KuCoin Thailand moves to full platform launch

Bybit Powers Trading Tools via ChatGPT IntegrationDubai-headquartered crypto spot and derivatives trading platform Bybit is set to revolutionize the trading experience for its users with the integration of artificial intelligence (AI) through ChatGPT. By leveraging OpenAI’s renowned chatbot, Bybit aims to provide innovative trading tools and metrics to cryptocurrency traders.Photo by Markus Spiske on UnsplashToolsGPTThe newly introduced ToolsGPT by Bybit combines the machine learning capabilities of ChatGPT with the exchange’s market data, offering users a comprehensive set of features. Traders will now have access to technical analysis, price data, and metrics, all generated through AI technology. ToolsGPT will also provide personalized responses to individual inquiries, catering to the unique needs of each trader.Bybit’s AI-powered offering is designed to provide insights and predictions for various cryptocurrency trading scenarios. By analyzing market data for multiple cryptocurrencies, ToolsGPT can identify price trends and utilize technical indicators to forecast future market movements. This service is accessible to traders of all experience levels, allowing them to make more informed decisions based on historical and real-time market data.Bybit announced the availability of the AI-powered trading tools via a blog post published to its website on Thursday and via Twitter. Ben Zhou, CEO of Bybit, emphasized the innovative integration of ChatGPT and its role in empowering traders with advanced tools and insights. By leveraging historical and real-time market data, as well as AI-generated advice, traders can gain a comprehensive understanding of market dynamics to make better-informed decisions.Exchange AI integrationsBybit joins other cryptocurrency exchanges in exploring the potential of ChatGPT. Crypto.com introduced its own user assistant powered by ChatGPT, named Amy, in May. Binance also integrated OpenAI’s chatbot into its Binance Academy platform, providing users with responses sourced from a database of articles and information on the broader Web3 ecosystem.Additionally, OKX has integrated EndoTech’s AI tools to analyze market volatility and identify trading opportunities. This move reflects the growing recognition within the cryptocurrency industry of AI’s potential to enhance trading strategies and improve overall user experiences.Solana Labs also joined the AI revolution by launching a ChatGPT-powered plugin. This plugin enables users to check wallet balances, conduct transfers of Solana-native tokens, and trade non-fungible tokens (NFTs) seamlessly.It’s been a busy couple of months for the company. Last month, Bybit announced the extension of its service offering to include crypto lending. Also in May, it achieved “in principle” approval from the Astana Financial Services Authority (AFSA) in Kazakhstan to trade in the country. In April, it publicized that it had chosen Dubai as the company’s global headquarters. In an effort to further establish roots in the United Arab Emirates (UAE), earlier this month it founded a blockchain scholarship program in conjunction with the American University of Sharjah (AUS).As the cryptocurrency industry continues to evolve, the integration of AI technology holds great promise for enabling more effective and informed trading strategies. That’s something that Bybit Advisor Anndy Lian underscored at the Brand Launchpad Event held in Vietnam last month. With Bybit’s integration of ChatGPT, traders can expect an enhanced trading experience through the use of AI-powered tools and insights.

