U.S.-sanctioned Huione Group suspected of supporting crypto transactions in Korea

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.

Fujitsu Launches Blockchain Collaboration With Asian Development BankFujitsu, the Tokyo-based global information technology solutions company, announced that it will be launching a new blockchain-based platform at the end of this month.The announcement was made via a press release published to the Japanese company’s website on Thursday. This comes after the successful completion of a year-long pilot trial using Fujitsu’s blockchain technology, ConnectionChain. The trial focused on enhancing cross-border settlements of securities in various regions, including Japan, China, South Korea, and Southeast Asian nations, as stated in the company’s press release.Photo by Shubham Dhage on UnsplashInitial trial project successBuilding upon the positive outcomes of the trial project, Fujitsu is set to introduce the Fujitsu Web3 Acceleration Platform at the end of June. The pilot initiative commenced in January 2022 in collaboration with the Asian Development Bank, based in the Philippines, along with ConsenSys, a blockchain infrastructure company, enterprise technology firm R3, and Soramitsu, a blockchain tech company headquartered in Tokyo.Fujitsu intends to further explore the potential of blockchain technology and the decentralized nature of the emerging internet wave known as Web3 to foster market connections and societal growth. The company is part of a consortium of prominent Japanese firms that announced the establishment of a “Japan Metaverse Economic Zone” on February 23. By leveraging blockchain and the metaverse, which is an essential component of Web3, Fujitsu envisions opportunities for expansion and development across various industries and economies.Metaverse use caseThere’s a growing need for a genuine metaverse to serve as a hub that connects different industries, emphasizing the suitability of blockchain for this purpose. Companies often have their own Application Programming Interfaces (APIs) that they prefer to use exclusively. To overcome this fragmentation, a transparent and decentralized medium is required, which blockchain technology can provide.Fujitsu is a significant player in the Japanese digital technology services sector, with consolidated revenues of 3.7 trillion yen ($28 billion) for the fiscal year that ended on March 31, according to information available on its website. The company’s commitment to exploring the potential of blockchain and its involvement in the creation of the “Japan Metaverse Economic Zone” showcases its interest in driving innovation and connectivity in the evolving digital landscape.Late last year, the company entered into a strategic agreement with SettleMint, a low-code platform for blockchain application development, in an effort to accelerate development of its enterprise blockchain and track and trust solutions. In February, the firm announced the launch of its Web3 Acceleration Platform, which it describes as “a future community for users in start-ups, partner companies, and universities working to build the next generation of Web3 applications and services.”As Fujitsu prepares to launch its new platform, the industry eagerly anticipates the impact it will have on cross-border settlements and market connectivity. With the potential for blockchain and the metaverse to revolutionize industries and economies, Fujitsu’s foray into this space adds further confidence in Web3 development given the company’s stature.

Upcoming Regulatory Framework in Taiwan Sees Crypto Exchanges UniteIn preparation for the impending arrival of a regulatory framework for cryptocurrencies in Taiwan, nine prominent cryptocurrency firms have announced their collective efforts to establish an industry association.The nine exchange businesses announced the development via a press release which was published on Tuesday. The move comes in anticipation of Taiwan’s Financial Supervisory Commission (FSC) releasing comprehensive guidelines on cryptocurrency trading and payments by the end of September.Photo by Timo Volz on UnsplashDeveloping regulatory environmentThe industry body will include participation from native exchanges such as MaiCoin, BitoGroup, and ACE. While Taiwan has been behind the regulatory curve until now where crypto is concerned, the one measure that the FSC had already taken steps to mandate was that virtual asset services providers (VASPs) in Taiwan must adhere to the country’s anti-money laundering (AML) regulations. However, numerous other intricacies unique to the cryptocurrency industry still require careful consideration and regulation.Authorities in Taiwan have also put forward ten guiding principles for VASPs, designed to protect Taiwanese consumers.The forthcoming guidelines aim to address these concerns by introducing a comprehensive set of rules inspired by the VASP licensing framework in Hong Kong. One of the primary focuses of these proposed guidelines is consumer protection. They advocate for specific hot and cold wallet ratios for customer deposits with cryptocurrency exchanges, a measure designed to safeguard customer funds. Additionally, the guidelines suggest mandatory insurance against user losses to further enhance consumer confidence.Moreover, the FSC’s guidelines intend to prevent offshore cryptocurrency exchanges from operating onshore in Taiwan without proper compliance registration. This step aims to ensure that all participants in Taiwan’s cryptocurrency market adhere to uniform standards.In a bid to stabilize the Taiwanese financial system and prevent deceptive advertising practices, the guidelines also propose a ban on stablecoins linked to the Taiwanese dollar and impose restrictions on foreign exchange advertising within the country.Enabling self-regulationRegulators have also proposed the classification of crypto regulations within their own novel business category. As part of that initiative, officials expressed an interest in fostering self-regulation. The formation of this industry group could be deemed to be an encouraging sign relative to that aspiration.The nine cryptocurrency firms forming the industry association have established a working group led by Winston Hsiao, Co-Founder of XREX. This group aims to expedite the development of self-regulatory rules based on the forthcoming FSC guidelines.Wayne Huang, another Co-Founder of XREX, expressed his hope that the new FSC guidelines will provide the cryptocurrency industry with legitimacy, oversight, a clear growth trajectory, and an accelerated path to earn public trust.The formation of this industry association, coupled with the impending release of the FSC’s comprehensive regulatory guidelines, marks a significant milestone for Taiwan’s cryptocurrency sector. As the industry evolves, these proactive measures seek to ensure its stability, security, and compliance with international standards.