Wemade’s NILE Launches NFT Tickets for Game Exhibition G-STAR 2023

Miracle Play and HG Ventures to lead global Web3 e-sports gaming industryWeb3 e-sports tournament platform Miracle Play has forged a partnership with Hangang (HG) Ventures, a venture capital firm committed to accelerating blockchain and Web3 projects, according to an official announcement on Miracle Play’s Medium page on Wednesday (KST). Miracle Play stated that it plans to go global to lead the Web3 e-sports market by leveraging HG Ventures’ global network and vast experience in project acceleration.Photo by ELLA DON on Unsplash“This partnership lays the foundation for us to become a global leader in the Web3 e-sports tournament market. We’re excited to leverage HG Ventures’ experience and global network to conquer the global market together,” said Miracle Play CEO Kim Hyun.Transforming gamingMiracle Play uses smart contract technology to ensure that anyone and everyone can hold various types of gaming tournaments in the form of PC, mobile, console and Web3 games. It is currently in the open beta phase, with a cumulative participation rate of about 30,000 players. Although it is only supported on Polygon as of now, it will eventually be available on a total of nine major networks including Avalanche, XPLA, Solana and more, to facilitate cross-network gaming tournaments that players from all over the world can participate in.The company also recently teamed up with interchain platform HAVAH to build a joint ecosystem.HG Ventures’ endeavorsHG Ventures is one of the largest blockchain VCs in Korea, with a portfolio consisting of multiple Play-to-Earn (P2E), NFT and Game-Fi startups. The company also serves as a bridgehead to help Korean companies go global and overseas companies enter Korea. Notably, the firm recently secured a conditional equity investment worth about KRW 130 billion from Mindfulness Capital Management.“Miracle Play, as a frontrunner in the Web3-based e-sports tournament platform, has immense potential in the global market, grounded in its core values of fairness and transparency. We’re committed to actively supporting their growth and global expansion,” said Sang-Woo Jeong, CEO of HG Ventures.

Hong Kong’s HashKey Adds AVAX TradingHashKey Hong Kong, the Chinese autonomous territory’s first licensed retail crypto exchange, has unveiled an addition to its platform with the launch of Avalanche (AVAX) trading.According to an announcement published to its website on Wednesday, HashKey has listed Avalanche on Thursday with the caveat that access to AVAX trading will be reserved for professional investors, as defined by Hong Kong’s Securities & Futures Commission (SFC).Photo by Wance Paleri on UnsplashAccessible to professional investorsTo meet the criteria as a professional investor in Hong Kong, individuals must possess an investment portfolio valued at a minimum of 8 million Hong Kong dollars, roughly equivalent to $1 million. This decision sets AVAX apart from other widely traded cryptocurrencies, such as Bitcoin and Ether, which remain accessible to retail investors in Hong Kong. While Tether (USDT) enjoys retail status, the majority of altcoins on HashKey will remain the preserve of professional investors.This move is a direct result of the SFC’s proactive stance on regulating the rapidly expanding crypto market in Hong Kong. Since the introduction of regulated retail crypto trading in the Chinese autonomous territory in August, the SFC has imposed rigorous requirements on exchanges. HashKey mandates users to deposit a minimum of 10,000 Hong Kong dollars or $1,500 into their exchange accounts as part of the Know Your Customer (KYC) verification process.Low trading volumeAmid these regulatory challenges, HashKey Hong Kong currently reports a 24-hour trading volume of approximately $5.3 million, significantly lower than its global peers. This lower trading volume suggests that stringent regulations may be affecting the exchange’s ability to attract retail investors effectively.The path to regulatory compliance in Hong Kong has been anything but smooth for crypto exchanges. Reports indicate that these platforms have collectively invested over $25 million in establishing the requisite infrastructure for obtaining a Hong Kong Virtual Asset Service Provider (VASP) license. It was reported earlier this year that crypto firms are forking out between $2.55 million and $25.5 million in order to secure a VASP trading license.Despite the challenges, HashKey is looking at various avenues in bringing its offering forward. Earlier this month the firm signed a memorandum of understanding (MOU) with insurer OneDegree. That collaboration could be significant as it should lead to the assets of HashKey users being protected and insured on the platform. That would solve a major issue for participants in the crypto space amid the backdrop of ongoing platform failures and hacks.JPEX collapseEven as regulatory efforts intensify, the crypto industry in Hong Kong has not been impervious to bad actors. The recent collapse of the JPEX crypto exchange earlier this month serves as a stark reminder of the ongoing risks associated with the industry. Described as the largest financial fraud in Hong Kong’s history, JPEX faced allegations of embezzling over $178 million of investors’ funds. Notably, JPEX was operating without SFC registration at the time of the alleged embezzlement.In response to such incidents, the SFC has taken proactive measures by publishing a warning list of crypto exchanges considered non-compliant within the Chinese autonomous territory.

Beijing-based cryptocurrency mining firm Bitmain has reportedly violated tax regulations in China, with local authorities imposing major fines. According to the reports, Bitmain has failed to pay personal income taxes amounting to $2.4 million, which has led to a penalty of $3.7 million from the Beijing Municipal Office of the State Administration of Taxation. Leading mining equipment manufacturerBitmain Technologies is one of the biggest cryptocurrency mining equipment firms in the world, established in 2013. The company is renowned for its reputation as a manufacturer of crypto mining equipment and solutions. Reports suggest that Bitmain was compelled to end its operations in China in October 2021 as a direct result of the blanket ban on cryptocurrencies that was issued by the Chinese government in September 2021.However, despite these regulatory challenges and the bear market in the cryptocurrency industry in 2022, the company has reportedly continued to achieve success in its business. Bitmain’s latest Antminer product sold out within a minute in December, despite the declining profitability of cryptocurrency mining. On Tuesday, it emerged that North American crypto miner CleanSpark had acquired 45,000 Bitmain Antminers, doubling its mining capacity.The company’s founder, Jihan Wu, established a $250 million fund in September 2022 to help the mining industry during the difficult crypto winter. Following his departure from Bitmain in 2021, Wu established Bitdeer, a new cryptocurrency mining company that served as a spin-off of Bitmain. Crypto crackdownThe fine imposed on Bitmain highlights the continued scrutiny of the crypto industry in China. The country has taken steps to crack down on the crypto market, particularly going after the mining industry. China has banned crypto mining, though it still takes place via underground operations. One major headline in recent weeks related to the fact that a former Chinese Communist Party (CCP) secretary helped a crypto mining operation operate. One China court also ruled that cryptocurrency mining affects the climate negatively.Despite the crackdown, China is making headway with its digital yuan, a central bank digital currency (CBDC). The country continues to run pilots for the CBDC, each more extensive than the last. As China’s digital yuan gains momentum, it has been speculated that the country may use it as a tool to further restrict the use of decentralized cryptocurrencies.Companies operating in China will have to keep a close eye on their operations, especially since the country does not take a favorable stance towards crypto. Hong Kong hubHowever, Hong Kong is opening up to the crypto industry and is attempting to become a crypto hub. The Hong Kong government recently launched a regulatory framework for crypto exchanges, making it easier for crypto businesses to operate within the city. This move has attracted a significant number of crypto firms to relocate to Hong Kong from mainland China.Bitmain’s $3.7 million fine imposed for violating tax regulations in China is a clear sign that the scrutiny of the crypto industry in the country is still prevalent. Despite the challenges and uncertainties, the company has continued to achieve success in its business, and the industry’s regulatory landscape is continuously evolving. Companies in China will have to ensure compliance with all relevant regulations, while also exploring opportunities to operate in crypto-friendly jurisdictions like Hong Kong.