China’s GAPP proposes ban on gaming crypto token conversion

South Korean crypto exchanges list USDTBithumb and Coinone, two of South Korea’s largest cryptocurrency exchanges, have recently listed Tether (USDT) — the USD-pegged stablecoin issued by Tether Limited — according to an article by local news outlet Kyunghyang Games on Thursday (local time). Both exchanges support Tether trading on the TRON network.Photo by DrawKit Illustrations on UnsplashTether gains momentum in South KoreaBithumb listed the currency today at KRW 1,316 in response to high investor demand. Meanwhile, Coinone, which listed Tether on Nov. 30 to become the first fiat-to-crypto exchange in the country to facilitate USDT/KRW trading, cited reasons such as Tether’s reliability and transparency, demonstrated by regular updates on its audits and reserves. The listing price was KRW 1,289.Industry sources anticipate that USDT/KRW trading in South Korea will eventually lead to reduced transaction fees and a simplified transaction process for domestic traders. Previously, in order to access most overseas markets where USDT is used as the default currency, users have had to sell their assets overseas first and then repurchase USDT to participate in trading.Simplified transactions are also expected to contribute to balancing pricing across different markets and reducing the Kimchi premium — a term used to describe the difference between trading prices of cryptocurrencies in Korea and in other foreign exchanges.Promotional eventsTo mark the occasion, Bithumb is offering a promotional event where 0.02% of the price of maker orders placed by Dec. 11 will be distributed to users in Bitcoin on Dec. 14. Maker orders are those that are placed at an asking price that differs from the current price, which means it is added to the order book instead of being matched or executed immediately. These orders add liquidity to an order book.Bithumb users can also make USDT withdrawals free of extra fees until Dec. 11. Coinone, on the other hand, requires a withdrawal fee of 1 USDT.According to CoinMarketCap, Tether has the third-largest market capitalization at approximately $90.1 billion as of this writing. The token’s trading volume in the last 24 hours was $49.3 billion.

Bgin Blockchain Limited, a crypto mining equipment manufacturer headquartered in Singapore, filed documentation last Friday with the Securities and Exchange Commission (SEC) with a view towards launching an initial public offering (IPO) in the U.S. The Feb. 21 filing, a Form F-1 registration statement, outlines that the company wishes to go forward with the IPO after the effective date of the filing has been established. Bgin identified itself as an “emerging growth company.”  The registration statement was filed on behalf of Bgin by Hunter Taubman Fischer & Li LLC, in conjunction with the underwriters represented by Robinson & Cole LLP. It proposes to offer the U.S. investing public 59.54 million Class A ordinary shares and 15.69 million Class B shares. As part of its plan, Class A shares would be listed on the Nasdaq stock exchange using “BGIN” as the ticker symbol.Photo by Leslie Lopez Holder on Unsplash$50 million raiseIn a statement published on Renaissance Capital's website, the independent investment bank outlined that Bgin is seeking to raise $50 million in capital through the IPO.  It’s understood that funds raised by way of the IPO will be utilized to ramp up research and development efforts. The bookrunners, responsible for managing the IPO, are Chardan Capital Markets and The Benchmark Company. As yet, no information has been provided with regard to how Bgin will price its share offering. Renaissance described Bgin as a digital asset technology company “with proprietary cryptocurrency mining technologies and a strategic focus on alternative cryptocurrencies.”  The company, founded in 2019, focuses on the design, manufacture and distribution of mining equipment relative to Kaspa (KAS), Alephium (ALPH) and Radiant (RXD) blockchain networks. Bgin supplies 8nm and 12nm ASIC chips dedicated to these alternative blockchain networks, which all depend on the use of a proof-of-work (PoW) consensus mechanism. Additionally, Bgin mines cryptocurrency itself while providing a hosting service for crypto mining, with facilities in the U.S. and Hong Kong. It hosts 4,020 mining rigs for customers, with 3,330 of these located within facilities in Iowa and Nebraska.  Across various subsidiaries Bgin manages 33,862 active mining rigs in the U.S. within its own mining operations. And additional 12,000 non-operational rigs are currently in storage facilities in the U.S. and Hong Kong. Over a 12-month period ending on June 30, 2024, the company recorded revenues of $392 million. In 2023, the firm recorded sales of 68,000 mining rigs. In H1 2024, the company sold over 47,000 mining machines. The filing disclosed that the company’s Hong Kong subsidiary was responsible for considerable crypto mining facilities in mainland China prior to China deeming the activity to be illegal in 2021. Providing full disclosure in the lead-up to its IPO, the firm warned that it continued to operate crypto mining facilities in China for a number of months in violation of that law. It identifies this item as a risk factor as potentially, the firm could be penalized and fined.

BitGo, an American regulated digital asset custody firm, has achieved in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, marking a significant milestone in its global expansion efforts.Photo by Sergio Sala on UnsplashExtending global footprintIn a recent social media post, BitGo expressed its enthusiasm for the approval, positioning itself closer to providing specialized trading services for non-retail investors. The company sees this as an opportunity to extend its global footprint and offer regulated, secure and trusted solutions in the Asia-Pacific (APAC) region. Lim Ho Beng, BitGo's Asia-Pacific managing director, emphasized Singapore's regulatory clarity regarding digital assets and its status as a leading innovation hub and gateway to the Asia-Pacific as key factors driving BitGo's expansion into the Republic. In a statement provided to The Block, the company outlined that in operating as a crypto brokerage in Singapore, that would position BitGo “as a leading provider of digital asset services for institutional finance throughout APAC.” Expanding service offeringWith the full license on the horizon, BitGo Singapore Pte. Ltd. is aiming to broaden its services in the city-state, facilitating institutional clients in purchasing and selling cryptocurrencies directly from its cold storage custody solution. BitGo CEO Mike Belshe acknowledged the significance of the MAS in-principle approval, particularly following the recent acquisition of the company's German license. Belshe emphasized the company's commitment to providing clients with regulated, secure and trusted solutions as it expands its global presence. Additional licensing successBefore this achievement in Singapore, BitGo had already made notable strides in the global digital asset custody arena. The company secured a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin), a crucial step in its European expansion strategy. BitGo Deutschland GmbH, established in 2020, initially operated under a transitional regime in Germany before obtaining the full license, aligning with the company's dedication to operating in regulatory-compliant markets. Dejan Maljevic, BitGo’s Managing European Director, commended BaFin's role as a global trendsetter in crypto regulation, providing a secure regulatory framework that facilitates progress in digital currencies. In addition to its presence in Germany, BitGo obtained approval from the New York Department of Financial Services (NYDFS) for the New York Trust Charter. This authorization allows BitGo to extend its custody services to a broader range of institutional clients in New York, further solidifying its position as a trusted player in the digital asset custody space. BitGo was one of the first crypto custodians to emerge in catering to institutional clients. It will compete with firms like Zodia Custody, a digital asset custodian backed by Japan’s SBI Holdings and British bank Standard Chartered, which launched its services in Singapore last September. In August, BitGo raised $100 million in Series C funding, based on a company valuation of $1.75 billion. The crypto custodian continues to navigate regulatory landscapes globally, emphasizing its commitment to offering secure and compliant solutions to institutional clients across various jurisdictions.