Glohow to promote UtopiaGames’ blockchain-based casino games on global stage

The Shanghai office of a Chinese regulatory body which oversees assets belonging to state-owned enterprises (SOEs) is reported to have held a session dedicated to the topic of digital assets and in particular, stablecoins, fueling speculation of a positive shift in outlook on crypto in China.Photo by Hanny Naibaho on UnsplashOn July 11, Reuters reported that the State-owned Assets Supervision and Administration Commission (SASAC) held the meeting in Shanghai on July 10, with the publication suggesting that the event represented “a marked shift in tone” in the consideration of digital assets in China, bearing in mind that crypto trading and mining are banned within the country. Following the “development trend and response strategies” study session, He Qing, director of the organization, said that there was a need for "greater sensitivity to emerging technologies and enhanced research into digital currencies." The regulator called on Chinese state-backed agencies to consider the adoption of blockchain technology for use cases like real-world asset (RWA) tokenization, supply chain finance and cross-border trade. A policy expert from Shanghai-headquartered securities firm, Guotai Haitong Securities, attended the meeting, outlining details on the history, characteristics and categories of cryptocurrencies and stablecoins, while also discussing global regulatory frameworks. Last month, a subsidiary company of Guotai Haitong Securities, Guotai Junan International (GTJAI), became the first company from the Chinese mainland to be given approval by the Hong Kong securities regulator to offer digital asset trading services. Adapting to the stablecoin trendIn June, state-owned financial newspaper, Securities Times, called on Beijing to adapt “to the trend of stablecoins.” The publication claimed that industry insiders “generally believe that, as an emerging payment tool, the unique advantages and potential risks of stablecoins cannot be ignored, and that the development of [yuan-backed] stablecoins should be sooner rather than later”. The same month, Pan Gongsheng, governor of the People’s Bank of China, acknowledged that stablecoins are playing a role in disrupting global payments infrastructure.  It also emerged recently that JD.com, a Chinese e-commerce giant, and Ant Group, an affiliate company of the Alibaba Group, have been lobbying the Chinese authorities for the authorization of yuan-based stablecoins. On X, Shanghai Macro Strategist, a China strategist, claimed that the recent surge in the Bitcoin unit price had come about as a consequence of this stablecoin-focused SASAC meeting in Shanghai. At the time of writing, BTC has appreciated 9.3% over the course of the past seven days. The strategist suggests that the event is fueling speculation that “the Chinese government may be in the early stages of reassessing its official stance on the crypto industry.” In their monthly report for May, the strategist pointed out that “Beijing’s outright rejection of [Bitcoin] as a legitimate asset” was holding the leading asset back on its path to “reserve status.” The strategist added: “Over the longer term, a shift in China’s stance could prove to be the single most powerful bullish catalyst—elevating Bitcoin from a fringe asset to a globally recognized store of value.”

Global crypto exchange OKX has acquired full licensing in the United Arab Emirates and with that, it has launched its trading platform in the Gulf state. Serving retail and institutional clientsThat’s according to a press release published by PR Newswire on the company’s behalf on Oct. 10. The platform has now been opened to both retail and institutional investors in the UAE. Those customers who have completed the required onboarding steps, either via the OKX app or the OKX website, can now access the firm’s range of services. Those services include spot trading, on-chain yield-bearing products, token conversion and express buy and sell services. For retail-level customers to qualify for derivatives trading, they are obliged to undergo a knowledge test in addition to undertaking a suitability assessment.  When it comes to institutional clients, the platform has advised that they will have access to derivatives trading so long as they have met specific criteria set out by the company. It’s understood that this will include specific "Know Your Customer" requirements set out by OKX. Photo by Phil Shaw on UnsplashMinimum liquidity requirementsAdditionally, an institutional investor must meet two out of three minimum liquidity requirements. These are understood to include a net annual turnover of $40 million, the institution’s own funds being in excess of $2 million or a balance sheet demonstrating a minimum of $20 million. Investors will be able to deposit or withdraw UAE dirhams (AED) to/from the OKX platform, with AED trading pairs having been established for a range of cryptocurrencies including Bitcoin, Tether and Ether. Launch eventAside from the company’s press release, OKX made its announcement at an event at the Museum of the Future at an event which it titled “A New Alternative for Dubai.” The event featured OKX CEO Star Xu, the firm’s CMO Haider Rafique, SkyBridge Capital’s Anthony Scaramucci, Polygon Co-Founder Sandeep Nailwal and Stacks Co-Founder Muneeb Ali.  Scaramucci spoke positively about the business conditions that have been created in the UAE, stating that the change “in 20 years is nothing short of a miracle.” With that, he recognized that’s why OKX has established itself within the UAE. OKX General Manager for the Middle East and North Africa (MENA), Rifad Mahasneh, told Cointelegraph that the company is “extremely bullish on the UAE as a crypto hub and only see the sector growing in the next few years.” Mahasneh told CoinDesk that the firm has two targets in the UAE, with its intention to onboard retail clients via the OKX app and lure TradFi institutions. "The return on investment is going to come from our ability to convert traditional institutions,” he stated. OKX has been working towards this moment for some time. It opened an office in Dubai in mid-2023, quickly expanding its presence by hiring local staff. Its local subsidiary, OKX Middle East Fintech FZE, received a non-operational license from Dubai’s Virtual Assets Regulatory Authority (VARA) in January of this year.

