Regulator lifts investment cap for real estate-backed tokens in Thailand

State-Owned Newspaper to Launch NFT Platform in ChinaChinese government-owned media outlet China Daily, under the guidance of the Publicity Department of the Chinese Communist Party, has allocated a substantial budget of 2.813 million yuan (equivalent to $390,000) for the development of an NFT platform.Photo by Hanson Lu on UnsplashInviting bids from home and abroadThe move will open the door to both domestic and international blockchain technology firms, inviting them to spearhead the creation of the platform. According to a public tendering announcement published last month, the chosen firm must operate on a blockchain mainnet capable of handling over 10,000 transactions per second, ensuring top-notch performance and reliability.One of the platform’s key features will be its user-friendly interface, allowing users to effortlessly upload, display, and manage their digital collections. It will support a wide range of multimedia formats and diverse collection types, making it a versatile hub for creative expression. Additionally, the platform will offer advanced functionalities like pricing, bidding, limited-time offers, and multi-currency settlement to ensure a comprehensive and satisfying user experience.Extending the reach of Chinese cultureThe core objective of the China Daily NFT Platform is to amplify the global influence of Chinese culture by seamlessly blending technology and culture in the metaverse. This ambitious strategy integrates cutting-edge technologies such as virtual reality (VR), augmented reality (AR), mixed reality, blockchain, non-fungible tokens (NFTs), big data, and cloud computing.In an effort to expand the global reach of their digital collections, China Daily intends to collaborate with both domestic and international mainstream NFT platforms. This ambitious plan includes partnerships with well-known foreign platforms such as OpenSea, Rarible, SuperRare, and Foundation. Despite the rigorous regulatory landscape and scrutiny that blockchain entities face in China, this approach aims to make Chinese digital collections more accessible to a global audience.The urgency and importance attached to this project are evident in the tight timeline set by China Daily. The chosen contractor must submit their application by October 17 and complete the development of the platform within three months, highlighting the publication’s commitment to this venture.NFT platform development despite crypto banHowever, it’s important to acknowledge that this initiative unfolds within the backdrop of stringent cryptocurrency regulations in China. Since 2021, although NFTs have not been banned, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities operating within China face intense regulatory oversight.In May the Supreme People’s Procuratorate of China issued a warning relative to NFTs on the basis that they have crypto-like properties. However, the agency also acknowledged that NFTs do present a novel application of blockchain technology.Recent events, including the detention of former China Evergrande executives Xia Haijun and Pan Darong for alleged involvement in fraudulent activities, underscore the strict regulatory environment prevailing in China.Within the Chinese autonomous territory of Hong Kong, the South China Morning Post (SCMP) spun out Artifact Labs, an NFT company, following an initial decision in 2021 to launch an NFT standard called artifact.China Daily’s foray into the NFT space demonstrates that some facets of blockchain innovation are being leveraged within China, in this instance with a view towards cultural promotion and global engagement.

