Finger Labs to leverage Web3 services for Dream Ladders’ college entrance briefing

In a recent blog post, Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury Bureau (FSTB), announced a stringent deadline for unlicensed virtual asset service providers (VASPs) to submit licensing applications, as well as outlining the intention to develop a regulatory framework for over-the-counter (OTC) venues.Photo by Manson Yim on UnsplashUnlicensed VASP deadlineThe Hong Kong government's financial services department has set Feb. 29 as the cutoff date for applications from VASPs that are currently unregistered and unregulated. Those not approved must cease operations by May 31. The move comes as the Securities and Futures Commission (SFC) established a licensing system for VASPs, acknowledging a transitional period for those operating before its implementation. Midway through last year, the SFC issued a stern warning to unlicensed crypto trading platforms engaging in what it termed as “improper practices.” Hui emphasized that VASPs wishing to continue operations in Hong Kong must submit their license applications by the end of this month. Failure to meet the relevant requirements outlined by the SFC could result in the issuance of a "no-deeming notice" for existing service providers. This notice mandates that they must halt operations either by May 31 or three months after receiving the notice. Service providers failing to submit their applications by the February deadline are also expected to cease operations by the end of May. As the deadline approaches, Hui highlighted that the SFC is actively preparing for enforcement work, including issuing notices to disapproved service providers and intensifying publicity efforts. Proposed regulatory framework for OTCsHighlighting the specific role OTC venues played in some fraud cases involving unlicensed VASPs in 2023, Hui announced that the SFC plans to launch a consultation on a proposed regulatory framework for OTC crypto venues. The consultation will encompass virtual-asset outlets, including shops and online platforms. Hui emphasized the necessity of regulating OTC venues to prevent investor deception and protect against fraudulent activities. This move aligns with Hong Kong's ongoing efforts to create a vibrant sector and ecosystem for virtual assets. The city implemented a licensing regime for crypto companies in June of the previous year, with companies requiring approval before June of the current year to continue operations. Cautioning investorsHui also took the opportunity to caution investors about the volatility and value of virtual assets. He stressed that many digital assets lack intrinsic value and exhibit price volatility, urging investors to thoroughly understand details and assess associated risks before engaging in related investments. Furthermore, Hui emphasized that only platforms officially licensed by the SFC should be used for virtual asset transactions. Additionally, Hong Kong is exploring a regulatory regime for stablecoin issuers, proposing that fiat-backed stablecoin issuers obtain a license from the Hong Kong Monetary Authority. As Hong Kong strengthens its regulatory framework, it aims to create a secure and compliant environment for the evolving landscape of virtual assets.  

Dubai Tempts AI and Web3 Enterprises With Subsidized Commercial LicensesDubai has demonstrated over the past twelve months that it has its sights set on becoming a regional hub for innovation, and we have further evidence of that strategy today with news that the city is now enticing artificial intelligence (AI) and Web3 businesses with an unprecedented offer — commercial licenses at a 90% subsidy.Photo by Aleksandar Pasaric on PexelsAI and Web 3.0 CampusThe focal point of this strategic move is the Dubai AI and Web 3.0 Campus, a burgeoning tech haven designed to foster innovation and collaboration. The campus recently unveiled its decision to heavily subsidize licenses for companies choosing to establish a foothold within the city, publishing details of the move on Monday via a press release. The issuance of these licenses falls under the auspices of the Dubai International Financial Centre (DIFC), underscoring the city’s determination to attract global talent and diverse investment opportunities.Mohammad Alblooshi, CEO of DIFC’s Innovation Hub, expressed confidence in the power of this initiative, stating:“We are confident that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation.”The Dubai AI and Web 3.0 Campus is geared up to cater to its prospective denizens, equipped with cutting-edge AI lab facilities, comprehensive training programs, essential hardware support, and accelerator initiatives.All enterprises setting their sights on seizing the opportunity presented by the 90% subsidized commercial licenses are required to follow an application process.Crypto trading licensingDubai’s tech evolution extends beyond AI and Web3 realms. The city has been proactive in granting operational licenses to cryptocurrency exchanges, marking yet another stride toward its tech-driven future.In a recent development, Nomura’s crypto arm, Laser Digital Middle East, secured an operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). This coveted license empowers Laser Digital to provide broker-dealer services and manage virtual asset investments within the emirate.The progressive regulatory approach taken in Dubai has led to crypto exchanges such as Bybit, choosing the city as the location for its headquarters. In June MENA-focused digital assets platform BitOasis became the first crypto company to be awarded a broker dealer license by the Dubai regulator.The regulatory approach taken in Dubai is proving to be progressive yet firm. The emirate hasn’t made the mistake of opting for ineffective light touch regulation that would attract the wrong type of crypto startup.That’s evidenced by the response of VARA to the establishment of the OPNX exchange within its jurisdiction. OPNX was founded by Su Zhu and Kyle Davies, the founders of failed Singapore-based crypto hedge fund, Three Arrows Capital (3AC). VARA issued the business’ founders with a reprimand earlier this year, for establishing a crypto-related platform in Dubai without having obtained a crypto trading license.Dubai’s willingness to embrace innovative technologies, coupled with its strategic initiatives and progressive regulation, is propelling it to the forefront of the global tech revolution. As it beckons AI and Web3 pioneers with enticing subsidized licenses and facilitates the growth of the cryptocurrency ecosystem, Dubai is carving a unique niche as a hub of technology and innovation and exploiting the potential growth opportunity that presents as a consequence.

