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Home Monthly Roundup Singapore Cryptocurrency and NFT News Roundup December 2022

Singapore Cryptocurrency and NFT News Roundup December 2022

Know more about the latest cryptocurrency and NFT news in Singapore for the entire month of December 2022 only here at SGBusinessTalk. 

Despite the Frost of Crypto Winter, The Wrapture Holders Kept Their Cool

Despite the ongoing “crypto winter,” Wrapture token holders have remained unfazed. According to reports, the value of the Wrapture token has remained relatively stable despite the recent dips in the overall cryptocurrency market. One reason for its resilience is the token’s unique use case, which allows holders to stake their tokens for access to exclusive content. Despite the challenges facing the broader crypto market, Wrapture holders are holding steady.

Read more: https://www.coindesk.com/web3/2022/12/30/despite-the-frost-of-crypto-winter-the-wrapture-holders-kept-their-cool/


Three Arrows Capital Liquidators Seize $35.6M From Singaporean Banks

Three Arrows Capital liquidators have reportedly seized $356 million from Singaporean banks. According to reports, the funds were frozen during the ongoing liquidation proceedings against the troubled cryptocurrency exchange, Bybit. The move marks a significant development in the case, as the frozen assets represent a substantial portion of the exchange’s holdings. The liquidators are said to continue their efforts to recover additional funds owed to creditors. The case highlights the growing regulatory scrutiny facing cryptocurrency exchanges and the importance of investor protection in the nascent industry.

Read more: https://www.coindesk.com/business/2022/12/02/three-arrows-capital-liquidators-seize-356m-from-singaporean-banks/


Asia’s Premier Web3 Conference TOKEN2049 Returns to Singapore in September 2023

The TOKEN2049 conference, one of Asia’s premier Web3 conferences, is set to return to Singapore in September 2023. According to a press release, the conference will bring together industry leaders, investors, and developers from across the Web3 ecosystem to discuss the latest developments and trends in the space. The event will showcase blockchain technology’s growing adoption and potential and other Web3 innovations. Attendees will have the opportunity to network and collaborate with other industry members and participate in discussions on topics ranging from decentralized finance (DeFi) to non-fungible tokens (NFTs).

Read more: https://www.businesswire.com/news/home/20221222005204/en/Asia%E2%80%99s-Premier-Web3-Conference-TOKEN2049-Returns-to-Singapore-in-September-2023


WEB 3.0 impact on business and legal issues

The emergence of Web 3.0, also known as the decentralized web, is set to impact businesses and legal issues significantly. Web 3.0 aims to provide a more secure, transparent, and decentralized internet experience, and it is expected to challenge the traditional business models that rely on centralized control. As a result, businesses will need to adapt to the new landscape and explore innovative ways to leverage the benefits of Web 3.0 while navigating the legal issues that come with it, such as data protection and privacy regulations. The shift towards Web 3.0 also presents opportunities for legal professionals to specialize in the emerging field of blockchain and cryptocurrency law. The arrival of Web 3.0 signals a new era for the internet that will require businesses and legal professionals to stay informed and adapt to the changes.

Read more: https://www.finextra.com/blogposting/23370/web-30-impact-on-the-business-and-legal-issues


The cryptocurrency market is ‘most mature’ in these 2 countries, a new Huobi report reveals

According to a new report by Huobi, a cryptocurrency exchange, the United States and Japan are currently the most mature crypto markets. The report analyzed factors such as the regulatory environment, market size, and trading volume to determine the level of maturity of various countries’ crypto markets. The report also found that the growth of the crypto market is closely tied to the regulatory framework in place, with countries like the United States and Japan having clear regulations that provide a level of certainty for investors. However, the report also notes that there is still significant room for growth in emerging markets and that regulatory clarity is needed for these markets to mature. The report suggests that while the crypto market has made tremendous progress, there is still work to be done to achieve broader adoption and acceptance.

Read more: https://cointelegraph.com/news/crypto-is-most-mature-in-these-2-countries-new-huobi-report-reveals

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Warner Music Group Joins Forces With Polygon to Create Web3 Music Platform

Warner Music Group, one of the most prominent record labels in the world, has partnered with Polygon, a leading blockchain network, to develop a new Web3 music platform. The platform aims to address issues the music industry faces, such as inefficient royalty distribution and piracy. By leveraging blockchain technology, the platform will provide a transparent and secure way for artists to manage their music rights and receive fair compensation for their work. The platform will also allow fans to interact with their favorite artists in new ways and participate in the creation of music and other content. The partnership between Warner Music Group and Polygon is the latest example of how the music industry embraces blockchain technology to innovate and transform its business model.

