Metaplanet aspires to acquisition of digital bank

OK Group Retires ‘Okcoin’ BrandIn a move to streamline its crypto ventures, cryptocurrency exchange operator OK Group is rebranding its platforms under the single name “OKX.”The announcement was made by Hong Fang, President of OK Group’s Seychelles-registered exchange OKX, via a thread on X (formerly Twitter) on Monday.Photo by Kelly Sikkema on Unsplash‘Okcoin’ to ‘OKX’ global rebrandFounded in 2013, Okcoin will be undergoing a name change to “OKX,” aligning with OK Group’s overarching branding strategy. Hong Fang expressed her personal connection to Okcoin, stating:“I’ve been part of Okcoin for five years. Over the years, we have put a lot of love and passion into our brand and product.”She emphasized that this rebranding effort, beginning in Singapore, will extend to Europe and the United States in the coming months, ensuring consistency across key operational jurisdictions. Despite the name change, OKX maintains that customers can expect the same high-quality services within the same regulatory framework under the new brand. Providing the rationale for the change, Hong Fang went on to state:”We also believe it’s time for a change. Rebranding to OKX in our key operational jurisdictions will be great for our customers and business. I’m very excited about what to come next.”Previous rebranding activityFang also revealed that OK Group has already sunsetted the “Okcoin” brand and product in several regions, including Latin America, the Middle East and North Africa, South Asia, Hong Kong, and others. This transition aims to create a unified and recognizable identity for the group’s crypto ventures.The United States holds particular significance for OK Group’s global strategy, and the company remains committed to that market. Fang acknowledged the unique challenges encountered in the US but expressed the company’s dedication to empowering individuals and protecting freedom through technology within the US market. She stated: “It is home base for a lot of us on our team. It is special to us.”OKEx rebrandThis rebranding news comes approximately one year after OK Group initiated a similar transition with its subsidiary, formerly known as OKEx. In December 2022, OKEx transformed into “OKX,” expanding its scope beyond being a centralized crypto exchange. The move aimed to embrace DeFi, non-fungible tokens (NFTs), and Web3. OKEx, founded by OK Group CEO Star Xu in 2017, had played a significant part in terms of innovation in the cryptocurrency space during that time.OK Group’s decision to rebrand its crypto ventures under the unified name “OKX” signifies a strategic shift toward creating a more cohesive and streamlined brand presence in the global crypto market. The transition stands out as yet another iteration in the development of global crypto platforms within an ever-changing crypto ecosystem. As Hong Fang put it, “Okcoin was started almost 10 years ago.” . . . “We have been unequivocally investing in our Okcoin team and infrastructure ever since.”

The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) are charting new regulatory territory with the release of a comprehensive consultation paper outlining their proposal to accept and regulate fiat-referenced stablecoins (FRS) within the Chinese autonomous territory.Photo by Ben Cheung on PexelsConsultation processThe proposal has been published to the FSTB website in the form of a consultation paper titled “Legislative Proposal to Implement the Regulatory Regime for Stablecoin Issuers in Hong Kong.” Separately, the HKMA has published a press release on the topic. This development seeks to establish a regulatory framework for stablecoin issuers and address associated risks. The consultation period is scheduled to conclude on Feb. 29 of next year. At the heart of this legislative proposal is the requirement for companies actively marketing the issuance of FRS to the public of Hong Kong to obtain a specific local license from the HKMA. The proposed criteria for obtaining this license are robust and include key elements such as maintaining reserves “at least equal to the par value” of all circulating stablecoins. This measure ensures that stablecoins remain fully backed, contributing to their stability and reliability. The legislation also places a strong emphasis on the segregation and secure safekeeping of reserve assets, enhancing the protection of users’ funds and preventing misuse. Furthermore, issuers will be mandated to provide transparent disclosure and regular reporting, fostering accountability and transparency within the stablecoin ecosystem. It is noteworthy that the proposed regulations explicitly exclude algorithmic stablecoins from obtaining an HKMA license, underlining a preference for stablecoins with solid reserve backing. No doubt the spectacular collapse of the UST algorithmic stablecoin in 2022 has informed the Hong Kong regulator’s decision to exclude consideration of algorithmic stablecoins in this instance. Need to establish Hong Kong presenceTo underscore their commitment to regulatory compliance, stablecoin issuers seeking an HKMA license will also be required to establish a registered office in Hong Kong. This office must have a chief executive, senior management team and key personnel in place, aligning with Hong Kong’s efforts to ensure that all activities related to stablecoin issuance are conducted responsibly. The proposed licensing regime for FRS aligns with Hong Kong’s broader strategy to foster the growth of the Web3 ecosystem within the region. Christopher Hui, Secretary for Financial Services and the Treasury, highlighted the significance of this move, stating: “With the implementation of the licensing regime for VA trading platforms from June this year, the legislative proposal to regulate FRS is another important measure facilitating Web3 ecosystem development in Hong Kong.” Market competitionBack in February, the HKMA signaled its intent to regulate stablecoins when it issued a discussion paper considering various regulatory approaches. Competition is on an upward trajectory relative to stablecoin issuance and use. In June, Hong Kong-based qualified custodian First Digital Trust announced that it was gearing up to launch "First Digital USD," a U.S. dollar-backed stablecoin regulated in Asia rather than the United States. Leading stablecoin issuer Circle has been active in furthering its product offering in Asia during 2023. It successfully attained licensing approval in Singapore while in Japan, it joined forces with SBI Holdings in an effort to propel further growth of its USDC stablecoin within the Japanese market.

AIITONE Partners with UAE’s Royal Office to Boost Fintech Industry in AsiaAIITONE, an immersive tech company based in South Korea, has taken a significant step towards expanding its reach to the Middle East, according to Korean news outlet Newsis. The company recently signed a memorandum of understanding (MOU) with the Royal Private Office of H.H Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). The partnership between the two entities aims to bolster the fintech industry in South Korea, China, and Japan.Photo by Editz central Editors on PexelsUAE and East AsiaThe Royal Office, known for its diverse business ventures in the fields of real estate, global trading, consulting, and others, provides valuable guidance and strategies to enterprises in the UAE and the Gulf Cooperation Council. Lately, the Royal Office has been looking to expand its operations into East Asia, making this collaboration with AIITONE a strategic move.Security token and CBDCAs part of their joint efforts, the Royal Office plans to invest in promising Korean startups and facilitate the establishment of UAE banks’ Korean branches. Furthermore, the Royal Office intends to support Korean businesses in entering the Middle East market. Emphasizing their commitment to cutting-edge financial technologies, both parties will also work together on security token projects and central bank digital currencies (CBDCs), areas where Dubai is at the forefront of innovation.To facilitate the smooth implementation of these plans, Royal Office officials will visit AIITONE’s headquarters in Busan, Korea, next month. This visit will foster greater understanding and cooperation between the two organizations.An AIITONE representative expressed enthusiasm about the partnership, recognizing it as an opportunity to witness the Middle East’s growing interest in blockchain-based financial technology. Leveraging its expertise in Web3 technologies, such as extended reality (XR), artificial intelligence (AI), and blockchain, AIITONE strives to contribute to the development of both countries in the realms of digital economy and technology.