Korea tightens crypto oversight as major merger targets Nasdaq listing

Crypto Titans Clash on Elon Musk’s XA subtle panel discussion photo posted by Andrei Grachev of Singapore’s DWF Labs turned into a war of words among crypto trading titans on Elon Musk’s X (formerly Twitter).Photo by Marek Piwnicki on UnsplashDWF vs GSRGrachev, who is a Managing Partner at the market maker and Web3 investment firm, thanked his fellow panelists in the post. However, the tone quickly soured as Cristian Gil, Co-Founder of rival market-making giant GSR, took offense to Grachev’s presence on the panel and voiced his disapproval on the platform.Gil didn’t mince his words, stating: “[Andrei Grachev] had absolutely no business to be on that panel. It’s insulting to [GSR] , [OKX] and [Wintermute] to be in the same room as [DWF Labs].”DWF vs WintermuteHis remarks received a “Like” from Evgeny Gaevoy, the CEO of market maker Wintermute. In response, Grachev defended his presence, asserting that DWF was superior in technology, trading, and business development compared to its rivals, going so far as to suggest to Gil: “Yeah, if I were you — I would be also crying all the time.”The exchange continued with Grachev claiming that DWF was capturing market share from Wintermute, and Gaevoy responded with a nonchalant “lol,” challenging Grachev to invest more if he believed DWF posed a threat.DWF Labs’ rapid growthWhile the exchange consisted of mere words, it shed light on DWF Labs’ sudden rise to prominence earlier over recent months. The company has featured prominently in an array of investments in Web3 startups and blockchain networks over the course of 2023. Prominent among them have been investments in EOS, the Algorand ecosystem, and the TRON ecosystem.Recently appearing on the BlockBeats podcast, Grachev defended the company, outlining that it was not involved in market manipulation in response to recent assertions to the contrary.“We do not engage in any manipulative behavior,” Grachev stated. “Of course, we have the futures market, which is a tool for hedging positions and trading clubs. We are completely different from directional traders,” he added.Gaevoy added some humor to the mix by sharing a meme, raising questions about the maturity level of these prominent figures in the crypto industry. The spat provoked a broad array of commentary from the crypto community.Crypto immaturityThe very public clash raises concerns about how traditional Wall Street firms, currently making bold moves into the crypto space, might perceive such behavior. Notably, firms like BlackRock have been involved in Bitcoin ETF applications, signaling a growing interest in cryptocurrency among mainstream financial institutions. In response to Gaevoy and Grachev, one commentator wrote: “The institutions are never coming back.”While it would appear that there’s no love lost between DWF, GSR, and Wintermute, it also seems evident that both market makers can agree on Singapore as being an appropriate location from where to operate a crypto business. While Wintermute is London-based, it revealed recently that it was expanding its operations in Singapore. Like Wintermute, GSR is primarily based in London although it too maintains a presence in Singapore to service Asia-centric business.

Hong Kong Embraces Web3 Development with Dedicated Task ForceHong Kong has taken another step towards embracing the potential growth of the crypto industry by creating a dedicated task force for Web3 development.Led by Financial Secretary Paul Chan, the task force, which was announced on Friday, consists of 15 non-official members, including university professors and entrepreneurs. As official members, government officials and financial regulators are involved.Financial Secretary Chan expressed his optimism about blockchain technology, the foundation of Web3, highlighting its potential for innovation through features such as disintermediation, security, transparency, and cost-efficiency. The task force envisions Web3 as a solution to challenges faced in sectors like finance, trade, business operations, and everyday life.Photo by Shubham Dhage on UnsplashMulti-agency participationNotable members of the task force include the CEOs of the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), and Hong Kong Exchanges and Clearing. Their presence demonstrates the commitment of top finance regulators in Hong Kong to the Web3 initiative. Additionally, Yat Siu, chairman of metaverse firm Animoca Brands, joins as a non-official member, bringing diverse perspectives to the table.Financial Secretary Chan emphasized Hong Kong’s ambition to become a significant player in the Web3 space. The city-state aims to support companies and nurture local talent within the ecosystem. This initiative aligns with Hong Kong’s long-term vision for crypto development, as set out in a policy document released last October. It’s the latest in a whole series of measures officials have taken since then to further that crypto ambition.Strategic positioningBy establishing the Web3 task force, Hong Kong seeks to position itself as a prominent hub for crypto activities. The city-state recognizes the potential economic benefits and job opportunities associated with the crypto industry. The task force’s diverse composition reflects the government’s intention to collaborate with stakeholders from various sectors and gather insights from academia, government bodies, and industry experts.Furthermore, the task force aims to create a supportive environment for digital asset development. Hong Kong’s financial regulators have been actively working on regulatory frameworks to ensure investor protection and promote market integrity.While it is still in the early stages, global crypto exchanges like Huobi, OKX, and BitMEX have recently expressed their intentions to establish a presence in Hong Kong. This indicates growing interest in the city-state’s crypto potential and validates the government’s efforts to position Hong Kong as a welcoming and conducive environment for crypto-related businesses.With its commitment to fostering digital asset development, Hong Kong demonstrates a forward-thinking approach to leverage the benefits of blockchain technology and position itself as a thriving ecosystem for Web3 innovation.The collaboration between academic, governmental, and regulatory stakeholders sets the stage for the Chinese autonomous territory to capitalize on the opportunities presented by the evolving crypto space. Hong Kong’s proactive stance and the establishment of the Web3 task force reinforce its position as a global financial hub and a front-runner in embracing emerging technologies for future economic growth.

Sui Token Debuts on Korea’s Top Five Crypto ExchangesThe native token of Sui, a layer 1 blockchain platform, has debuted on South Korea’s five leading cryptocurrency exchanges — Upbit, Bithumb, Coinone, Korbit, and Gopax. This marks the first time a token has been listed simultaneously on all five exchanges, according to Korean news agency Newsis.Photo by Sigmund on UnsplashAptos’ successThe decision by these exchanges to list Sui may have been influenced by the success of the APT token, which belongs to Aptos, another scalable layer 1 blockchain platform also developed by former Meta employees. APT was listed on Binance two days after the launch of the Aptos’ mainnet on October 17 last year, and its price skyrocketed to $100 on the first day, a hundred times its listing price. Within a week, the trading volume of APT reached $1.3 billion.Sui’s mainnet launchWith the launch of its mainnet on May 3, Sui is garnering significant interest in the crypto sphere. An official from a notable Korean venture capital firm told Newsis that Sui and Aptos, both developed with the Move programming language, involve many top-tier investors and are highly anticipated by ecosystem participants.