Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody Solution

HKMA Issues Warning Against Crypto Firm MisrepresentationThe Hong Kong Monetary Authority (HKMA), the central bank for the Chinese autonomous territory, has taken a stand against cryptocurrency businesses that falsely present themselves as “banks” and market their products as “deposits,” issuing a public advisory to raise awareness about the issue.Photo by Marcel Eberle on UnsplashBanking ordinance violationsIn a press release published to its website on Friday, the HKMA said that instances had arisen where crypto firms had labeled themselves as “crypto banks,” “crypto asset banks,” and “digital trading banks.” The regulatory authority underscored that such misrepresentations could be in violation of the Banking Ordinance in Hong Kong.In addition to adopting misleading bank-related titles, these crypto firms have been advertising “savings plans” as “low risk” with “high return,” potentially misleading the public into believing that these entities are authorized banks in Hong Kong, where they can securely deposit their funds.The HKMA stressed that only entities such as licensed banks, restricted license banks, and deposit-taking companies, collectively referred to as “authorized institutions” and holding a license granted by the HKMA, are legally permitted to engage in banking or deposit-taking activities in Hong Kong.Furthermore, funds held on crypto exchanges are not covered by Hong Kong’s Deposit Protection Scheme. “Under the Banking Ordinance, only licensed banks, restricted license banks and deposit-taking companies, which have been granted a license by the HKMA can carry out banking or deposit-taking business in Hong Kong,” the HKMA stated.Misuse of banking termsAny entity using the term “bank” in its business name or implying that it offers banking services in Hong Kong is committing an offense, according to the central bank. The same rule applies to any entity engaging in deposit-taking activities in Hong Kong or soliciting the public to make deposits.It’s important to note that crypto firms not officially recognized as banks in Hong Kong are not subject to the oversight of the HKMA.The HKMA advised the public to exercise caution. In cases of uncertainty regarding an entity claiming to be a bank or soliciting deposits in Hong Kong, individuals are encouraged to consult the register of authorized institutions on the HKMA’s website, and if doubts persist, it suggests that they should contact the authority via its Public Enquiry Service hotline.According to section 97 of the Banking Ordinance, only a bank or a central bank can use the term “bank” or its derivatives in its business name in Hong Kong without the written consent of the HKMA.Additionally, sections 11 and 12 of the Banking Ordinance stipulate that only entities possessing a valid banking license or recognized as authorized institutions are permitted to engage in banking or deposit-taking activities in Hong Kong. As per section 92 of the Banking Ordinance, only an authorized institution is authorized to issue advertisements inviting the public to make deposits, with certain exceptions.The HKMA’s advisory serves as a stern reminder to the crypto industry that regulatory compliance and transparency are essential, particularly when using terms associated with traditional banking, to protect the interests of the public.

Coinone to Launch New Ethereum Reward ServiceSouth Korean crypto exchange Coinone is set to launch a new product named “Ethereum (ETH) Daily” on Coinone Plus, a service that allows users to receive rewards by delegating their virtual asset holdings to the blockchain network.Photo by Shubham Dhage on UnsplashBenefits of Coinone PlusCoinone Plus is divided into three products — Staking, Daily, and ETH 2.0 Staking. Of these, the Daily product distributes daily rewards to individual users who hold a certain cryptocurrency and agree to participate in the service. Unlike the two staking products, it is characterized by the freedom to trade assets and deposit or withdraw them without any of the restrictions imposed by a given network.The upcoming ETH Daily, which will launch on October 4, rewards Coinone users who hold Ethereum and have completed identity verification. Upon agreeing to the relevant service terms and conditions, users will become eligible for snapshots starting the next day, and rewards will be distributed every day starting from the second day. Existing Daily service participants who hold Ethereum will automatically be counted as participants without any additional steps required.Unlocking differentiated investment opportunities“By utilizing Ethereum, which is one of the most popular cryptocurrencies alongside Bitcoin, we decided to launch the ETH Daily product as a means to provide more diverse investment experiences,” explained Coinone CEO Cha Myeong-hoon. “Just by simply holding Ethereum, users can accumulate daily rewards and take part in investments that allow participation in the blockchain ecosystem. We hope our users will take advantage of this opportunity.”

Lotte Group’s Bellygom NFT Project Garners Global Fanbase of Over 300KDaehong Communications and Lotte Homeshopping shared yesterday that their NFT project has now garnered a global fanbase exceeding 300,000 members. The two companies are subsidiaries of South Korean industrial conglomerate Lotte Group.Photo by Khinaii van Laren on UnsplashPartnership initiatives as global expansionTheir NFT initiative, operated by the group’s marketing arm Daehong, is based on Bellygom, the pink bear character representing Lotte Homeshopping. As part of its global strategy, the Bellygom NFT project has formed partnerships with various international projects and has been actively involved in communication efforts. Notably, Bellygom’s X (formerly Twitter) account, created earlier this year, has attracted 100,000 followers within a span of five months.At the end of last month, Daehong successfully completed the minting of Bellyland, the second NFT collection of the Bellygom project. The minting event was accompanied by Jelly Adventure, a universe where users can participate in a wide range of missions and games to earn “Bubble Gums.” Notably, Jelly Adventure is not only accessible to Bellyland NFT holders but also to those of other projects such as YogaPetz and Mocaverse.It’s worth highlighting that the minting event achieved the sale of over 5,000 NFTs, even during a period of reduced activity in the NFT market. Despite the declining minting prices and quantities, it managed to raise over 750,000 MATIC.Joining of new international usersAdditionally, the minting event attracted new international users to the Bellygom project, underlining its sustainability. The successful debut of Bellyland NFTs has significantly contributed to the project’s global expansion and presence.Furthermore, Daehong is pursuing a range of initiatives aimed at cultivating a fan-centric ecosystem with the ultimate objective of driving broader adoption of Web3 technologies. With the belief that the fanbase provides a strong foothold for the brand’s growth, the marketing firm plays a crucial role in facilitating the introduction of the Bellygom brand to the Web3 space. To this end, Daehong is constructing a universe with a story that embodies the brand’s identity while seamlessly integrating it with conventional marketing strategies.