Harvest Global CEO considers offering BTC and ETH ETFs to mainland Chinese investors

P2E defense game Slime World to roll out a major update in DecemberSlime World, a play-to-earn (P2E) blockchain game developed by South Korean company Nada Digital, is set to roll out a major update this December, according to a report by local news outlet Edaily.Photo by Markus Winkler on UnsplashUpdates to two game modesThis update to the defense game will enhance PvP Arena Mode, allowing players to merge NFT characters to battle against others, and will also improve the defense-oriented Infinite Mode. New NFTs released with this update will enable users to try diverse squad formations in Arena Mode, fostering strategic gameplay. The upgrade to Infinite Mode is designed to simplify the process of mining in-game tokens.Airdrop eventsIn celebration of its upcoming update, Slime World is planning a series of events. To bolster Arena Mode, the game will conduct airdrops of extra NFTs to both current and new NFT purchasers. Additionally, there will be airdrops of NADA tokens and various paid items. The platform is also set to provide incentives for players who haven’t accessed the server in a while, encouraging them to re-engage with the game.A representative from NADA Protocol, which operates under Nada Digital, mentioned that despite South Korea’s ban on play-to-earn (P2E) games, Slime World has garnered favorable reviews from gamers around the world. They anticipate that the forthcoming update will further contribute to the game’s growth and popularity.

Binance Set For Japanese Market Re-Entry With 34 Token ListingsBinance, the world’s largest cryptocurrency exchange, is gearing up to re-enter the Japanese market with a bang on August 14. According to a report published by local crypto media outlet Coinpost, Binance Japan is set to immediately list an impressive 34 tokens.The move will put Binance ahead of its domestic rivals, as the offering will be the most extensive in terms of the selection of tokens made available to Japanese customers.Photo by David Edelstein on UnsplashBNB token offeringIn addition to that, Binance intends to make its native token, BNB, available in Japan for the first time. Exchange tokens have proven to be controversial in recent times. In November 2022, FTX’s reliance on their native token FTT caused a run on the exchange which Binance started once it started to sell off the token. Similar concerns have been expressed ever since about a similar reliance within Binance relative to its BNB token.The expansion into Japan will likely prove a tonic for Binance, given the difficulties it has experienced in other markets recently. Regulatory pushback has forced Binance out of markets such as Germany, Belgium, the Netherlands, and Cyprus over the course of the past three months.The company has been actively working to comply with Japan’s regulatory environment. In a Twitter video posted in July, Changpeng Zhao (CZ), Binance’s Founder and CEO, expressed his excitement about re-entering the Japanese market. He praised Japan’s clear and progressive approach to crypto regulations, citing the well-established framework that dates back to 2017, as well as recent developments, including the opening up of crypto listing frameworks and the passing of stablecoin regulations in June.Roadmap to market re-entryBinance’s journey back into Japan started in November 2022 when it acquired 100% ownership of Sakura Exchange BitCoin (SEBC). The acquisition paved the way for Binance to be regulated by the Japan Financial Services Agency (JFSA). As part of this move, SEBC underwent a name change, rebranding itself as Binance Japan Inc. The company then announced in May its plans to re-enter the Japanese market.The re-entry comes after the JFSA had previously issued warnings in 2021 against Binance for operating in the country without proper registration. Now, with the acquisition of SEBC and its regulatory compliance, Binance has gained a foothold in the Japanese market once again.Binance Japan aims to provide a comprehensive suite of services to its Japanese customers. New users can access spot trading, Earn products, and the NFT marketplace, while existing customers can migrate to the local subsidiary starting August 14. The token offerings include a diverse range of assets, and the addition of BNB presents exciting opportunities for traders and investors in Japan.Rival exchanges such as Coinbase and Kraken have decided to halt their operations in the country as they struggled to adjust to Japanese market conditions. The move by Binance to re-enter Japan’s market will be closely watched to see if it can succeed where others have failed.

The Monetary Authority of Singapore (MAS) is set to gain enhanced powers through the Financial Institutions (Miscellaneous Amendments) Bill 2024 (FIMA Bill), currently under consideration in the country's parliament.Photo by Kenneth Koh on UnsplashProfound impactIf the bill passes, it could have a profound impact on cryptocurrency firms operating in Singapore. One significant aspect of the proposed amendments is the expansion of MAS's authority to issue directives to capital markets services license (CMSL) holders involved in unregulated business activities. This move is particularly aimed at firms offering unregulated products that might pose contagion risks to their regulated operations. The bill cites examples such as bitcoin futures and payment token derivatives traded on overseas exchanges. At the moment, the regulator is actively monitoring the crypto space in Singapore, issuing investor alerts relative to unregulated entities. Last month, MAS added imToken, a non-custodial crypto wallet, to its Investor Alert List. The list serves as a means for the regulator to draw attention to entities that may be actively trading within the city-state while being wrongly perceived by the investing public as licensed or regulated entities. Greater powersIn response to potential risks, MAS had previously issued guidance on risk-mitigating measures for CMSL holders conducting unregulated business with retail investors. The FIMA bill seeks to empower MAS further by enabling it to issue written directions specifying the minimum standards and safeguards for CMSL holders and their representatives engaging in unregulated businesses. Cryptocurrency exchanges, potentially categorized as CMSL holders, along with Major Payment Institution (MPI) licensees, may face increased regulatory scrutiny. MAS has been active in implementing measures to curb speculation in cryptocurrency investments and has updated its regulatory framework for stablecoins. The bill introduces additional provisions empowering MAS to compel individuals to participate in interviews and provide written statements. It grants MAS the authority to enter premises without a warrant and obtain court orders to seize evidence. Furthermore, the bill allows MAS to approve agents appointed by foreign regulators for inspecting Singaporean financial institutions. Precursor to ETF offeringThe potential ramifications of the bill extend beyond local regulatory dynamics. Industry observers suggest a connection between these developments and the recent approval of spot bitcoin exchange-traded funds (ETFs) in the United States. Lasanka Perera, CEO of Independent Reserve Singapore, recently highlighted that the approval of bitcoin ETFs in the U.S. will likely attract major global wealth management firms, intensifying the demand for bitcoin and transforming it into an accessible asset class for traditional institutions. Perera sees relevance in this proposed legislation as it pertains to the potential offering of spot bitcoin ETF products within the Republic of Singapore. While he speculates that it's too early to tell, he said Singapore’s proposed new bill to enhance regulatory authority over financial services, including bitcoin futures, makes provisions for possible spot bitcoin ETFs in the Republic. As Singapore continues to refine its regulatory framework, the proposed amendments reflect a broader trend of regulatory tightening in the global cryptocurrency landscape, emphasizing the importance of compliance and risk management for industry participants.