Web 3.0 TokenBytes - Web 3.0, FinTech (32nd Edition)
Syed Musheer Ahmed
FinTech Ballerina | ex-Regulator | Virtual Assets | FinTech | Web 3.0 |
Welcome to the 32nd Edition of the FinStep Asia’s Web 3.0 Newsletter covering Web 3.0, DeFi and FinTech in Asia.??
Finstep TokenBytes with Kevin Lee— CBO of Gate.io and CEO of Gate.HK
on the FinStep Asia TokenBytes podcast and taking a deep dive into Hong Kong's evolving crypto landscape covering regulations, institutions, and innovations shaping the future of digital assets in the city and beyond.
Key Highlights:
?? Career Shift: Kevin Lee shares his journey from tradfi to digitalassets
?? Regulatory Clarity: Hong Kong’s SFC is shaping the framework for compliant crypto operations.
?? Institutional Adoption: Traditional finance firms explore integrations with crypto and stablecoins.
??MentalResilience in Finance: Insights on handling stress in high-stakes industries.
?? Community Building in Crypto: The role of engagement and collaboration in digital assets.?? The AI-Crypto Connection: How AI-driven trading and automation are reshaping markets.
Finstep TokenBytes with Chee (SheueChee) Beh - Yuno ‘s SVP and Head of APAC on Future of Payments
On this episode of FinStep Asia TokenBytes, SheueChee and I took a deep dive into the evolving payments landscape in Asia and beyond.. From real-time payments to AI and stablecoins—what's next for fintech? as also the amazing leadership she has shown for aspiring women in Finance!
Key Highlights:
?? The Power of #Payment Orchestrators – Transforming global transactions
?? Yuno’s Vision for APAC – Enabling seamless global transactions across markets
????Women in Payments & #Leadership – Insights for aspiring women professionals in fintech
?? #AI & #EmbeddedFinance – Driving #innovation in #digital payments
??#Stablecoins & AI in Payments – The intersection of #blockchain and artificial intelligence
?? #Web3 & #DigitalAssets – How blockchain is reshaping finance
Hong Kong is poised to lead the global Web3 revolution, and the recently launched Hong Kong Web3 Blueprint by Web3 Harbour is paving the way!
??This initiative seeks to align industry innovation with government policy, drive sustainable growth, and position Hong Kong as a global super-connector in decentralized technologies. ??The first volume of the Blueprint series looks at developing Hong Kong as a next generation International Financial Hub.
?? Your views matter! Whether you’re a startup founder, enterprise leader, policymaker, or investor in this space, your insights are critical to refining Hong Kong’s path to becoming a Web3 International Finance Hub.
??We invite you to share your perspectives, either via the feedback form below, or contact us at [email protected] to explore additional participation opportunities.
STEP 1: READ the Blueprint Feedback Paper?? https://lnkd.in/gCiAD5WbSTEP
STEP 2: SHARE YOUR VIEWS - Do you agree with the proposed focus areas and action items? - Which areas must be prioritized??? https://lnkd.in/g-5w8Dax
ALB Hong Kong Regulatory & Anti-Corruption Compliance Summit 2025
Legal and Compliance are at the heart of the future of Crypto. While the industry has made big strides, with more regulatory clarity, there is more progress to be made.
Am delighted to be speaking at the ALB Hong Kong Regulatory Summit on the panel “Understanding the Evolving Crypto and Digital Assets Regulatory Compliance Landscape”.
To join the event and listen to leading experts in Regulations and Compliance across Financial Services and Fintech, register here: https://lnkd.in/eRqG8sSd
AWS X WHub - StartupSphere
?? Calling all startup founders and innovators! Dive into Web3 & Scale Your Venture at StartupSphere! We are excited to partner with StartupSphere to bring you this transformative event for Hong Kong's innovation community! Join AWS & WHub for StartupSphere, an exclusive event designed to ignite Hong Kong's innovation ecosystem.
? Why Attend?
? Deep Dive into Web3 in Hong Kong
? Startup Journey with AWS
? Networking, Elevated
?? Secure Your Spot: Spaces are limited! Reserve your seat now and join the forefront of startup and Web3 innovation. https://lu.ma/oaxzagkb
FINSTEP ASIA PARTNERS WITH MONEY 20/20 ASIA 2025 - NEED TO UPDATE
After a successful first year, Money20/20 Asia will return to Bangkok’s state-of-the-art Queen Sirikit National Convention Center from 22 to 24 April 2025.
?Struggling to keep up with the fast-moving world of cross-border payments? #Money20/20Asia 2025 is the leading cross-border payments show with regulators like Bank of Thailand and Bank Negara Malaysia and key innovators such as GCash, Airwallex, and J.P. Morgan speaking on our stages. Meet over 4000 key decision makers, stay ahead of the latest trends, and get enough business done in 3 days to keep you busy for the whole year.
