China busts underground bank conducting illegal currency exchanges via crypto

Animoca Brands’ Japanese market expansion via strategic partnershipAnimoca Brands Japan, in collaboration with Animoca’s subsidiary KLKTN, a digital experience label, has unveiled a strategic partnership with Cool Cats Group, marking a significant move into the Japanese anime market within the Web3 space.Photo by Yu Kato on UnsplashConquering the Japanese anime marketAs part of this strategic venture which was announced on Tuesday, Animoca Brands Japan has acquired equity shares in Cool Cats Group. Cool Cats is a U.S.-headquartered global character brand. It entails Cool Cats and Cool Pets NFT collections, notable for their distinctive and colorful cat designs.In addition to this, Animoca’s digital experience label, KLKTN, has acquired NFTs from all three of Cool Cats’ collections on the secondary market. Notably, this NFT purchase took place through San FranTokyo, KLKTN’s virtual “decentralized city,” which is known for its focus on licensed anime and Web3 intellectual property.Daisuke Iwase, CEO of Animoca Brands Japan, highlighted that the partnership goes beyond business growth. According to Iwase, it is about cultural exchange, understanding and delving into what makes Japan’s digital and artistic realm globally appealing. He emphasized their commitment to creating more opportunities for the Cool Cats IP’s growth through Animoca Brands Japan and San FranTokyo.Accessing Web3 intellectual propertyRobby Yung, CEO of Animoca Brands, expressed his enthusiasm for the partnership, telling The Block that it revolves around building Web3 intellectual property. He emphasized the company’s excitement about collaborating with an iconic Web3 IP holder like Cool Cats to explore the potential of Web3 products and traditional Japanese media products, including manga, to engage the community.The partnership also introduced several strategic initiatives that are set to roll out. One of the key initiatives is the creation of a “Cool Cats Manga,” which will blend the world of Cool Cats with Japan’s renowned manga tradition. This manga will be crafted by a Japanese manga artist, promising a unique fusion of creative elements.Japanese Cool Cats brand expansionAnother significant aspect of the partnership involves expanding the Cool Cats brand within Japan. Animoca Japan and San FranTokyo will work collaboratively to promote the Cool Cats IP through various channels. They are also committed to establishing new connections for Cool Cats with prominent organizations in the Japanese entertainment and intellectual property sectors, enhancing the brand’s presence in the country.The narrative of the Cool Cats IP will be seamlessly integrated into the virtual city of San FranTokyo. This initiative will encompass interactive e-figurine drops and align with the marketing efforts of other iconic Japanese IPs, creating a vibrant digital ecosystem within the city.David Taing, Co-Chief Operating Officer of KLKTN, expressed their dedication to Japanese and Web3 IP, emphasizing the importance of forging a path forward in the Web3 space. They are committed to bringing together diverse worlds, styles, ideas, industries and technology to drive collaboration to new heights, shaping the future of web3.The strategic partnership between Animoca Brands Japan, KLKTN and Cool Cats Group represents a significant step toward embracing Web3 in the Japanese anime market, not just in terms of focusing on business growth but also in aiming to bridge cultures, bringing together the rich traditions of Japanese manga and the innovation of Web3.