Sony Network Invests $3.5M in Startale Labs to Drive Global Web3 AdoptionSony Network Communications, a prominent Japanese internet service provider, has made an investment of $3.5 million in Startale Labs, an innovative Web3 company based in Singapore. The primary objective of this collaboration is to establish an infrastructure that will promote the global adoption of Web3 technologies.Photo by Bastian Riccardi on UnsplashTelecom meets Web3Sony Network Communications, founded in 1995, offers high-speed fiber-optic broadband services and operates in various sectors of the telecommunications industry. The company is actively involved in advanced technology ventures such as the Internet of Things (IoT) and artificial intelligence (AI). Meanwhile, Startale Labs specializes in the Web3 domain, providing advisory services related to Web3, supporting the creation of layer 1 blockchains and applications, and collaborating with other entities to develop core Web3 functionalities.As part of this partnership, Jun Watanabe, the President and Representative Director of Sony Network Communications, will join Startale Labs as a director. He expressed his gratitude for the collaboration, emphasizing the deepening ties between Sony and Startale Labs. He highlighted the fruitful joint efforts already underway to advance Web3 technologies. Both companies share the objective of fostering an infrastructure that facilitates global Web3 adoption. Jun Watanabe said this initiative will lead to the emergence of revolutionary Web3 applications.Sota Watanabe, the CEO of Startale Labs, acknowledged Sony Group’s remarkable achievements across diverse industries such as gaming, entertainment, and financial services. He believes that Sony holds great potential in the Web3 sector, and Startale Labs is well-positioned to contribute its expertise and knowledge to this domain. With this partnership, Sota Watanabe envisions a collaborative effort that will not only foster the global Web3 infrastructure but also drive the creation of valuable and impactful Web3 applications.Sony’s Web3 expansionSony Group has been actively exploring opportunities in the Web3 field. Earlier this month, Sony Bank, another affiliate of Sony Group, partnered with Mitsui & Co. Digital Asset Management (MDM) to introduce MDM’s security token service, Alterna, to the Tokyo-based online bank’s customers. Through this collaboration, Sony Bank customers can invest in real-world assets, such as large-scale real estate properties, using security tokens provided by Alterna. This platform opens up investment avenues that were previously inaccessible to retail investors due to high capital requirements. Notably, the minimum investment requirement through Alterna is 100,000 yen.Government supportThere’s also been a positive move from the Japanese government for the Web3 and cryptocurrency industry. The Japanese National Tax Agency recently announced the revised corporate taxation rules pertaining to crypto assets. Under the new amendment, companies are exempt from taxes on unrealized gains from cryptocurrencies if the virtual assets were issued by the company and have been continuously held since issuance, or if they have remained subject to certain transfer restrictions since issuance.Startale Labs CEO Sota Watanabe welcomed this development on his Twitter account, stating that Web3 projects like Astar Network can now conduct business in Japan without moving their operations overseas. Meanwhile, he highlighted the importance of addressing the issue of corporate taxes on tokens issued by third parties in the future. He hoped for continuous engagement in constructive discussions with politicians and government agencies.