International Holding Company (IHC), based in the United Arab Emirates, has green-lit the launch of 2PointZero, a holding company encompassing a diverse array of companies, marking a significant stride into various industries, including the burgeoning crypto ecosystem. Photo by Kevin Villaruz on PexelsIHC announced the launch of 2PointZero via a press release published to its website recently. The new holding company boasts a combination of entities with a cumulative asset value exceeding $27 billion, pending completion after securing all necessary regulatory approvals. IHC is one of the Middle East and North Africa’s (MENA) largest conglomerate companies. Founded in 1998 in Abu Dhabi, it contains 422 subsidiary companies with eight of them listed on the Abu Dhabi Stock Exchange Market (ADX). Business interests span sectors such as real estate, healthcare, food and beverage, industrial, IT and communications and agriculture.Tahnoon bin Zayed Al Nahyan, Chairman of IHC, expressed pride in announcing the formation of 2PointZero, positioning it as a next-generation holding company at the forefront of pioneering advancements across multiple sectors. The new holding company will concern itself with sectors that include private equity and alternative investments, venture capital operations, asset management, micro financing and insurance. Digital and cryptocurrency ecosystems is another sector that 2PointZero will invest in. Crypto mining interests2PointZero Holding will incorporate entities such as Chimera Investments, Lunate, Beltone, International Resources Holding (IRH), and Sagasse Investments. Within Lunate, one of Abu Dhabi’s newest funds, lies Citadel Technologies. Citadel stands as a key player in the cryptocurrency mining sector, operating a state-of-the-art crypto mining facility in Abu Dhabi. Specializing in Bitcoin mining, Citadel is committed to sustainable and efficient mining practices, benefiting from its strategic location in the UAE and leveraging the region's advanced infrastructure. In the fiscal year 2022, Citadel reported a revenue of AED 100 million with assets totaling AED 2.7 billion. IHC recently acquired a 10% stake in Phoenix Group, the manager of the "Citadel Project," solidifying Citadel's position as the largest crypto-mining facility in the Middle East. Potential to expand crypto-related investmentsBack in 2022, IHC had outlined its strategy to expand into new growth areas and to grow its digital assets portfolio. In December, an IHC subsidiary, Sirius International Holdings, formed a partnership with Indian infrastructure company Adani Group with a view towards developing AI, internet of things (IoT) and blockchain-based services and solutions. This recent development is encouraging in terms of the potential for far greater crypto-centric investment, given the size of the UAE-based entity. The press release states:”The 2PointZero portfolio, which is expected to surpass AED 100 billion in assets, reflects its commitment to excellence and strategic growth in the digital and crypto ecosystems, resource management, and beyond.” Al Nahyan emphasized 2PointZero's commitment to transformative global impact, particularly in areas such as technology, artificial intelligence (AI), financial services, investment banking and resource management. The vision extends beyond boundaries, with a mission to build sustainable ecosystems that empower communities, foster technological excellence and ensure financial resilience.