New Hong Kong dollar-linked stablecoin unveiled by Jingdong Coinlink

LINE NEXT Inc, a U.S.-based Web3 subsidiary of messaging app giant Line Corporation, has made a strategic partnership with ReadON, a global Web3 content provider running a “Read to Earn (R2E)” app called “ReadON DAO.” The service helps users develop routine reading habits by providing tokens as rewards. Photo by GuerrillaBuzz on UnsplashThis partnership will enable LINE NEXT to feature various digital products on its “DOSI,” a global digital commerce platform where users can freely create and trade digital items including NFTs.  In cooperation with ReadON in the marketing and business sectors, LINE NEXT plans to offer a number of innovative products to over one million users of ReadOn.  Various digital collaborative merchandise On Feb. 21, the two companies are scheduled to roll out digital collaborative merchandise inspired by “Catto,” the brand character of ReadOn, with a plan to introduce DOSI x ReadON pass tickets that benefit users of both platforms. Limited edition items offering exclusive perks and tokens that can be used on ReadOn will also soon be available for purchase. ReadOn’s previous digital items have proven to be popular: items introduced in January were sold out within just 10 seconds after they were released, with other items also selling out within 30 minutes over four consecutive days. LINE NEXT is committed to collaborating with ReadON to launch more services that can reach a broader audience. Initiative to make Web3 more accessible to the publicIn a related development, LINE NEXT launched the official web and mobile versions of DOSI in January. Under the initiative to make Web3 more accessible to the public, LINE NEXT strives to expand the range of products available on DOSI.                                                                         

KuCoin Dismisses Notion of a Layoff PlanAmidst recent rumors of significant layoffs at Seychelles-based cryptocurrency exchange KuCoin, the company’s CEO has come forward to deny any such plans.While not refuting the possibility of staff reductions, KuCoin’s CEO, Johnny Lyu, took issue with the term “layoffs,” asserting that it was a reevaluation of the organization’s structure rather than job terminations. The speculations about staff cuts were first reported by Colin Wu of Wu Blockchain on Twitter.Photo by Joao Viegas on UnsplashAlleged 30% workforce reductionAccording to his sources, KuCoin was planning to layoff around 30% of its workforce, attributing the alleged measure to a strict know-your-customer (KYC) policy that had impacted the firm’s profits.The KYC policy in question was introduced after KuCoin faced legal action from the United States. In March, the New York Attorney General accused the exchange of violating securities and commodities laws, leading to the implementation of the more stringent KYC measures.Routine bi-annual appraisalsInstead, Lyu has clarified that any adjustments to the company’s headcount were a result of routine bi-annual appraisals aimed at maintaining competitiveness in the market.Taking to Twitter on Tuesday, Lyu referred to the layoff reports as “rumors.” He emphasized that the company regularly evaluates its organizational structure based on employee performance and overall company development to ensure dynamism and competitiveness.The Kucoin CEO pointed to a recent report issued by the company as evidence of the exchange’s ongoing growth. The report revealed that the firm had added 300 new employees in the first half of the year. It also mentioned that KuCoin was in the process of upgrading its KYC authentication systems to enhance user asset security, comply with global compliance requirements, and create a safer trading environment.Despite the speculation and policy changes, KuCoin ranks 11th in terms of “trust score” among other exchanges, according to CoinGecko. Over the past day, the exchange notched up an impressive $327 million in trading volume.KYC policy changeRecently, KuCoin updated its KYC policy, requiring newly registered users to complete the KYC process to access the exchange’s products and services. Existing registered users who had not completed KYC by the deadline faced restrictions on their accounts, limiting certain activities but allowing fund withdrawals.The update to the KYC policy had a notable impact on KuCoin’s trading volume. A day after the announcement, trading volume skyrocketed to $6.8 billion from the previous day’s $500 million, according to CoinGecko data.Lyu has pledged to continue investing in the company’s core businesses while providing users with the exceptional trading experience they’ve been promised.KuCoin may have dispelled rumors of widespread layoffs and clarified that any staff adjustments were part of routine organizational development. However, there’s no doubt that the crypto exchange business is going through a difficult period.Most exchanges have suffered due to regulatory pushback, particularly those that have focused their activities in the United States. Earlier this month, global exchange Binance cut 1,000 jobs with plans to make further cuts in the future.

UAE Emirate Launches Digital Asset Oasis Free ZoneRas Al Khaimah (RAK), one of the seven Emirates of the United Arab Emirates (UAE), has launched the RAK Digital Assets Oasis (RAK DAO), a free zone tailored exclusively for digital and virtual asset enterprises.Photo by Mostafa Ashraf Mostafa on UnsplashFrom conception to launchThe Emirate has been working on the RAK DAO project for some time, having enacted a law to establish the free zone in March of this year. In July it emerged that RAK Digital Assets Oasis had partnered with the HBAR Foundation, the project team behind the Hedera public ledger, with HBAR extending funding and resources to fuel the growth of free zone members.Having put in the hard yards to establish the free zone, RAK DAO, under the patronage of RAK Emirate ruler His Highness Sheikh Saud Bin Saqr Al Qasimi, had its launch event on Thursday. The event included a range of industry speakers including Ledger Chairman and CEO Pascal Gauthier, Animoca Brands Co-Founder and Executive Chairman Yat Siu, DFINITY Founder Dominic Williams, and TON Foundation President Steve Yun, among others.During the event, DAO creation and governance platform DeXe DAO Studio announced its partnership with RAK DAO.With an eye towards keeping the RAK Emirate ahead of the technological curve, RAK DAO aims for the digital assets oasis to become the world’s first free zone dedicated solely to digital and virtual asset companies. While RAK DAO is initially expected to focus on non-financial activities, it holds the potential to introduce financial activities at a later stage.Nurturing Web3 innovationThe mandate of RAK DAO is to provide robust support to companies engaged in cutting-edge technologies. This includes but is not limited to ventures in the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and various other Web3-related businesses.Entrepreneurs who establish their presence within the confines of this free zone will be granted the privilege of retaining 100% ownership of their enterprises. Moreover, they will benefit from innovative tax schemes and a regulatory framework that is tailored to the unique demands of the digital asset industry.Progressive approach to Web3The UAE, as a nation, has actively pursued and courted crypto and blockchain firms by cultivating a progressive regulatory environment. Dubai led the charge by introducing a virtual assets law and establishing the Virtual Asset Regulatory Authority.RAK is not the first Emirate to establish a free zone that caters to crypto and Web3 business within the UAE. The Emirate of Abu Dhabi has established the Abu Dhabi Global Market (ADGM) while the Dubai International Financial Centre (DIFC) established its own financial regulator in Dubai, paving the way for attractive free zones for digital asset businesses. The Dubai Virtual Assets Regulatory Authority (VARA) even took its commitment a step further by inaugurating its headquarters in The Sandbox in May 2022.Dubai has issued operational licenses to several crypto firms, including prominent names like Binance, Crypto.com, and Nomura’s Laser Digital and digital asset custodian Komainu. These licenses have further solidified the UAE’s position as a preferred destination for crypto, blockchain, and Web3 enterprises.