Gnosis Plans Crypto Visa Card Launch for Singapore and Hong Kong

Taiwan to review crypto ETFs amid developments overseasThe Financial Supervisory Commission (FSC) in Taiwan has disclosed its close examination of foreign cryptocurrency futures products and exchange-traded funds (ETFs), signaling a potential shift in its regulatory approach.According to a report in Chinese-language financial newspaper, Taiwan’s Commercial Times, the FSC aims to gradually ease restrictions, aligning its stance with global market conditions.Photo by bordercollie 1712 on UnsplashResponding to crypto ETF activity internationallyThe Taiwanese regulator is carrying out this exploration against the backdrop of significant global developments. The possibility of the Federal Reserve cutting interest rates and the upcoming review by the U.S. Securities and Exchange Commission (SEC) of the spot bitcoin ETF in January next year are key factors influencing the FSC’s considerations.The anticipation surrounding the Bitcoin halving in April, combined with speculation that a spot bitcoin ETF approval is imminent in the U.S., have contributed to a 145% surge this year in Bitcoin’s unit price, adding momentum to that regulatory contemplation in Taiwan. There has been speculation that BlackRock, the world’s largest fund manager, is already preparing for the approval of its iShares Bitcoin Trust ETF.Recognizing the potential impact of a Bitcoin index stock fund, contingent on SEC approval and subsequent public investment permission, the FSC is closely monitoring global trends.Closer to home, it emerged last month that Hong Kong’s Securities and Futures Commission (SFC) is actively exploring the possibility of permitting retail participation in a spot crypto ETF. Domestic investment banks in Taiwan, attuned to these developments, have expressed longstanding interest in introducing similar crypto products.The FSC draws parallels with global counterparts, citing the proliferation of cryptocurrency futures products and ETFs in various markets.Cautious regulatory reviewAdopting a phased approach, the FSC emphasizes self-discipline and standards in relaxing regulations around crypto ETFs. This cautious strategy aligns with Taiwan’s historical prudence, previously observed in the delayed approval of cryptocurrency ETFs and blockchain ETFs due to concerns over volatility and speculative nature.As Taiwan contemplates a significant move into the cryptocurrency ETF domain, industry players remain cautiously optimistic. While some had considered private placements for overseas cryptocurrency ETFs, challenges such as tightened regulatory supervision and concerns over errors and price lags prompted a reevaluation.Earlier this month, ETF issuer ProShares launched its short Ether-linked ETF product on the New York Stock Exchange’s Arca, using the ticker symbol SETH. Spot bitcoin ETFs have been launched in Canada, Germany, Australia and Brazil. The products have also been made available via tax havens such as the Cayman Islands, Jersey, Liechtenstein and Guernsey.The regulator in Taiwan hints at a potential strategy involving “cryptocurrency concept ETFs.” These funds could invest in cryptocurrency-related software and hardware vendors, offering investors exposure to the industry without direct linkage to cryptocurrency price fluctuations.

