Renault Korea Establishes Metaverse Space for Car Enthusiasts

Korean regulator monitors non-listed token amidst peer-to-peer trading surgeThe South Korean financial regulator is closely monitoring BTCMobick, a non-listed token issued by crypto influencer Oh Tae-min, who is known for authoring books like “The Great Bitcoin” and “Bitcoin and the Geopolitics of the Dollar.” The Financial Services Commission (FSC) is cautioning local crypto exchanges regarding the potential for price manipulation should the token be listed.Photo by Daniel Bernard on UnsplashBTCMobick TokenThe BTCMobick token is reportedly being traded peer-to-peer at around KRW 300,000, which is approximately equivalent to $230, in chat rooms of messaging apps like KakaoTalk outside of cryptocurrency exchanges. The token has gained enough traction to spur the emergence of dedicated apps that facilitate these peer-to-peer trades, charging fees for their services. Based on the size of the chat rooms and apps involved, it is estimated that approximately 3,000 participants are trading the token, according to a report by local news website Etoday.As per another coverage by the same outlet, the Virtual Asset Inspection Division of the Financial Intelligence Unit (FIU), which operates under the FSC, has inquired with local crypto exchanges on two occasions — once in September and again this week — about whether they have listed or are planning to list the BTCMobick token. It’s rare for the financial authority to specifically target a particular token when making inquiries with crypto trading platforms.Potential price manipulationAn FIU official explained the rationale behind the agency’s inquiry into crypto exchanges. The official stated that the probe aimed to caution the exchanges about potential price manipulation of the BTCMobick token. The concern is that many crypto users might suffer losses if such a token, which has been experiencing a continual rise in price outside of trading platforms, were to be listed. Currently, legal penalties for cryptocurrency price manipulation fall under the Virtual Asset User Protection Act, which will not be enforced until July 2024. This indicates a regulatory gap in the immediate term.Hwang Suk-jin, a professor at Dongguk University’s Graduate School of International Affairs and Information Security, pointed out that while giving out privately generated tokens to friends or acquaintances doesn’t raise any legal issues, the situation changes once these tokens are listed for trading on exchanges and distributed more broadly in the market. In such scenarios, these tokens can become a source of legal disputes, he explained.Amidst these developments, there are circulating rumors suggesting that BTCMobick is on the verge of being listed on exchanges. An industry insider has mentioned that there are brokers actively spreading these rumors, indicating that the token might soon become publicly tradable.Oh Tae-min’s denial of rumorsMeanwhile, Oh Tae-min, the creator of BTCMobick who has been distributing his token for free, states that the token is part of an experiment intended to mimic the early stages of Bitcoin. However, critics are concerned that the personally issued token has no practical utility. Addressing the circulating rumors about the token’s potential listing on exchanges, Oh asserts that these rumors are baseless and false. He further warns that any brokers spreading such rumors are likely engaging in fraudulent activities.

Seychelles-incorporated crypto exchange platform Bitget recently released findings from a study on Bitcoin's upcoming halving, revealing that the vast majority of surveyed investors predict bitcoin will achieve a new all-time high (ATH) in 2024. Separately, other market commentators and analysts appear to be bullish on bitcoin ahead of the scheduled cut in Bitcoin mining rewards.Photo by Kanchanara on Unsplash84% anticipate new bitcoin ATHThe study, based on anonymized data from 9,748 participants worldwide, focused on investor perceptions surrounding the halving's impact on their investment decisions. 84% of participants anticipate a new ATH for bitcoin during the next bull run, with only East Europe showing a percentage lower than 80%. Over 50% predict bitcoin's price to be between $30,000 and $60,000 by the time the halving occurs in April. Meanwhile, 30% foresee the bitcoin unit price going higher than $60,000. Off the back of the data that has arisen via the study, Bitget managing director Gracy Chen suggested that it is indicative that 2024 will be a significant year for the bitcoin market. Crypto investment plansApproximately 70% express plans to increase their crypto investments, with the highest conviction in the Middle East and North Africa (MENA) and East Europe regions. Western European investors are characterized as "short-term cautious" and "long-term optimistic." In addition to the Bitget study, many market commentators appear to have arrived at a similar conclusion. In July of last year, Standard Chartered Bank forecasted a 2024 unit price for bitcoin of $120,000. The bank reaffirmed that view last month, going further still in stating that by 2025, it expected bitcoin to reach a price of $200,000, largely due to capital inflows into spot bitcoin exchange-traded funds (ETFs), which were approved in the United States in January. Broader market sentimentTaking to social media on Monday, crypto analyst Charles Edwards of Capriole Investments proposed a potential 500% price return for bitcoin if a bullish halving pattern plays out. Edwards envisions bitcoin reaching $280,000 in 2025. Like Standard Chartered, he cites the January bitcoin ETF launch as the driving force, likening it to a "second halving." He argues that major technological developments have historically seen quicker rates of adoption. Crypto trading analyst Michaël van de Poppe predicts a pre-halving surge to $48,000 and an eventual breakout toward an all-time high in Q3/Q4 of 2024. The next Bitcoin halving is expected in April 2024, historically associated with increased scarcity and subsequent price surges. Pseudonymous macroeconomist @Micro2Macr0 took to the X social media platform on Monday, stating:"Only 2.5 months till the #Bitcoin #Halving. The world is getting more unstable and you have the greatest hedge ever invented sitting in front of you. What are you waiting for?"  Meanwhile, "British HODL" warned that recent developments may result in a break from previous trading patterns. He stated:"Everyone says 12 months after the halving the shock starts for #Bitcoin price. . . . I think there is a high likelihood that the ETF’s change the cycle you’re expecting. Be aware of that.”

