Korbit Joins Hands with Shinhan Card and Good Neighbors for NFT Campaign

Hong Kong Enticing Crypto Firms from Mainland ChinaIn the wake of various scandals and high-profile bankruptcies, some governments have shunned the cryptocurrency industry, but Hong Kong is instead embracing mainland China crypto companies, urging them to relocate to the city in a bid to bolster its status as a financial hub.©Pexels/RODNAE ProductionsEmbracing cryptoAfter enduring an exodus of bankers amid a China security crackdown and stringent COVID curbs, Hong Kong is now making a concerted effort to revitalize its finance sector by embracing crypto. Top Hong Kong government officials, including Chief Executive John Lee, have voiced their support, and the city is planning to hold 100 crypto-related conferences and lavish parties throughout April. Hong Kong is “very serious about building an international virtual asset center,” said Xiao Feng, chairman of Hong Kong crypto exchange HashKey, which drew 13,000 people on the first day of its Hong Kong Web3 Festival, the most significant conference of the month.HashKey obtained a license to operate in Hong Kong last November, making it one of two licensed crypto exchanges in the city, alongside rival exchange OSL. Xiao told Reuters that many people in the crypto industry had initially assumed that Hong Kong would inevitably adopt the same regulations as mainland China. However, the government is now emphasizing that Hong Kong operates under the “One Country, Two Systems” framework and enforces distinct laws.SkepticsDespite this, many remain skeptical of Hong Kong’s promise of a stable regulatory regime on cryptocurrencies. One crypto venture capitalist, who spoke to Reuters on the condition of anonymity due to the sensitive nature of the matter, expressed concern over China’s crypto ban, which still looms large in the background. “If Hong Kong can suddenly claim to be crypto-friendly, that switch can be flipped off just as quickly should things become challenging,” he said.Crypto licensing interestNevertheless, at least 10 companies with Chinese founders, including OKX, Bybit, and Huobi, have announced or are planning to announce their bid for licenses in Hong Kong. These firms, which have exited countries like Canada and the UK, are among the sponsors of the most glamorous Hong Kong parties this week. Bybit held a private dinner for industry heavyweights, and OKX reserved a rooftop venue overlooking Victoria Harbour, where guests could enjoy a stunning view.At one event on Tuesday, Tron founder Justin Sun, addressed a mainly Chinese-speaking audience, stating, “I can’t believe that we are having such conferences on Chinese soil.” Sun has been charged with fraud by the US Securities and Exchange Commission (SEC), but he argued that the charges lacked merit and accused the regulator of targeting crypto players. “Hopefully, one day, we will have such events in Shanghai and Beijing,” he remarked.Despite the lingering concerns, Hong Kong is committed to establishing itself as a leading finance hub in the cryptocurrency industry and is sparing no effort to achieve its goals.

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.

Hong Kong-based blockchain gaming and venture capital firm Animoca Brands has revealed a positive set of financial results in a recently published report.  In an investor update published to its website on March 5, the firm revealed key unaudited financials and business highlights for Q4 2024 and the previous 12 months ending on Dec. 31, 2024. Whereas other sectors report actual revenue figures, the gaming sector relies upon “bookings,” a measure of total sales and income generating activity of the company. The firm reported bookings of $314 million for last year. Compared with 2023, when Animoca reported bookings of $280 million, the firm has achieved a year-on-year increase of 12%.Photo by Lukas on PexelsAdvisory business growthThe company broke that financial measure down further, indicating that of the $314 million in sales and other income-generating activity, its Digital Asset Advisory (DAA) business accounted for $165 million of the overall amount. This disclosure is notable given that it represents a 116% increase, demonstrating a considerable growth in the firm’s advisory business and a diversification of its revenue streams. Animoca’s DAA business offers Web3 projects access to token advisory, and more specifically, consultation regarding tokenomics, marketing and listing. The business also consults in relation to node operation and trading services. Given that the company reported that bookings related to Web3 businesses weighed in at $110 million, Animoca’s advisory business has overtaken the contribution made by its Web3 businesses.  Contributing Web3 businessesAmong the Web3 businesses that made the greatest contributions were The Sandbox, Moca Network, Anichess, Gamee, nWay, Open Campus, TinyTap, Animoca Brands Japan, Eden Games, Blowfish Studios, Pixowl and Crazy Defense Heroes (TOWER). Bookings also included revenue generated via portfolio investments and partnerships. The company recorded $39 million, achieved through investment activities. In discussion with Cointelegraph, Animoca Brands co-founder and executive chairman, Yat Siu, said that the positive bookings numbers were a consequence of the firm’s ongoing efforts to innovate. He stated: “In 2024, we placed less emphasis on the US market, owing to various regulatory struggles experienced by other companies, and we also became more focused on providing support to the companies in our portfolio.” Animoca’s balance sheet holdings were robust in 2024, with $293 million in stablecoins and cash and $538 million in digital assets. Additionally, $538 million in off-balance sheet token reserves was reported. Stablecoin initiativeThe firm has developed a particular interest in the stablecoin sector through a partnership with British multinational financial services firm Standard Chartered and telecommunications firm HKT. That initiative involves the formation of a joint venture company which will go forward to issue a Hong Kong dollar (HKD)-backed stablecoin once a license has been secured from the Hong Kong Monetary Authority (HKMA). Siu identified real-world asset (RWA) tokenization as another growth area for the company. The Animoca Brands co-founder outlined that he expects the firm to record further growth as 2025 progresses. Notwithstanding that, he warned that such expectations may be affected by adverse economic developments and risks, including the tariffs policy being pursued by U.S. President Donald Trump.