Pakistan moves towards legalizing & regulating crypto

Animoca Brands Expands Focus to Non-US MarketsHong Kong-based Web3 and blockchain unicorn, Animoca Brands, is shifting its attention to markets outside the United States following the Securities and Exchange Commission’s (SEC) classification of its $SAND token as an unregistered security.This move comes after the SEC named $SAND, along with other tokens like Solana and Polygon, in lawsuits against major exchanges Binance and Coinbase Global. The labeling of these tokens as securities by the SEC poses legal risks for companies involved in their sale.Photo by Zulian Firmansyah on UnsplashNavigating regulatory challengesAnimoca Brands, led by Co-Founder and Chairman Yat Siu, has long embraced a global approach rather than focusing solely on one territory. Siu clarified the firm’s response to the latest regulatory development to the South China Morning Post (SCMP) via email on Thursday.He emphasized that while the SEC concentrates on the US, Animoca Brands operates in more progressive jurisdictions such as Hong Kong and Japan, where $SAND is widely available and accepted. In response to the recent blockchain-hostile climate in the US, the company has proactively started emphasizing other markets, reducing its reliance on the US market and mitigating potential risks associated with regulatory actions.Exchange business impactWhile Coinbase CEO Brian Armstrong has declared that his company has no intentions of delisting tokens labeled as securities by the SEC, this decision poses challenges for other exchanges less committed to selling these tokens. Dan Gallagher, Chief Legal Compliance and Corporate Affairs Officer of Robinhood Markets, expressed concerns about listing tokens due to regulatory rules and the uncertainty surrounding tokens created by organizations outside the US.These developments could have a chilling effect on exchanges, prompting crypto firms to consider moving away from the US market due to perceived uncertainty and the associated legal risks. As a demonstration of that, in a bankruptcy court hearing on Thursday, it emerged that the FTX Debtor is talking with bidders with a view to restarting the international business but restarting the US-based business is less certain.Animoca’s Middle East ventureIn a further display of its commitment to expanding outside the US, Animoca Brands announced plans in March to make significant investments, worth tens of millions of dollars, in the Middle East. This move reflects the company’s proactive strategy to tap into non-US markets and leverage the growth potential offered by progressive jurisdictions.Animoca Brands’ decision to prioritize non-US markets and reduce its reliance on the US market aligns with its global operating approach. The SEC’s classification of $SAND as a security has prompted the company to shift its attention to more progressive jurisdictions where $SAND remains widely accessible.As other firms, including Ripple, also explore growth opportunities outside the US, the global landscape of the crypto industry is evolving. By navigating regulatory challenges and expanding into promising markets, Animoca Brands aims to position itself for continued success and mitigate potential risks associated with the SEC’s actions in the US market.

Mars Program Sees Huobi Venture into SpaceHuobi, the Seychelles-headquartered global crypto exchange platform, has embarked on an extraordinary journey with the launch of Phase I of the Huobi Mars Program, making it the first cryptocurrency exchange to explore the vastness of space.Photo by Ju Guan on UnsplashIntergalactic interestsThe Huobi Mars Program, outlined by the company in a recent blog article, signifies Huobi’s interest in space exploration and an expansion beyond the confines of Earth. With aspirations to venture far into the universe, Huobi is inviting its users to join them on this unique and unprecedented journey, becoming pioneers in the Web3 field to enter space.The first phase of the Huobi Mars Program, scheduled from June 2023 to June 2024, consists of 12 rounds of themed activities. Each round requires participating users to complete specific tasks and mint space-themed non-fungible tokens (NFTs).Throughout each round, one lucky user will be selected as the monthly reward winner and stand a chance to become a potential candidate for space travel. In the subsequent phase, the 12 candidates will undergo a rigorous evaluation process, including assessments of physical fitness, training, preparation, and community contribution. Ultimately, one candidate will be chosen to embark on a space journey alongside Justin Sun, a member of the Huobi Advisory Board. The space flight is anticipated to take place after July 2024.Mars Program commencedThe first round of the Huobi Mars Program opened for participation from June 14 to July 5, 2023. To earn space NFT rewards, users must complete specific tasks in spot trading, peer-to-peer (P2P) transactions, futures trading, and Huobi Earn transactions. Each completed task grants users the opportunity to mint a space NFT, with no upper limits.Space NFTs will be issued on the TRON Network and can be traded on various NFT platforms. Users need to link their TRON addresses on the event page to receive the minted NFTs. It is advised to mint the NFTs promptly as there will be a daily cap on NFT minting, and qualification does not carry over to subsequent rounds.The lucky user selected as the monthly reward winner and shortlisted as a candidate space passenger will have their space flight broadcasted worldwide via a live-stream. Huobi will conduct thorough verifications, including checking the winner’s TRON address, UID, and KYC verification, to ensure the authenticity of the winner. The winning space NFTs are non-transferable, and any attempt to transfer them will result in the forfeiture of the reward.Spot trading fee exemptionIn addition to the opportunity of becoming potential space passengers, the lucky users shortlisted during the first round of the Huobi Mars Program will enjoy the privilege of a 180-day exemption from spot trading fees on Huobi.Huobi isn’t the only crypto market participant with an interest in the intergalactic. It emerged last week that Charles Hoskinson, Founder of layer one blockchain Cardano, is funding The Galileo Project, an expedition to recover an interstellar object from the floor of the Pacific Ocean.Crypto memes boast of the likelihood of digital asset prices “going to the moon,” but Huobi’s Mars Program aligns with the pursuit of exploring the unknown and appears to amount to a noble intergalactic endeavor.

