Zetrix launches product to simplify KYC for Chinese nationals

Me2on launches P2E game ‘Solitaire Crypto War’ with crypto integrationMe2on, a Seoul-based game developer, revealed the launch of its new game, Solitaire Crypto War, a play-to-earn (P2E) tournament game developed internally and published by its subsidiary, Memoriki. This Android game will be available globally, excluding South Korea and China. Memoriki, established in 2009 and originally based in Hong Kong, was acquired by Me2on earlier this year, broadening Me2on’s reach in the gaming market.Photo by Erik Mclean on UnsplashPVP card gameSolitaire Crypto War, developed from Me2on Group’s Solitaire IP, is a card puzzle player-versus-player (PVP) game that has amassed over 130 million global downloads. Players can engage in the classic Solitaire game against multiple opponents, competing to achieve the fastest clear times. The game ensures fair competition by matching players under identical conditions, with the highest scorer emerging as the winner. Designed for fast-paced gameplay, it pairs players of similar skill levels. Additionally, each season introduces unique events like puzzle piece collecting, Monopoly, and Powerball games, offering various rewards.Available in both free and paid optionsSolitaire Crypto War is a free game, but it also offers a feature where users can opt to use cryptocurrencies like ETH, USDT, USDC, UNI, LINK, MATIC and MEV to participate in competitions against other players and win prizes. The game boasts a variety of modes, including PVP battles, challenges and tournaments, enhancing its appeal. Additionally, its integration with Face Wallet enables users to log in using their social accounts, eliminating the need for a separate wallet installation, thus simplifying the gaming experience.Event running until Dec 28In celebration of the official launch of Solitaire Crypto War, Me2on has planned an opening event running until Dec. 28, providing various benefits to its users. Everyone accessing the game during this event period will receive a welcome package. Additionally, players can engage in various activities such as the game review challenge, ticket triumph challenge, and community quest takedown to receive items daily, enhancing their gaming experience and rewarding their participation.Cho Choong-hyeon, who leads Me2on’s Blockchain Game Division, expressed that the company has integrated blockchain technology to bring the classic card game Solitaire into the Web3 realm. He emphasized that this move allows Solitaire to evolve into a play-to-own (P2O) game, where users can directly own their gameplay achievements. Cho also highlighted Me2on’s dedication to being at the forefront of the Web3 market, which he believes is set to transform the paradigm of the gaming industry.

Hong Kong is gearing up for the potential approval and implementation of both bitcoin exchange-traded funds (ETFs) and stablecoin regulations in 2024, with further progress achieved through the first filing of a spot bitcoin ETF in the Chinese autonomous territory.Photo by André François McKenzie on UnsplashHarvest Fund filesHarvest Fund (HFM), a major asset manager based in China, has taken the lead by filing for a spot bitcoin ETF with the Hong Kong Securities and Futures Commission (SFA), as reported by Tencent News. While details on the Harvest Fund bitcoin ETF remain limited, the company is hoping for its debut on or after the Lunar New Year holiday, which lands on Feb. 10. Reports suggest that Hong Kong's regulatory body may follow a path similar to the U.S. SEC, approving multiple spot bitcoin ETF applications to ensure fair market access. Although Harvest Fund was the first to apply, other regional financial institutions have expressed interest in launching similar products within the year. Livio Weng, Chief Operating Officer of crypto exchange HashKey, revealed that approximately ten asset management firms are developing spot crypto ETFs for Hong Kong, with applications already submitted to the Hong Kong Securities Regulatory Commission. Earlier this month, Venture Smart Financial Holdings (VSFG) announced its plan to launch a spot bitcoin ETF within the first quarter of this year, contributing to the growing momentum. Stablecoin interestIn tandem with the push for spot crypto ETFs, there is a rising interest in stablecoins. Multiple Hong Kong companies, including Harvest Global Investments, RD Technologies and VSFG, are reportedly engaging in discussions with the Hong Kong Monetary Authority (HKMA) about potential stablecoin trials. These trials aim to explore use cases ahead of anticipated stablecoin regulations in Hong Kong. The HKMA's December consultation paper outlined licensing requirements for fiat-pegged stablecoins, positioning them as a bridge between traditional finance and crypto markets. Sean Lee, senior advisor and head of stablecoin at VSFG, told The Block that it is committed to applying for sandbox inclusion, along with consortium partners, to showcase the potential of programmable digital money while meeting prudential requirements. An HKMA spokesperson confirmed ongoing preparations for the imminent launch of the stablecoin sandbox arrangement. The key criterion for applicants is a demonstrated commitment to a reasonable plan for issuing fiat-reference stablecoins (FRS) in Hong Kong. FRS refers to fiat-reference stablecoins pegged to the value of a fiat currency and backed by a government-issued currency, aligning with the most common stablecoin model. Eddie Yue, CEO of the HKMA, highlighted the potential of stablecoins, stating they could serve as the interface between traditional finance and the virtual asset market. The parallel development of spot crypto ETFs and stablecoin regulations underscores Hong Kong's commitment to fostering digital assets while ensuring investor protection through effective market oversight. Crypto ETFs offer expanded access, while stablecoin trials enable controlled experimentation, establishing gateways between traditional finance and the emerging crypto sectors.  

