Korea requires lawmakers and senior officials to declare crypto holdings

The European Union (EU) introduced its Markets in Crypto Assets (MiCA) regulation in June of last year, refining the EU bloc’s stance relative to digital assets. However, one crypto sector entrepreneur believes that the regulatory framework may force crypto startups to relocate to the Middle East. In an interview with Cointelegraph, Anastasija Plotnikova, co-founder and CEO of Fideum, a blockchain infrastructure company geared towards institutions, outlined that the application of this regulatory framework by EU member states may have some unintended consequences.Photo by Christian Lue on UnsplashCentralization concernsWhile Plotnikova welcomes the legitimization of crypto through regulation as a net positive for the sector, she warns that this particular regulatory framework could lead to consolidation among crypto firms. That would mean a reduction in the overall number of Web3 enterprises in Europe and as a consequence, increased risk of centralization in an industry that is supposed to be all about decentralization. Whilst the regulatory framework was introduced last year, it's not due to go into full effect until Dec. 30, 2024. Plotnikova believes that the framework doesn’t give crypto startups the wriggle room to scale whereas in the case of larger entities with much more assets under management, they will find it much easier to scale. French multinational financial services company Societe Generale, an entity with around $160 billion worth of assets under management and 126,000 employees, stands out as an example. It recently announced that SG Forge, a subsidiary company, would partner with Austrian crypto exchange Bitpanda to issue and list its EUR ConVertible (EURCV) euro-denominated stablecoin. Another European TradFi behemoth, Landesbank, Germany’s largest federal bank, announced earlier this year that it will launch crypto custody services. Global competitionSpeaking to the publication on the margins of the European Blockchain Convention in Barcelona earlier this week, Plotnikova stated: “I'm afraid it will lead to consolidation between European and American companies, and they will just move somewhere to the Middle East. The European Union had has done amazing things in harmonising legislation, but enforcement comes down to local and national authorities and they vary greatly.” There’s no doubt that various world centers and regions have been competing to varying extents to become innovative hubs relative to the development of blockchain-based enterprises. Plotnikova alluded to Europe losing out to the Middle East in this instance and principal among those nations in the region vying for a share of the business has been the United Arab Emirates (UAE).  The UAE itself, together with individual emirates such as Abu Dhabi and Dubai, has been putting in place a regulatory framework relative to crypto that has been broadly praised by the crypto sector. As recently as earlier last week, the Dubai regulator continues to fine tune its regulatory framework, tightening up requirements related to the marketing of crypto products and services. A recent report by Chainalysis found that the Middle East region accounted for 7.5% of global crypto trading volume, with the UAE and Saudi Arabia having been found to demonstrate a strong interest in decentralized platforms. 

Haechi Labs Joins Hands with Oasys for Entry into Japanese MarketHaechi Labs, a South Korean blockchain service and digital wallet provider, announced Thursday that it has signed a business deal with Japanese blockchain gaming platform Oasys to establish a footing in the Japanese market.Photo by Erika Fletcher on UnsplashFostering collaborationThrough the new partnership, the companies plan to share their technical expertise and promote mutual growth. In particular, Haechi Labs’ digital wallet, Face Wallet, will be onboarded on the Oasys mainnet. This integration will allow Oasys users to easily access Web3 services using their existing social media accounts. Face Wallet supports login through various social media platforms such as Google, Discord, Twitter, Facebook, Apple, and Kakao, thereby reducing entry barriers for users who are new to Web3.Haechi Labs will also provide a software development kit (SDK) for Face Wallet, enabling game developers operating their games on the Oasys platform to integrate the wallet into their services.“We expect that Face Wallet’s integration into the Oasys mainnet will streamline the onboarding process for Web3 games,” said Moon Geon-gi, CEO of Haechi Labs. “We will continue to pursue close cooperation with various companies in the future.”Gaming focusOasys’ multi-layered blockchain network is centered around gaming, consisting of a built-in L2 scalability solution. It has worked with various major gaming companies such as SEGA, Ubisoft, Bandai Namco, Nexon, and Netmarble, who participate in the network as validator nodes.

Matrixport Focuses on US Market With New AppointmentMatrixport, the Singapore-based cryptocurrency trading and lending platform, has announced a new appointment to lead its operations in the United States.US institutional-focused businessThat’s according to a recent report published by The Block. Mo Zhou, previously the Chief Operating Officer (COO) for Matrixport in the US, will now take charge of the company’s institutional-focused business lines in the country. This move comes as Anthony DeMartino, the former US CEO, steps down from his role and assumes an advisory position within the company.Anthony DeMartino, a seasoned trading veteran, joined Matrixport approximately a year ago from Coinbase, where he led Coinbase Risk Strategies. Prior to that, he held senior trading positions at prominent financial institutions such as UBS, Barclays, and HSBC, culminating in his role as the Head of LATAM Rates Trading at HSBC.When DeMartino was hired, Matrixport highlighted its international growth plans in the US, expressing its commitment to expanding its presence despite regulatory challenges faced by crypto businesses in the country.The recent announcement reaffirms that Matrixport’s plans for growth in the US remain intact. Ross Gan, Head of Public Relations and Brand for Matrixport, stated that Anthony DeMartino has transitioned to an advisory role while Mo Zhou, the newly appointed COO, will oversee the day-to-day operations in the United States.Photo by Sora Shimazaki on PexelsProminent Asian crypto businessMo Zhou brings a wealth of experience to his new role, having worked in derivatives and mergers and acquisitions (M&A) for ten years. He is a Harvard-trained lawyer and is well-equipped to lead Matrixport’s institutional-focused business lines in the US.As one of the larger cryptocurrency businesses in Asia, Matrixport boasts a global workforce of over 290 employees. The company’s impressive figures include more than $700 million in outstanding loans and a monthly trading volume of $5 billion, as stated on its website.Bullish price predictionMatrixport has garnered some attention for its Bitcoin price predictions over recent weeks. Last month, the company pointed out that its Bitcoin Greed & Fear Index had surged towards the greedier end of the spectrum. At the time, the Bitcoin price stood at $31,200. The firm predicted a cooling over the shorter term in that price action. At the time of publication, the Bitcoin unit price stands at $30,300, having dipped below the $30,000 mark on a number of occasions.Last week, Matrixport’s Head of Research and Strategy, Markus Thielen, suggested that Bitcoin is heading towards a unit price of $125,000 by the end of 2024. Thielen maintained that Bitcoin recording a one year high unit price on June 22 signified the end of the bear market, and the start of a bull market. Thielen and Matrixport find themselves in good company as on Monday, international financial services firm Standard Chartered predicted a Bitcoin unit price of $50,000 by year end and a price of $120,000 by the end of 2024.Matrixport’s appointment of Mo Zhou reflects its ongoing commitment to expanding its operations and solidifying its presence in the United States. With Zhou at the helm of the company’s US business, the company is positioning itself to navigate the evolving cryptocurrency landscape and continue its growth trajectory in this developing market.