China establishes metaverse working group with Chinese tech giants

EMERGE Group, a leading Southeast Asian marketing technology firm specializing in intellectual property (IP) and gaming partnerships, has forged a strategic alliance with TZ APAC in an effort to drive Web3 gaming relative to the Tezos layer one blockchain. Singapore-based TZ APAC is a Web3 ecosystem builder dedicated to advancing the Web3 ecosystem on the Tezos blockchain by empowering founders, creators and developers. It’s also the Asian adoption entity supported by the Tezos Foundation with a mandate to garner adoption of the Tezos blockchain within the region. EMERGE is also a Singapore-based entity that established itself during the pandemic.Photo by Rodion Kutsaiev on UnsplashPositioning Tezos as preferred gaming blockchainNews of the partnership was publicized recently within "The Baking Sheet," a bulletin published by an independent not-for-profit entity, Tezos Commons. The primary focus of this partnership is to offer marketing solutions and publishing partnership support. EMERGE Group, known for its expertise and influential network, including partnerships with Moonton, Singtel and Shopback, aims to position Tezos as the preferred blockchain platform for the gaming community. Leveraging advertising inventories and critical IPs, EMERGE Group intends to facilitate the seamless onboarding of game studios onto the Tezos blockchain. Tezos, renowned for its open-source blockchain emphasizing upgradability, participation and smart contract safety, joins forces with EMERGE Group, which has previously established strategic alliances with industry leaders like Nvir World and Infinite Loop Media. This partnership is seeking to make an impact within the gaming industry, harnessing the potential of blockchain technology. Jason Lim, responsible for business development (gaming) at TZ APAC, commented on the partnership:“With this collaboration, TZ APAC can now rely on a partner that shares the same goal — to empower the gaming community with the relevant tools, resources, and network to succeed. Builders, gamers, and ecosystem partners can stand to benefit from the marriage of full-suite support provided by TZ APAC and the marketing prowess of EMERGE Group.”  EMERGE Group co-founder and CEO Roy Kek was similarly enthused, stating that the partnership reflected the firm’s expertise in the Web3 gaming space. Bridging Web2 to Web3The collaborative effort is designed to create a bridge between Web2 and Web3 technologies, enhancing the overall gaming experience. By fostering a supportive environment for game developers and capitalizing on Tezos' blockchain capabilities, the partnership aims to deliver a frictionless onboarding experience.  The collaboration between EMERGE Group and TZ APAC signifies a proactive move towards the integration of gaming into the Web3 ecosystem on Tezos. In the past, gaming giant Ubisoft has leaned on Tezos in providing in-game items for some of its gaming titles. The project has partnered with Google Cloud in an effort to enable Google Cloud customers to build Web3 applications on the blockchain. It’s still early days for Web3 gaming and with that, this partnership is seeking to advance gaming development on Tezos.   