Hong Kong Bank to Act as Settlement Bank for Crypto FirmsZA Bank, Hong Kong’s largest virtual bank, is looking to become the go-to bank for crypto startups. The online bank has been given permission to serve as the settlement bank for regulated Web3 companies in the city. This development was announced at Hong Kong’s Web3 Festival, an event supported by the local government and attended by crypto startups and institutions from across Asia.©Pexels/Frank BarningHashKey and OSL collaborationZA Bank is expected to facilitate crypto-fiat conversions with two licensed exchanges in Hong Kong, HashKey and OSL, where customers can swap crypto into fiat currencies. ZA Bank will also offer basic banking services to local Web3 startups, a category that is currently underserved by traditional financial institutions.ZA Bank is focusing on assisting local Web3 startups and small-medium enterprises (SMEs).The bank linked up to the city’s company registry data, allowing for minimal information input and cross-checking. According to Devon Sin, alternate chief executive of ZA Bank, the bank currently conducts AML scrutiny against the usual checklists to satisfy the regulatory requirements. No AML issues have emerged during the recent months of work.Competing for global crypto businessHong Kong is trying to establish itself as a crypto-friendly alternative to other hubs, such as the US and Singapore, and a sandbox for Web3 businesses from China, where crypto trading is illegal. The city is revamping its digital assets regulatory framework, with plans to legalize retail trading of major cryptocurrencies like Bitcoin and Ether. Ronald Lu, CEO of ZA Bank, said that ZA Bank’s online account opening for Web3 startups is a major step forward in integrating traditional banking services with the Web3 world.According to Lu, ZA Bank will act as a settlement bank for clients to allow withdrawals in Hong Kong, China, and US currencies after they deposit crypto tokens with exchanges. The business model is already operational through HashKey and OSL, the only two licensed crypto exchanges in Hong Kong. The bank will provide the same service for other exchanges as they become licensed.HK China’s crypto “trial run”Hong Kong is opening up to the beleaguered sector in a move that aims to revive its status as a financial center following years of COVID restrictions and political upheaval. However, access to banking has been a major hurdle for the city’s ambitions. The city’s banking and securities regulators are hosting a round-table for crypto players and bankers to share experiences and perspectives on banking services later this month.Many have speculated about a softening stance on cryptocurrency by the Chinese authorities. However, it’s more likely that they continue with strict regulation and control relative to crypto in mainland China while happy to monitor a more open approach to it within Hong Kong. Crypto analyst Myles Deutscher likens the approach to a “trial run” that is being monitored by China.Launched in March 2020, ZA Bank is one of Hong Kong’s eight licensed virtual banks and had the most net assets as of last year, despite remaining unprofitable. The virtual lender doesn’t expect it will need to boost its headcount to handle the crypto client push. Although the revenue model is still unclear, Lu said that more clients, more deposits, and more business opportunities are always great for the bank. The lender doesn’t offer services for clients from mainland China, given the restrictions in place there.

Web3 Offers Potential for Japan to Rediscover its MojoEveryone recognizes that Japan has been at the forefront of innovation and the development of technology in the past but can it rediscover that cutting edge through Web3 and blockchain? In a recent interview with Forkast News, Yudai Suzuki, Co-Founder of a Tokyo-based Web3 incubator, suggested that it has that potential.©Pexels/邱 韬Re-establishing a competitive edgeSuzuki, who heads up Fracton Ventures, believes that such a pivot is possible for Japan in making Web3 the means through which it can rediscover the innovative edge it has been lacking in more recent years.Despite an historical strength and depth in technology and innovation, Japan has struggled when it comes to adopting and implementing new technology on a global scale more recently.Legacy techEarlier this year, it emerged that leading Japanese technology companies were collaborating with a view to creating a new open metaverse infrastructure called “Ryugukoku.” That project implicates the creation of a Japan Metaverse Economic Zone. Suzuki cites this project as demonstrative of a key issue relative to the overall development of Web3 in Japan.The project involves Japan’s legacy tech companies such as Fujitsu and Mitsubishi. He goes on to clarify that the majority of Web3 projects in Japan are being led by the existing technology behemoths despite the fact that Japan is seeing the emergence of a Web3-native generation.Suzuki identifies that one of the fundamental aspects of Web3 is that every decentralized autonomous organization (DAO) that’s created is immediately global in nature. Allied with that, most of that 18–25 year old Web3 native generation in Japan want to break through language barriers and communicate on a global basis.That outward looking characteristic is positive but it’s not how venture investment has traditionally worked in Japan. He explains that the conventional approach to investing in start-ups in Japan has been to first look to dominate the Japanese market before going global. The Fracton Ventures founder believes that this is a flawed approach in today’s world and that by the time they’ve gotten to number one in Japan, it’s already too late in trying to achieve that on a global basis.Government responsibilitySuzuki places much of the responsibility in affecting a more appropriate approach on the Japanese Government. “If they focus only on these huge Japanese companies, they will not succeed,” he says. He is also critical of the regulatory approach. Suzuki believes that “the government wants to change the laws and set new regulations at an early date,” and with that, such over-regulation has resulted in crypto entrepreneurs leaving the field. Regulation needs to be set on a more flexible basis so that it can be easily updated and upgraded as the technology develops.Global MindsetHe highlights the importance of having a global mindset and being open to different ideas and perspectives in order to succeed in the Web3 space. The entrepreneur points to that Web3-native demographic in Japan, explaining that their mindset has changed to a more global one as a consequence of dabbling in Web3. The same he believes is necessary on the part of the government if Japan is to become a leader in the tech industry once again.