Gemini selects Ireland for European HQ, Coinone exec confesses to bribe-for-listing charges, Chinese city unveils Metaverse policy draft to lure firms

Source: AdobeStock / Andrey Popov

Stay up-to-date with the latest news in the cryptoasset and blockchain industries – uncovering stories that are not making headlines in mainstream crypto news. __________

Exchange news

  • Gemini has selected the Republic of Ireland as its new European headquarters. During a meeting between the Winklevoss brothers and the Irish Prime Minister Leo Varadkar, as well as representatives of the Industrial Development Agency (IDA), which manages foreign investment into Ireland, the exchange’s president Cameron Winklevoss commented, “Awesome meeting this morning. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise.”
  • Bitget has announced a partnership with Copper, a digital asset custody provider, to introduce an off-exchange settlement solution that allows institutional clients to trade and settle in near real-time across exchanges while mitigating counterparty risk and increasing capital efficiency, according to a press release. Bitget will become the sixth exchange to join the Clear Loop network this year, enabling institutional users of both companies to keep assets within Copper’s infrastructure while simultaneously delegating those assets to trade on Bitget.
  • A former executive of South Korean cryptocurrency exchange Coinone, who was accused of taking bribes in return for listing certain coins, has acknowledged the charges, according to Yonhap. “Mr Jeon,” former director of listing, was accused of receiving nearly ₩2 billion ($1.51 million) in return for listing coins and has since been linked to a kidnapping and murder investigation in Seoul. Jeon’s broker, “Mr Ko,” is accused of facilitating the listings. A lawyer for the two said: “Basically, we are acknowledging the facts of the prosecution, but since we have not been able to view all the evidence, we will present a final opinion after review.”
  • US cryptocurrency miner Coinmint has alleged that Bitcoin (BTC) technology firm Katena Computing and semiconductor designer company DX Corr set up an “elaborate deception” to lure the miner into a $150 million purchase agreement, in a lawsuit seeking over $23 million in damages, according to CoinDesk, citing a lawsuit filed with a California court on January 26.

Metaverse news

  • The Chinese city of Zhengzhou has released a policy draft for metaverse industry development, which includes proposals to support metaverse companies in the region. The municipal government will establish a dedicated fund worth $1.42 billion to foster development in the industry, while metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to $28.34 million. The companies will also qualify for other benefits, including rent subsidies, according to the draft.

Regulation news

  • Dubai’s financial regulator has said that global watchdogs need to step up talks with each other to avoid “bad actors” exploiting gaps in cryptocurrency rules, according to Bloomberg. The Dubai Financial Services Authority is planning an update to rules on cryptocurrency tokens, said associate director Elisabeth Wallace. “A lot of cryptocurrency businesses tend to operate a significant number of activities within one umbrella and that really concerns us. They are across the whole world and as regulators, we need to talk to each other a lot more in this area because there can be quite a few gaps, and we have seen a lot of bad actors trying to plug some of those gaps,” Wallace said.

Adoption news

  • Hong Kong has been deemed the most crypto-ready jurisdiction in the world, according to a forexsuggest.com study. It ranks in the top three for three of the categories looked at, including the number of blockchain startups per 100,000 people and the number of cryptocurrency ATMs proportional to the population. “Thanks to its small land area, the city-state has the smallest area per cryptocurrency ATM. Hong Kong also doesn’t tax capital gains on cryptocurrency, making it appealing to investors,” it said. The USA and Switzerland took second and third places, respectively.