Coin Oasis Founder Thinks UAE Set Up For Crypto SuccessAs the dust settles on 2023's Dubai Fintech Summit, which took place last week, one takeaway offered by the Co-Founder of blockchain ecosystem firm Crypto Oasis is that the United Arab Emirates (UAE) has set itself up for success where crypto business is concerned.In speaking with crypto publication CoinTelegraph on the fringes of the Dubai Fintech Summit, Coin Oasis Co-Founder and Managing Partner Saqr Ereiqat suggested that the regulatory infrastructure that the UAE has put in place provides an ideal foundation upon which crypto companies can develop and prosper.Photo by Mo Ismail on PexelsRegulatory infrastructureEreiqat pointed to some key fundamentals that crypto entrepreneurs and start-up founders should look at when deciding on the location that will best meet their needs and help to optimize their route to market and ultimate success. This includes the regulatory infrastructure.The UAE authorities and regulators at a national level, together with their colleagues within the regulatory agencies in the Emirates of Dubai and Abu Dhabi, have been doing some heavy lifting in this regard over recent months.They’ve all been working on establishing a workable regulatory framework, and as part of that, a licensing process. In the case of Dubai, its Virtual Assets Regulatory Authority (VARA) has started to issue preliminary or Minimum Viable Product (MVP) license approvals that enable crypto startups to get started, while providing them with a pathway towards obtaining Full Market Product (FMP) licensing at a later stage.Talent poolThe other key requirements that Ereiqat set out were digital infrastructure alongside an ability to attract and provide a pool of talent relative to the crypto assets space. In respect of these key considerations, Ereiqat believes that the UAE hits the target in each case.“The UAE’s regulatory framework is more streamlined and business-friendly compared to the complex and fragmented regulatory environment in the US,” he told the crypto media firm.To enhance these fundamentals, Ereiqat also alluded to a depth of capital that could potentially find its way into UAE-based crypto businesses, easing these start-ups’ efforts in executing on funding rounds as they look to achieve growth.Ereiqat maintains that the interest in the region is already evident, citing a data-point that suggests there are 1,800 Web3-centric businesses already operating in the region, with more than 8,000 people working for those start-up businesses. Speaking to that reality further, he said:“The Dubai FinTech Summit was a significant event that brought together stakeholders from the fintech industry […] The presence of crypto and Web3 leaders and projects at the event is an important indicator of the growing interest and adoption of these technologies in the region.”This enthusiasm and belief in the existence of the right Web3 business environment in the UAE was echoed at that event by both Coinbase Founder and CEO Brian Armstrong and Ripple Founder and CEO Brad Garlinghouse. Both industry figures featured as keynote speakers at the event. Armstrong alluded to the potential of Coinbase establishing a base in Abu Dhabi while Garlinghouse announced the opening of a Ripple office in Dubai.

Hong Kong’s SFC Issues Warning Against Unlicensed Crypto PlatformsIn a move to safeguard its financial ecosystem, the Hong Kong Securities and Futures Commission (SFC) issued a stern warning recently, cautioning against the activities of unlicensed cryptocurrency exchanges involved in what it termed “improper practices.”In a statement published to its website on Monday, the regulatory authority underscored the gravity of engaging in unlicensed operations within the crypto trading sphere, categorizing such activities as a “criminal offense” under Hong Kong jurisdiction.Photo by Chi Hung Wong on UnsplashDeceptive tacticsFurthermore, the SFC exposed the deceptive tactics employed by certain unlicensed crypto trading platforms, which misleadingly assert that they have submitted license applications to the commission. The reality, however, is quite the opposite, as these platforms remain unregulated.The warning coincides with the SFC's ongoing establishment of a novel regulatory framework for overseeing retail crypto trading. Notably, the SFC made it clear that applicants who fail to adhere to pertinent regulations might find themselves ineligible for licensing under the newly instituted regime.This initiative from the SFC aligns with the broader efforts undertaken by Hong Kong authorities to instill effective oversight and regulation within the cryptocurrency market. The primary objective remains the protection of investors’ interests and the preservation of the integrity of the overall financial system.Platforms must demonstrate ability to complyThe SFC emphasized, “VATPs (Virtual Asset Trading Platforms) which consider themselves eligible for deeming under the transitional arrangements are reminded that the SFC may decide that deeming is inapplicable if it does not see a reasonable prospect for the VATPs to successfully show that they are capable of complying with the applicable legal and regulatory requirements.”This development follows closely on the heels of Hong Kong’s recent announcement outlining plans to grant licensed cryptocurrency platforms the permission to cater to retail investors within the new regulatory framework.These comprehensive guidelines encompass critical facets such as cybersecurity protocols, asset custody safety standards, and the segregation of client assets. This regulatory evolution commenced on June 1, synchronizing with the launch of the novel licensing regime for virtual asset platforms.Drawing attention to the growing influence of the sector, it’s worth noting that in April, cryptocurrency exchange OKX registered an astonishing surge of over 10,000 new user sign-ups within a mere month of launching its operations in Hong Kong.Web3 implementationIn a recent tweet, Chris Lee, former CEO of both the Huobi and OKX crypto exchanges, said that “if Hong Kong wants to implement Web3 well, it still needs to complete the basic requirements, such as Web3 foundation laws and bills.” Lee added that “Hong Kong’s competitors will always be itself, not New York or Singapore.”The Hong Kong SFC’s warning to unlicensed crypto platforms is another step in creating the right foundation for Web3 in the city. It underscores the concerted effort to maintain a regulated and secure environment for cryptocurrency transactions within the Chinese autonomous territory.As the regulatory landscape continues to evolve, industry participants are gradually being compelled to adhere to the stipulated legal and compliance requirements in an effort to foster a robust crypto ecosystem.