HashKey OTC scores in-principle approval in Singapore

3AC Founder Secures Restraining Order in SingaporeSu Zhu, the Co-Founder of the defunct crypto hedge fund Three Arrows Capital (3AC) has successfully obtained a restraining order against BitMEX Co-Founder and former CEO, Arthur Hayes, in a Singaporean court.Photo by Monstera on PexelsNo communication “by any means”Crypto publication CoinDesk stated on Wednesday that it had seen a copy of the court order, which was originally issued on May 5. According to the details of the order, Hayes is prohibited from “making any threatening, abusive or insulting communication that would cause the Applicant harassment, alarm or distress.”Additionally, the former CEO of crypto trading platform BitMEX is forbidden from using “threatening, abusive or insulting words” in relation to Su Zhu. The order, which was issued by Judge Sandra Looi Ai Lin, clarifies that the BitMEX Co-Founder is not permitted to publish “any identity information” relative to Zhu or to communicate with him “by any means.”$6 million owedIt’s an understatement to say that Zhu, alongside fellow 3AC founder Kyle Davies, are not on Hayes’ list of favorite people in recent times. Following the 3AC collapse, Hayes has maintained that he is owed $6 million by the duo. Since the collapse of the hedge fund, Hayes has been tweeting out at the pair, calling them out relative to his claim that the duo have a debt obligation to him to the tune of $6 million.While both Hayes and Zhu have blemishes on their records, Hayes is much better regarded within the crypto community than Zhu. The BitMEX Co-Founder narrowly avoided a prison sentence in 2022 with the much lesser sanction of six months home detention being applied. That arose due to federal charges brought against him on the basis that he didn’t implement anti money laundering (AML) compliance procedures and checks at BitMEX while he was CEO of the firm.Despite this failure, Hayes remains popular within the crypto space, with his insightful commentary being lauded given that since he left BitMEX he has taken to writing blog articles relative to crypto and the broader economic situation. However, blog site Medium has taken to disabling access to his most recent blog article. The blog page states that the post “is under investigation or was found in violation of the Medium Rules.”Lacking a welcomeIn contrast with Hayes, commentary relative to the 3AC duo of Zhu and Davies has lacked warmth. Neither of the duo had jumped on social media for a number of months following the collapse of 3AC. More recently they have both tried to rehabilitate themselves, with many commentators within the space seeing it as a cynical move.In February the duo launched Open Exchange, more commonly known as OPNX, a trading platform for crypto-related bankruptcy claims. At that time, Hayes tweeted out that he interpreted the news as the return of the crypto bull market.Earlier this month, OPNX claimed that it had the backing of several credible entities in the crypto space. However, immediately afterwards, a number of those firms clarified that they had nothing to do with the startup.Meanwhile, crypto-focused venture capital investor Michael Arrington tweeted out his disdain in relation to the 3AC founder’s successful fund raise:“Three f***ing arrows dip****s successfully raising a new fund is the saddest bulls**t I’ve heard in a long time.”The regulator in Dubai has also failed to roll out the red carpet for the duo’s new venture. In April, it issued an investor alert in relation to OPNX. Subsequently, it has followed up with a formal written reprimand issued to Zhu and Davies, given that the business is not registered with the regulator although operating out of Dubai.

