OKX launches OKX TR in Turkey

Internet-only Kbank offers virtual accounts for fractional art investorsKbank, a neobank based in South Korea, announced on Tuesday (local time) a new service for its customers interested in art investment. According to a report by local news outlet Newsis, Kbank has introduced virtual accounts for clients investing in securities that allow fractional ownership of artworks. These virtual account numbers will mirror the mobile phone numbers of securities subscribers, making them easy to remember and use. Subscribers will utilize these accounts to deposit funds for placing bids on fractional shares of art pieces.Photo by Precondo CA on UnsplashYayoi Kusama’s pumpkinThis unique bidding event, a first in the nation, is scheduled to run until Dec. 22. It will feature “Pumpkin,” a 2001 artwork by renowned Japanese contemporary artist Yayoi Kusama. Artnguide, a platform operated by Yeolmae Company, is managing the event. Yeolmae Company has secured regulatory approval to issue security tokens backed by the artwork.Total of 12,320 sharesThe event offers a total of 12,320 shares, with each share having a par value of KRW 100,000, which is approximately $77. An individual participant in this event is allowed to place bids for a maximum of 300 shares.In the Korean crypto market, Kbank is well-known for providing banking services to Upbit, the nation’s largest fiat-to-crypto exchange. In Korea, legal regulations mandate that any virtual asset service provider offering trading in Korean won must secure bank accounts from a local bank.Kbank’s recent initiative highlights the internet-only bank’s active engagement in the blockchain industry. Presently, Kbank provides its virtual account services to 16 companies, and it is focused on expanding its partnership base. Looking ahead, the bank plans to diversify its financial offerings, exploring innovative approaches like security token offerings to broaden its services in the evolving financial landscape.

Hong Kong regulator, the Securities and Futures Commission (SFC), has established guidelines for crypto staking service providers. That’s according to a statement published by the SFC to its website on April 7. The guidance is aimed at licensed virtual asset trading platforms (VATPs) and SFC-authorized funds with exposure to digital assets.Photo by Markus Winkler on UnsplashExpanding service offeringThe regulator points out that the guidance on staking falls in line with its recently announced “ASPIRe” roadmap, which is geared towards ensuring that the Chinese autonomous territory remains relevant in its efforts to maintain its status as a global hub for crypto businesses. Expanding product and service offerings within the crypto sector was one of the five pillars of that plan. Smoothing the way for the offering of staking works towards fulfilling that aspect of the ASPIRe plan. Written approvalIn this guidance, the SFC sets out that licensed service providers must obtain written approval from the regulator before any such product can be offered to investors in Hong Kong. That stipulation applies to both VATPs and authorized funds with digital asset exposure. Additionally, VATPs must retain control over staked assets, with no delegation in the custody of such assets to third parties permitted. In the case of authorized funds that include crypto assets, they must stake virtual asset holdings through licensed VATPs and other authorized institutions. Required disclosuresThe regulator has also stipulated that certain disclosures must be made by licensed exchanges to potential customers in respect of staking products. These include the disclosure of all associated risks, full transparency with regard to fees, minimum lock-up periods and custodial arrangements. Commenting on the provision of this guidance, SFC CEO Julia Leung said that the provision of a greater range of regulated services and products is crucial in order to sustain continued growth of Hong Kong’s virtual asset ecosystem. However, she added that any broadening of the range of services offered “must be done in a regulated environment where the safety of client virtual assets continues to be front and centre of the compliance framework for offering such service.”   The SFC outlined that it recognizes “the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields on virtual assets within a regulated market environment.” The authorities in Hong Kong are not the only ones who recognize the benefits that the incorporation of staking within crypto investment products can bring. Last month, Robert Mitchnick, head of digital assets at the world’s largest asset manager, BlackRock, told the Digital Assets Summit in New York that Ether ETFs would benefit from the addition of staking.  Mitchnick suggested that the current inability to earn a staking yield within such products is a key limitation. He outlined that such a change is dependent upon relevant regulatory changes being implemented in the U.S. A more crypto-friendly climate in the U.S. since U.S. President Donald Trump took office has resulted in various lawsuits being dropped against companies like Coinbase related to the staking services that had been offered. A number of U.S. Ether ETF issuers, including Franklin Templeton, Grayscale and Bitwise, have put forward proposals to the Securities and Exchange Commission (SEC) to have staking included in these products.

Coinbase Affirms Commitment to India Despite Disabling Sign-UpsLeading US-based cryptocurrency exchange Coinbase announced on Monday that it has temporarily disabled new user sign-ups for its exchange platform in India.A report emerged via India’s English-language business daily The Economic Times on Monday which stated that Coinbase was stopping “all services” for Indian users.Photo by Big G Media on UnsplashClarification of a misunderstandingIt appears that Coinbase sent emails to a subset of its Indian customers, notifying them of the cessation of exchange operations in the country by September 25. However, a more recent report by TechCrunch outlined that Coinbase has provided further clarification that these emails were sent exclusively to customers who did not meet the updated standards set by the company.On that basis, these messages do not affect and are not relevant to the majority of Coinbase users in India. The email further advised affected users to transfer their funds from the platform by the specified date.A Coinbase spokesperson communicated to TechCrunch via email, stating:“We stopped allowing new user sign-ups on our exchange product in India back in June of this year. We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term.”Coinbase’s proprietary exchange app in India reportedly boasts fewer than 50,000 monthly active users, as indicated by data from Sensor Tower, shared by an industry executive.Difficulty in cracking Indian marketDespite its aspirations, Coinbase has been unable to make headway with local authorities since launching its exchange in India over a year ago. The lack of progress with local officials has proven frustrating for company executives, including Durgesh Kaushik, who joined Coinbase last year as the Senior Director for Market Expansion, only to leave the company within a couple of months.Coinbase’s CEO, Brian Armstrong, made a visit to India last year to launch the exchange service by adding support for India’s popular payment instrument, the Unified Payments Interface (UPI). Unfortunately, the body overseeing UPI immediately denied Coinbase’s recognition, leading Coinbase to suspend support for the payment system shortly thereafter.UPI has proven to be a runaway success in India. Consequently, being able to access and integrate with it would be very important in providing Coinbase’s Indian customers with the means of on-ramping and off-ramping between the exchange and fiat currency. Coinbase affirmed its commitment to collaborating with the National Payments Corporation of India (NPCI) relative to UPI but these efforts simply have not borne fruit.RBI pushbackIn May of the same year, Armstrong disclosed that Coinbase had to halt its trading service in India due to “informal pressure” from the Reserve Bank of India (RBI), the nation’s central bank. Armstrong pointed out that cryptocurrency trading isn’t illegal in India — in fact, the country had recently imposed taxation on it. However, there were elements within the government, including the RBI, that appeared less enthusiastic about cryptocurrencies and were exerting “soft pressure” behind the scenes.Notably, other Indian cryptocurrency exchanges like CoinDCX and CoinSwitch remain operational, but they’ve had their own struggles in their own local market. In August CoinSwitch downsized its headcount, citing a 30% tax on crypto gains and a 1% tax deducted at source (TDS) on transactions as contributing factors. That same month, CoinDCX cut its headcount by 12%.