OKX to shut down mining-related services

Hong Kong Enticing Crypto Firms from Mainland ChinaIn the wake of various scandals and high-profile bankruptcies, some governments have shunned the cryptocurrency industry, but Hong Kong is instead embracing mainland China crypto companies, urging them to relocate to the city in a bid to bolster its status as a financial hub.©Pexels/RODNAE ProductionsEmbracing cryptoAfter enduring an exodus of bankers amid a China security crackdown and stringent COVID curbs, Hong Kong is now making a concerted effort to revitalize its finance sector by embracing crypto. Top Hong Kong government officials, including Chief Executive John Lee, have voiced their support, and the city is planning to hold 100 crypto-related conferences and lavish parties throughout April. Hong Kong is “very serious about building an international virtual asset center,” said Xiao Feng, chairman of Hong Kong crypto exchange HashKey, which drew 13,000 people on the first day of its Hong Kong Web3 Festival, the most significant conference of the month.HashKey obtained a license to operate in Hong Kong last November, making it one of two licensed crypto exchanges in the city, alongside rival exchange OSL. Xiao told Reuters that many people in the crypto industry had initially assumed that Hong Kong would inevitably adopt the same regulations as mainland China. However, the government is now emphasizing that Hong Kong operates under the “One Country, Two Systems” framework and enforces distinct laws.SkepticsDespite this, many remain skeptical of Hong Kong’s promise of a stable regulatory regime on cryptocurrencies. One crypto venture capitalist, who spoke to Reuters on the condition of anonymity due to the sensitive nature of the matter, expressed concern over China’s crypto ban, which still looms large in the background. “If Hong Kong can suddenly claim to be crypto-friendly, that switch can be flipped off just as quickly should things become challenging,” he said.Crypto licensing interestNevertheless, at least 10 companies with Chinese founders, including OKX, Bybit, and Huobi, have announced or are planning to announce their bid for licenses in Hong Kong. These firms, which have exited countries like Canada and the UK, are among the sponsors of the most glamorous Hong Kong parties this week. Bybit held a private dinner for industry heavyweights, and OKX reserved a rooftop venue overlooking Victoria Harbour, where guests could enjoy a stunning view.At one event on Tuesday, Tron founder Justin Sun, addressed a mainly Chinese-speaking audience, stating, “I can’t believe that we are having such conferences on Chinese soil.” Sun has been charged with fraud by the US Securities and Exchange Commission (SEC), but he argued that the charges lacked merit and accused the regulator of targeting crypto players. “Hopefully, one day, we will have such events in Shanghai and Beijing,” he remarked.Despite the lingering concerns, Hong Kong is committed to establishing itself as a leading finance hub in the cryptocurrency industry and is sparing no effort to achieve its goals.

Foblgate adds Bithumb Burrito Wallet as newest registrable external walletSouth Korean cryptocurrency exchange Foblgate announced on Tuesday (local time) that it now allows users to register Bithumb Burrito Wallet — a Web3 digital wallet operated by Bithumb subsidiary Rotonda — as one of the external wallets that can be used for managing and trading crypto assets on their Foblgate account.Photo by Shubham’s Web3 on UnsplashRegulatory requirementsIn accordance with the Travel Rule under the Act on Reporting and Using Specified Financial Transaction Information, any given user who wants to transfer cryptocurrencies worth more than KRW 1 million (approximately $775) via a personal wallet must register that wallet beforehand. The Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount. This is aimed at preventing money laundering and other illicit activities.Broadening external wallet supportFoblgate currently supports a number of other external wallets including MetaMask, Blockchain.com, MyEtherWallet and Klip. With the addition of Burrito Wallet, users now have a wider range of options for storing and trading their assets.“We will continue to support external wallets to enhance user convenience,” said Foblgate CEO Ahn Hyun-joon. “We vow to continue our efforts to meet the various needs of our users and provide a safe and convenient environment for carrying out transactions.”The exchange has published a guide for how to register and authenticate external wallets — including Burrito Wallet — on its official website.

NEOPIN teams up with Ticker Capital to expand Web3 ecosystemCentralized decentralized finance (CeDeFi) protocol NEOPIN announced on Friday (local time) that it has signed a business agreement with global accelerator Ticker Capital to expand its Web3 ecosystem, explore new business opportunities and nurture promising Web3 projects.Photo by Shubham’s Web3 on UnsplashGlobal Web3 allianceNEOPIN has been accumulating its blockchain expertise and technology by serving as a node validator in multiple global blockchain projects, including Ethereum, Tron, Cardano and Cosmos. Its CeDeFi protocol was launched more recently last year to provide Web3 users with a safe and convenient DeFi platform.Ticker Capital is an investment firm dedicated to early-stage blockchain technology projects. It has invested in, consulted with and accelerated more than 50 projects since 2018, including Carry Protocol, SuperWalk, Lillius and more. It operates multiple branch offices around the world, including in South Korea, Singapore and Hong Kong.While Ticker Capital has established a strong foothold in Chinese-speaking countries, NEOPIN has done so in other countries like the United Arab Emirates, Japan and the Southeast Asian region. By leveraging these dispersed geographical influences along with their distinct business models and expertise, the two companies plan to expand NEOPIN’s Web3 ecosystem to include new games, metaverses, NFTs and services built on the CeDeFi protocol. They also revealed plans to integrate their respective platforms in the event that a Web3 project nurtured by Ticker Capital is deemed compatible with NEOPIN.“Through this MOU, we will expand our global foothold and diversify our Web3 ecosystem,” said Ethan Kim, CEO of NEOPIN. “Since NEOPIN and Ticker Capital possess different strengths, we expect to create solid synergies through our mutual partnership.”The partnership’s main goal is to integrate innovative Web3 projects into the NEOPIN ecosystem, launch DeFi services and acquire users around the world. NEOPIN’s business partners will also be able to boost their opportunities for global success by gaining access to networking with Ticker Capital.Boosting presence in the UAEEarlier this year, NEOPIN was selected to participate in the Innovative Program of the Abu Dhabi Investment Office (ADIO), attracting a series of investments. It is also working with the Abu Dhabi Global Market (ADGM), an international financial center and free zone in the UAE, to create the world’s first DeFi regulations through a public-private partnership.