Report Cites Escalating Crypto Use by Pro-ISIS Groups

Maxst launches extended reality-based metaverse platformSouth Korean augmented reality (AR) technology firm Maxst has officially launched its spatial AR platform dubbed “Maxverse” on Tuesday (local time). This comes after a series of various field tests and improvements since the platform’s beta launch last year.“Maxverse is a new platform that enables the construction of reality-based metaverses along with extended reality (XR) content creation and distribution,” explained Kang Min-soo, who leads the development of the platform. “We are currently working with several local governments and businesses to develop services that use our platform, and we expect Maxverse to play a significant role in hastening the impending metaverse era.”Photo by julien Tromeur on UnsplashMetaverse as captured on cameraMaxverse, unlike traditional virtual reality-based metaverses, allows users to create metaverse experiences based on the real world as captured on camera. It is equipped with an array of tools including Space SDK, an XR software development kit (SDK) that allows seamless implementation of spatial maps to virtual reality applications; Space+ Maker, where users can author their own XR content; and Space+ Viewer, where they can share their original content on apps and websites to be experienced through AR and VR.The platform leverages three-dimensional reconstruction technology to create spatial maps and a visual positioning system (VPS) to recognize a user’s location. Maxst highlighted that these would become a vital feature in connecting the metaverse and the real world in the future.Maxverse also comes with a Passport social login feature — a Web3 service that allows users to sign in to various services with their Passport account. It makes use of the OAuth 2.0 authorization framework and the OpenID Connect protocol to simplify the complex authentication and authorization processes, granting developers access to Maxverse’s resources.Anticipation for real-world use casesMaxverse’s purpose is to ultimately let anyone easily create and participate in metaverse spaces. Users can generate their own unique services by locating self-created content assets like images, videos and audio on XR metaverse spaces that closely resemble the real world. Maxst expressed hopes for the platform’s potential to be extensively utilized across a diverse range of industries such as e-commerce, real estate, education and tourism.

Huobi Expands Crypto Trading Services in Hong KongHuobi, the Seychelles-headquartered prominent cryptocurrency exchange, is making strides in Hong Kong as its local subsidiary, Huobi HK, now offers crypto trading services to clients in the region.Following its expressed intention to apply for a virtual asset exchange license from the Hong Kong Securities and Futures Commission (SFC), Huobi HK has commenced providing crypto spot trading and virtual asset custody in Hong Kong. In order to comply with regulatory and anti-money laundering (AML) requirements, the exchange will collaborate with independent auditors, as announced by Huobi HK on Twitter.Photo by Shubham Dhage on UnsplashCrypto business licensingThis move aligns with the broader trend of crypto firms shifting their focus toward the East, where regulatory environments are becoming increasingly accommodative. A spokesperson for Huobi stated in a prepared statement: “Regulation of Web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale.”Hong Kong, a Special Administrative Region under Chinese governance, recently introduced a regulatory framework for crypto exchanges, which took effect on June 1. Under these new regulations, retail investors in Hong Kong will be able to trade cryptocurrencies on licensed platforms, removing previous restrictions that limited trading to investors with portfolios exceeding HK$8 million (approximately $1 million).The new regulations impose requirements on virtual asset trading platforms to implement “suitable” onboarding processes and disclosures. Additionally, tokens must meet “minimum criteria” to ensure that “retail investors should be less prone to market manipulation.”Crypto sector interestHong Kong’s inviting regulatory landscape has already piqued the interest of crypto firms. The Greater China division of WeWork, a coworking provider, reported receiving 40 to 50 applications and inquiries from crypto businesses seeking to establish a presence in Hong Kong in recent months.Justin Sun, Tron founder and Huobi global adviser, drew parallels between the developments in Hong Kong and Beijing in a tweet, stating, “It is indeed fascinating to witness the Beijing government’s recent focus on Web 3.0, particularly considering the imminent June 1st developments in Hong Kong.” Sun added that this represents “a significant step towards recognizing the transformative potential of decentralized systems and blockchain-based solutions.”Huobi is actively involved in the development of Hong Kong’s Web3 ecosystem. In addition to its cryptocurrency trading license application, the firm became a significant contributor to Hong Kong’s first Web3 ecosystem fund during this year’s Hong Kong Web3 Carnival.HK Virtual Assets ConsortiumIn a separate announcement, Huobi disclosed that it has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), an organization dedicated to providing credit ratings for crypto asset exchanges and trading products. HKVAC, a collaborative effort between crypto industry players, including exchanges, institutional investors, and Hong Kong-licensed rating agencies, aims to enhance the security risk management capabilities of the crypto industry and assist authorities in establishing Hong Kong as a regional hub for virtual assets and digital finance.As a founding member of HKVAC, Huobi will serve as a reference point for the organization, leveraging its expertise in security technology and its compliance-oriented, standardized processes.

