Silver lining for Bybit with UAE trading license approval

Artifact Labs Raises $3.25MArtifact Labs, a Hong Kong-based start-up company that concerns itself with Web3 and metaverse products from leading brands, has raised $3.25 million in a recent funding round.Photo by Pixabay on PexelsThe NFT-focused company, which was spun out of Hong Kong’s South China Morning Post (SCMP) in 2022, has received funding from Blue Pool Capital and Animoca Ventures, with Blue Pool leading the funding round. Blue Pool Capital is the investment vehicle of Alibaba founders Jack Ma and Joe Tsai.The company was borne out of a decision taken by the SCMP in 2021 to launch an NFT standard called artifact, which was geared toward recording historical data. Its starting point in that endeavor was the sale of NFTs of its very own historical front pages. That included iconic historical snapshots such as the return of Hong Kong to the Chinese in 1997, the outbreak of avian flu, the onset of the Asian financial crisis and the death of the UK's Princess Diana in 1997.Expansion of operationsArtifact Labs has said that it intends to use the funding to expand company operations. Executing on that, the firm intends to fill multiple developer positions.Phillip Pon, CEO of Artifact Labs commented on the development via a press release:“It’s not about creating new IPs for speculation — for example NFT hype projects — it’s about driving new engagement with historically significant collections by using Web3. We want to carve new space in the younger public’s consciousness for historical brands and artifacts, while supporting these important organizations with new revenue streams to fund their preservation work, we are also solidifying immutable on-chain data preservation through NFTs.”It appears that the firm will release NFT collections on behalf of preservation organizations, while at the same time developing technology to assist institutions in preserving their archives on the blockchain.NFTs with inherent valueLast year, Artifact Labs Founder and former CEO of the SCMP, Gary Liu, said in an interview that NFTs need to contain a certain inherent value beyond just being endorsed by a number of people. Liu stated: “There has to be intrinsic value in the asset itself or the underlying asset that it represents. That’s what is going to drive NFT innovation.”That philosophy is borne out by one of Artifact’s recent collaborations. In February, the firm partnered with RMS Titanic, Inc, a company that’s dedicated to preserving the legacy of the infamous sunken ship. Central to the partnership was an intention to mint NFTs based upon over 5,500 artifacts that have been recovered from the sunken wreckage.In January Artifact Labs partnered with Dubai-based data intelligence and marketing technology firm, MEmob+. The objective of the firms in teaming up is to have the complete range of expertise necessary between them in order to offer brands and companies a strategic advisory service when it comes to delving into the metaverse. Artifact’s art platform Materia, will be harnessed by MEmob+ to assist brands who want to develop art projects in the metaverse.

GRVT, a hybrid cryptocurrency exchange platform that bases its operations in Singapore, has secured a trading license in Bermuda which the project claims, makes it the first regulated decentralized exchange (DEX).  In a press release published on the project’s behalf by PR Newswire on Dec. 6, the project, which aspires to be “Goldman Sachs on blockchain,” announced the acquisition of a Class M Digital Asset Business License from the Bermuda Monetary Authority (BMA). Photo by GuerrillaBuzz on UnsplashAiming for further licensingThe license puts the firm on a path to operate as a fully regulated DEX. Securing this Class M license isn’t the end of the project’s regulatory compliant endeavors, however. Class M confers a “modified” exchange license under the Bermuda Digital Asset Business Act (DABA). Class M covers pre-operational activities while the service remains within a sandbox environment. The company hopes to have acquired Class F or “Full” licensing designation by mid-2025. At that point, GRVT will be in a position to take its service from a sandbox environment to full launch of its institutional-grade perps DEX in a regulatory compliant manner. On X GRVT suggested that this licensing is pivotal in the movement of decentralized finance (DeFi) towards mainstream adoption. “With this milestone, DeFi evolves - safer for users and institutions alike,” the project wrote. Hybrid approachAs a hybrid DEX, GRVT combines the decentralization of DeFi with the structure and compliance required for the participation of institutional investors. Commenting on this latest development, GRVT CEO Hong Yea stated:”We've always believed compliance should be the foundation for crypto and DeFi, not an afterthought. Without it, earning institutional trust—and bringing revolutionary technologies to the mainstream—becomes nearly impossible." Yea told Cointelegraph that in two weeks time, the project will officially launch its mainnet to all users. “Our trading volume will then be available through major external data providers,” he added. In preparation for that mainnet launch, the project announced in September that it had partnered with 16 market makers including Galaxy Trading, Amber Group, QCP and others, in order to ensure that the platform has sufficient liquidity in place to enable a smooth launch. Users have been testing the platform following its Open Beta Testnet launch in August. The GRVT CEO believes that the project can “unify cryptocurrency and mainstream finance, creating a system where assets move freely and all forms of value coexist in one integrated ecosystem.”   A regulated yet decentralized offeringReferring to the two main components baked into the GRVT offering, he said that “decentralization distributes control away from central authorities, promoting transparency, security, and user empowerment.” Meanwhile, “regulation establishes standards to protect users, ensure market integrity and promote fair practices.” In successfully pursuing licensing in Bermuda, GRVT joins a list of more than 30 firms in the digital assets sector who have obtained licensing in the British overseas territory. In October global cryptocurrency exchange platform Kraken launched a Bermuda-based derivatives trading business having obtained licensing from the BMA. USDM stablecoin issuer Mountain Protocol received a Class F license from the BMA in July. Other entities successfully licensed by the BMA include Coinbase, HashKey, Circle, Bittrex and Zero Hash.

