NEOPIN to launch bridge platform for Finschia, Ethereum and Klaytn networks

Taiwan’s Financial Supervisory Commission (FSC), the independent government agency that regulates activity within Taiwan’s securities, virtual assets, banking and insurance sectors, is planning to invite applications from financial institutions to participate in a crypto custody services pilot program, scheduled to commence in Q1 2025. The Central News Agency (CNA), the national news agency of the Republic of China, published a report on Oct. 8, outlining the FSC’s intentions with regard to this crypto custody pilot program. The media outlet confirmed that three Taiwanese banks had expressed an interest in participating in the program.  The Director of the FSC’s Comprehensive Planning Division, Hu Zehua, outlined at a press conference that the regulator is planning to provide further information relative to the pilot program 15 days in advance of inviting applications from prospective participants. Photo by 張 峻嘉 on UnsplashPublic consultationAdditionally, the FSC executive outlined that the regulator intends to collect feedback from the public relative to the proposed pilot program, and fine-tune the process based upon that feedback. Hu stated that he recognizes that based on crypto custody activity carried out overseas, operational security is of paramount importance. Therefore, the FSC is interested in placing emphasis on this aspect of the activity as part of the pilot program.  Illicit funds and money laundering is another area of concern. With that the FSC executive outlined that financial institutions must proactively block virtual assets that are found to originate from illicit sources. In August a Taiwanese couple was indicted for laundering around $50 million in illegal funds through cryptocurrencies. Earlier this month, the FSC revised Taiwan’s regulatory framework relative to anti-money laundering (AML). The update now requires digital assets firms to register with the Taiwanese government by no later than September 2025. Failure to do so may result in these crypto companies being fined up to $156,000 or company executives facing up to two years in prison. Bitcoin, Ethereum and Dogecoin mentionedPilot program applicants will be expected to specify the type of digital assets they intend to custody. Explanatory information released by the FSC gave Bitcoin, Ethereum and Dogecoin as examples. Additionally, applicants are required to outline the type of client they will cater towards in providing a crypto custody service. Among the examples mentioned were virtual asset platforms, professional investors and general investors. The FSC announced at the end of last month that professional investors are now permitted to access foreign virtual asset exchange-traded funds (ETFs) and invest in them through a re-entrustment method. Taiwan has been making progress recently in bringing about regulatory clarity and establishing conditions within which Web3 companies can develop. The FSC had been working towards the production of draft crypto regulations over recent months. This followed a move by Taiwanese legislators in October 2024 to introduce the Virtual Asset Management Bill to parliament, with the objective of strengthening customer protections and establishing industry supervision. In September, the regulator released guidelines, including a measure which bans overseas crypto platforms from operating within the country. 

Mobile Strategy Game ‘EF Defense’ to Launch on Immutable zkEVMWeracle, the Singapore-based developer behind the popular mobile game Endless Frontier, is gearing up to deploy its latest creation, EF Defense, on the Ethereum scaling network, Immutable zkEVM.The tower defense strategy game, currently available on iOS and Android, will receive a significant boost with this move, opening up new opportunities for players and integrating blockchain technology into its gameplay.Photo by Catherine Kay Greenup on UnsplashPlay-to-earn gameEF Defense, a play-to-earn game with stunning visual aesthetics similar to Endless Frontier, transports players to the Land of Abundance, where they must fend off a dark and menacing force threatening the continent of Akaros. Armed with 70 diverse heroes and an array of customization options, players will embark on an epic quest to protect their territory and claim rewards for their strategic prowess.Immutable, a prominent Web3 games publisher headquartered in Australia, is partnering with Weracle to facilitate this transition. The move to the Ethereum scaling network brings the potential for even greater in-game experiences, enhanced security, and unique ownership opportunities through non-fungible tokens (NFTs). While EF Defense already offers hero characters as NFTs on the Ethereum scaling network Polygon, the specific utilization of NFTs and tokens on Immutable zkEVM remains undisclosed.The gaming industry veterans behind MagmaByte have also caught the NFT wave with their upcoming release, Galaxy Commanders. This player-versus-player (PvP) space shooter, developed by former talents from major gaming companies like Electronic Arts (EA), NCSoft, and Nexon, will utilize the Immutable zkEVM network for its launch. Players can expect action-packed space battles and cooperative planetary conquests, utilizing various strategies to claim victory.Based on PolygonImmutable zkEVM is based on Polygon’s zkEVM technology, a layer-2 Ethereum scaling network specially designed for gaming. This integration promises faster and more cost-effective transactions compared to the Ethereum mainnet, ensuring a seamless and enjoyable gaming experience. To cater to gamers new to Web3, Immutable is also working on developing the Passport, a user-friendly wallet to facilitate easy interactions with blockchain-based games.Weracle’s involvement with blockchain gaming through EF Defense is likely to be just a starting point. The studio has ambitious plans to launch more crypto games in the future, cementing its position in the evolving landscape of blockchain-based gaming. Additionally, a digital Weracle Wallet is in the works, intending to create a holistic ecosystem for players and collectors alike.Andrew Sorokovsky, VP Of Global Business Development at Immutable, expressed enthusiasm for Weracle’s transition into Web3 gaming, acknowledging the team’s expertise in the traditional gaming space and predicting significant strides in the realm of blockchain-based entertainment.As EF Defense prepares to enter the world of Immutable zkEVM, players can look forward to an enhanced gaming experience with the added benefits of blockchain technology.The integration of NFTs and the prospect of play-to-earn mechanics has the potential to make a far bigger impact, provided the correct balance is struck between engaging gameplay and the play-to-earn model dynamic.

