domain.If, in the future, in-game goods were to establish themselves as a dependable form of currency due to potential policy reforms, it’s believed that Hana Financial Group would play an even more substantial role, leading to increased business opportunities for both partners, the source noted. These offerings would primarily cater to digital native generations.