Gemini Announces Singapore Expansion Plans

Sony Network Invests $3.5M in Startale Labs to Drive Global Web3 AdoptionSony Network Communications, a prominent Japanese internet service provider, has made an investment of $3.5 million in Startale Labs, an innovative Web3 company based in Singapore. The primary objective of this collaboration is to establish an infrastructure that will promote the global adoption of Web3 technologies.Photo by Bastian Riccardi on UnsplashTelecom meets Web3Sony Network Communications, founded in 1995, offers high-speed fiber-optic broadband services and operates in various sectors of the telecommunications industry. The company is actively involved in advanced technology ventures such as the Internet of Things (IoT) and artificial intelligence (AI). Meanwhile, Startale Labs specializes in the Web3 domain, providing advisory services related to Web3, supporting the creation of layer 1 blockchains and applications, and collaborating with other entities to develop core Web3 functionalities.As part of this partnership, Jun Watanabe, the President and Representative Director of Sony Network Communications, will join Startale Labs as a director. He expressed his gratitude for the collaboration, emphasizing the deepening ties between Sony and Startale Labs. He highlighted the fruitful joint efforts already underway to advance Web3 technologies. Both companies share the objective of fostering an infrastructure that facilitates global Web3 adoption. Jun Watanabe said this initiative will lead to the emergence of revolutionary Web3 applications.Sota Watanabe, the CEO of Startale Labs, acknowledged Sony Group’s remarkable achievements across diverse industries such as gaming, entertainment, and financial services. He believes that Sony holds great potential in the Web3 sector, and Startale Labs is well-positioned to contribute its expertise and knowledge to this domain. With this partnership, Sota Watanabe envisions a collaborative effort that will not only foster the global Web3 infrastructure but also drive the creation of valuable and impactful Web3 applications.Sony’s Web3 expansionSony Group has been actively exploring opportunities in the Web3 field. Earlier this month, Sony Bank, another affiliate of Sony Group, partnered with Mitsui & Co. Digital Asset Management (MDM) to introduce MDM’s security token service, Alterna, to the Tokyo-based online bank’s customers. Through this collaboration, Sony Bank customers can invest in real-world assets, such as large-scale real estate properties, using security tokens provided by Alterna. This platform opens up investment avenues that were previously inaccessible to retail investors due to high capital requirements. Notably, the minimum investment requirement through Alterna is 100,000 yen.Government supportThere’s also been a positive move from the Japanese government for the Web3 and cryptocurrency industry. The Japanese National Tax Agency recently announced the revised corporate taxation rules pertaining to crypto assets. Under the new amendment, companies are exempt from taxes on unrealized gains from cryptocurrencies if the virtual assets were issued by the company and have been continuously held since issuance, or if they have remained subject to certain transfer restrictions since issuance.Startale Labs CEO Sota Watanabe welcomed this development on his Twitter account, stating that Web3 projects like Astar Network can now conduct business in Japan without moving their operations overseas. Meanwhile, he highlighted the importance of addressing the issue of corporate taxes on tokens issued by third parties in the future. He hoped for continuous engagement in constructive discussions with politicians and government agencies.

