Gibraltar’s regulatory movements; Huobi Korea; digital securities in Thailand; iSTOX’s Series A
For the week ending on January 24th, 2021
Welcome to another installment of our industry newsletter!
This week, we cover how Gibraltar is staying ahead of the pack in its facilitation of its digital assets industry, Huobi’s Korea arm and its recent certification, the Stock Exchange of Thailand’s plans for the trading of digital securities, and fundraising news from iSTOX and video game publisher Exordium.
Let’s dive in!
1. Gibraltar moves to protect digital asset exchange users
This week, Gibraltar moved to match global regulatory standards, taking into account recent regulatory developments from the EU. This is in an effort to keep Gibraltar’s position as a leader in the facilitation of the development of its digital assets industry.
This particular move addresses digital asset exchanges. In fact, it is “the first set of legislated principles to ensure digital exchanges and operators protect users and market integrity by aiming to ensure standards of design, efficiency, transparency and an orderly market.” (Finextra)
2. Huobi Korea ensures the future of its operations in South Korea
Huobi’s South Korean arm has secured an Information Security Management System (ISMS) certification from KISA (the Korean Internet and Security Agency). The importance of this certification comes in the context of an upcoming piece of legislation, the Special Payment Act, which “[requires] local crypto businesses to report transactions in line with revised Know Your Customer and Anti-Money Laundering policies.”
With the ISMS certification, Huobi Korea can be compliant with the act, as it is provided a “ comprehensive management system”. (CoinTelegraph)
1. Stock Exchange of Thailand to launch security token trading platform in latter half of 2021
The Stock Exchange of Thailand has announced that, in the second half of 2021, it will launch a platform that allows for the trading of tokenized securities. However, it should be noted that this platform will not include the trading of cryptocurrencies, as security concerns have been cited.
The stock exchange has laid out three conditions, one of which any digital token must meet in order to be listed: “A token must have an underlying asset that investors can value; it must be a “valuable” product that supports economic activities; and the product must benefit society and the environment”. (Coindesk)
1. iSTOX’s Series A sees investments from government-backed Japanese investors
iSTOX, the Singapore-based tokenized securities platform, had grand news for us this week as they announced that they had secured Series A funding from the Japanese Investment Corporation and the Development Bank of Japan, as well as other government-backed investors.
A licensed digital asset issuance platform, iSTOX “leverages smart contracts and blockchain to streamline the issuance and trading of digital securities and connects investors and issuers directly.” (Ledger Insights)
2. Video game publisher Exordium begins its STO
Exordium, the publisher behind the forthcoming online video game, Infinite Fleet, is going to launch an STO to issue equity tokens in a fundraise for the game.
Exordium has already received a $1 million investment from Tether International Limited and is issuing its tokens- called EXOeu tokens- on Blockstream AMP. (Coindesk)
That wraps it up for this week’s news!
Until next week👋
References
Regulatory News
1. “Gibraltar extends regulatory guidelines for digital asset exchanges”
2. “Huobi Korea scores certification from Korea Internet and Security Agency”
Industry Updates
1. “Thai Stock Exchange Launching Digital Asset Trading in H2, Cryptos Excluded”
Investment and Financing
1. “Tokenized securities platform iSTOX attracts Japanese government backed investors”
2. “Publisher of ‘Infinite Fleet’ Game Kicks Off Token Offering With $1M Tether Investment”
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RedBlock Inc is a digital investment and fintech firm leveraging blockchain technology for asset digitization and management, from issuance to secondary liquidity. Its global network of capital market participants, including issuers, broker-dealers, secondary exchanges, funds, liquidity providers and custodians, are supported by its end-to-end blockchain-powered asset management platform. RedBlock also manages an investment fund to support companies in its ecosystem that align with its investment thesis. With a growing track record and pipeline, the RedBlock team hails from top tier global investment banks, venture capital firms and blockchain technology companies.
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