Japanese Crypto Exchange Zaif Adds KLAY/JPY and KLAY/BTC Trading Pairs

A subsidiary company of Tiger Brokers, a Singapore-based online brokerage firm with nine million users, has been awarded a virtual asset trading license in Hong Kong. The subsidiary, YAX (Hong Kong) Limited, has been added to a list of licensed virtual asset trading providers (VATPs) on the website of the local regulator, the Securities and Futures Commission (SFC). Photo by Simon Zhu on UnsplashSeven platforms licensedBack in August, YAX found itself among a list of 11 VATP applicants that had been provided with feedback with regard to issues that needed to be addressed following inspections carried out by the SFC. Evidently, those issues have been resolved given that the company has now been awarded a trading license. YAX is now just one of nine trading platforms that have obtained licenses in the Chinese autonomous territory. These include OSL and HashKey, who were the first entities to be licensed in Hong Kong. HKVAX followed with approval granted in August 2023. Last October, SFC CEO Julia Leung told local news media that the regulator was dealing with 11 applications and that four approvals were imminent. In December, four additional exchanges, namely HKbitEX, Accumulus, DFX Labs and EX.IO, were awarded licenses. Bixin.com, WhaleFin and Matrixport HK are among the eleven applicants that have yet to receive a license. Alongside YAX, Panthertrade (Hong Kong) Limited was issued a license on Jan. 27, meaning that seven platforms have now been licensed. Panthertrade is a subsidiary company of Chinese mobile internet firm Cheetah Mobile.  Crypto trading and custodyOnce launched, YAX intends to extend crypto trading services alongside crypto custody to its clients. The company’s CEO, Kelvin Liu Kai, has said that as it rolls out its service offering, YAX will look to enhance speed trading, focus on transparency and security relative to the trading process and reduce custodial risks.  Tiger Brokers CEO Wu Tianhua has suggested that the virtual asset sector has grown rapidly on a global basis and with that, he sees “immense potential” for further growth. He added:“Cryptocurrencies are a key future investment trend. The establishment of YAX not only demonstrates our confidence in the potential of the market, but also showcases our firm commitment to creating a transparent and secure trading environment.” Swift licensing processThese latest licensing applicant approvals follow confirmation earlier this month that the SFC had extended access to its swift licensing process to all new VATP applicants. The four applicants approved in December had been the first to be put through the process.  In December, Joseph Chan, Acting Secretary for Financial Services and the Treasury (FSTB), confirmed to Hong Kong’s Legislative Council that in addition to the swift licensing process, a consultative panel for licensed trading platforms will be established in early 2025. It emerged in October 2023 that both YAX and Panthertrade were planning on submitting applications for VATP licensing in Hong Kong. With licensing pending, YAX parent company Tiger Brokers partnered with HashKey Exchange in May 2024, in order to launch a virtual asset trading service.  The service was made available to retail investors through the Tiger Trade platform the following month, enabling the platform’s 800,000 users to trade Bitcoin and Ethereum.

Monex Group, a well-known securities broker in Japan’s financial services sector, is delving further into the digital currency space through the acquisition of a majority stake in 3iQ Digital Holdings, a Canadian crypto asset management company. Whilst the acquisition was announced via a joint press release on Thursday, the specific details of the deal were not disclosed.Photo by sebastiaan stam on UnsplashAchieving growth through cryptoYuko Seimei, the CEO of Monex Group, emphasized the long-term strategy of strengthening their asset management business. By incorporating 3iQ into their portfolio, the aim is to achieve substantial growth by catering to the evolving crypto asset management needs of institutional investors and crypto exchanges globally. Monex Group is already a key player in the Japanese crypto landscape, owning the Coincheck exchange. Coincheck is one of the largest cryptocurrency exchanges in Japan. It has regained market dominance after a cyber attack resulting in the theft of $534 million in digital assets in 2018. Monex collaborated with Japanese telecommunications firm NTT DOCOMO in October, forming Monex Securities as a holding company containing Coincheck, while selling NTT DOCOMO a 49% stake. ETF focusThe acquisition of 3iQ marks Monex’s strategic move to extend its exposure to the North American crypto industry. This adds to the conglomerate’s existing presence in the United States through the ownership and operation of TradeStation, an American brokerage firm. 3iQ, operating under a Canadian license, has come to prominence in the crypto-sphere for launching two exchange-traded funds (ETFs) in Canada. Notably, it introduced Bitcoin and Ethereum ETFs on the Toronto Stock Exchange, showcasing innovation in a region where regulatory approval is awaited by U.S.-based companies. Spot bitcoin ETFs have been hotly tipped to offer the next form of crypto adoption, potentially facilitating the in-flow of massive amounts of money currently within the domain of traditional finance. While the focus has been largely on the United States in that regard, other centers such as Hong Kong are similarly gearing up towards offering spot ETF crypto products to both institutions and retail investors. Amid that background, this acquisition by Monex didn’t go unnoticed by ETF sector professionals. Bloomberg Intelligence ETF Research Analyst James Seyffart took to social media platform X on Thursday to draw attention to the deal. Frederick Pye, the Chairman and CEO of 3iQ, expressed enthusiasm about joining forces with Monex Group. With Monex already owning Coincheck, a crypto exchange powerhouse in Japan, Pye highlighted the potential synergy. The collaboration is seen as an opportunity to enhance Coincheck’s offerings, particularly for institutional investors. Pye characterized the partnership as a groundbreaking collaboration that promises to reshape the crypto industry. Monex’s acquisition of 3iQ is aligned with its broader vision of being a key player in the global crypto asset management landscape. The move not only expands their reach into North America but also positions them to capitalize on the growing demands of institutional investors in the evolving digital currency market.

Bithumb Burrito Wallet teams up with Yooldo to expand blockchain gaming networkRotonda, the operator of the digital asset wallet platform Bithumb Burrito Wallet, and blockchain gaming platform Yooldo said Wednesday (local time) that they have jointly signed a memorandum of understanding (MOU) to expand their respective blockchain ecosystems and secure a global user base.Photo by Christian Wiediger on UnsplashService integrationUnder the new deal, Rotonda plans to integrate Burrito Wallet into Yooldo’s key decentralized applications (dApps), such as its first in-house developed game Trouble Punk, to build support for the expansion of its web game ecosystem. Users will also be able to use Yooldo’s governance token, YOOL, within Burrito Wallet, thus boosting its utility.Furthermore, they plan to actively collaborate on marketing endeavors such as events and campaigns to attract users.Rotonda mentioned its expectations for a successful collaboration with Yooldo as they share a common goal to make their respective services user-friendly. While Rotonda allows wallet holders to conveniently transfer assets and manage numerous cryptocurrencies and non-fungible tokens (NFTs) in one platform, Yooldo is dedicated to building a sustainable Web3 gaming ecosystem that leverages blockchain technology to offer content, rewards and user-friendly UI and UX designs, making the transition from Web2 to Web3 a seamless process for gamers.Burrito Wallet’s commitment to growing the communityMeanwhile, Burrito Wallet has been at the forefront of expanding the digital ecosystem by promoting the widespread adoption of blockchain and supporting promising startups. The platform recently hosted a hackathon at this year’s Global Blockchain Incheon Conference (GBIC 2023) and is a contributor to Bithumb’s tenth-anniversary project — an entrepreneurship support program that aims to foster young entrepreneurs and startups with groundbreaking ideas.