e-CNY Payments Enabled for Hong Kong Visitors From Mainland ChinaBank of China’s Hong Kong arm recently launched a digital yuan shopping festival, aiming to spur local consumption and promote the adoption of central bank digital currencies (CBDCs). The festival, which commenced on July 18, allows visitors from mainland China to make purchases in Hong Kong using the digital yuan.Bank of China (Hong Kong) Limited (BOCHK), a subsidiary of China’s central bank, initiated trials of e-CNY cross-border payments in Hong Kong last year, paving the way for the current shopping festival.Photo by Eric Prouzet on UnsplashSubsidized useAccording to a press release published by BOCHK earlier this week, as of July 18, digital yuan wallet holders have been able to use China’s CBDC to make payments at over 200 participating merchants across Hong Kong. Furthermore, consumers have the opportunity to receive shopping subsidies in digital yuan by scanning QR codes at specific stores, as stated in the BOCHK press release.The range of merchants accepting e-CNY payments spans from electronics sellers and pharmacies to supermarkets. Among the participants is U Select, a Hong Kong-based supermarket chain with a wide presence of more than 90 stores throughout the city.BOCHK strategically chose the summer tourist season for the expansion of e-CNY payments in Hong Kong. Chen Guang, representing BOCHK, mentioned the influx of tourists to the special administrative region, presenting a prime opportunity to attract more users and bolster local consumption through this cross-border shopping festival.The move makes BOCHK the first institution to partake in the cross-border e-CNY trial in Hong Kong. In December 2022, the bank initiated the first phase of its “digital yuan exclusive experience,” which allowed a limited number of BOCHK consumers to shop in the city using the digital yuan.Adoption strategyThe digital yuan has witnessed robust adoption in recent times, with China leading the global development of CBDCs. The Bank of China has been actively striving to advance and popularize the use of digital yuan in the country. Various initiatives, including business loans, trial expansions, and partnerships with prominent technology firms, have been undertaken to propel the widespread adoption of the digital currency.The introduction of the digital yuan shopping festival in Hong Kong signifies yet another significant step in China’s efforts to promote its CBDC and drive its usage in both domestic and international transactions. With over 200 merchants already participating and a seamless payment experience for tourists, the festival has the potential to encourage further adoption and shape the future of digital payments in the region.As this initiative gains momentum, it will be crucial to observe its impact on local consumption and the broader implications for CBDC adoption in the global financial landscape.The rate of China’s CBDC development and beyond that, the intent with which it is striving to drive adoption through a seemingly never-ending series of initiatives has been unmatched by any other nation. With that, the first real results of the active and widespread use of a CBDC are going to come from the country that makes up one-fifth of the world economy.

Emerging as one of the world’s major crypto hubs, the United Arab Emirates (UAE) is set to host Abu Dhabi Finance Week, described as the region’s largest financial and investment event, in the capital next month. Scheduled to take place from Dec. 8 to 11, the conference will feature leading figures from both traditional finance and the crypto industry. Notable speakers from traditional finance include Bridgewater founder Ray Dalio, Morgan Stanley International CEO Clare Woodman, and Franklin Templeton CEO Jennifer Johnson. Representing the crypto sector will be Binance CEO Richard Teng, Solana Labs CEO Anatoly Yakovenko, Circle CEO Jeremy Allaire, among others.Photo by Saj Shafique on UnsplashHashed, ADGM host Web3 policy talksAmong the partners for the four-day event is Seoul-based venture capital firm Hashed, which opened its Abu Dhabi office last year. The expansion followed its partnership with Hub71, the city’s global tech ecosystem, which aims to help more Korean startups expand into the Emirates. According to South Korean news outlet News1, Hashed, jointly with Abu Dhabi Global Market (ADGM) Emerging Tech, will host the Web3 Leaders Roundtable. The event will feature two sessions: one exploring next-generation digital infrastructure, where artificial intelligence and blockchain converge with the real economy, and another focusing on digital asset regulations, particularly how policies can be designed to balance innovation with oversight. Bybit courts UAE talentAbu Dhabi’s growing appeal as a hub for digital asset businesses is also underscored by crypto exchange Bybit’s recent participation in the annual NYU Abu Dhabi Career Fair. Concluding on Oct. 30, the event marked the trading platform’s first talent outreach initiative in the UAE. The participation comes after Bybit obtained a full virtual asset platform operator license from the Securities and Commodities Authority (SCA) last month. The occasion gave Bybit an opportunity to engage with students and recent graduates. The growing adoption of cryptocurrency in the country is reflected in Du’s launch of a crypto mining service aimed at individual users. As one of the UAE’s two major telecom operators, Du is leveraging its nationwide data centers to allow residents to rent the necessary computing power on a subscription basis to mine digital assets, according to a report by the Emirates-based newspaper The National. Du’s cloud platform powers user miningJasim Al Awadi, Du’s chief information and communications technology officer, said the new service is powered by Cloud Miner, a platform introduced last year under the company’s sub-brand Du Tech. He explained that as the service evolves, users will gain access to a calculator that estimates their potential monthly Bitcoin earnings. Du also intends to continue enhancing and expanding its mining-as-a-service offering. The launch coincides with a period of volatility in the crypto market. On Nov. 5, Bitcoin fell below the $100,000 mark for the first time since June 23, dropping to $99,992.01 against USDT on Binance before recovering to above $103,000.