Startale Labs, the driving force behind initiatives such as the Astar Network smart contract hub and Startale Web3 Cloud, has secured a financial injection of $3.5 million. This backing, announced by Startale through a recent blog post, comes through a collaboration between UOB Venture Management, a subsidiary of the Singaporean financial giant UOB, and Samsung Next, the corporate venture capital arm of Samsung. UOB Venture Management is renowned for its equity financing in Southeast Asia and Greater China, bringing deep regional market insights to the table. Meanwhile, Samsung Next Ventures, an integral part of Samsung's innovation ecosystem, is dedicated to exploring cutting-edge technologies, including AI, fintech and blockchain, with a vision to shape the future of technology.Photo by Louie Martinez on UnsplashFunding talent acquisitionThe freshly acquired funds are earmarked for pivotal purposes, primarily focusing on bolstering talent acquisition and driving forward the development of Startale Labs' diverse product portfolio. Taking to the X social media platform, Astar Foundation Chief Operating Officer (COO) Shun Ishikawa confirmed that in light of the recent funding, Startale is hiring and it welcomes applicants to get in touch, particularly engineers. Moreover, alongside the $3.5 million capital injection, Startale also drew attention to a strategic alliance with Sony Network Communications to embark on a blockchain venture. With these combined resources, Startale aims to accelerate its development trajectory. Paul Ng, Executive Director of UOB Venture Management, emphasized the importance of real-world use cases in onboarding new users to Web3 technologies. Ng stated: "We are excited to support Startale, who have demonstrated expertise and experience in building successful Web3 products, in their mission to bring billions of users into the Web3 ecosystem.” Having made significant strides since its establishment in January 2023, Startale Labs has garnered support from these leading Asian enterprises within a remarkably short span. Sota Watanabe, CEO of Startale Labs, outlined the company's vision for the future, stating: "With the funds raised, we aim to invest in product development and recruitment to create a truly representative Web3 company of Asia and beyond." Through his X account, Watanabe expressed the intention that “we’re going to prove that Japanese startups can be successful in the world.”Sony joint ventureAn initial investment of $3.5 million by Sony in June of last year was followed in September by a collaboration between Sony Network Communications and Startale Labs, giving rise to the joint venture "Sony Network Communications Labs Pte. Ltd." This venture is dedicated to developing a blockchain infrastructure aimed at underpinning global Web3 initiatives. The objective is to harness blockchain advancements to create compelling use cases that foster wider adoption of Web3 technology. Sony Network Communications Labs is structured such that Sony Network Communications holds a 90% stake in the venture, with Startale Labs contributing the remaining 10%. Startale Labs' recent funding infusion, coupled with strategic partnerships with industry giants, appears to be putting the blockchain startup firmly on the road towards driving innovation and playing its part in shaping the future of Web3 technology. 

LG Goes Further Down the Web3 Rabbit Hole with NFT PatentSouth Korean consumer electronics behemoth LG has delved deeper into the Web3 world, this time with a patent filing that would make NFTs more available to TV viewers.Enabling NFTs for the mass marketAccording to the filing, which was made with the World Intellectual Property Organization (WIPO), the electronics giant is seeking to acquire intellectual property protection on a capability to have a smart TV connect with an NFT market server.That ability would allow the user to then send, receive and display digital artwork. Furthermore, the consumer could complete purchases using an associated digital wallet, relative to NFT-based artwork that they would have the ability to browse through on their LG smart TV.While crypto and Web3 continue to garner a lot of attention, it can still seem sometimes that it exists in a bubble all of its own. Moves like this one from an organization as professional as LG are encouraging, as they demonstrate that LG believes that NFTs are going to be a part of the future, and most importantly, that they’re going to enable mass market participation and adoption.Blade WalletThis is not LG’s first venture into the world of NFTs. Last year, the corporation launched its very own NFT marketplace. Known as “LG Art Labs”, it enables users of US LG TVs that run the WebOS 5.0 operating system, to trade digital collectibles.Earlier this year, the firm launched the Blade Wallet, a third party audited, self-custody digital wallet which runs on the Hedera public ledger. That development has come out of a partnership that LG has developed with the Hedera Hashgraph platform much earlier in 2020. Just as with the Blade Wallet, the LG Art Labs NFT marketplace also runs on Hedera. To support these early stage products, LG itself has been a node operator on the Hedera network since 2020.This recent patent filing references an NFT marketplace and a digital wallet. As we’ve established, the corporation has already launched both of them already. All of that points to the electronics giant executing on a well thought through plan which will bring NFTs to the mass market.Broader interestLG isn’t going to have it all to itself. Samsung, yet another South Korean consumer electronics giant, has also dipped its toe in the water where NFTs are concerned. In January 2022, the company released an NFT marketplace on three of its TV models. That initiative was enabled due to its partnership with leading curated NFT marketplace, Nifty Gateway.Neither will the South Koreans have the consumer electronics-enabled NFT market all to themselves. Japanese consumer electronics conglomerate Sony filed a patent in March that will allow players of Sony products to access interactive Web3 gameplay. That application will be centered upon the use of NFTs also.Sony’s attempts to delve into the Web3 arena have been more recent. In February of this year, Sony Network Communications, its internet provider division, partnered with the project team behind the Astar blockchain in order to create an incubation program for companies who are working on NFT-based innovation and decentralized autonomous organizations (DAOs).Photo by Shubham Dhage on Unsplash