Tiger Brokers brings online crypto trading to Hong Kong

Regulatory Approval Sees Crypto.com Expand Services to SpainSingapore-based cryptocurrency exchange service provider Crypto.com has achieved a significant milestone by obtaining a virtual asset service provider registration from Spain’s central bank, the Bank of Spain.The company announced the achievement via a statement published to its website on Friday. This regulatory approval grants Crypto.com the opportunity to offer a wide range of crypto-focused services to customers in Spain, a country that has recently shown a positive approach towards cryptocurrencies.Photo by Pixabay on PexelsCompliance reviewIn order to secure this approval, Crypto.com underwent a thorough review of its compliance with the Anti-Money Laundering Directive and ensured adherence to other financial crime laws. This recent regulatory success in Spain comes shortly after Crypto.com acquired a major payment institution license for digital payment token services from the Monetary Authority of Singapore, further cementing its position as a trusted and compliant player in the crypto industry.Kris Marszalek, the CEO of Crypto.com, hailed the entry into the Spanish crypto market as a testament to the company’s commitment to compliance. He expressed enthusiasm about collaborating with the Bank of Spain and emphasized Crypto.com’s dedication to providing users with a comprehensive, safe, and secure crypto experience.Global licensing accumulationWith the latest regulatory approval, Crypto.com establishes itself as a regulated platform in nearly a dozen countries. In addition to Spain, the company has obtained regulatory nods in prominent jurisdictions such as Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, and the Cayman Islands.The journey of Crypto.com mirrors the growth trajectory of the crypto industry during the bull market of 2021–2022. Like many other crypto businesses, Crypto.com experienced remarkable expansion, forming strategic partnerships with mainstream entities and gaining regulatory approvals across multiple jurisdictions. One notable achievement was Crypto.com securing the naming rights to the renowned Staples Center in Los Angeles, a multipurpose arena that hosts a wide range of public events, including boxing and basketball competitions.Market challengesHowever, the recent bear market presented challenges for the platform. Decreased demand resulted in business difficulties, leading Crypto.com to make the strategic decision to close its institutional platform in the United States in early June.Earlier this week, the company garnered adverse publicity when it was found that it has been using an internal market maker to trade against its own customers. Despite this setback, Crypto.com remains resolute in its mission to expand its presence and offer crypto services in new markets.The regulatory approval in Spain marks a significant step forward for Crypto.com’s global expansion plans. As the crypto industry continues to evolve, regulatory compliance plays a pivotal role in building trust.The development of digital assets has proven to be imperfect. Crypto.com’s experience appears to mirror that reality. Notwithstanding the market difficulties that the firm has experienced and some occurrences that serve to blemish its record, successfully obtaining regulatory approval in Spain is still a positive step for the company in further establishing itself as a global player in the retail crypto domain.

Galaxia Metaverse Joins Hands with MVL Foundation to Expand Blockchain EcosystemsSouth Korean blockchain company Galaxia Metaverse said Wednesday it will collaborate with MVL Foundation, a blockchain-based mobility enterprise in Singapore, to advance their respective blockchain ecosystems by enabling the use of their tokens, Galaxia (GXA) and MVL, within them.Photo by Shubham Dhage on UnsplashPromoting token utilizationAs of now, MVL tokens can be used for purchasing discount coupons for TADA, MVL Foundation’s ride-hailing service. Through the partnership, GXA tokens will also be able to purchase TADA discount coupons through MVL’s cryptocurrency wallet, Clutch Wallet. Discussions are currently underway regarding more joint ventures, such as integrating the MVL token with staking products offered by Galaxia’s own digital wallet.“The MVL token is already being used by millions of mobility service users with Southeast Asia as its base. Through this partnership, we expect that our global expansion will be accelerated as we bring more users to our ecosystem,” Galaxia emphasized.Expanding the Southeast Asian user baseMVL Foundation operates its mobility services mainly in Southeast Asian countries including Singapore, Cambodia, and Vietnam. Its ride-hailing service TADA is the second-largest of its kind in Singapore. This ecosystem is connected via blockchain, enabling participants to receive rewards in accordance with their activities and ultimately forging a Web3 mobility system.Subsequently, Galaxia intends to take advantage of MVL’s solid footing in Singapore to push joint localized marketing within the country.“We are planning to develop various solutions, rewards, and service integrations with MVL by leveraging our strengths, expertise, and networks,” Galaxia said.Meanwhile, throughout this year, Galaxia has been expanding its blockchain ecosystem in other ways. Notably, it has collaborated with industry leaders such as Korean NFT exchange Pala and karaoke app Somesing.

Bitdeer Technologies, led by Jihan Wu and based in Singapore, has unveiled the very latest development in the world of Bitcoin mining technology with the announcement of the successful testing of its proprietary Bitcoin mining chip, slated for integration into its forthcoming mining rig. In addition, the firm has followed up on March 4 with the publication of financial results for Q4 2023.Photo by Thought Catalog on UnsplashSealminer A1The company revealed on X that its inaugural crypto mining chip, known as the SEAL01, destined to drive the Sealminer A1 mining rig, was engineered utilizing four-nanometer process technology, a feat achieved in collaboration with a semiconductor fabricator. Bitdeer boasts that this chip exhibits a power efficiency ratio of 18.1 J/TH. At the heart of Bitdeer's latest achievement lies the SEAL01 chip, the culmination of years of dedicated research and development. By harnessing state-of-the-art technology and meticulous planning, Bitdeer aims to tackle the pressing challenges confronting Bitcoin miners, including skyrocketing operational costs and environmental implications. The company claims that the efficiency of the SEAL01 chip not only promises a shift towards more sustainable mining practices but also holds the potential to significantly reduce energy consumption, thereby bolstering profitability and return on investment for miners. "This powerful chip offers enhanced Bitcoin mining performance with minimized power consumption, leading to lower operating costs and a reduced environmental footprint for miners," Bitdeer affirmed in the X post. The firm stopped short of disclosing the launch timeline for its upcoming mining rig. On the financial front, Bitdeer disclosed its financial results for Q4 2023, on March 4. The company reported a total of 111,966,634 outstanding ordinary shares as of Dec. 31, 2023, including class A and class V ordinary shares. Additionally, Bitdeer revealed key operational metrics for Q4 2023, including total Bitcoin mined, power usage across its mining data centers, average cost of electricity and miner efficiency. Bitdeer's shares closed up 2.11% at $6.76 on Nasdaq on Friday, indicating a positive market response to its recent newly developed Bitcoin mining chip. However, trading outside regular hours, going into March 4, have seen the share price peak at $7.52, yet having retraced to $6.9 at the time of writing. That may indicate that investors are not particularly enthralled by the firm’s Q4 2023 results. Bitdeer emphasizes that the SEAL01 chip is engineered to meet the evolving demands of the cryptocurrency mining industry. As mining activities continue to gain traction and market dynamics evolve, the adaptability of hardware solutions becomes paramount. Bitdeer's strategic emphasis on innovation with the SEAL01 chip aims to pave the way for future advancements in cryptocurrency mining technology, ultimately fostering the growth and sustainability of the industry. Moreover, Bitdeer asserts that the newly developed chip enables it to optimize efficiency, stability and performance in anticipation of the upcoming Bitcoin halving event slated for April. Last month, the company’s founder Jihan Wu was installed as CEO, in a move that is understood to better position the company as it transitions to a growth phase.