B2Prime Group, a leading liquidity provider, has achieved a significant milestone by securing "Initial Approval" from the Dubai Virtual Assets Regulatory Authority (VARA) for its B2B Prime Digital MENA division. This development marks an important step for the company in its pursuit of a comprehensive Virtual Asset Service Provider (VASP) license. B2Prime is a Cyprus-based financial institution registered and supervised by CySEC, operating under the umbrella of broker technology provider B2Broker, with Artur Azizov and Evgenia Mikulyak as the founders.Photo by Roman Logov on UnsplashPre-operating conditionsThe initial approval granted by VARA covers licenses for "Virtual Asset Exchange Services," "Virtual Asset Broker Dealer Services" and "Virtual Asset Transfer and Settlement Services." The path to complete licensing involves B2Prime Digital MENA fulfilling pre-operating conditions and obtaining operational approval before providing its services in Dubai. Expressing gratitude, B2Prime's founders acknowledged the rigorous regulatory framework set by VARA, emphasizing the company's commitment to leading in the evolving virtual asset landscape. Arthur Azizov, Co-Founder of B2B Prime Digital MENA, expressed confidence in the company's ecosystem, ensuring a safe and efficient gateway to virtual assets for users. Adriana Paredes Herrera, CEO of B2B Prime Digital MENA, celebrated the eagerly awaited Initial Approval for all three licenses, particularly the Transfer and Settlement License, inspiring the team to channel their best efforts towards securing the Virtual Asset Service Provider license. Licensed in Cyprus and MauritiusThe company aims to offer a robust, efficient and secure gateway to virtual assets, ensuring a transparent and compliant environment for its clients. In 2021, the firm acquired licensing in Cyprus for activities related to forex and contracts for differences (CFDs). Outside of Europe, the company extends its services internationally through B2Prime Mauritius. Established in March 2022, VARA serves as the regulatory body for virtual assets in Dubai, with a mission to safeguard investors and establish international standards for the industry, fostering a secure and transparent environment for virtual asset transactions. B2Broker, B2Prime’s parent company based in Moscow, boasts 11 offices across Europe, Asia and the Middle East. Holding seven licenses, including FCA and AEMI, the firm serves clients in over 50 countries. It provides forex liquidity distribution and various services to the forex, crypto and securities sectors. The group has built a portfolio of global financial services clients, expanding corporate representation and exposure worldwide. Last year, B2Broker reduced the margin requirements for the institutional and retail broker clients on ten of its crypto CFDs. Multi-asset liquidity providers like B2Prime/B2Broker play an important role in the market. Both centralized and decentralized crypto exchanges utilize these services to enhance liquidity pools and enable efficient trade execution. Through their services, order execution is completed with the minimum amount of slippage. B2Broker has been offering crypto-related services since 2017, offering over 100 crypto CFDs. The company has also developed B2BinPay, an all-in-one crypto payment platform that enables businesses to send, receive and convert cryptocurrency. Another revenue stream for the business is provided through B2Trader, a matching engine for crypto exchanges.