Gate.HK ceases operations and withdraws license application in Hong Kong

Leading cryptocurrency exchange OKX has acquired an in-principle approval from Singapore’s financial regulatory authority for a Major Payment Institution (MPI) license through its local arm, OKX SG.Photo by Mark Stoop on UnsplashEnabling broader service offeringAccording to a blog post published by the company on March 12, OKX confirmed the receipt of in-principle approval for the coveted license. The MPI license, issued by the Monetary Authority of Singapore (MAS), Singapore's primary financial regulatory body, represents an important step forward for the company. Once granted the full license, OKX will be empowered to offer digital payment token services and facilitate cross-border transfers within Singapore. A plethora of OKX executives took to social media to comment on the achievement. Hong Fang, President of OKX, expressed the company's long-standing interest in Singapore, describing it as a cornerstone of its global strategy. Fang emphasized Singapore's appeal to entrepreneurial ventures, citing its tech-savvy populace as early adopters. She praised the country's regulatory framework as "clear and thoughtful," enabling businesses like OKX to cultivate sustainable growth over the long term. With this regulatory approval, OKX intends to concentrate on bolstering its spot product offerings in the Singaporean market. Fang outlined plans to forge local banking partnerships to enhance customer experiences and expand service offerings in the future. In summarizing the company’s outlook, Fang wrote that OKX is looking to “build locally. Be compliant. Invest long-term.” OKX CEO Star Xu suggested that the firm intends to be a “long-term member of the Singapore fintech community” as a consequence of the approval. Global market expansionThe company’s CMO, Haider Rafique, pointed out that this latest license approval follows hot on the heels of further expansion in venues like Dubai, Argentina and Turkey. The in-principle license approval follows OKX's recent acquisition of a conditional license from Dubai’s cryptocurrency regulatory authority. On Jan. 16, the Virtual Assets Regulatory Authority (VARA) of Dubai granted OKX a license, enabling the exchange to provide regulated services as a virtual asset service provider within the region.On Feb. 27 the firm launched OKX TR, catering to the needs of crypto users in Turkey. In the same month, the company launched its services within the Argentinian market. MPI-licensed entities like OKX enjoy the privilege of facilitating multiple payment services, surpassing volume limitations prescribed for standard payment firms. This flexibility allows OKX to transcend the prescribed limits of three million Singapore dollars ($2.2 million) for individual payment services and a monthly cap of SG$6 million ($4.4 million) for multiple services. Joining OKX in the pursuit of regulatory compliance, BitGo, a prominent crypto custody business, also received an in-principle approval from MAS. BitGo announced on Jan. 10 that it had secured initial approval, subject to fulfilling additional requirements stipulated by the regulator. Several other notable cryptocurrency entities, including Crypto.com, Coinbase and Ripple, have already obtained complete payment institution licenses in Singapore. OKX's attainment of in-principle approval underscores the ongoing drive among market participants towards regulatory compliance and expansion into key markets. The move should help the firm to position itself well for further market growth as the digital assets space continues to progress.

Coinone to Launch New Ethereum Reward ServiceSouth Korean crypto exchange Coinone is set to launch a new product named “Ethereum (ETH) Daily” on Coinone Plus, a service that allows users to receive rewards by delegating their virtual asset holdings to the blockchain network.Photo by Shubham Dhage on UnsplashBenefits of Coinone PlusCoinone Plus is divided into three products — Staking, Daily, and ETH 2.0 Staking. Of these, the Daily product distributes daily rewards to individual users who hold a certain cryptocurrency and agree to participate in the service. Unlike the two staking products, it is characterized by the freedom to trade assets and deposit or withdraw them without any of the restrictions imposed by a given network.The upcoming ETH Daily, which will launch on October 4, rewards Coinone users who hold Ethereum and have completed identity verification. Upon agreeing to the relevant service terms and conditions, users will become eligible for snapshots starting the next day, and rewards will be distributed every day starting from the second day. Existing Daily service participants who hold Ethereum will automatically be counted as participants without any additional steps required.Unlocking differentiated investment opportunities“By utilizing Ethereum, which is one of the most popular cryptocurrencies alongside Bitcoin, we decided to launch the ETH Daily product as a means to provide more diverse investment experiences,” explained Coinone CEO Cha Myeong-hoon. “Just by simply holding Ethereum, users can accumulate daily rewards and take part in investments that allow participation in the blockchain ecosystem. We hope our users will take advantage of this opportunity.”

The Japanese Financial Services Agency (FSA), a government body that oversees banking, securities and the digital assets market in Japan, is gearing up to approve the country’s first stablecoin pegged to the yen. Local media platform Nikkei reported on Aug. 18 that it is anticipated that the FSA will approve the issuance of the JPYC stablecoin in the coming months.Photo by Dayo Adepoju on UnsplashEfficient payment infrastructureJPYC, Inc. was founded by Noritaka Okabe in 2019, establishing the JPYC yen-pegged stablecoin in 2021. Okabe believes that the company can better enable innovation in Japan through a more efficient payment infrastructure that JPYC claims to provide via its stablecoin. Prior to launching the stablecoin, JPYC had entered into proof-of-concept and regulatory discussions with the FSA. The JPYC stablecoin has almost complete market dominance within its domestic market, with stablecoins to the value of 30 billion yen ($202.7 million) having been issued. In 2022, JPYC registered with the FSA as a third-party prepaid payment instrument service provider. It’s understood that the company will seek registration once again within the month, this time as a money transfer business. Japan’s Payment Services Act recognizes the issuance of stablecoins by banks, trust companies and money transfer businesses. JPYC backs its stablecoin with liquid assets such as Japanese government bonds and bank deposits. Growing stablecoin importanceOn a global basis, the leaders in terms of stablecoin market capitalization are Circle (USDC) and Tether (USDT), both U.S. dollar-pegged stablecoins. The U.S. recently enacted its GENIUS Act stablecoin legislation with many politicians and market commentators taking the view that USD-pegged stablecoins will promote ongoing use of the U.S. dollar internationally.U.S. Treasury Secretary Scott Bessent took to X on Aug. 18 on that topic, stating:”Stablecoins will expand dollar access for billions across the globe and lead to a surge in demand for U.S. Treasuries, which back stablecoins.”Foreign governments are starting to see the significance of supporting stablecoins pegged to their country’s sovereign currency. The ongoing development of U.S. dollar-pegged stablecoins has not escaped the attention of Chinese officials. In July, government officials in Shanghai held a meeting to explore policy strategies for stablecoins. The same month, Darryl Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), said the authority was likely to issue its first stablecoin license in early 2026. His comments preceded the rollout of Hong Kong’s stablecoin regulatory framework on Aug. 1. Last week, JPYC’s Okabe said that JPYC would soon start "buying up Japanese government bonds.” He added, “The interest rates on government bonds in countries where stablecoin issuance does not grow will likely continue to rise. It’s no exaggeration to say that the interest rates on Japanese government bonds rest on JPYC’s shoulders.” Okabe is also going out of his way to draw a clear distinction between his company’s stablecoin and cryptocurrency. On X, he stated that “JPYC is an electronic payment method, not a cryptocurrency.” He went on to assert that given that the JPYC stablecoin is a currency-denominated asset whose value is linked to fiat currency, it incorporates the best qualities of both digital cash and deposits.