Bit Origin, the Nasdaq-listed (BTOG) pork processor turned crypto mining infrastructure firm, has acquired 40.5 million Dogecoin (DOGE), the company’s first purchase of the world’s largest memecoin by market cap since it announced that it was establishing a Dogecoin treasury. In a press release published on July 17, the Singapore-headquartered company with operations in the United States, Canada and China, set out that it would become the “first publicly listed company on a major US exchange to accumulate Dogecoin as a core asset.”Photo by Kanchanara on Unsplash$500 million treasury fundingThe firm outlined that it had entered into agreements with accredited investors, implicating the sale of $400 million in Class A ordinary shares in the company. An additional $100 million unlocked via convertible debt brought funding for its Dogecoin treasury to $500 million. Jinghai Jiang, Bit Origin’s CEO and Chairman, asserted that “what started as a joke has evolved into a globally liquid asset with a payments utility.” Jiang asserted that very few digital assets match the settlement speed and scale of community that Dogecoin offers. X Money potentialIn particular, he singled out the potential use of DOGE for X Money, a new payment system that is in the process of being established by Elon Musk’s X social media platform. Alongside many proponents of the cryptocurrency, Bit Origin is hoping that Musk will implement the use of DOGE to power X money. Jiang added:“In an age of broken institutions, Doge embodies a shared culture of optimism and resilience that transcends existing political and financial systems.” On social media, the company outlined that it believes in “Dogecoin not just as a meme, but as a future payments backbone.” Having utilized the services of Chardan Capital Markets as a placement agent, the company has already completed an initial closing of $15 million under the convertible debt facility that has been established.  On July 21, Bit Origin published another press release, detailing the acquisition of 40,543,745 DOGE with the memecoin holding having been purchased at an average acquisition cost of $0.2466 per DOGE.  Nearing inflection point for paymentsCommenting on the development, Jiang stated:“From our experience in mining, we understand the tradeoffs that define proof-of-work systems. We see Dogecoin’s utility potential for micropayments nearing an inflection point, driven by renewed developer activity and broader institutional interest in tokenization.” Dogecoin emerged in December 2013 having been developed by Jackson Palmer and Billy Markus as a joke. The project borrowed much of its code from Bitcoin. Despite having originated as a joke, the project has developed a sizeable community. The digital asset currently holds a market capitalization of $40.5 billion, according to CoinMarketCap data.  Bit Origin rebranded from China Xiangtai Food Co., Ltd. in April 2022. Up until that point, it had been involved in the pork processing business. The company pivoted to crypto mining, partnering with MineOne on a Wyoming mining facility in the United States. The facility was ordered to be shut down by the former Biden administration on the basis of it being a national security risk to have a Chinese project located within a mile of a U.S. Air Force base that houses nuclear intercontinental ballistic missiles.