Report Cites Escalating Crypto Use by Pro-ISIS GroupsA recently published report suggests that pro-ISIS terrorist groups in central and southeast Asia and the Middle East are increasing their use of cryptocurrency.According to the report which was published on Friday by blockchain analytics firm TRM Labs, cryptocurrency has become a favored tool for terrorist organizations, with ISIS affiliates showing an increasing preference for the Tron network’s USDT stablecoin. The report highlights that terrorist groups worldwide, including those linked to ISIS, are actively utilizing cryptocurrencies for fundraising purposes, allowing them to attract supporters and bolster their operations.Photo by David McBee on PexelsOn-chain evidenceTRM Labs has been closely monitoring these activities over the past year and has uncovered a growing amount of on-chain evidence. Pro-ISIS networks in countries such as Tajikistan, Indonesia, Pakistan, and Afghanistan have been observed using crypto assets to facilitate their illicit activities, with Tether (USDT) stablecoin on the Tron network (TRX) being their preferred choice for transactions.The disturbing revelations show how recruited fighters were enticed to join ISIS’ Afghanistan affiliate (ISKP) through the use of cryptocurrency fundraising campaigns. One such campaign operated for over a year and managed an address that received approximately $2 million in USDT on Tron in 2022. TRM Labs played a role in getting the operation dismantled, leading to the arrest of Shamil Hukumatov, a senior ISIS fundraiser allegedly responsible for the scheme.Indonesia & PakistanIn Indonesia, individuals used a crypto platform to transfer over $517,000 in 2022 to addresses linked to pro-ISIS fundraising campaigns in Syria, all using USDT on Tron. This connection demonstrates the global reach and sophistication of the terrorist groups’ crypto operations.Additionally, a media unit associated with ISPP, the Pakistan affiliate of ISIS, ramped up its fundraising efforts in the latter half of 2022. The entity sought to capitalize on natural disasters, such as earthquakes in Turkey and Syria, to raise funds by publicizing various cryptocurrency addresses flagged by TRM Labs as associated with the terrorist organization.SyriaTRM Labs’ investigation ultimately points to pro-ISIS fundraising campaigns in Syria as a central hub for cryptocurrency usage by the terrorist group and its supporters. A significant portion of the donations ends up supporting ISIS families in camps like al-Hol and Roj, as well as funding local cryptocurrency exchanges that facilitate the group’s activities.For TRM Labs, the identification and tracking of these campaigns and their donors are crucial steps in mapping out and potentially disrupting pro-ISIS networks worldwide. Their efforts aim to mitigate the risks posed by the misuse of cryptocurrencies in financing terrorism and illegal activities.The rising adoption of cryptocurrencies by terrorist organizations poses significant challenges to law enforcement agencies and regulatory authorities worldwide. It’s a worrying development for legitimate users of digital assets as it may result in far more heavy-handed regulation as a direct consequence.Under these circumstances, it is crucial for the crypto community, governments, and regulatory bodies to collaborate in implementing effective safeguards against the abuse of digital currencies for nefarious purposes. Only through collective action can this threat be neutralized.