Circle sticks with dollar, euro stablecoins as Hong Kong’s crypto scene matures

Korea’s Chungcheongbuk-do to Foster Regional Blockchain EcosystemChungcheongbuk-do, a South Korean province located 117km south of Seoul, has entered into a partnership with the Korea Internet and Security Agency (KISA) to launch a regional blockchain initiative. The province won the bid for this initiative, proposed by the Ministry of Science and ICT, with the goal of fostering a thriving blockchain ecosystem within the region. Spearheading this project will be the Chungbuk Innovation Institute of Science and Technology (CBIST).Photo by Suzi Kim on UnsplashComprehensive supportWith a budget of 1.4 billion KRW ($1.07 million), CBIST will spearhead the initiative by providing support to startups and creating a business-friendly environment. The province of Chungcheongbuk-do will offer consulting services to assist startups in exploring innovative blockchain solutions. They will also provide comprehensive support, including accommodations, infrastructure, equipment, and access to cloud computing platforms.Blockchain into other industriesFurthermore, Chungcheongbuk-do will extend funding opportunities and implement educational programs to nurture skilled individuals and develop a self-sustaining blockchain sector within the province. The goal is to catalyze the emergence of innovative business models that incorporate blockchain technology into various industries such as storage batteries, semiconductors, and parts and materials. This initiative is expected to boost the region’s economy and enhance its competitive advantage.Since the establishment of the Chungbuk Blockchain Promotion Center at CBIST in 2018, the provincial government has been actively involved in discovering and planning various blockchain projects and raising awareness. With the current blockchain initiative, Chungcheongbuk-do aims to build a comprehensive support system that will facilitate the growth of the regional blockchain sector.Kim Jin-hyung, Chief of the Science and Talent Bureau of the Chungcheongbuk-do government, expressed that this blockchain initiative aligns with the strategic vision of the elected local government to establish a high-tech region. The provincial government is dedicated to identifying software-focused projects that can strengthen startup ecosystems and empower young entrepreneurs.

XPLA Teams Up With OLA GG to Build Web3 Ecosystem for Hispanic GamersXPLA, a blockchain project led by major Korean gaming company Com2uS, announced on Tuesday its new partnership with OLA Guild Games (OLA GG) to establish a Web3 ecosystem for Spanish-speaking gamers.Photo by Shubham Dhage on UnsplashAbout OLA GGOLA GG is renowned as the largest Spanish-speaking Web3 gaming community with over 400,000 participants from different Hispanic regions. It is also the subDAO — a decentralized autonomous organization created by another decentralized autonomous organization — of Yield Guild Games (YGG). With the help of YGG’s infrastructure and assets, the guild onboards gamers to the metaverse and offers various opportunities, including creating various Web3 content and winning rewards through events.A thriving Web3 ecosystem for millionsBased on the partnership with OLA GG, XPLA aims to establish a sustainable Web3 ecosystem for over 450 million Spanish-speaking users across Europe and Latin America to expand its influence and user base. XPLA’s mainnet recently onboarded major play-to-own (P2O) games in July, such as Com2uS Group’s globally popular intellectual property games Summoners War: Chronicle, Ace Fishing: Crew, and Minigame Party.“We expect this exciting collaboration will provide new opportunities and possibilities to the OLA GG community. With XPLA, we will lead the era of new Web3-based games,” said Nico del Pino, co-founder of OLA GG.

Binance Behind New Hong Kong Crypto Exchange Pursuing LicenseThe launch of a crypto exchange named HKVAEX in Hong Kong has raised eyebrows as it appears to be closely connected to the global cryptocurrency giant, Binance.Photo by Florian Wehde on UnsplashResource sharingWhile the two entities do not officially acknowledge any affiliation, they share resources and have some commonalities that suggest a deeper connection, according to a report published by the South China Morning Post (SCMP) on Wednesday.HKVAEX was established in Hong Kong as an independent entity under BX Services Limited. Despite the absence of shared names, official affiliations, or public statements, several clues point to a connection. The logos of Binance and HKVAEX bear a resemblance, and Binance’s official accounts, as well as CEO Changpeng Zhao (CZ), are among HKVAEX’s followers on social media platform X (formerly Twitter).Gaining a foothold in Hong KongIt’s worth noting that Binance’s services are not available in Hong Kong, which raises questions about the motivation behind establishing an independent entity within the city. While HKVAEX appears to be actively pursuing a virtual asset license in Hong Kong, Binance has been relatively silent about its own licensing plans within the Chinese autonomous territory. This move could potentially provide Binance with a strategic foothold in a market that is becoming increasingly significant for digital asset entities.Hong Kong has recently introduced a licensing scheme for digital asset entities, and this development has spurred enthusiasm among such entities to establish operations in the region. Alvin Kan, the Head of Asia at Sei Labs, has noted that Asia is poised to become a major expansion zone for the Web3 sector, with regulatory developments in the US creating opportunities for expansion beyond American borders.Stanley Fung, who currently heads up HKVAEX, previously served as the chief of Huobi’s Hong Kong operations until November 2022, according to his LinkedIn profile. His departure from Huobi coincided with the entrance of crypto entrepreneur Justin Sun into Huobi’s management.In a company-managed Telegram group, HKVAEX has emphasized its status as an “independent crypto exchange” in Hong Kong, separate from Binance. However, it also revealed that it sources liquidity from Binance. Despite asserting its independence and having its own technical team, there have been instances of collaboration between the two entities in Hong Kong, such as a promotional campaign where Binance was referred to as a “partner” in incentivizing the opening of an HKVAEX account.Changing strategyBinance has faced a series of regulatory challenges in recent times. In May, Binance exited the Canadian market due to new regulations related to stablecoins and restrictions on crypto exchanges. In the US, the two leading regulators have filed lawsuits against Binance, CZ, and related entities, leading to the departure of several top officials from the company.The leading global exchange appears to be pursuing a different strategy more recently. It has entered the Japanese and Thai markets through the acquisition of a local entity and a joint venture with a local company. While forced out of the Netherlands, its Dutch customers were moved to rival Coinmerce, which connects to the Binance trading engine and order books.The evolving regulatory landscape is reshaping the cryptocurrency industry, and the relationship between Binance and HKVAEX highlights the complexities and strategies adopted by major players in this evolving space.