Hong Kong regulators signal embrace of spot crypto ETFs

MARBLEX Introduces New Update to Multichain ServiceSouth Korean gaming developer Netmarble announced last Friday that its blockchain subsidiary, MARBLEX, has updated its multichain service Warp.Photo by Shubham Dhage on UnsplashCross-chain accessibilityWarp is a bridge service that enables the exchange between its native token, MARBLEX (MBX), and bridge token, MBXL, while allowing MBX tokens to move across blockchain networks. With this update, BNB Chain users can now access services within the MBX ecosystem, including games and NFTs. The recent update is expected to attract an influx of BNB Chain users after MARBLEX previously entered into a strategic partnership with the network in February to expand its multichain ecosystem.Furthermore, MARBLEX intends to continue applying its convenient user-friendly service approach by maintaining its existing system for gas fee payments.Celebratory eventsMARBLEX is hosting special events worth a total of $240,000 to mark the new update, including an offering of liquidity pools in two forms — BNB-MBX pairs and USDT-MBX pairs — on the decentralized exchange PancakeSwap. The company also plans to reward MBX for staking in Syrup Pools within PancakeSwap, which are special staking processes where users can earn free tokens.The developer also plans to hold an online community event for service users.

China to outline clear directions for NFT & Web3 developmentEarlier this week, China’s Ministry of Science and Technology announced a decision to work towards releasing a comprehensive strategy document aimed at clarifying the future path for the development of NFTs and Web3.Photo by Christian Lue on UnsplashFurthering Web3 innovationIn a communication published online on Tuesday, the ministry outlined its plan to enhance collaboration between relevant departments, emphasizing the promotion of Web3 innovation, increased research deployment and the strengthening of talent within the industry. Despite the regulatory challenges in the crypto space, the ministry acknowledged the growing interest in NFTs among Chinese citizens.The strategy document, developed in collaboration with the Chinese Academy of Sciences and the China Association for Science and Technology, will address key issues such as inheritance, innovation, security and government responsibilities.Ban not suppressing interestDespite the country’s ban on cryptocurrencies, the ministry expressed a commitment to the development of the Web3 industry, particularly focusing on non-fungible tokens (NFTs). Earlier this year, a Wall Street Journal investigation found that leading global crypto exchange Binance was thriving in China.One gray area that Chinese citizens are exploiting relative to the ban is that of NFTs. Crypto trading and mining were banned a couple of years ago. However, NFTs remain legal with the result that there has been a surge in adoption of digital collectibles in China. That prompted China’s top procuratorial agency, the Supreme People’s Procuratorate of China, to issue a warning relative to a number of attributes and risks relative to NFTs in May.Web3-related initiativesSeveral Web3 initiatives have already been underway in China. The Ministry of Science and Technology, in conjunction with the Cyberspace Administration of China, has released important policy documents, including the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” and the “Blockchain Information Service Management Regulations.”Additionally, collaborative efforts involving the Cyberspace Administration of China, the Propaganda Department of the Central Committee, the Supreme People’s Court and other departments have conducted blockchain pilot actions, specifically in areas such as energy, rule of law, copyright and trade finance.The metaverse is another Web3 segment that the Chinese seem to be targeting for growth. A report by POLITICO published last August found that Chinese authorities and state-owned companies appeared to be seeking to mold and develop the metaverse in line with Chinese values. Efforts are being made to effect further development in the regions also, with the city of Zhengzhou announcing in May a set of metaverse-related policy proposals.Looking ahead, China’s Web3 strategy aims to concentrate on key sectors such as government affairs and industry. The plan seeks to encourage the development of novel business models, including NFTs and decentralized applications (dApps), while also accelerating the innovative application of Web3 and the construction of a digital ecosystem.The ministry’s recent response to Wu Jiezhuang, a member of the CPPCC National Committee, the country’s political advisory body, indicated that the delay in releasing the strategy document is part of a meticulous approach to ensure the strategic framework aligns with the evolving nature of the industry.While the postponement may be met with some disappointment, the overall tone remains optimistic, pointing towards the likelihood that China is committed to fostering innovation within the Web3 sector.

DeFi investment platform Allbit.com adds portfolio and analytics servicesBlockchain firm Ozys, announced on Nov. 3 (local time) that it has added portfolio and analytics services to its comprehensive Web3 financial investment platform Allbit.com.Photo by rc.xyz NFT gallery on UnsplashIntegration with KlaytnThe beta version of Allbit.com was launched in March, with a trading view chart displaying real-time prices of cryptocurrencies based on trades that are made on KLAYswap, a major decentralized finance (DeFi) protocol launched by Ozys. KLAYswap is built on Korean tech juggernaut Kakao’s open-source public blockchain called Klaytn.Newest features“Users of KLAYSwap and KLAYSTATION can now easily check the status of their on-chain activities without having to track them separately,” explained Ozys CEO Roi Choi.The “My Portfolio” feature on the recently updated platform gives users a convenient way to monitor their asset balances, the liquidity on KLAYswap, and the staking status of KLAYSTATION, a staking tool based on the Klaytn network. For better risk management, the “Net Asset Trend” graphically displays daily changes in the user’s net asset value. Additionally, the “PNL (ROI) Dashboard” provides insights into profit and loss by showing real-time and periodic performance data. Whether tokens are held in a personal wallet or deposited into a particular service, the dashboard tracks token price movements to present users with an up-to-date view of their investment returns.Allbit.com customers can also keep up with activities on various wallets and market trends through their personalized watchlists and share their portfolios with others.Choi added that Ozys plans to add more functions to Allbit.com in the future to enhance the user experience and optimize convenience.