Indonesia’s Financial Regulator Appoints Hasan Fawzi to Oversee CryptoThe Financial Services Authority (OJK) of Indonesia has chosen Hasan Fawzi, a former executive of the Indonesia Stock Exchange (IDX), as the head of fintech and digital assets oversight and innovation.That’s according to a number of reports published in local and regional news outlets on Thursday. Fawzi, who has served as the Director of the Indonesia Bond Pricing Agency (IBPA) since 2008, brings a wealth of experience in the securities pricing sector. Alongside Fawzi, Lodewik Paulus Agusman, previously responsible for the internal audit department at Bank Indonesia, has also been elected as a member of the OJK Board of Commissioners. These appointments were approved by the House of Representatives Commission overseeing banking and finance.Photo by Tom Fisk on PexelsDigital asset oversightFawzi’s role as the Executive Director for the Supervision of Technological Innovation in the Financial Sector, Digital Financial Assets, and Crypto-assets places him in charge of overseeing peer-to-peer lending platforms, cryptocurrencies, and other components of the evolving industry.Indonesia’s stance on cryptocurrencies remains complex and multi-faceted. While the country is striving to launch a state-backed crypto exchange by mid-2023, as announced by Didid Noordiatmoko, head of the Commodity Futures Trading Regulatory Agency (Bappebti), recent statements by Bali Governor Wayan Koster suggest a tightening of regulations concerning crypto payments.Governor Koster emphasized that foreign tourists who use cryptocurrencies for payments, violate visa provisions, or engage in unauthorized activities will face strict consequences. The Bali Representative Office of Bank Indonesia reiterated that while cryptocurrencies themselves are legal in Indonesia, their use as a payment instrument is not.The appointment of Hasan Fawzi to OJK demonstrates Indonesia’s strategic efforts to strengthen oversight and foster innovation within the fintech and digital asset sectors. Fawzi’s extensive experience in securities pricing and leadership in the Indonesia Stock Exchange make him a valuable addition to the regulatory landscape. As Indonesia navigates the complexities of cryptocurrency usage, it will be fascinating to observe the evolution of regulations and how the country’s financial authorities shape the future of the industry.Controlled innovationThese recent developments highlight Indonesia’s determination to stay at the forefront of financial technology albeit with efforts to retain strict controls over the rollout of that innovation. The country recognizes the importance of effectively regulating emerging technologies while fostering an environment conducive to innovation. With Fawzi at the helm of fintech and digital assets oversight, the OJK aims to strike a balance that protects investors and consumers while promoting technological advancement.As these appointments await final approval from President Joko Widodo, the financial industry and crypto enthusiasts will closely watch Indonesia’s regulatory landscape. The decisions made in the coming months will shape the future of fintech and crypto in the country. Indonesia’s approach to this dynamic sector serves as a case study for other nations seeking to establish oversight and embrace the potential of digital assets. Their international regulatory peers will be monitoring efforts in Indonesia to bring about effective regulation of the digital assets space.