International Holding Company (IHC), based in the United Arab Emirates, has green-lit the launch of 2PointZero, a holding company encompassing a diverse array of companies, marking a significant stride into various industries, including the burgeoning crypto ecosystem. Photo by Kevin Villaruz on PexelsIHC announced the launch of 2PointZero via a press release published to its website recently. The new holding company boasts a combination of entities with a cumulative asset value exceeding $27 billion, pending completion after securing all necessary regulatory approvals. IHC is one of the Middle East and North Africa’s (MENA) largest conglomerate companies. Founded in 1998 in Abu Dhabi, it contains 422 subsidiary companies with eight of them listed on the Abu Dhabi Stock Exchange Market (ADX). Business interests span sectors such as real estate, healthcare, food and beverage, industrial, IT and communications and agriculture.Tahnoon bin Zayed Al Nahyan, Chairman of IHC, expressed pride in announcing the formation of 2PointZero, positioning it as a next-generation holding company at the forefront of pioneering advancements across multiple sectors. The new holding company will concern itself with sectors that include private equity and alternative investments, venture capital operations, asset management, micro financing and insurance. Digital and cryptocurrency ecosystems is another sector that 2PointZero will invest in. Crypto mining interests2PointZero Holding will incorporate entities such as Chimera Investments, Lunate, Beltone, International Resources Holding (IRH), and Sagasse Investments. Within Lunate, one of Abu Dhabi’s newest funds, lies Citadel Technologies. Citadel stands as a key player in the cryptocurrency mining sector, operating a state-of-the-art crypto mining facility in Abu Dhabi. Specializing in Bitcoin mining, Citadel is committed to sustainable and efficient mining practices, benefiting from its strategic location in the UAE and leveraging the region's advanced infrastructure. In the fiscal year 2022, Citadel reported a revenue of AED 100 million with assets totaling AED 2.7 billion. IHC recently acquired a 10% stake in Phoenix Group, the manager of the "Citadel Project," solidifying Citadel's position as the largest crypto-mining facility in the Middle East. Potential to expand crypto-related investmentsBack in 2022, IHC had outlined its strategy to expand into new growth areas and to grow its digital assets portfolio. In December, an IHC subsidiary, Sirius International Holdings, formed a partnership with Indian infrastructure company Adani Group with a view towards developing AI, internet of things (IoT) and blockchain-based services and solutions. This recent development is encouraging in terms of the potential for far greater crypto-centric investment, given the size of the UAE-based entity. The press release states:”The 2PointZero portfolio, which is expected to surpass AED 100 billion in assets, reflects its commitment to excellence and strategic growth in the digital and crypto ecosystems, resource management, and beyond.” Al Nahyan emphasized 2PointZero's commitment to transformative global impact, particularly in areas such as technology, artificial intelligence (AI), financial services, investment banking and resource management. The vision extends beyond boundaries, with a mission to build sustainable ecosystems that empower communities, foster technological excellence and ensure financial resilience.

Paxos scores licensing approval in Abu DhabiPaxos, a New York-based blockchain and tokenization infrastructure platform, has achieved in-principle licensing approvals from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).Photo by Kent Tupas on UnsplashEnabling stablecoin issuanceIn a press release published on Wednesday, Paxos outlined that these approvals mark a significant step for the company, enabling it to issue USD and other currency-backed stablecoins while also providing crypto-brokerage and custody services through two regulated ADGM entities.This licensing acquisition comes hot on the heels of a similar outcome in Singapore. Earlier this month, Paxos subsidiary Paxos Digital Singapore Pte. Ltd., received in-principle approval from the Monetary Authority of Singapore (MAS). That approval enables it to offer digital payment token services and issue USD-backed stablecoins within the Southeast Asian city-state.The company, while making efforts to focus on transparency and accountability, aims to extend the global reach of its regulated USD-backed stablecoins upon receiving full approval in Abu Dhabi. Walter Hessert, Paxos’ Head of Strategy, emphasized the importance of regulatory compliance and engagement with authorities to shape digital asset rules, maintaining Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.Hessert stated:”Our IPAs [in-principle approvals] from the FSRA [Financial Services Regulatory Authority], on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.”U.S. regulatory difficultiesIn addition to Singapore and now Abu Dhabi, Paxos already holds approvals from the New York State Department of Financial Services (NYDFS), the local state regulator in New York in the United States. The company’s experience in its home market has been problematic more recently, however.In February, the Securities and Exchange Commission (SEC) issued Paxos with a Wells Notice, a letter that informs the receiver that infractions have been uncovered following investigation. The New York regulator, the NYDFS, also took action against Paxos, claiming that the company didn’t administer BUSD in a safe and sound manner.These actions led to Paxos ceasing to mint any further BUSD stablecoin, and existing BUSD tokens will remain redeemable until at least February next year.Focus on Asia and Middle EastIt’s likely that these regulatory difficulties have led to the company concentrating its effort in 2023 on expanding in overseas markets. Licensing accomplishments in Singapore and Abu Dhabi speak to that.Paxos expressed contentment with MAS as its regulator in Singapore, anticipating that the oversight will accelerate global consumer adoption of digital assets. As the first blockchain service provider to obtain licenses in both New York and Singapore, the company is strengthening its regulatory portfolio globally.This is further evidenced by a recent collaboration the company had formed in the Philippines earlier this month. Paxos has forged an alliance with Coins.ph, a leading cryptocurrency exchange in the Southeast Asian country. The goal of the collaboration is to propel the adoption in the Philippines of PayPal USD (PYUSD), a U.S. dollar stablecoin issued by Paxos.