Asiastar Entertainment and Codus to Develop Casual P2E Game with NFT Rewards

Hana Financial Group Joins Hands with Netmarble to Attract Digitally Savvy Youths to the MetaverseKorean financial holding company Hana Financial Group has formed a strategic partnership with game publisher Netmarble, aiming to capture the attention of digitally savvy youths in South Korea. Their strategy involves introducing innovative financial services and identifying opportunities for joint business projects, as reported by local news outlet Consumer Times.Photo by Andre Taissin on UnsplashFinancial services in the gaming realmThe two sides intend to launch Hana Financial Group’s services within the realm of Grand Cross: Metaworld, a 3D animated massively multiplayer online (MMO) game. Grand Cross is being developed using Unreal Engine 5 and is a project led by Metaverse World, an affiliate of Netmarble.While the companies strive to collaborate on joint marketing promotions that encompass both gaming and financial aspects, the specific plans for executing these initiatives are still in the process of being developed.Some industry experts anticipate that the two entities will leverage their respective strengths within the virtual world to create synergistic outcomes.User interaction and advertising benefitsAccording to a tech insider who spoke to Consumer Times, there are indications that Netmarble will initially empower Hana to feature the financial group’s affiliated entities on the gaming company’s metaverse platform. This strategic step holds the potential for fostering user interaction and reaping advertising benefits. Additionally, the source mentioned that subsequent to this phase, Hana might take steps to enable customers to access banking services within the virtual domain.If, in the future, in-game goods were to establish themselves as a dependable form of currency due to potential policy reforms, it’s believed that Hana Financial Group would play an even more substantial role, leading to increased business opportunities for both partners, the source noted. These offerings would primarily cater to digital native generations.

Bitfinex Turkiye Facilitates Zero-Cost Deposits via VakıfBank PartnershipIn a strategic move to bolster its presence in Turkey, cryptocurrency trading platform Bitfinex has introduced a seamless and cost-free method for Turkish customers to deposit Turkish lira directly into their accounts.According to a press release published by the company on Thursday, this integration comes as a result of collaboration between Bitfinex Turkiye and VakıfBank, Turkey’s second largest bank in terms of asset size, and a significant player in the Turkish banking sector.Photo by Meg Jerrard on UnsplashExpanding market accessBitfinex’s Chief Technology Officer, Paolo Ardoino, emphasized the user-centric benefits of this partnership. He stated that Turkish customers can now deposit lira effortlessly and economically, streamlining their access to the cryptocurrency market.This development could potentially aid Bitfinex in expanding its operations within Turkey, which stands as one of the largest markets for leading global crypto exchange Binance. Ardoino stated that the move facilitates “the ability to deposit [lira] seamlessly and cost-effectively.” Additionally, Ardoino maintained that market access was being enabled “by integrating with VakıfBank,” and that “[Bitfinex] is making it easier” for customers to participate.Collaborating with the crypto sectorFounded in the 1950s, VakıfBank has 935 brick-and-mortar branches, a network of over 4,000 ATMs and almost one million point-of-sale (POS) terminals in use. This latest partnership is not the first touch point for the bank when it comes to the crypto sector. It has a similar deal in place with Istanbul-based crypto platform, CoinTR. In that instance, CoinTR customers can deposit or withdraw Turkish lira to or from their CoinTR accounts via VakifBank instantly, 24/7 and with zero fees.The bank has also participated in a blockchain-based trade finance initiative, the Turkish Trade Chain Project. In a press release published by the bank last year, it expressed the belief “that blockchain technology will make data sharing more transparent, traceable, verifiable and controllable by reducing the communication traffic between parties in the foreign trade process that requires many documents.”Partnering with TradFiBy aligning its services with a traditional financial institution, Bitfinex joins the ranks of other industry players like Fidelity, BlackRock, and PayPal, which have demonstrated increasing openness to cryptocurrencies despite the ongoing bear market.Turkey has proven to be an important market for cryptocurrencies like Bitcoin and USDT, the US dollar stablecoin issued by Bitfinex’s sister company, Tether. Runaway inflation in recent years has led to an outsized interest in decentralized money in the country.Bitfinex’s business in Turkey has not been without its hiccups. Earlier this year, a Wall Street Journal report alleged that Bitfinex Turkiye user accounts had been implicated in terrorist financing. One particular account was alleged to have been used for money laundering purposes by the armed wing of Palestinian militant group, Hamas.This latest initiative follows Bitfinex’s recent announcement of the launch of Bitfinex P2P, a peer-to-peer exchange catering to clients in Argentina, Venezuela, and Colombia. With such expansions and collaborations, the cryptocurrency sector continues to evolve, demonstrating resilience and adaptability in the face of bear market conditions and regulatory challenges.

Hong Kong Takes Steps to Enhance Crypto Platform OversightIn the wake of the ongoing JPEX scandal, the Securities and Futures Commission (SFC) of Hong Kong has pledged to intensify its efforts to combat unregulated cryptocurrency trading platforms operating within the Chinese autonomous territory.Photo by Ruslan Bardash on UnsplashPublic registry plannedAs of Monday, the SFC has announced a comprehensive plan to address these concerns. One key initiative includes the publication of a publicly accessible list encompassing all licensed, deemed licensed, closing down, and application-pending virtual asset trading platforms (VATPs). The purpose of this list is to empower the public with the information needed to identify potentially unregulated VATPs conducting business in Hong Kong.Ongoing JPEX falloutThese new measures arrive in the aftermath of the ongoing JPEX crypto exchange scandal, which local media outlets have characterized as one of the most significant financial fraud cases to ever impact the region. JPEX, a Dubai-headquartered platform, stands accused of offering its services to Hong Kong residents without having applied for a license in the country.The SFC pointed directly to the issues at JPEX in its most recent announcement, stating: “The JPEX incident highlights the risks of dealing with unregulated VATPs and the need for proper regulation to maintain market confidence. It also shows that dissemination of information to the investing public through the Alert List, warnings and investor education can be further enhanced to help members of the investing public better understand the potential risks entailed by suspicious websites or VATPs.”Christopher “Kit” Wilson, the Director of Enforcement at the SFC, discussed these developments at a press briefing held on Monday, alongside addressing the JPEX scandal. Wilson revealed that, due to evasive behavior from stakeholders and unsatisfactory responses to information requests, JPEX was placed on the regulator’s alert list in July 2022.It emerged last week that Hong Kong police had taken social media influencer Joseph Lam into custody related to the scandal. More arrests followed later in the week while authorities indicated that they were looking to tighten up regulation in light of the unfolding JPEX saga. By Friday, access to the web and mobile platforms of JPEX had been blocked with JPEX encouraging users to use VPN to circumvent the measure.Wilson further elaborated that a complex investigation, involving multiple parties across various jurisdictions, was initiated by the SFC, which escalated following the receipt of the organization’s first official investor complaint in April 2023. This coincided with the full implementation of the Anti-Money Laundering Ordinance (AMLO) in June 2023, prompting the commencement of a formal fraud investigation.Wilson stated: “As a result of that investigation, we issued a formal warning on Sept. 13 and referred the matter to the police.”As it stands right now, the financial ramifications of the JPEX scandal are estimated to have reached approximately $178 million. Local law enforcement agencies have received over 2,200 complaints from affected exchange users.