Asiastar Entertainment and Codus to Develop Casual P2E Game with NFT Rewards

Gulf Binance Secures Thai Digital Asset LicenseBinance, one of the world’s leading cryptocurrency exchanges, has secured a digital asset operator license in Thailand, paving the way for the launch of a new crypto exchange and broker. The license, granted by the Ministry of Finance of Thailand and overseen by the Southeast Asian country’s Securities and Exchange Commission (SEC), ensures that the upcoming platform will operate in compliance with regulatory requirements.Photo by Markus Winkler on UnsplashLicense awardThe license was awarded to Gulf Binance, a joint venture between Binance and Gulf Innova Co., Ltd., a subsidiary of Gulf Energy Development PCL. It marks a significant milestone in Binance’s expansion efforts. The partnership was initiated through a memorandum of understanding signed in January 2022, as both parties recognized the potential of establishing a digital asset exchange in Thailand.Richard Teng, the head of Asia, Europe, and MENA at Binance commented on the development: “By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”Combined expertiseGulf Innova, as a prominent player in the Thai business landscape, brings extensive expertise and experience in the digital asset trading sector to the joint venture. The conglomerate, headed by billionaire Sarath Ratanavadi, operates in various industries, including energy production, telecommunications, and digital businesses.By combining Binance’s unparalleled growth and expertise in the digital asset space with Gulf’s established presence and knowledge in Thailand, the partnership aims to create a powerful synergy that drives innovation, fosters growth, and provides exceptional value to users in the digital asset ecosystem.Q4 launchThe new crypto exchange is expected to commence operations in the fourth quarter of 2023, although further details about the platform will be disclosed closer to the launch.Often criticized for its opaque structure, Binance is showing renewed commitment to transparency and regulatory compliance. As regulatory frameworks are put in place in varying jurisdictions, global crypto businesses are having to change corporate structures in order to meet these changing requirements. That’s evidenced by Binance’s Thai joint venture, its launch of a separate corporate entity in the form of Binance Japan and a similar move by crypto exchange BitMEX in Hong Kong.Thailand has emerged as a significant cryptocurrency hub in Southeast Asia, with its capital city, Bangkok, ranked 10th globally in The Crypto Readiness Index published by Recap, a cryptocurrency tax software company. Despite the ban on cryptocurrencies as a payment method, Thailand continues to flourish as a hub for trading and investment activities in the crypto space.That ban on cryptocurrency payments, implemented by the SEC in April 2022, aimed to safeguard the stability of the financial system and mitigate potential risks to the economy. The SEC identified price volatility, cyber theft, and personal data leakage as concerns associated with cryptocurrencies. However, the regulatory measures did not impede trading or investment activities, allowing the crypto industry to thrive.Chainalysis, a leading blockchain analysis company, ranked Thailand 8th in its Global Crypto Adoption Index for 2022, surpassing countries like Russia, China, Nigeria, Turkey, Argentina, and the UK. This recognition highlights Thailand’s progressive stance toward digital assets and its growing adoption within the country.

Report: Asia Set to Dominate Web3 Gaming MarketA new report has revealed that Asia is poised to dominate the growing Web3 gaming market, accounting for as much as 80% of all players. The study, conducted by Japanese firm Pacific Meta and DappRadar, found that the region already accounts for 55% of the global gaming population, with 1.7 billion players.©Pexels/Lucie LizThe report identified that the role-playing genre is the most popular in Asia, with games such as Final Fantasy, Phantasy Star Online and Genshin Impact ranking highly.Legal restrictionsThe research noted that legal restrictions on gaming are prevalent across the region, with China only allowing gamers under 18 to play for one hour a day and blockchain games all but banned in South Korea. Despite these restrictions, the report argued that Nexon’s Web3 play with MapleStory Universe and Square Enix’s upcoming Web3 game Symbiogenesis are two examples of crypto games gaining traction in the East. Both games will use the Polygon blockchain, currently the most preferred network for Web3 gaming from a game studio perspective.The report also concluded that Web3 gaming is a “natural” fit for the Asian market because of the types of games to which the market is accustomed. It argues that as Web3 games become more focused on gameplay over financials, Western and Eastern audiences will come to expect similar experiences.A developing understanding of Web3 gamesTo better understand the market, Pacific Meta surveyed over 1,000 adults in Japan and found that 40% knew about blockchain games. Among those who knew about such games, nearly 57% said Web3 games “seemed interesting”, while roughly 10% said they did not seem interesting. Notably, about 33% said “neither”, suggesting they were perhaps unsure about Web3 games and hadn’t yet formed an opinion on them.When asked about the types of blockchain games they would be interested in, 773 out of the 1,030 surveyed said that they would like a game to be free-to-play, and that initial cost was an important feature to them. 538 said that they would like the game to be playable on a mobile phone. Player earnings, game quality, consoles, and famous IP scored lower on the list.Long road to mainstream adoptionThe report highlights that the nascent industry still has a ways to go before it sees mainstream adoption. Nevertheless, big brands such as Razer and FIFA are doubling down on Web3 gaming projects. With the Asian market poised to take a dominant role in Web3 gaming, developers will need to tailor their offerings to suit the preferences of the region’s gamers.The Web3 gaming market in Asia is enormous and is expected to dominate the global market, with Japan a key market for growth. Developers will need to focus on the role-playing genre and create free-to-play mobile games to appeal to gamers in the region. As the Web3 gaming market continues to grow, and blockchain technology advances, it is likely that we will see more games and platforms targeting Asian gamers in the coming years.

Galaxia Metaverse Teams Up with Rotonda to Expand Blockchain EcosystemGalaxia Metaverse, a blockchain company under Galaxia Moneytree, said Thursday that it has signed a strategic partnership deal with Rotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 digital wallet Burrito Wallet.Photo by Shubham’s Web3 on UnsplashBolstering the blockchain ecosystemThrough this new collaboration with Rotonda, Galaxia Metaverse aims to establish a cooperative framework for expanding the blockchain ecosystem by seamlessly integrating their respective blockchain-based Web3 wallets, Galaxia Wallet and Burrito Wallet, into the on-chain environment to secure on-chain liquidity and more users. Burrito Wallet supports 11 major mainnets, such as Bitcoin, Ethereum, Solana, and Polygon, as well as over 1,300 cryptocurrencies.The two companies also plan to leverage Rotonda’s global business network to increase the user base of Galaxia Wallet.Advancing on a global scaleThis comes as part of Galaxia Metaverse’s ongoing efforts to expand its presence on the global stage through collaborations with various partners, including Gopax, MVL, Elysia, Klaytn, and Bithumb. The partnership also marks another significant step in the evolution of the blockchain and metaverse industry, as companies continue to forge alliances both domestically and abroad to create more accessible and integrated virtual ecosystems.Meanwhile, Rotonda recently signed a memorandum of understanding (MOU) with global metaverse platform The Sandbox to support wallet integration within The Sandbox’s platform. The company also teamed up with blockchain gaming platform Oasys in further efforts to expand its global business scope.