Parachain Fork Sees Transition to Enjin Blockchain

Dubai’s VARA grants WadzPay ‘initial approval’ of trading licenseIn the latest demonstration of the emirate’s crypto-friendly credentials, Dubai regulator, the Virtual Assets Regulatory Authority (VARA), has granted an “Initial Approval” license to WadzPay.WadzPay was founded in 2018 in Singapore as a business-to-business (B2B) technology firm that concentrates its efforts on enabling digital asset-based transaction processing and settlement. This licensing approval is a significant step forward for the startup, as it inches closer to obtaining a full-fledged Virtual Asset Service Provider (VASP) license.Photo by Paul MARSAN on UnsplashGearing up for service roll-outWith this approval in hand, WadzPay is gearing up to offer a range of virtual asset services, specifically under the forthcoming VASP License for Transfer and Settlement, as well as Broker-Dealer trading activities.That said, the current VARA license places certain restrictions on WadzPay’s offerings. While WadzPay is known for providing a wide array of services to businesses (B2B) and individual users through its B2B2C platform, the “Initial Approval” license limits its scope to only a subset of its virtual asset products and services.Flurry of approvalsDubai has taken center stage in the realm of crypto-friendly jurisdictions, granting a flurry of operational licenses to numerous crypto firms and exchanges in recent months. The regulatory framework in Dubai is underpinned by robust guidelines for VASPs. To operate fully within this framework, crypto firms must navigate a meticulous three-tier licensing process, starting with provisional approval, followed by a minimal viable product (MVP) license, culminating in a total market product license.One of the recent beneficiaries of VARA’s approvals is Backpack, a virtual currency wallet provider. Last month, Backpack received its VASP license, allowing the introduction of the Backpack Exchange to the market. However, similar to WadzPay’s situation, Backpack’s license comes with certain limitations.It permits the offering of crypto exchange services within Dubai but restricts the rollout of other virtual asset services. The Backpack Exchange sets itself apart with advanced features, including zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for secure custody and lightning-fast order execution capabilities.Nomura portfolio company approvalsKomainu, a collaborative venture involving financial heavyweights like Nomura, CoinShares and Ledger, is another notable success story. After a diligent licensing journey, Komainu secured its full operating license from VARA, approximately 10 months after obtaining its MVP license in November 2022.Laser Digital, a crypto division under the vast umbrella of financial giant Nomura, also earned its operational license from VARA in August. Through its dedicated subsidiary, Laser Digital Middle East FZE, based conveniently in Dubai, Nomura has showcased its VASP license. The permit enables the firm to offer a suite of services, including brokerage, virtual asset management and investment offerings within the emirate.Notably, Laser Digital’s licensure followed closely on the heels of Binance, the global crypto exchange. Binance secured its operational minimum viable product (MVP) license from VARA, paving the way for providing crypto exchange and virtual asset broker-dealer services within the region.This flurry of licensing activities and approvals in Dubai is suggestive of the emirate’s commitment to fostering a progressive and regulated crypto environment.

Bakkt Holdings, a software as a service (SaaS) and API platform for owning and trading cryptocurrency, has unveiled its plans for an extensive expansion into Asia and other crypto-friendly international jurisdictions. Focus on Hong Kong and SingaporeAccording to a recent press release, Bakkt has broadened its footprint into two additional Asian markets, namely Hong Kong and Singapore. This strategic expansion aligns with the company's key objectives for 2024. Data from South Korean Web3 advisory and research firm Tiger Research suggests that Asia is poised to become the epicenter of the global crypto landscape within the next five years. In particular, Singapore and Hong Kong have emerged as dominant forces in the Asian crypto landscape. Their well-defined regulations, favorable tax structures and status as international financial hubs have attracted major players in the crypto industry. The announcement emphasizes Bakkt's commitment to making cryptocurrencies more accessible globally. The company envisions that crypto has the potential to enhance financial inclusivity and connect communities within the global economy. CEO Gavin Michael expressed excitement about the opportunities these regions present, highlighting the company's dedication to reaching millions of people through its crypto services.Photo by Jigar Panchal on UnsplashBroader global expansionBakkt's international expansion is not limited to Asia. Additionally, the company is targeting Latin America. Brazil, Argentina and Mexico lead the way in the adoption of crypto assets in Latin America. The digital assets solutions firm has successfully established crypto trading and on-ramp capabilities in Brazil and Guatemala, adding to its existing operations in Argentina and Mexico. Furthermore, Bakkt has plans to establish a presence in the United Kingdom and Australia in the coming months.   The decision to expand into these specific jurisdictions is influenced by the rapid growth of the crypto economy and the regulatory clarity observed in these regions. Despite global market fluctuations and recoveries, certain countries continue to welcome crypto-related businesses with robust regulatory frameworks. In collaboration with Bakkt Holdings, Hapi and SogoTrade have launched new crypto trading capabilities, expanding their offerings across Asia, Europe, North America and South America. Hapi, a stock trading platform, has extended its crypto trading services to Brazil, Guatemala and Spain, deepening its relationship with Bakkt. On the other hand, SogoTrade, a digital brokerage, has initiated crypto trading in Hong Kong and Singapore, marking the beginning of its foray into Asian markets. Bakkt, established in 2018, is focused on providing institutional-grade custody, trading and on-ramp capabilities. The company positions itself as a partner for sustainable, long-term crypto involvement. The firm was established with Intercontinental Exchange (ICE), the owners of the New York Stock Exchange, having a 66.7% controlling interest in the company.  Bakkt's strategic expansion into diverse international jurisdictions, including the Asian region, underscores its intention to enable global platform accessibility, together with its belief in the transformative power of cryptocurrencies within the financial landscape. 

NEOPIN and SBINFT Join Forces to Expand DeFi and NFT EcosystemsNEOPIN, the global CeDeFi platform of South Korean investment holding company Neowiz Holdings, announced today its strategic partnership with SBINFT, the NFT marketplace developer and Web3 subsidiary of Japanese online financial conglomerate SBI Holdings.Photo by Markus Winkler on PexelsExtending their global reachThrough this partnership, the two companies will combine their individual expertise to enhance the global reach of each other’s ecosystems. Their strategy involves facilitating the introduction of established NFT projects from regions such as South Korea, the Middle East, and Southeast Asia into the Japanese market. Additionally, they will collaborate to offer both financial and technical assistance to promising Japanese Web3 initiatives, enabling them to expand internationally.Web3 projects and utility NFTsTo achieve this objective, NEOPIN will onboard a diverse range of Web3 projects to its ecosystem, thereby broadening their adoption and appealing to a worldwide user base. Meanwhile, SBINFT will proactively seek to bring utility NFTs into its NFT marketplace.NEOPIN’s partnership with SBINFT is a strategic step in its plan to enter the Japanese market. Just recently, the South Korean enterprise revealed its proactive approach to intensify endeavors to attract a Japanese customer base.Kim Yong-ki, NEOPIN’s CEO, mentioned that the collaboration with SBINFT represents one of their initial endeavors to penetrate the Japanese market. Kim further stated that NEOPIN is dedicated to achieving favorable outcomes not only within Japan but also across the East Asian region.Ko Jang-deok, CEO of SBINFT, echoed this sentiment, expressing that NEOPIN possesses a robust strategy tailored for the Japanese market. He mentioned that the partnership with such a company will help SBINFT introduce international content to the Japanese market. Ko highlighted SBINFT’s commitment to extending its presence in the East Asian market.