Polaris Office marks 10th anniversary, POLA rises 14%

P2E defense game Slime World to roll out a major update in DecemberSlime World, a play-to-earn (P2E) blockchain game developed by South Korean company Nada Digital, is set to roll out a major update this December, according to a report by local news outlet Edaily.Photo by Markus Winkler on UnsplashUpdates to two game modesThis update to the defense game will enhance PvP Arena Mode, allowing players to merge NFT characters to battle against others, and will also improve the defense-oriented Infinite Mode. New NFTs released with this update will enable users to try diverse squad formations in Arena Mode, fostering strategic gameplay. The upgrade to Infinite Mode is designed to simplify the process of mining in-game tokens.Airdrop eventsIn celebration of its upcoming update, Slime World is planning a series of events. To bolster Arena Mode, the game will conduct airdrops of extra NFTs to both current and new NFT purchasers. Additionally, there will be airdrops of NADA tokens and various paid items. The platform is also set to provide incentives for players who haven’t accessed the server in a while, encouraging them to re-engage with the game.A representative from NADA Protocol, which operates under Nada Digital, mentioned that despite South Korea’s ban on play-to-earn (P2E) games, Slime World has garnered favorable reviews from gamers around the world. They anticipate that the forthcoming update will further contribute to the game’s growth and popularity.

The Turkish government is on the verge of finalizing comprehensive regulations for the cryptocurrency market. It has been known for a number of months that Turkey had been working towards the production of a regulatory framework for crypto, with the primary objective of securing the country’s removal from the Financial Action Task Force’s (FATF) "grey list." According to revelations from Minister of Treasury and Finance Mehmet Simsek, who participated in an interview with the Anadolu Agency on Wednesday, those regulations are now nearing completion.Photo by Emre on UnsplashFramework in advanced stagesSimsek disclosed key elements of the forthcoming regulations, emphasizing the government's commitment to legally defining critical concepts in the crypto space, licensing trading platforms and aligning with the standards set by FATF. The crypto framework tailored for the Turkish market is in the advanced stages of development, with a meticulous evaluation of its technical aspects underway, noted Simsek. The overarching goal is to mitigate the risks associated with crypto trading, especially for ordinary investors, aligning with international standards to facilitate the country's removal from the FATF's grey list. Licensing and defined termsSimsek outlined the forthcoming guidelines, stating that crypto platforms will be mandated to acquire licenses from Turkey's Capital Markets Board (CMB). A number of months ago, Bora Erdamar, the director of the BlockchainIST Center, an Istanbul-based university research and development center for blockchain technology, had underscored the importance of establishing licensing standards as part of the new crypto framework. Erdamar claimed that would be necessary in order to “prevent abuse of the system.” Erdamar is of the view that any such regulatory framework may include digital security protocols, advanced custody services, compulsory proof of reserves and capital adequacy requirements. It’s understood that the regulations will provide legal definitions for essential terms such as "crypto assets," "crypto wallets," "crypto asset service providers," "crypto asset custody service" and "crypto asset buying and selling platforms." As an example, Simsek clarified the definition of crypto assets as "intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and capable of expressing value or rights." While emphasizing the reduction of risks in crypto trading, Simsek clarified that the regulations would not encompass the specific tax regime for virtual assets. The proposed regulations have long been under consideration as Turkish authorities aim to bring clarity to the crypto market. The Minister assured that the crypto legislative proposals would be finalized this month, preceding the FATF evaluation scheduled for February. Notably, between July 2022 and June 2023, Turkey ranked fourth globally in raw crypto transaction volumes, recording approximately $170 billion in activity, trailing behind the United States, India and the United Kingdom, as reported by the blockchain analytics firm Chainalysis. A report by KuCoin last year identified a marked increase in adoption in Turkey.  It’s believed that wayward inflation over recent years relative to the Turkish lira is playing a large part in that trend. In recent weeks the Turkish president took the step of appointing an expert in blockchain and crypto assets to the central bank’s rate-setting committee. 

South Korean cryptocurrency-only exchange Cashierest to close its doorsCashierest, a cryptocurrency-only exchange based in South Korea, announced on Monday (local time) that it will be closing its doors. A cryptocurrency-only exchange is a type of trading platform that supports trading of tokens but not fiat currencies. In South Korea, there are only five exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — that provide trading with the Korean won.As of 11 a.m. KST on Nov. 6, the services for token deposits and new sign-ups have been discontinued. Trading activities on the platform will cease at 11 a.m. on Nov. 13. Additionally, the ability to transfer tokens from Cashierest to other exchanges will end at 1 p.m. on Dec. 22.Photo by Lisa Bresler on UnsplashEarlier layoffs and CEO resignationSpeculation about the potential sale of Cashierest has been circulating since earlier this year, following layoffs and the resignation of its former CEO, Park Won-joon, in July. These events are largely seen as a result of low trading volumes on the platform, which many attribute to its lack of support for trading in Korean won.Lack of fiat support leading to low trading volumeA detailed study by the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) revealed that, out of 21 Korean crypto-only exchanges, 18 are experiencing a deficit in shareholders’ equity as of the first half of this year. Furthermore, 10 did not generate any revenue from transaction fees.During the same period, the five exchanges that support fiat-to-crypto transactions had an average daily trading volume of KRW 2.9 trillion (approximately $2.2 billion), while the collective daily trading volume for all crypto-only exchanges was just KRW 1 billion. This indicates that the market size of crypto-only exchanges is merely 0.03% of that of their fiat-supporting counterparts.