AIITONE Partners with UAE’s Royal Office to Boost Fintech Industry in Asia

Animoca Brands Partners With Yuga Labs on ‘Wreck League’ LaunchHong Kong’s Animoca Brands and its San Francisco-based subsidiary nWay, a developer and publisher of multiplayer games, have partnered with Yuga Labs, unveiling their latest creation: “Wreck League.”Photo by Haidan on UnsplashLeveraging Web3Diving into uncharted waters in the realm of esports, this game leverages Web3 technology to empower players with the ability to construct, possess, and engage in battles with their very own distinctive Mech fighters.“Wreck League” challenges the traditional boundaries of gaming by permitting enthusiasts to craft their fighters, engage in fierce competitions, and secure on-chain rewards. Set to debut its maiden season, the game will draw inspiration from the Web3 stalwart, Yuga Labs.The game boasts a dual-pronged design, encompassing both Web2 and Web3 versions. In a savvy maneuver to capture a wide-ranging audience, nWay has devised a marketing strategy that seamlessly integrates effective user acquisition techniques from their previous ventures while circumventing complex blockchain terminology.Clarifying the ingenious concept behind the game, Taehoon Kim, the CEO of nWay, explained: “Wreck League stands as a fusion of Web3 and Web2 concepts. Our mission revolves around unifying communities and players, tapping into the creative wellspring of the Web3 community to consistently elevate the game’s content.”Designed for player retentionWithin the player community, creators, owners, and participants converge to partake in league events. The crux of the game revolves around the assembly of high-performance Mechs, crafted from a collection of 10 distinct Mech Parts NFTs.Player retention is a cornerstone of its design, driven by an engaging trajectory of in-game progression through upgradable mech parts, enhancing gameplay dynamics, and embedding the notion of asset ownership. The more players invest in refining their assets and advancing through levels, the stronger their bond with the game becomes. Active participation in events and tournaments further reinforces player allegiance.Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands, is optimistic regarding the transformative potential of “Wreck League” within the esports sector. Siu envisions the game, where digital asset ownership is the norm, as a harbinger of a monumental shift in competitive gaming dynamics.Expanding market reachFor Yuga’s part, the NFT and metaverse company is using gaming, through this particular partnership, as a mechanism to broaden the reach of its well-established NFT brand. That said, it has also made its own individual efforts in that regard recently. The Web3 studio, best known for having created the Bored Ape Yacht Club (BAYC) NFT collection, has released two games, Dookey Dash and Forge, independently.nWay and Animoca Brands get to benefit from access to Yuga’s well-known NFT collections through the partnership. The companies confirmed that as part of the gaming experience, gamers will be able to collect and take ownership of in-game digital assets in the form of NFTs.Animoca acquired nWay in December 2019 for $7.69 million. The games developer and publisher creates and distributes triple A games on console, PC, and mobile platforms. At the time of the acquisition Animoca Brands outlined that it foresaw nWay innovating in the area of blockchain-based games, with the intention of both companies working together relative to that endeavor.

Shinhan Bank to Issue NFTs at 2023 Global Blockchain Incheon ConferenceShinhan Bank is set to participate in the 2023 Global Blockchain Incheon Conference (GBIC) from October 30 to 31 at Incheon Songdo Convensia, where it plans to operate a promotional booth to present its blockchain initiatives and issue commemorative non-fungible tokens (NFTs).Photo by CHUTTERSNAP on UnsplashUnveiling the prospects of next-generation technologiesGBIC is an international conference hosted by the city of Incheon and organized by Incheon Technopark. It will focus on exploring the present and future landscape of blockchain and Web3 technology while providing a platform for networking among experts from around the world. The event aims to stimulate the business ecosystem within the field and promote cultural exchange.Exclusive perksTo mark the occasion, Shinhan Bank and the city of Incheon are working together to issue NFTs for visitors, which include records of information like confirmation of event entry and participation, coupon usage, and more. The NFTs will also be given away to the first 1,000 customers who arrive at the event site, offering three benefits — free coffee vouchers as well as entry passes to artificial and virtual reality experiences and other on-site events. Recipients will also have the option to hand over the functions and benefits of the NFTs to others.Those who wish to attend GBIC can pre-register on the official conference website.

The Philippines Forging Crypto Reg. Path US Could Learn FromThe Philippines has demonstrated best practice in operating a sensible regulatory framework relative to cryptocurrency while the United States has erred by engaging in regulation via enforcement while responding after the horse has bolted in relation to a string of crypto company collapses. That’s according to Robert De Guzman, Head of Legal Compliance at Philippines-based cryptocurrency exchange Coins.ph.©Unsplash/C BuezaIn an opinion piece published in Forkcast News on Tuesday, De Guzman lays out his view as to what’s required in terms of regulation, while drawing comparisons between the application of regulation relative to crypto in both jurisdictions.The need for “sensible” regulationDe Guzman believes that the crypto industry’s recent failures are a wake-up call for the whole sector. Losses of billions of dollars affected Celsius Network, BlockFi, Voyager Digital, Genesis, and FTX, and led to Silvergate, Silicon Valley Bank (SVB), and Signature banks’ collapse in a week. To maintain consumers’ trust, he believes that sensible regulation is necessary for the crypto exchanges dealing with digital assets.The legal compliance expert cites the FTX collapse. FTX’s Sam Bankman-Fried’s empire was among the largest collapses. FTX pretended to support regulation, but its true nature was an offshore exchange for global clients. Nonetheless, some businesses act on their regulation support by acquiring licenses and complying with central bank audits in the countries of operation.State-level and industry-level regulationThe crypto industry being open to self regulation is one element of the solution, he says. Regulators must proactively protect their consumers from scams and business failures, not just clean up the mess after millions of people have been harmed.Regulatory failuresDe Guzman points the finger at reactionary regulatory action. Regulators filed charges against crypto industry founders after their collapse. Previously, they missed the problems of the largest companies. FTX, based in the Bahamas, was mismanaged, and American regulators only responded after customer issues. Regulations by enforcement, preferred in several countries, wait for failure to happen before taking action. Over-regulation through enforcement pushes platforms offshore, where Wild West-type environments thrive, with clear consequences.Regulators in some countries focus on surface-level questions, like which tokens should be considered securities, while others, like in the Philippines, prioritize execution-level details to protect consumers. Anti-money laundering measures and custody are core issues, with the G-7’s Financial Action Task Force’s Travel Rule likely to be more strictly applied. Active regulation and audits are needed to ensure financial platforms act responsibly with customer deposits. Basic rules need to be put in place through a licensing regime, followed by regulation of market practices like commingling of assets, self-dealing, and trading against customers.The Philippines sensible approach to regulationThe Coins.ph legal guru holds out his home country as exemplary in terms of its approach to regulation. The Philippines’ regulatory regime requires a virtual asset service provider (VASP) license to operate a crypto exchange, as well as additional licenses for other services. The country’s central bank, BSP, directly regulates all crypto exchanges and expands its crypto regulations to adapt to market needs. KYC processes in the Philippines require recognition of valid ID documents from across 82 provinces.Additionally, the BSP expects the industry to cooperate in quarterly audits where they share balance sheet information and disclose digital assets in hot and cold wallets. Regulators in the Philippines are proactive and knowledgeable about the crypto space, which sets a sensible framework based on customer protection.