Hong Kong’s OSL crypto exchange receives $91M boostBC Technology Group, the owner of the licensed OSL exchange, has secured a HK$710 million ($90.9 million) investment from BGX.Photo by Precondo CA on UnsplashBringing clarity to BitgetX market withdrawalBGX is reportedly associated with Seychelles-incorporated crypto exchange Bitget. The investment, which was announced via statements published by both BC Technology Group and BGX on their respective websites on Tuesday, brings further clarity to the rationale behind Bitget’s recent decision to withdraw its BitgetX platform from the Hong Kong market.BitgetX was believed to be working towards crypto licensing in Hong Kong. Its decision on Monday to stop pursuing a virtual asset trading platform (VATP) license and withdraw from the market entirely had been perceived as a weakness of the regulatory regimen in Hong Kong. However, it now appears that it was just clearing the way for involvement in crypto trading brought about through its investment in OSL, an entity that has already acquired a trading license within the Chinese autonomous territory.BGX has entered into an agreement to acquire a 29.97% stake in BC Technology, OSL's parent company, pending shareholder approval. According to an announcement, BGX CEO Patrick Pan Zhiyong is set to become one of two new executive directors as part of this investment. Pan, concurrently serving as the CEO of BitgetX, will also oversee the transition as Bitget steps back from the market, scheduling its platform closure for Dec. 13.Sale rumors deniedReports emerged in October that BC Technology Group was considering the sale of OSL based on a $128 million valuation. Contrary to those reports, BC Technology vehemently denied any intentions to sell OSL, emphasizing its commitment to maintaining the exchange’s operations. The company dismissed such speculation as “factually inaccurate and highly misleading,” underscoring its dedication to navigating the evolving crypto landscape.Bitget, responding to inquiries from the South China Morning Post (SCMP), asserted its independence from BGX, stating that it is “an independent entity” with no legal or commercial connections to the crypto firm.BGX is incorporated in the Cayman Islands and wholly owned by Liu Shuai, the founder of Shenzhen Qianhai Junchuang Fund Management and Singaporean crypto fund Foresight Ventures. Liu’s investment portfolio includes Bitget, as well as U.S. crypto media group The Block, which was acquired by Foresight Ventures, according to reports earlier this week.The incorporation of BGX into BC Technology’s ecosystem introduces a dynamic player with diverse investments across the crypto space. Against the backdrop of Hong Kong’s changing regulatory landscape, with the introduction of a mandatory licensing scheme last year, BC Technology’s OSL was the first exchange to obtain a voluntary license from the Securities and Futures Commission (SFC) in 2020. The asset management division of the company received a trading license in May of this year. In August, OSL, along with HashKey, received approval from the SFC to upgrade their licenses, allowing them to serve retail investors.The evolving regulatory environment reflects Hong Kong’s ambition to position itself as a crypto hub, attracting both institutional and retail participants. While that endeavor is not without its challenges, the city hasn’t been adversely affected by BitgetX's withdrawal from the market, given this related investment in OSL.

Vietnam has moved to take a positive approach to crypto assets by passing legislation to legalize them. Last week, the Southeast Asian nation’s National Assembly passed the Digital Technology Industry Law, which takes effect on Jan. 1, 2026, according to a report published in the official online newspaper of the Vietnamese government. Photo by Daniel Bernard on UnsplashCategorizing digital assetsThe law sets out two categories of digital assets, virtual assets and crypto assets. The legislation frames virtual assets as digital assets used for exchange or investments. Meanwhile, crypto assets are to be regarded as digital assets utilized to validate transactions and confirm ownership while relying on the use of encryption technology. Neither category includes securities or digital versions of fiat currencies such as central bank digital currencies (CBDCs) or other financial instruments. The legislation gives the Vietnamese government the authority to define and apply specific regulatory conditions when it comes to items such as anti-money laundering (AML) measures and the inclusion of international cybersecurity standards. It is hoped that the law will pave the way for the development of home-grown technological enterprises within Vietnam, while also promoting a nationwide digital transformation process. Regulatory clarityThe legislation is significant as it clearly sets out the legal status of digital assets in Vietnam after years of uncertainty and regulatory ambiguity. Singapore-based blockchain-focused Business Strategist, Anndy Lian, said that such legal clarity could result in Vietnam becoming a regional hub for the crypto sector.  Anh Tran, who belongs to Superteam Vietnam, a community for Solana builders in Vietnam, said that the development was huge for founders, developers and investors in the crypto space in Vietnam. He stated: “For a country who has always been at the forefront of crypto adoption, [Vietnam] is now a 'green-lighted zone' in principle, but we're still waiting at the red light for operational rules.” He refers to the fact that Vietnamese regulators still have until Jan. 1, 2026, to flesh out the details in terms of defining who can issue, trade, custody or manage crypto, and how AML, cybersecurity and taxation are handled. Vietnamese officials are likely to give strong consideration to AML measures relative to crypto given that the Southeast Asian nation has been on the grey list of the Financial Action Task Force since 2023. Countries who appear on the grey list are under considerably more scrutiny with regard to AML matters. While another community member claimed that anywhere crypto regulation has been implemented, actual usage has declined, Tran maintained that regulation is inevitable and that “crypto doesn’t need to be lawless to be free.” Last October, Vietnam set out its blockchain strategy, aspiring to the goal of achieving regional leadership in the sector by 2030. In March, the country’s Prime Minister, Pham Minh Chinh, requested that a legal framework for cryptocurrencies be established.  According to Chainalysis’ 2024 Global Crypto Adoption Index, Vietnam ranks fifth in the world.