Laos Halts Crypto Miners’ Electricity Amid Drought and DebtsLaos, a leading producer and exporter of hydroelectricity, has made the decision to suspend electricity supply to cryptocurrency mining operations within its borders.Photo by Ioana Farcas on UnsplashTackling a perfect stormThe decision comes as a result of a perfect storm of challenges, including a struggle to meet escalating power demands due to drought conditions, impending commitments to export electricity to Thailand, and the mounting debts of cryptocurrency mining companies.In a calculated move in 2021, Laos initiated a public-private pilot program aimed at delving into cryptocurrency mining and trading. The context for this move was China’s sweeping crackdown on mining activities, compelling miners to scout for alternative jurisdictions for their operations.In response, Laos granted authorization to a handful of entities, spanning construction conglomerates and a bank, to partake in the mining and trading of Bitcoin, Ethereum, and Litecoin. This led to a commitment to regulatory collaboration between government ministries, the Bank of Laos, and Electricité du Laos (EDL).Exploiting hydropowerLaos’ abundant and affordable electricity has placed it on the short list of locations for crypto miners to settle in. With an abundance of rivers and waterfalls, hydropower stands as one of the nation’s primary energy sources, offering a renewable source of cost-effective electricity.However, events in 2023 have disrupted that narrative. A persistent drought has hit the country during the first half of the year, which triggered an unprecedented surge in the demand for electricity from sources other than hydro.The dependence on hydropower, constituting 95% of the nation’s energy generation, struggled to keep pace with the demand. As a direct consequence, EDL, a state-owned electricity distributor, announced the cessation of electricity supply to crypto mining operations.The problem has compounded as Laos finds itself committed to exporting substantial quantities of electricity to the Electricity Generating Authority of Thailand (EGET), serving as a lifeline for Thailand’s power grid during the forthcoming dry season. This external commitment has, in turn, further strained the local capacity for electricity supply.Another Asian country, Bhutan, has also gotten involved with crypto mining in an effort to exploit its hydropower resources, where 99% of electricity supply comes from hydropower within the kingdom.Unpaid billsAnother dimension to the saga is the growing debt crisis faced by cryptocurrency mining operations. A representative of EDL cited the inability of these mining businesses to settle their accumulating electricity bills as a key factor in the decision for suspension. The Bank of Laos has further escalated matters by deciding to halt loans to cryptocurrency companies in January.Laos has had bold objectives to transform itself into Southeast Asia’s premier exporter of clean electricity. The nation’s topography, featuring mountainous terrain covering 70% of the country, has immense potential for hydropower, with over 26,000 megawatts of installed capacity and ambitious plans to double this figure.Hydroelectric dams like Nam Theun 2 have become conduits for substantial volumes of low-cost electricity, primarily directed towards neighboring Thailand and Vietnam. Meanwhile, projects like the Luang Prabang dam, boasting an installed capacity of 1,460 megawatts, underscore the country’s ambitions to develop hydropower further.Revenues from power exports have become a vital component in Laos’ gross domestic product (GDP), contributing almost 15%, as per a report from October 2022.