Global crypto exchange platform Binance has launched “Sharia Earn,” a crypto staking product that has been certified as being Sharia-compliant. Sharia-compliant financial products adhere to Islamic law, with sharia law being Islamic canonical law based upon the teachings of the Koran. The product incorporates multi-token staking featuring BNB, Ether (ETH) and Solana (SOL). The product has been built on top of existing infrastructure which Binance had already used to offer “Simple Earn Locked Products” relative to BNB and liquid staking in the case of ETH and SOL. Users of the product can earn staking rewards on crypto assets, while secure in the knowledge that they are investing in compliance with Islamic finance principles.Photo by Kanchanara on Unsplash‘Most meaningful product yet’The new product was announced by the company during a Binance Square Webinar. Binance CEO Richard Teng described it as the firm’s “most meaningful product yet.” He referred to the launch of the product as a defining moment both for Binance and the broader crypto sector. Teng said that “a truly inclusive financial system must respect the values and needs of every community, and that’s the vision behind Sharia Earn.” He added that “Islamic finance’s core tenets—transparency and shared prosperity—are universal,” asserting that these same values are at play in driving Binance. The platform contracted Amanie Advisors, a Dubai-based global Islamic finance advisory service, in order to obtain Sharia-compliant certification for its latest product. Bader Al Kalooti, Binance’s Head of Operations, Marketing & Growth for the Middle East & North Africa (MENA) region, said that “crypto adoption has surged in many Muslim-majority countries, but yield-generating products have remained largely inaccessible due to compliance concerns.” He claimed that the arrival of “Sharia Earn” addresses this issue. While this is Binance’s first Sharia-compliant product, it’s not the first major exchange to enter this market. Last year, Bybit, a Dubai-headquartered global crypto exchange, engaged with ZICO Shariah Advisory Services in order to obtain certification for the trading of Sharia-compliant digital assets. At the time, Bybit claimed to have launched the world’s first crypto Islamic account. Growing Islamic finance sectorIslamic law prohibits interest-based transactions. Crypto staking can be structured in such a way as to avoid interest. Staking is considered to be acceptable as rewards are not fixed. Staking rewards are seen as profit-sharing, with the staker retaining ownership of the asset and being open to the risk of potential losses. Some forecasts suggest that the overarching Islamic finance sector could reach $4 trillion in the years ahead. That represents a market opportunity for crypto platforms to cater to this market by taking the time to acquire Sharia-compliant certification for their crypto products. Binance and Bitget are not the only entities to spot this market opportunity. A new crypto trading platform called BurjX, founded by Canadian entrepreneurs Adam Ferris and Omar Abbas, has been established in the United Arab Emirates (UAE) with a vision of developing Sharia-compliant and regulatory-compliant crypto products.  While no definitive timeline has been established, Abbas told the UAE English language daily newspaper, the Khaleej Times, that his company “will partner with the appropriate Sharia boards, and when we do launch, it’s going to be approved by the appropriate regulators.”