TZ APAC strikes marketing partnership to drive Tezos gaming

Blockchain Experts Gather at KBW 2023 Side Event to Discuss Future Prospects of South KoreaBlockchain experts from various corners of the industry converged to exchange insights on industrial and technological trends during “Unveiling Prospects in South Korea,” a side event affiliated with Korea Blockchain Week (KBW) 2023. This noteworthy gathering, co-hosted by Sui, Google Cloud, CoinNess, and Bitmain, took place on September 5 at Banyan Tree Club and Spa Seoul.Blockchain compatibility and Web3 adoptionAmong the distinguished speakers at the event, Derik Han, Head of APAC Partnerships at Mysten Labs, the team behind the layer-1 blockchain project SUI, discussed how the SUI project plans to enhance blockchain compatibility through a zero-knowledge (ZK) login feature, similar to single sign-on (SSO). SSO enables users to use a single set of login credentials to gain access to various applications.Han underscored the significance of reducing technical barriers for the widespread adoption of Web3 in our daily lives, and he pointed out that SUI’s ZK login feature would contribute to this goal. Additionally, Han shed light on SUI’s intention to add on-chain features highly favored among Korean gamers.Security tokens and RWAsJo Dong-hyeon, the CEO of Undefined Labs, a developer specializing in on-chain risk rating solutions, emphasized that the Korean decentralized finance (DeFi) market is poised for growth, driven by security tokens and real-world assets (RWAs). He highlighted the significant attention received by the Financial Services Commission’s announcement regarding guidelines for security token offerings (STOs) in February.Jo observed that tokens backed by real-world assets (RWAs) would serve as a bridge between the DeFi space and traditional financial markets, facilitating the development of the former. He also noted that this development would follow the pattern seen in the Korean cryptocurrency market whose liquidity has been supported by young investors.NFT ecosystemsMeanwhile, Kim Min-gu, Head of Web3 Business Development Lab at LG Uplus, a telecom company, expressed their commitment to expanding the Moono NFT ecosystem. This venture, anchored around their octopus character, intends to advance through collaborations with similar NFT projects like Lotte Homeshopping’s pink bear character, Bellygom. Kim highlighted that the company’s primary goal for this year is to make NFTs accessible even to customers who are unfamiliar with cryptocurrencies.Kim further explained that LG Uplus aims to delve into the differences between Web3 NFT communities and their Web2 counterparts. The company’s focus lies in improving the overall usability of its services, without narrowing down its target audience. They are particularly intrigued by the potential of wallets and decentralized applications (dApps) in this pursuit.Banks’ entry into the virtual asset landscapeFollowing this, Leem Min-ho, an analyst at Shinyoung Securities, predicted a strategic expansion by Korean banks, with an emphasis on offering digital asset custody services. This endeavor has been catalyzed by recent developments, including the introduction of security token guidelines in February and the passage of the Virtual Asset User Protection Act in June. These regulatory milestones are gradually shaping a more defined legal framework for virtual assets within South Korea. Leem went on to say that banks, known to favor engaging in business activities within established regulatory boundaries, are poised to concentrate their forthcoming initiatives on approved security tokens, ensuring compliance and adherence to regulatory standards.

