Planetarium Labs opens pre-registration for Nine Chronicles M

Duncan Chiu, a member of Hong Kong's Legislative Council, has expressed concerns over the stringent regulations imposed on cryptocurrency exchanges by the Securities and Futures Commission (SFC). In an opinion piece for the Hong Kong Economic Journal, Chiu argued that these rigorous standards have deterred major global exchanges from entering the Hong Kong market, undermining confidence in the region's commitment to developing Web3 technologies. He highlighted the recent withdrawal of license applications by prominent exchanges such as OKX, Gate.io and HTX as indicative of the flaws in the current regulatory framework.Photo by Chapman Chow on UnsplashLicensing system and industry developmentChiu criticized the fragmented approach to policy development for Hong Kong’s virtual asset market, noting that various aspects like VATP (Virtual Asset Trading Platforms), stablecoin issuance and virtual asset over-the-counter trading are managed by different departments without strategic industry consideration. He also mentioned feedback from license applicants who feel that the authorities lack a forward-thinking vision for fintech and are applying traditional financial principles too rigidly to the dynamic and innovative sector of Web3. Furthermore, Chiu pointed out the disconnect between the industry and regulators, particularly in the experience required of management in licensed crypto operations versus the practical experience of regulators in Web3, complicating effective communication and progress. 

BitGo, an American regulated digital asset custody firm, has achieved in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, marking a significant milestone in its global expansion efforts.Photo by Sergio Sala on UnsplashExtending global footprintIn a recent social media post, BitGo expressed its enthusiasm for the approval, positioning itself closer to providing specialized trading services for non-retail investors. The company sees this as an opportunity to extend its global footprint and offer regulated, secure and trusted solutions in the Asia-Pacific (APAC) region. Lim Ho Beng, BitGo's Asia-Pacific managing director, emphasized Singapore's regulatory clarity regarding digital assets and its status as a leading innovation hub and gateway to the Asia-Pacific as key factors driving BitGo's expansion into the Republic. In a statement provided to The Block, the company outlined that in operating as a crypto brokerage in Singapore, that would position BitGo “as a leading provider of digital asset services for institutional finance throughout APAC.” Expanding service offeringWith the full license on the horizon, BitGo Singapore Pte. Ltd. is aiming to broaden its services in the city-state, facilitating institutional clients in purchasing and selling cryptocurrencies directly from its cold storage custody solution. BitGo CEO Mike Belshe acknowledged the significance of the MAS in-principle approval, particularly following the recent acquisition of the company's German license. Belshe emphasized the company's commitment to providing clients with regulated, secure and trusted solutions as it expands its global presence. Additional licensing successBefore this achievement in Singapore, BitGo had already made notable strides in the global digital asset custody arena. The company secured a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin), a crucial step in its European expansion strategy. BitGo Deutschland GmbH, established in 2020, initially operated under a transitional regime in Germany before obtaining the full license, aligning with the company's dedication to operating in regulatory-compliant markets. Dejan Maljevic, BitGo’s Managing European Director, commended BaFin's role as a global trendsetter in crypto regulation, providing a secure regulatory framework that facilitates progress in digital currencies. In addition to its presence in Germany, BitGo obtained approval from the New York Department of Financial Services (NYDFS) for the New York Trust Charter. This authorization allows BitGo to extend its custody services to a broader range of institutional clients in New York, further solidifying its position as a trusted player in the digital asset custody space. BitGo was one of the first crypto custodians to emerge in catering to institutional clients. It will compete with firms like Zodia Custody, a digital asset custodian backed by Japan’s SBI Holdings and British bank Standard Chartered, which launched its services in Singapore last September. In August, BitGo raised $100 million in Series C funding, based on a company valuation of $1.75 billion. The crypto custodian continues to navigate regulatory landscapes globally, emphasizing its commitment to offering secure and compliant solutions to institutional clients across various jurisdictions.

Incheon Launches Blockchain Hub Center to Lead Web3 EraIncheon Metropolitan City announced Monday that it has established the Incheon Blockchain Hub Center at the heart of the city in an effort to establish itself as a blockchain hub in Korea and usher in the era of Web3.Photo by Hon Kim on UnsplashThe center, located in the Jemulpo Smart Town building, will house various facilities, including offices for the Incheon Technopark Blockchain Center, blockchain companies, and startups, as well as spaces for technological development and relaxation.Fostering innovation and cooperationThe center aims to undertake systematic and diverse projects that citizens and businesses alike can benefit from. This includes supporting tenants of the hub center, providing an environment for technology development and demonstration, and funding blockchain technology development. It will also serve as a spot for Incheon Technopark’s blockchain acceleration program, business model exploration and design, and events such as blockchain hackathons and conferences.The city is also set to hold an opening ceremony for the center on Wednesday, during which over 20 organizations and firms will gather for the inauguration of a committee dedicated to promoting mutually beneficial relationships between blockchain-based service providers and consumers. Among the consumers are central and municipal governments and state-run agencies. Initiating connections and making business support processes more efficient will constitute the committee’s core tasks, the city said.Incheon’s vision for Web3“The world is evolving to accommodate Web3, the new blockchain-based Internet, amid the global trend of digital transformation,” said Lee Nam-joo, Director of Incheon’s Future Industry Bureau. In accordance with this transformation, he said, the city of Incheon would push on to become a leading blockchain hub with a globally competitive edge by continually implementing various projects and policies through the committee — including joint projects between the public and private sectors — to provide support for business and technological development.In more efforts to build an active blockchain industry, Incheon is also currently operating a blockchain education program and regularly hosts events and hackathons to promote the widespread use of Web3 technology. Notably, a two-day conference dubbed “Global Blockchain Incheon Conference” is scheduled to take place from October 30 to 31 in the city’s southern district Songdo.