Wemade Leverages Blockchain to Host Professional Women’s Golf Tournament in Busan

Nomura Subsidiary Achieves In-Principle Approval in Abu DhabiThe digital assets subsidiary of Japanese financial services conglomerate Nomura has been granted in-principle approval by the Abu Dhabi Global Market (ADGM) to offer broker-dealer and asset/fund management services for both digital and traditional assets.Photo by Belinda Fewings on UnsplashPreliminary license to tradeThe development is a shot in the arm for Laser Digital Asset Management while serving to highlight Abu Dhabi’s growing prominence as a global center for digital assets, attracting prominent players such as Binance and Kraken.Led by CEO Jez Mohideen, Laser Digital is now on the path toward securing full financial services authorization in Abu Dhabi, subject to meeting undisclosed conditions specified in the approval. The company is enthusiastic about the ADGM’s transparent and comprehensive regulatory framework.Speaking to that, Mohideen stated: “We are thrilled to be part of their comprehensive and clear regulatory framework, which is creating a global hub for digital assets.”International free zoneThe ADGM, an international financial free zone situated in Abu Dhabi, covers nearly 15 square kilometers across two islands. It hosts a registration authority, regulatory authority, and a court system functioning under common law principles. This favorable regulatory ecosystem has been instrumental in attracting digital asset firms to establish a presence in the UAE’s capital.Laser Digital’s approval follows a series of recent cryptocurrency-related approvals in Abu Dhabi. Zodia Markets, backed by UK bank Standard Chartered, was recently granted permission to operate as a crypto broker, adding to the growing list of companies making strides in the region.Binance, one of the world’s largest cryptocurrency exchanges, received in-principle approval from the ADGM in April 2022 and subsequently obtained full financial services permission in November of the same year. Kraken, along with firms like UAE-based M2 and Bahrain-based Rain, have also received permissions to operate within the ADGM in recent years.Building on Dubai achievementLaser Digital’s approval in Abu Dhabi comes on the heels of its earlier achievement of obtaining an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). Alongside these regulatory milestones, Laser Digital introduced an institutional Bitcoin Adoption Fund in August. Despite its relatively short existence since its establishment in September 2022, the firm has made significant strides.Nomura’s engagement extends beyond Laser Digital, as it is also part of the Komainu joint venture alongside cryptocurrency firms CoinShares and Ledger. Komainu secured its operating license from Dubai’s VARA in August, contributing to the expanding community of crypto-focused businesses in the region.It is worth noting the UAE’s diversified approach to cryptocurrency regulation, offering five distinct regulatory regimes for cryptocurrencies, including the ADGM and VARA. Legal experts from White & Case have recently assessed these regulatory frameworks, highlighting the UAE’s commitment to fostering a progressive and well-regulated environment for digital assets.Nomura’s Laser Digital is well-positioned to play a pivotal role in the digital asset sector in Abu Dhabi, given that it’s leveraging the favorable regulatory environment of the ADGM and the UAE’s dedication to becoming a global digital asset hub.

Wemade Expands Web3 Ecosystem Through New CollaborationsSouth Korean blockchain gaming publisher Wemade has been making strides to expand its ecosystem. Most recently, the company announced that it made a series of new investments and signed a business deal with a social finance organization.Photo by Shubham Dhage on UnsplashInvesting in the future of blockchain gamesWEMIX PTE., a Singapore-based Wemade subsidiary, said Wednesday that it has invested in five Chinese game developers through a $30 million fund aimed at fostering promising blockchain gaming companies. Mirana Ventures, the Web3-focused investment unit of the crypto exchange Bybit, is also participating in the fund as an investor. The latest investment was worth $6.4 million.Each investee is working on a new game, ranging from massively multiplayer online role-playing games (MMORPG) to card strategy and sports games. All of these games will be onboarded to WEMIX PLAY, WEMIX’s blockchain gaming platform.WEMIX reaffirmed its dedication to working with Chinese projects and providing the new investees with its knowledge about blockchain technology and the burgeoning Web3 market.Giving back to the communityMeanwhile, the South Korean blockchain gaming publisher Wemade also signed a memorandum of understanding (MOU) with Social Solidarity Bank, a Korean social finance organization, to build a blockchain-based sponsorship ecosystem. Social Solidarity Bank offers microfinance and alternative finance services mainly in the form of loans and funds to economically vulnerable groups with the help of sponsors. It will be onboarding Wepublic, a transparent social platform based on WEMIX that allows users to create and operate their own decentralized autonomous organizations (DAOs).Under the agreement, Wepublic’s proof of balance protocol will be integrated into Social Solidarity Bank’s social finance system to mint mirror tokens that are linked one-to-one with individual accounts. The mirror tokens will serve to help donors understand how their contributions are translated into social outcomes. Sponsors can check the status and usage of donations at any time through records of token deposits and withdrawals.This service is set to launch next year and will be grow into a Web3 sponsorship business where sponsors will also be given the right to participate in governance voting.

In a statement published to Vietnam.vn on Oct. 23, a website run by the Office of Foreign Information Service under Vietnam’s Ministry of Information and Communications, Vietnam revealed its official National Blockchain Strategy. Key objectives In announcing its National Blockchain Strategy, the Vietnamese government articulated several key objectives that it feels will lead to Vietnam eventually taking a leadership role in blockchain development within the region.  These key objectives include an emphasis on research relative to the further roll-out of blockchain innovation. The Vietnamese authorities intend to promote blockchain research, innovation and international cooperation. Another specific action area has been identified as perfecting the legal environment with respect to blockchain development.  The development of infrastructure has been cited as a key objective, with the Ministry proposing that this should incorporate the formation of a blockchain industrial ecosystem. Additionally, the statement highlighted the need to focus on developing human resources in respect of blockchain, while also pointing to an overall need to promote blockchain development generally and the application of the technology. A number of branches of the Vietnamese government have been tasked with achieving these key objectives, including the Government Cipher Committee, the Ministry of Education and Training, the Ministry of Science and Technology, as well as the Ministry of Information and Communications.Photo by Hugo Heimendinger on PexelsPositive reaction The plan has been broadly welcomed by Vietnam-based crypto stakeholders. Jenny Nguyen, Chief Operating Officer (COO) of Ho Chi Minh City-based crypto venture fund Kyros Ventures, suggested the development was bullish. She wrote: “This is the most bullish policy on blockchain from the Vietnam Government in history, which not only acknowledges the importance of blockchain, but also defines clear expectations for the development of this technology sector in the years to come.“ Nguyen also pointed out that regulations on digital assets are currently being discussed within Vietnam’s National Assembly, with legislators working towards a 2025 completion date. On the basis of these two developments, she believes that “the future for blockchain and crypto in Vietnam is looking brighter and brighter day by day.” KardiaChain, a hybrid blockchain infrastructure provider to governments in Vietnam and other Southeast Asian countries, outlined on social media that it had been a key contributor in shaping the strategy. The project believes that the strategy “will enable us as builders more opportunities to impact the country's blockchain development, and further accomplish our mission of mass adoption that we set out on day one.” Laura Nguyen, head of Vietnam at Ava Labs, said that the strategy was forward-thinking and that consequently Vietnam is “primed to become a blockchain powerhouse, pushing the boundaries of technological innovation and fostering global collaboration.” As part of the strategy, the Vietnamese government plans to bring about the development of 20 blockchain brands for platforms, products and services. Additionally, the strategy aims to put in place three testing centers located in major Vietnamese urban centers as part of an effort to create a national blockchain network.