Crypto.com Halts Institutional Exchange Service in the US

KONKRIT NFT Platform Offers Exclusive Reservation Tickets for Hyundai Card’s Cultural FestivalModern Lion, an NFT marketplace operator in South Korea, recently announced that its NFT trading platform KONKRIT has the exclusive privilege of offering reservation tickets to the upcoming Davinci Motel festival. This cultural event is organized by Hyundai Card, the nation’s renowned credit card company.Distinguished artists and speakersScheduled from September 15 to 17 in Itaewon, Seoul, the Davinci Motel festival will feature performances by distinguished Korean artists. Among them are K-pop singer Lee Hyo-ri, crossover vocal ensemble LA POEM, violinist Park Soe-ye, and pianist Kim Hong-gi.Additionally, attendees will have the chance to engage with NFT artist Tom Sachs as he shares insights pertaining to his artworks. Meanwhile, former LPGA golfer Annika Sorenstam will give tips on hitting the sweet spot and former anchor and current TV personality Jeon Hyun-moo will offer intriguing perspectives on his life’s journey.NFTs as ticketsReservation tickets are available for purchase in the form of NFT on the KONKRIT app. The utilization of blockchain technology within this system serves to address persistent problems associated with concert ticketing, such as ticketing bots, unauthorized resales, and illicit secondary markets.Modern Lion allows customers to use a credit card to buy NFT tickets, reducing purchase barriers and facilitating easier access to the show.Lee Ji-hun, Managing Director at Modern Lion, noted that the company has leveraged blockchain technology to tackle ticketing issues and ensure a seamless experience for customers throughout the entire journey of the event, from ticket purchasing to performance enjoyment. Lee underscored Modern Lion’s dedication to enhancing user satisfaction by integrating Web3 technology into the KONKRIT app.

HKX management has advised Hong Kong resident users of the platform to withdraw assets following the company’s decision to halt operations in Hong Kong.  The company publicized its decision on July 18, making the following statement on its website: “We would like to inform you that our management team has, after careful consideration, decided to withdraw our application for the Type 1 and Type 7 licenses under the Securities and Futures Ordinance (Cap. 571) and the virtual asset service provider license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).”Photo by Zhe ZHANG on UnsplashCompliance strugglesHKX’s exit from Hong Kong is the latest in a series of crypto exchange withdrawals from the Chinese autonomous territory. Other exchanges such as OKX, KuCoin, Gate.io and Binance had all bowed out back in May.  HKX initially applied for a Hong Kong license in February. However, like many others, the exchange failed to comply with Hong Kong’s regulatory requirements. While Hong Kong has been making a concerted effort to establish a regulatory framework and licensing system in order to create the conditions for it to become a crypto hub, it has also been grappling with making regulations strict enough to stamp out fraud in the wake of the JPEX exchange scandal. With that, it appears that many exchanges are finding the regulatory requirements difficult to live with. Originally, 24 exchanges had applied for a virtual asset trading platform (VATP) license. As it stands today, 12 of those original applicants have dropped out, with one more having its application returned with no clarity emerging as to the reason why. HKX has suspended new user registrations. The company’s management has not suggested that they will reapply for a license and reboot the service at a later stage. The company had flagged its intentions back in May, suspending trading and deposit services on May 29. OKX announced on May 24 that it was withdrawing from the Hong Kong market, citing a review of its business strategy. Around the same timeframe, Gate.io withdrew from the market in Hong Kong having failed to achieve compliance in accordance with the new licensing requirements.  Notwithstanding that outcome, the firm suggested that it planned to revamp its platform in line with the Chinese autonomous territory’s licensing requirements, and return to the market once that had been achieved. In a notice posted to its website on May 22, it stated: “Gate.HK is actively working on the aforementioned overhaul. We plan to resume our business in Hong Kong in the future and contribute to the virtual asset ecosystem after obtaining the relevant licenses.” That overhaul has yet to be completed as right now, the platform only allows the withdrawal of funds by its previous Hong Kong-based customers. Back in May 2023, Eddie Yue, the CEO of the Hong Kong Monetary Authority, suggested that there would be no light touch regulation in Hong Kong. HashKey Exchange, alongside OSL, was the first business to secure licensing under the new framework. In April, HasKey CEO Livio Weng told the Financial Times that these regulations block access to overseas investors while the local market in Hong Kong isn’t very big. It emerged in recent weeks that Hong Kong regulators are reviewing whether crypto regulation is “excessively stringent.” 

NEOPIN works with Japan’s Jasmy to develop RWA-based DeFi productsSingapore-headquartered centralized decentralized finance (CeDeFi) protocol NEOPIN has formed a strategic partnership with Jasmy, a Japanese developer specializing in blockchain-based Internet of Things (IoT) platforms. This collaboration represents a step in their joint effort to expand into the global blockchain market, with a particular emphasis on data assetization.Founded in 2016, Jasmy has a management team in which most have a background with tech conglomerate Sony. In contrast to the dominance of tech giants like Google, Apple, Meta and Amazon over data, Jasmy concentrates on achieving data democratization. This concept empowers individuals to have control over their own data. The growing Japanese firm is convinced that the integration of IoT and blockchain technology is the key to realizing this vision of data democracy.Notably, Jasmy has its native token called JasmyCoin. As a regulated virtual asset in Japan, it is listed on centralized exchanges like Binance, Coinbase, Kraken and KuCoin.Photo by Shubham Dhage on UnsplashReal-world assets and security tokensThrough this partnership, the two will explore joint business ventures involving real-world assets (RWAs) and security tokens. They plan to utilize their combined business networks to expand their ecosystems beyond Korea, Japan and the Middle East. NEOPIN will introduce DeFi products using its native token, NPT, and JasmyCoin. Additionally, NEOPIN will become a validator on Jasmy’s mainnet to support its growth.Their collaboration is poised to boost NEOPIN’s advancement into the Japanese market. NEOPIN has been actively pursuing expansion into Japan since its announcement in August. With the Japanese government advocating for Web3 initiatives, a rise in the creation of tokens from local projects is anticipated, leading to a growing demand for DeFi and wallet services.NEOPIN’s partnerships in JapanAs Japan’s digital asset landscape evolves, NEOPIN is actively working to increase its market share in the country. This effort includes a variety of strategies such as focusing on gaming, developing their mainnet, engaging in local marketing activities and launching DeFi products. NEOPIN has also previously announced partnerships with other entities in the Web3 space, including SBINFT, Lena Network and Rokubunnoni, as part of its broader strategy to strengthen its presence in the Japanese market.NEOPIN’s CEO, Ethan Kim, highlighted the company’s goal to lead in the global RWA market. In partnership with Jasmy, they aim to develop and showcase DeFi products related to RWAs and security tokens. NEOPIN is also committed to strengthening its position in Japan by providing Japanese language support this year and actively forming alliances with promising Japanese blockchain enterprises.Hiroshi Harada, CFO of Jasmy, acknowledged NEOPIN’s proven expertise in the Korean market and expressed enthusiasm about the collaboration between the two companies in the blockchain sector. Harada said that their joint efforts will focus on building networks, developing use cases and expanding the market.