LINE NEXT and Sega Join Hands to Develop Web3 Games with NFTsLINE NEXT, the NFT business arm of Tokyo-based messaging app developer Line Corporation, has announced the signing of a memorandum of understanding (MOU) with Japanese game company Sega. This partnership will see LINE NEXT acquiring intellectual property (IP) licenses of Sega’s video game franchises for the purpose of jointly developing Web3 games.Renowned for its iconic Sonic the Hedgehog franchise, Sega boasts studios in Japan and abroad. The Japanese game publisher produces games of various genres on different platforms, including arcade machines, desktop computers, and mobile phones. Sega has gained recognition for creating generational games for international users through innovative ideas and outstanding game development skills.Photo by Shubham’s Web3 on UnsplashWeb3 game popularizationThrough this collaboration, LINE NEXT will introduce Sega-licensed games on its NFT-based gaming platform, GAME DOSI, with the aim of popularizing Web3 games. GAME DOSI will provide functionalities such as NFT creation, easy payment, and marketing. While the specific lineup of games and their details will be revealed at a later date, LINE NEXT CEO Ko Young-su expressed his belief that this MOU with Sega will bring new elements of joy to global gamers, emphasizing that the NFT company is dedicated to delivering readily enjoyable Web3 content not only to Sega fans but to everyone through GAME DOSI.Launched in May, GAME DOSI focuses on user-oriented games with the slogan “Gamer First, Web3 Next.” The platform has recently unveiled several new games, including Sweet Monster Guardians (a village defense game); Vestria the Last Order, also known as V.L.O, (a roguelite role-playing game); and KEROZ (a hack and slash game). Additionally, GAME DOSI is actively involved in Project GD, an initiative aimed at developing a diverse range of games based on its own intellectual properties.LINE NEXT’s NFT endeavorsIn its efforts to attract NFT enthusiasts, LINE NEXT has undertaken various projects. Last month, it introduced DOSI Land, a program that rewards users with the FINSCHIA token (FNSA). FNSA is currently listed on crypto exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto market data website CoinMarketCap.Sega’s blockchain hesitancyMeanwhile, it was reported earlier that Sega has been rethinking its involvement in blockchain gaming. Shuji Utsumi, the Co-Chief Operating Officer of Sega, recently stated in an interview with Bloomberg that the company intends to protect the value of its content by withholding from participating in third-party blockchain gaming projects. Utsumi expressed his belief in the importance of the fun element in games, while he described “play-to-earn” (P2E) blockchain games as “boring.” P2E games refer to those that enable players to earn tokens as rewards for completing specific tasks or winning battles against other players.

In a statement published to Vietnam.vn on Oct. 23, a website run by the Office of Foreign Information Service under Vietnam’s Ministry of Information and Communications, Vietnam revealed its official National Blockchain Strategy. Key objectives In announcing its National Blockchain Strategy, the Vietnamese government articulated several key objectives that it feels will lead to Vietnam eventually taking a leadership role in blockchain development within the region.  These key objectives include an emphasis on research relative to the further roll-out of blockchain innovation. The Vietnamese authorities intend to promote blockchain research, innovation and international cooperation. Another specific action area has been identified as perfecting the legal environment with respect to blockchain development.  The development of infrastructure has been cited as a key objective, with the Ministry proposing that this should incorporate the formation of a blockchain industrial ecosystem. Additionally, the statement highlighted the need to focus on developing human resources in respect of blockchain, while also pointing to an overall need to promote blockchain development generally and the application of the technology. A number of branches of the Vietnamese government have been tasked with achieving these key objectives, including the Government Cipher Committee, the Ministry of Education and Training, the Ministry of Science and Technology, as well as the Ministry of Information and Communications.Photo by Hugo Heimendinger on PexelsPositive reaction The plan has been broadly welcomed by Vietnam-based crypto stakeholders. Jenny Nguyen, Chief Operating Officer (COO) of Ho Chi Minh City-based crypto venture fund Kyros Ventures, suggested the development was bullish. She wrote: “This is the most bullish policy on blockchain from the Vietnam Government in history, which not only acknowledges the importance of blockchain, but also defines clear expectations for the development of this technology sector in the years to come.“ Nguyen also pointed out that regulations on digital assets are currently being discussed within Vietnam’s National Assembly, with legislators working towards a 2025 completion date. On the basis of these two developments, she believes that “the future for blockchain and crypto in Vietnam is looking brighter and brighter day by day.” KardiaChain, a hybrid blockchain infrastructure provider to governments in Vietnam and other Southeast Asian countries, outlined on social media that it had been a key contributor in shaping the strategy. The project believes that the strategy “will enable us as builders more opportunities to impact the country's blockchain development, and further accomplish our mission of mass adoption that we set out on day one.” Laura Nguyen, head of Vietnam at Ava Labs, said that the strategy was forward-thinking and that consequently Vietnam is “primed to become a blockchain powerhouse, pushing the boundaries of technological innovation and fostering global collaboration.” As part of the strategy, the Vietnamese government plans to bring about the development of 20 blockchain brands for platforms, products and services. Additionally, the strategy aims to put in place three testing centers located in major Vietnamese urban centers as part of an effort to create a national blockchain network.