Read more: https://beincrypto.com/warner-music-group-joins-forces-with-polygon-to-create-web3-music-platform/


Strict rules at home push Chinese metaverse entrepreneurs overseas

Stringent regulations in China are pushing metaverse entrepreneurs to seek opportunities overseas. The metaverse is a virtual space that allows users to engage with a computer-generated environment and interact with others in real time. However, the Chinese government has implemented strict rules on gaming and online content, causing entrepreneurs to turn to foreign markets such as Japan and South Korea to develop their metaverse projects. In these countries, there are fewer regulatory hurdles and a more open environment for innovation. Additionally, entrepreneurs are exploring opportunities to collaborate with foreign companies and investors to bring their metaverse projects to a global audience. The shift towards overseas markets represents a growing trend of Chinese tech companies seeking opportunities outside of China’s heavily regulated environment.

Read more: https://asia.nikkei.com/Spotlight/Caixin/Strict-rules-at-home-push-Chinese-metaverse-entrepreneurs-overseas


PayPal links with ConsenSys MetaMask to boost Ethereum access

PayPal has partnered with ConsenSys MetaMask to enhance access to Ethereum for its users. The partnership will allow users to easily buy, hold, and sell Ethereum directly from their accounts. MetaMask is an Ethereum wallet and browser extension that provides a gateway to the decentralized web, allowing users to interact with blockchain applications and services. By integrating MetaMask into its platform, PayPal aims to make it easier for its users to access the growing ecosystem of decentralized applications and services built on the Ethereum blockchain. The move is part of PayPal’s broader strategy to embrace cryptocurrencies and blockchain technology. It follows its recent announcement that it will allow users to buy, hold, and sell Bitcoin, Ethereum, and Litecoin on its platform. The partnership between PayPal and ConsenSys MetaMask is expected to drive further the adoption of cryptocurrencies and blockchain technology among mainstream consumers.

Read more: https://fintech.global/2022/12/16/paypal-links-with-consensys-metamask-to-boost-ethereum-access/

Digital Entertainment Asset (DEA) Secures $10M from LDA Capital to Accelerate Expansion of PlayMining GameFi Platform

Digital Entertainment Asset (DEA), a blockchain-based game platform, has secured $10 million in funding from LDA Capital to accelerate the expansion of its PlayMining GameFi platform. The PlayMining GameFi platform is a blockchain-based gaming platform that allows players to earn cryptocurrencies while playing games. The platform has gained popularity among users in Japan and other parts of Asia, and with this new funding, the company plans to expand to other regions. The CEO of DEA expressed excitement about the investment and the opportunity to expand the platform’s reach, which will allow more people to enjoy the benefits of blockchain-based gaming.

Read more: https://www.globenewswire.com/en/news-release/2022/12/13/2573251/0/en/Digital-Entertainment-Asset-DEA-Secures-10M-from-LDA-Capital-to-Accelerate-Expansion-of-PlayMining-GameFi-Platform.html

Coinbase CEO Says Singapore’s Retail Crypto Curbs Jar With Web3

Coinbase CEO Brian Armstrong has criticized Singapore’s recent move to tighten regulations on retail investors in the crypto industry. Armstrong argued that these restrictions could hinder the growth of the web3 ecosystem, which relies on decentralized finance (DeFi) and non-fungible tokens (NFTs) to power new types of digital products and services. The new regulations, which require retail investors to meet specific eligibility criteria and limit the amount of money they can invest, have been widely criticized by crypto community members. Some have argued that they will only drive retail investors to offshore platforms, where they may be exposed to more significant risks and scams. Armstrong urged regulators to take a more balanced approach to regulate the industry, allowing it to grow and innovate while protecting investors from fraudulent activities.


Read more: https://www.bloomberg.com/news/articles/2022-11-04/coinbase-ceo-says-singapore-s-retail-crypto-curbs-jar-with-web3?leadSource=uverify%20wall

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