MEVerse and XPLA forge partnership to herald new era of blockchain gaming

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. 

Crypto.com’s Dubai-based subsidiary secures crypto licenseCRO DAX Middle East, the Dubai-based subsidiary of Singapore-headquartered cryptocurrency exchange platform Crypto.com, has achieved a significant milestone by obtaining a license from the emirate’s Virtual Assets Regulatory Authority (VARA) to provide specified virtual asset services.Photo by Timo Volz on UnsplashExpanding product offering in DubaiThe approval, announced by the firm via a press release published to its website on Tuesday, marks a pivotal moment for the Singapore-based Crypto.com, allowing it to offer regulated virtual asset services in Dubai, including exchange services, broker-dealer services, management and investment services as well as lending and borrowing services.The virtual assets service provider (VASP) license is contingent upon CRO DAX Middle East meeting specific conditions and localization requirements outlined by VARA. Once these conditions are satisfied and the operational approval notice is received from the regulator, the company will be poised to commence operations. These services will be made accessible to both retail and institutional users through Crypto.com’s app and exchange platform.Kris Marszalek, CEO of Crypto.com, expressed his enthusiasm for Dubai’s regulatory approach, stating: “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation.”Dubai’s virtual asset sector developmentThe regulatory framework for virtual assets in Dubai was established under the Dubai Virtual Asset Regulation Law in March 2022, leading to the creation of VARA. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, founded VARA with the aim of developing an advanced legal framework to safeguard investors. Furthermore, the objective was to set international standards for the governance of the virtual asset industry, while fostering responsible business growth.VARA issued regulations in February to provide clarity and certainty on the expected level of operator responsibility and to mitigate market risks. This move aligns with the broader context of global cryptocurrency regulations, aiming to create a safe environment for investors in the wake of recent collapses of major platforms.Crypto.com is working to become one of the first virtual asset exchanges to implement its VASP license in accordance with VARA’s specialized regulations issued earlier this year. The company had previously received its minimum viable product provisional license in June 2022 and the MVP preparatory license in March of the current year. The operational license, which follows the preparatory and provisional stages, grants virtual asset service providers permission to conduct activities in seven specified categories.Adapting to the marketThe company has also been working on licensing in other markets. In Singapore, where it is headquartered, the company received a Major Payment Institution (MPI) trading license from the Monetary Authority of Singapore (MAS) in June. The company has also re-calibrated its offering based on market shifts. Earlier this year, it halted its institutional exchange service in the United States due to a downturn in institutional demand stateside.In March 2022, Crypto.com declared Dubai as its regional hub for the Middle East and North Africa (MENA), solidifying its commitment to expanding its presence and contributing to the growth of the cryptocurrency ecosystem in the region.

Legislation geared towards regulating stablecoins has reached the Legislative Council stage in the Chinese autonomous territory of Hong Kong.  The bill, which extends to a 285 page document, has been formulated following “extensive consultations” with industry stakeholders, according to Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA).  This latest development moves the Chinese autonomous territory one step closer to having a comprehensive regulatory framework in place for stablecoins. The bill’s arrival at the Legislative Council follows its publication on Dec. 6 in Hong Kong’s Gazette. Subsequently, on Dec. 18, it made its preliminary entry at the Legislative Council by way of a first reading. The legislation will deem a digital asset a stablecoin if it is operated on a distributed ledger, is expressed as a unit of account and maintains an equivalent value relative to another asset that it references. Digital assets issued by governments or central banks will be excluded from that stablecoin definition.Photo by Laurentiu Morariu on UnsplashThree readings requiredBefore the bill can be enacted into law, it is required to go through a series of three readings. Allied to that process is a requirement for a series of debates, with the bill coming under the scrutiny of lawmakers. Depending upon the issues raised, this process may also require the introduction of amendments to the proposed legislation. If passed following the third reading, it will then be forwarded to the autonomous territory’s chief executive, John Lee Ka-chiu, to be signed into law. Once signed into law, stablecoin issuers in Hong Kong will then be required to obtain a license from the city's central bank, HKMA. That licensing process would implicate the HKMA scrutinizing the applicant with an emphasis on the evaluation of the issuer, its resources, the use of reserve assets and the means through which the stablecoin’s value will be rendered stable. Stablecoin optimismThis latest milestone has provoked a cause for optimism among some commentators. Sean Lee, co-founder of Hong Kong-based Web3 firm IDA, told the South China Morning Post (SCMP) that “the applications of stablecoin will be numerous.” Lee outlined that stablecoins can be used for payments, settlements, payrolls and financing, while adding that “new products will spring up, and transactions will be faster, instant, 24/7 – and at a lower cost.” Dominic Maffei, Standard Chartered’s head of digital asset and fintech for Hong Kong, is similarly encouraged. Maffei stated: “As of today, we think that stablecoins are the best available tool for connecting traditional finance and Web3 markets and have proven use cases and business models to support that belief.” Once enacted, the bill is likely to have a significant impact on the stablecoin market in Hong Kong. In Europe, the application of the Markets in Crypto Assets (MiCA) regulation is having such an impact. It has led to a growth in Euro-denominated stablecoin trading while leading U.S. dollar stablecoin Tether (USDT) is being delisted by many platforms due to its non-compliance with these regulations.