Upbit opens staking quiz event with ETH prizes

Banking giants in Turkey embrace crypto ahead of legislative changeIt remains unclear what the underlying environment for the further development of the crypto sector in Turkey will be until such time as the country introduces a legislative framework to shape the industry’s development. However, that fact is not deterring a couple of Turkey’s leading banks, who have decided to embrace the digital asset realm.Photo by Michael Jerrard on UnsplashStablex acquisitionOn Monday CoinDesk Turkiye reported that the investment arm of Turkish bank Akbank had acquired local crypto company Stablex. Stablex was founded in May 2020 by Jihad Shannak with the objective of providing professional services, including trading relative to cryptocurrencies in Turkey. Majority shareholding passed to Ak Investment in May of this year, with initial negotiations on the sale having commenced in August 2022.A high-ranking official at Ak Investment expressed the group’s ambition to become a pivotal figure in the digital asset realm, signaling a proactive approach to the evolving financial landscape. Akbank also banks the majority of crypto start-ups based in Turkey.Speaking about the acquisition recently, Akbank executive Mert Erdoğmuş stated:“We have invested in Stablex to respond to the need for reliable and innovative service in the cryptocurrency market. Stablex reflects our values with its experience in the sector, pioneering achievements and professional service approach.”BBVA crypto walletAlongside Akbank’s move into the digital assets arena, Garanti BBVA, Turkey’s second largest private bank, recently unveiled its crypto wallet app. The feature-rich application includes a cold wallet, empowering users to seamlessly send and receive assets such as bitcoin (BTC), USD Coin (USDC) and ether (ETH).The pilot project for the app commenced in August, with the application currently available on iOS. In bringing the app to market, the bank created Garanti BBVA Digital Assets, a dedicated subsidiary firm. Commenting on that development back in August, the subsidiary’s Chairman of the Board, M. Çağrı Süzer, stated:”Our research shows that customers significantly value trust in their crypto transactions and especially on its storage. Hence, we are happy to launch our Crypto Custody Wallet addressing these real needs.”Despite uncertainties, Turkey has firmly established itself in the global crypto landscape, ranking among the top 20 countries in Chainalysis’ Global Crypto Adoption Index 2023. The instability of the Turkish lira in recent years has been a driver for crypto adoption in the country. In recent days, the bitcoin unit price has reached its highest exchange rate level against the local sovereign currency.Earlier this week, it emerged that crypto platform Blockchain.com is adding headcount and has its sights set on expansion into Turkey as one of its growth opportunities.FATF-compliant regulatory approachTurkey’s regulatory stance has been to take a cautious approach. In 2021, the central bank restricted the use of crypto for payments, although a complete ban on digital assets was ruled out by officials.Looking ahead, a government official revealed plans for crypto legislation to be presented to Parliament in November. While details remain scarce, this legislative move aligns with Turkey’s broader strategy to exit the Financial Action Task Force’s (FATF) “gray list.”

Jingdong Coinlink Technology Hong Kong Limited, a branch of JD Technology Group, has declared its intention to launch a stablecoin tied 1:1 to the Hong Kong dollar (HKD). Despite its status as a sandbox participant under the Hong Kong Monetary Authority (HKMA), Jingdong Coinlink has clarified that this does not imply endorsement or licensure for stablecoin issuance. The company aims to offer this blockchain-based stablecoin as a solution for businesses seeking efficient, cost-effective and secure payment methods.Photo by Ben Cheung on PexelsThe proposed stablecoin promises redemption on a 1:1 basis, supported by reserves of “highly liquid, highly-trusted assets” held in licensed financial institutions. Furthermore, Jingdong Coinlink commits to ongoing cooperation with global regulatory bodies to ensure compliance with existing and future legal frameworks. Cryptocurrency developments in Hong KongThis announcement comes amidst a series of significant cryptocurrency-related activities in Hong Kong. On July 23, CSOP Asset Management launched Asia’s first Bitcoin futures inverse product, following their successful Bitcoin Futures ETF in December 2022. Additionally, the cryptocurrency exchange HKX recently retracted its application for a license from the HK Securities and Futures Commission (SFC), advising users to withdraw their crypto assets. This withdrawal adds to the growing list of 12 other platforms that have either pulled back their license applications or had them returned by regulatory authorities. 

Japan’s Premier Says the Country is Committed to Fostering Web3Japanese Prime Minister Fumio Kishida, in a keynote address at the WebX conference in Tokyo, emphasized Japan’s commitment to fostering the Web3 industry and its potential to revolutionize the internet and catalyze societal change.During his address, Kishida underscored the transformative impact of Web3, envisioning it as a catalyst for innovation across various industries. He expressed his hope for the Web3 sector to regain attention and vitality, fostering the birth of numerous novel projects.EOS Foundation CEO Yves La Rose, present at the conference, noted the Prime Minister’s encouraging words and highlighted the welcoming attitude Japan is cultivating towards Web3 in the Asian region.Photo by Bastian Riccardi on UnsplashRegulatory progressKishida went on to describe Web3 as part of “the new form of capitalism,” recognizing its potential to drive economic growth while addressing social issues. Koichi Hagiuda, Japan’s Liberal Democratic Party’s Policy Research Council chairman, added that the country is diligently working to establish a robust regulatory framework to safeguard investors, providing a foundation for further Web3 policies.Japan has proven to be ahead of the curve already on workable regulation when it comes to digital assets by comparison with most of its international peers. Last month, the local regulator, the Financial Services Authority (FSA), announced that it was participating in Singapore’s “Project Guardian,” an initiative by the Singaporean regulator to explore the potential of digital assets.The country has found itself with a more progressive regulatory policy in place as a direct response to the collapse of the Mt.Gox crypto exchange in 2014. For that reason, FTX Japan had to safeguard client funds and is in a position to look towards restarting the business.Hagiuda also pointed to the significance of initiatives like “Start Next Innovator,” a project by Japan’s Economy, Trade and Industry Ministry that aims to send 1,000 entrepreneurs and students to Silicon Valley over five years to foster Web3 startups.Japanese launch imminent for BinanceThe event, which was initially reported on by local media on Tuesday, coincided with a significant announcement from Binance CEO Changpeng Zhao, revealing the imminent launch of the cryptocurrency exchange’s services on a new Japanese platform in August 2023.Binance, in its bid to enter the Japanese market, confirmed its plan to offer cryptocurrency services to Japanese users starting in August. The exchange had acquired the local platform Sakura Exchange Bitcoin (SEBC) in November 2022, which paved the way for its reentry into the country.Binance’s CEO, Changpeng Zhao (CZ), virtually addressed the WebX conference, praising Japan’s innovative approach to the Web3 sector and recognizing it as a leading country in terms of Web3 regulatory environment. He fondly recalled his own experiences living in Japan during the early stages of his career as a developer, emphasizing the clarity of Japan’s regulatory boundaries towards cryptocurrencies and stablecoins since 2017.The Web3 industry in Japan witnessed a flurry of headlines in June 2023, with the national tax agency revising legislation to exempt token issuers from paying corporate taxes on unrealized cryptocurrency gains.Prime Minister Kishida’s affirmation of Japan’s commitment to Web3 and Binance’s planned launch in the country reflect the growing interest and enthusiasm surrounding the Web3 sector in the Asian nation.