Shinhan Bank Advances into Metaverse with the Launch of Shinamon Season 3

Singapore-based Marketnode has successfully completed its Series A investment round, receiving backing from global banking leader HSBC and its existing shareholder, Temasek. While the precise funding amount remains undisclosed, the firm plans to utilize the capital to expand its financial market infrastructure. Marketnode aims to develop neutral infrastructure for digital fixed-income and structured products, initially focusing on the Asia-Pacific region. This initiative is part of a broader strategy to create a comprehensive multi-asset ecosystem.Photo by Markus Winkler on UnsplashStrategic collaborations and future projectsRehan Ahmed, President of Marketnode, highlighted the strategic alliance with HSBC as a pivotal move towards establishing the next generation of trusted and neutral market infrastructure. The investment will also accelerate the launch of Fundnode, a new investment fund infrastructure powered by distributed ledger technology. Additionally, the collaboration will support future offerings of tokenized assets. Marketnode has been engaging with HSBC since 2020, including participation in Singapore's Project Guardian and various digital bond initiatives led by the Monetary Authority of Singapore. Regulatory landscape in SingaporeSimultaneously, Singapore continues to tighten regulations within its crypto sector. Following its stringent licensing framework, the Singaporean authorities recently announced an expansion in the scope of companies regulated under its payment services rules. This measure aims to enhance supervision of digital asset firms, focusing on anti-money laundering efforts and user protection. 

CeDeFi protocol NEOPIN has agreed to work with GREEVER, the developer of an eco-friendly Drive-to-Earn (D2E) app that rewards users for their efforts towards sustainable driving, marking an accelerated move towards forging a greener economy, according to an official Medium post on Wednesday (KST).Photo by why kei on UnsplashFostering green innovation“NEOPIN is actively collaborating with the government of Abu Dhabi to establish a DeFi regulatory framework. It is also recognized as a pioneer in Permissioned DeFi. On the other hand, GREEVER is distinguished by its strong commitment to public interest initiatives like promoting eco-friendly and safe driving,” said Ethan Kim, CEO of NEOPIN. “Through this partnership, our goal is to demonstrate our achievements in the blockchain space, emphasizing key themes such as compliance, eco-friendliness, and sustainability.” NEOPIN and GREEVER plan to integrate their platforms to expand their respective user bases. Specifically, the NEOPIN digital wallet will be integrated into the GREEVER app. They also intend to introduce NEOPIN’s DeFi products by linking them with GVL, GREEVER’s governance token. Through their collaboration, both companies aim to popularize blockchain on a global scale, especially by leveraging Busan’s technological expertise in the technology.  Driving towards sustainabilityGREEVER resides at the Blockchain Innovation Technology Center at the Busan International Finance Center. The GREEVER D2E platform was launched last September as South Korea’s first blockchain service for eco-friendly driving. It rewards drivers based on their safe and eco-friendly driving habits while promoting the adoption of blockchain technology in different areas of daily life. The team responsible for developing and operating the app is led by CEO Yun In-kyu, a Director of the Busan IT Partners Association and a General Manager who spearheaded various blockchain education initiatives tailored for Busan in 2021. “GREEVER is actively engaged in socially responsible projects with government organizations. Our alliance with NEOPIN is a pivotal move towards sustainability that aligns perfectly with GREEVER’s mission of enhancing accessibility and public interest,” said Yun In Kyu, CEO of GREEVER.

Dubai Regulator Suspends BitOasis’ Crypto LicenseDubai’s pioneering cryptocurrency exchange, BitOasis, has had its operating license suspended by the city’s cryptocurrency regulator for failing to meet key conditions within the required timeframes. The Virtual Assets Regulatory Authority (VARA) took enforcement action against BitOasis and initiated a review of the Dubai-based firm.BitOasis was granted a conditional license on April 12, which allowed it to operate on the condition that it met specific requirements within 30 to 60 days. However, the exchange has failed to fulfill these conditions, leading to the suspension of its license. VARA did not disclose the exact nature of the unmet conditions, but it stated that until they are satisfied, BitOasis’ “License for Institutional and Qualified Retail Investors” will remain non-operational.Photo by iridial on UnsplashFirst MVP broker-dealer license holderBitOasis had received the first “minimum viable product operational license” from VARA, enabling it to offer broker-dealer services to qualified institutional and retail investors in Dubai. This license represents a crucial step towards obtaining a full market product (FMP) license, but as of now, no firm has been issued an FMP license by VARA.To become eligible for the FMP license, BitOasis must fulfill the conditions specified in its current license, as outlined by VARA. The regulatory authority has emphasized its commitment to monitoring the situation for compliance remediation.OPNX reprimandThis recent development follows VARA’s reprimand of Su Zhu and Kyle Davies, the co-founders of the now-defunct crypto hedge fund Three Arrows Capital, in April. The duo had operated and promoted their new OPNX crypto exchange in Dubai without the necessary license, catching VARA’s attention.BitOasis addressed the regulatory concerns in a blog post on Tuesday, affirming its collaboration with VARA to meet the remaining conditions for the Operational MVP License. The exchange clarified that the issue with its license does not impact other services provided, such as broker-dealer services for existing retail users. It also took to Twitter on Tuesday to clarify the situation. The company has suspended new user registrations until further notice, presumably as it works towards meeting VARAs licensing requirements.BitOasis stated: “You can continue to use BitOasis with the assurance that your assets are safe, secure, and held at their full value on our platform, and our team will continue to cooperate with the Virtual Asset Regulatory Authority and fulfill all post-operational license terms, as well as working towards a full market product license.”The firm referred to the “unique challenges” that are associated with licensing and suggested that it is determined to address them and to “be a leader in the virtual assets sector.”The suspension of BitOasis’ license highlights the stringent regulatory environment in Dubai’s cryptocurrency sector. VARA is demonstrating that it remains committed to enforcing compliance and ensuring that crypto exchanges meet the necessary requirements. BitOasis must rectify the issues and meet the conditions of its license to regain its operational status and proceed towards obtaining the coveted full market product license in the future.