Crypto fund manager secures capital markets license in SingaporeDigital asset fund manager HashKey Capital Singapore celebrated a significant milestone on Tuesday as it secured a regulatory license from the local regulator and central bank, the Monetary Authority of Singapore (MAS).Photo by Mike Enerio on Unsplash‘Pivotal development’HashKey announced its regulatory success by way of a press release published to its website. This achievement, described by the company as a “pivotal development,” positions the firm to offer regulated fund management services primarily in connection with capital markets products from its Singapore base.Deng Chao, Chief Executive of HashKey Capital Singapore and Head of HashKey Singapore, expressed the company’s commitment to the local blockchain community, stating:“As a licensed fund management company, we are committed to contributing to the local blockchain community and playing our part in shaping its future.”Enabling product launchHaving initiated the licensing process in late 2021, HashKey Capital Singapore now plans to leverage its new status to launch a regulated fund and provide capital market products to local customers. The company envisions connecting blockchain experts and global capital to the local market, contributing to the advancement of the blockchain community in the region.Chao emphasized the company’s excitement about propelling blockchain-related capital markets products and investments further into the mainstream. This move is expected to open new possibilities for institutional and accredited investors in Singapore.Hong Kong presenceHashKey Capital falls under the overarching umbrella of Hong Kong-headquartered parent company HashKey Group. Company colleagues in Hong Kong have been busy in 2023, with a number of milestones having been achieved during the year.HashKey and OSL became the first digital asset exchange platforms to be licensed by the Hong Kong Securities and Futures Commission (SFC) as part of a new regulatory approach that allowed such platforms to offer their services to retail investors from June 1 onwards.A few months on from that and the company has been working towards increasing platform liquidity and trading volumes through a token rewards program and partnerships with market makers.At the end of October, the firm launched an exchange app, having received approval for the product from the local regulator. The firm has also bolstered customer deposit protection by way of a deal struck with fintech firm OneDegree to provide insurance cover for digital assets held on the platform.In April, a separate entity, HashKey Wealth, was formed, offering a wealth management service to both institutional and individual investors looking for exposure to digital assets.HashKey Singapore, inclusive of HashKey Capital Singapore, boasts a team of approximately 40 professionals covering various areas such as venture capital investment, fund management and over-the-counter trading of digital assets. The development follows HashKey Capital’s successful conclusion of a $500 million funding round, reinforcing its position as one of the largest crypto asset managers.Founded in 2015, HashKey Capital has played a pioneering role as an institutional investor in Ethereum, managing over $1 billion in client assets and making investments in more than 500 projects across infrastructure, tools and applications.During a funding round which the HashKey Group pursued earlier this year, it emerged that the company was being valued at $1 billion.

Abu Dhabi Puts Forward Legal Framework for Decentralized TechAuthorities in Abu Dhabi, the capital of the United Arab Emirates (UAE) as well as an individual emirate within it, have published a proposed legislative framework for distributed ledger technology.©Pexels/redouan khoulassiThe consultation paper, titled “Proposal for a legislative framework for distributed technology foundations” was published earlier this month by the Abu Dhabi Global Market’s (ADGM) Registration Authority.Promoting investor protectionThe document covers a broad spectrum of aspects relative to digital assets and crypto entities, including corporate governance, insolvency and restructuring considerations, and data protection. The ADGM’s objective with the proposed policy is to advance investor protection, improve market integrity and efficiency, and build towards a comprehensive regulatory framework.Specific proposalsMore specifically, the policy would implicate an enhancement in the protection of whistle-blowers who report misconduct relative to ADGM-regulated companies. Under the proposal, new rules would be introduced to ensure that digital asset platforms operate in a fair and transparent manner. A requirement would be placed on regulated companies to disclose detailed information in relation to beneficial ownership and control structures. Furthermore, the policy seeks to bring about an improved dispute resolution process between the stakeholders involved in ADGM-regulated transactions.Building upon an existing frameworkThe Abu Dhabi regulator’s current legal framework is built upon English common law. It has its own financial services regulator, the Financial Services Regulatory Authority (FSRA) which operates independently and is responsible for supervising and licensing financial institutions and market participants. The FSRA takes a principles-based approach, regulating those market actors attempting to maintain financial stability and integrity, promote market competition and innovation and ensure customer protection.ADGM has sought to act on an international basis by signing agreements with regulatory bodies in the UK, Hong Kong and Singapore, in an effort to enable information sharing and cross-border cooperation.Regulatory activityAt a national level, earlier this year the UAE enacted a digital assets regulatory framework. Earlier this week, the UAE also revealed a federal licensing system for crypto companies. In February, work began on a $2 billion initiative to nurture blockchain and Web3 startups via Hub71, the emirate’s tech ecosystem. The initiative provides startups with access to a broad range of support services as well as potential collaborations with government and investment partners.According to the document, “this Consultation Paper is of interest to any persons operating or planning DLT projects, persons engaging in digital asset-related activities and their legal advisors, as well as DLT participants, associations, and stakeholders.”With that, the ADGM is inviting comments and feedback from members of the public on the proposed changes contained within the consultation paper. To aid public comment, the policy document includes a number of questions that it invites stakeholders to consider as they work towards submitting their feedback.Those interested have until May 12 to take the opportunity to submit their comments and views relative to the Abu Dhabi regulator’s proposed framework.