NEOPLY Receives Support from Abu Dhabi for Blockchain Expansion in UAE

In the face of a crypto trading ban imposed in 2021, the cryptocurrency market in China continues to thrive, defying the odds, according to a recent report from Kyros Ventures. Regional survey and reportThe Vietnam-based blockchain-focused startup incubator and venture capital firm has presented its report findings, shedding light on the unique dynamics of the Chinese crypto landscape compared to neighboring countries such as South Korea, Vietnam, Taiwan and Thailand. The survey was conducted in December in collaboration with 10 media agencies across the region, involving over 5,000 participants to gauge their sentiments and investment patterns.Photo by Road Trip with Raj on UnsplashGreater crypto interestMore than 70% of respondents revealed that cryptocurrencies accounted for over half of their asset portfolios. Among survey respondents in China, 88.9% reported heavy investments in cryptocurrencies, surpassing the enthusiasm observed in Vietnam, South Korea, Taiwan and Thailand. The finding is surprising, given that cryptocurrency trading is prohibited in China, while in the other jurisdictions the same level of restrictions is not in place. China's crypto scene faces substantial regulatory hurdles, with a government ban on crypto trading implemented in 2021. Despite this, the report highlights that a majority of Chinese investors opt for centralized crypto exchanges (CEXs) for their trading activities. Arthur Hayes, the founder of crypto derivatives platform BitMEX, recently outlined that wealthy individuals in China have access to international banking, and with that, access to overseas cryptocurrency platforms through the Chinese autonomous territory of Hong Kong. An investigative report produced by the Wall Street Journal in 2023 found that leading global crypto exchange Binance continues to have a thriving business relative to its Chinese user base. The Chinese authorities appear to be aware that the crypto trading prohibition that has been applied by the government is being flouted. This is demonstrated by the fact that the government is looking to update its anti-money laundering rules for the first time in 17 years to account for the rise in cryptocurrency investment, trading and use. Higher risk appetiteNotably, 33.3% of Chinese investors indicated an allocation to stablecoins. That is indicative of a greater risk appetite in China by comparison with countries like South Korea and Vietnam where 43% and 59% of respondents had money allocated in risk-off stablecoin positions. In terms of investment by referral, Thailand and China emerged with the highest rates, reaching up to 80%. Previous research carried out by Kyros earlier in 2023 highlighted the significance of crypto investment via referrals within the Vietnamese market. Developing regional regulatory landscapeThe regulatory landscape in Asia witnessed significant developments in 2023, with Hong Kong emerging as a leading hub for crypto and Web3 innovation. The issuance of cryptocurrency exchange licenses in Hong Kong marked a pivotal moment for the industry in the region. In South Korea, new legislation aimed at protecting cryptocurrency users, enhancing transaction transparency and fostering market discipline was enacted. Meanwhile, Taiwan's Financial Supervisory Commission explored the possibility of allowing crypto exchange-traded funds, pending a thorough analysis of the product's development in global markets.  

Japan’s Kumamoto City Bolsters Innovative Blockchain StartupsIn February this year, the city of Kumamoto in Japan organized the Kumamoto City Pitch 2022–2023, an event designed to bring together startups, established companies, and venture capital firms to promote business growth, according to Japanese tech media ASCII STARTUP.Photo by Christian Chen on UnsplashPromoting innovative startupsWith its inception in 2021, the Kumamoto City Pitch has been dedicated to promoting innovative startups with exceptional business models and unique technology. Its objective is to nurture local startups, build communities, and expand business sectors to strengthen the city’s growth.The event featured presentations from ten companies, including four that had been accepted into the Kumamoto City Acceleration Program “HIGO CANVAS.” The program offers support to projects based in Kumamoto that focus on areas such as cryptocurrency, blockchain, and virtual reality. Among the four accepted companies, two were involved in web3 and blockchain, while the others were working on medication guidance support through user-friendly pillboxes and digital transformation of manufacturing factory management.Web3-based marketing toolOne of the two blockchain-focused projects was Warashibe, a developer of Web3-based marketing tools. Its main product is a blockchain-powered marketing tool called “BADGE,” designed to enhance marketing efficiency.BADGE allows users to manage coupons and apps from retail stores in their own wallet. In turn, stores can reduce costs associated with producing and operating coupons and apps. Additionally, stores can analyze spending habits and other data from the wallet to identify target customers for promotions, enhancing the effectiveness of their marketing campaigns.Warashibe has achieved over 20 successful implementations, some of which involved leading manufacturing companies such as Daihatsu Motor, a major automobile engine manufacturer, and Ricoh, a renowned imaging and electronics company. Beyond coupon management, BADGE offers features like membership cards, credentials, and graduation certificates. The company is also currently developing services to analyze target consumers and manage advertising.Blockchain biz challengesIRISA is another startup exploring the blockchain sector. Initially, the company aimed to develop a social media platform incorporating blockchain games. However, the project changed direction due to challenges arising from the limited number of blockchain gamers and the blockchain oracle problem. The latter issue refers to the inherent limitations of blockchains in accessing data outside the network, also known as off-chain data.

Wemade has signed a deal with Maniac Panda Games, a development studio of Spanish gaming company JURVAL CORP SL, to onboard the blockchain game Underground Waifus to WEMIX PLAY, Wemade’s gaming platform, according to an official announcement on Monday (KST).Photo by Syed Ali on Unsplash“Underground Waifus proposes top-level gameplay and fun,” said Maniac Panda Games CEO Daniel Valdés. “We believe that the collaboration with WEMIX PLAY can take the game to another level, adding a wider reach and implementation among players around the world.” Unveiling the cyberpunk battlegroundUnderground Waifus is a multiplayer NFT trading card game set in a cyberpunk, post-apocalyptic universe. It is notable for its circular economy model that employs Free-to-Play (F2P) and Play-to-Earn (P2E) mechanisms within a tokenized system. The game revolves around a player-driven economy, where players can participate in player versus player (PVP) battles where the winner takes all. The game is built on blockchain technology, offering exclusive NFT collections. Gamers are subject to ownership of these assets, which they can use for collecting or playing. The ecosystem also has a utility token called Underground Waifus Token (GQ), which can be used off-game or in-game as a cryptocurrency. Wemade’s ongoing effortsWemade has been consistently growing its lineup of Web3 games on WEMIX PLAY, endeavoring into diverse genres in an effort to appeal to all gamers. The firm revealed that it is working with developers around the world, including North America, Europe and Asia, to expand the gaming platform’s ecosystem.