Grab your Standard Pass at https://asia.money2020.com/pass-picker, and use our code FSA 200 for an extra USD200 savings when you buy by 14 March.
Women's Health in Focus: A Global Summit
Femtech Future, OM Health Hub, and Asia Society Hong Kong Center proudly present Asia's first Global Summit on Women's Health, bringing together top health experts, bold innovators, corporate champions, and ecosystem investors to unlock the immense potential of the fastest-growing sector of innovation today.
Over two days, you will gain exclusive insights into groundbreaking innovations and actionable solutions shaping the future of women's health. Through keynote speeches, expert panels, and deep-dive workshops, you will explore medical breakthroughs, AI-driven healthcare, investment opportunities, and workplace transformation — driving real progress toward a healthier future for women and stronger societies.
Purchase the Early Bird tickets and save 40% from full price tickets. Register here: https://asiasocietyhk.glueup.com/event/women-s-health-in-focus-a-global-summit-134374/
/////////////////// NEWS ON DE-FI ///////////////////
(Click on the headline to view the detailed article)
RedotPay, a leading Hong Kong based crypto payment platform, announced the successful close of a $40 million Series A funding round led by Lightspeed following their commitment in December 2024, with significant investments from HSG and Galaxy Ventures. The round also saw participation from DST Global Partners, Accel, Vertex Ventures (Temasek-backed VC), among other investors.
A town in India, Dantewada, has adopted the Avalanche blockchain to secure land records, making them tamper-proof and easily verifiable. Partnering with Bengaluru-based Zupple Labs, the district administration transferred seven lakh land records to the blockchain, ensuring secure and efficient data storage. The initiative, led by IAS officer Jayant Nahata, aims to eliminate manual record inconsistencies and streamline land transactions. Citizens can now access documents through dedicated kiosks using the LegitDoc application. This move aligns with India's National Blockchain Strategy, promoting transparency and reducing land-related disputes.
dtcpay has launched the Digital Treasures Card, a Visa Infinite payment card that allows seamless stablecoin-to-fiat conversions for global spending. Designed for ultra-high-net-worth individuals (UHNW), the card enables users to convert and spend stablecoins at over 150 million Visa-accepting locations worldwide.
ChinaAMC (HK) has launched Hong Kong’s first retail tokenised money market fund, marking a significant step in the city’s Web3 expansion. The Hong Kong dollar-denominated fund, available on cryptocurrency exchange OSL and securities brokerage Solomon, offers low-risk blockchain-based investments with lower thresholds and faster settlements.
Emirates NBD, a Dubai government-owned bank, has launched cryptocurrency trading via its Liv X mobile app, marking a major step in integrating digital assets into mainstream banking. The service, powered by Aquanow and backed by Zodia Custody (a Standard Chartered-backed company), allows customers to buy and sell cryptocurrencies directly within the app.
Bitwise has made its first move into decentralized finance (DeFi) by allocating funds through Maple Finance, a blockchain-based lending platform. Managing over $12 billion in client assets, Bitwise aims to tap into DeFi’s yield-generating opportunities while leveraging Maple’s expertise in on-chain credit. Maple Finance specializes in overcollateralized lending backed by digital assets, offering institutions transparency, efficiency, and security.
BNB Chain's Pascal hardfork is set to launch on the mainnet on March 20, 2025, enhancing Ethereum Virtual Machine (EVM) compatibility and developer flexibility. This upgrade, following its February testnet release, incorporates EIP-7702, enabling externally owned accounts to execute smart contract code, facilitating gasless transactions and batch approvals. The update aims to improve user experience and Web3 adoption by allowing decentralized applications to sponsor gas fees.
Binance, the world’s largest cryptocurrency exchange, has secured a $2 billion investment from Abu Dhabi-based investment firm MGX. This marks Binance’s first institutional investment in its eight-year history, and MGX’s first venture into cryptocurrency. The deal, completed through stablecoins, reflects the growing institutional interest in blockchain and digital finance. Binance has not disclosed which stablecoin was used in the transaction.
StraitsX has partnered with Standard Chartered to enhance the reserve management of its XUSD and XSGD stablecoins, with the bank providing cash management and custody services for their reserve assets. This collaboration strengthens payment infrastructure, ensuring secure access to StraitsX’s fully backed stablecoins, which comply with Singapore’s upcoming MAS regulations.
U.S.-headquartered cryptocurrency exchange Coinbase Global has registered with India's Financial Intelligence Unit (FIU), allowing it to offer crypto trading services in the country, the company said on Tuesday. Coinbase said it plans to launch its initial retail services later this year and roll out additional investments and products thereafter, but did not disclose a specific timeline.
The UAE’s cryptocurrency market experienced a 41% surge in crypto app installs in 2024, with a significant spike in downloads during the second half of the year. According to AppsFlyer, the country saw 15 million downloads of crypto trading and management apps, with December alone accounting for 2.8 million. The rebound in the global crypto market, along with Donald Trump’s pro-crypto stance during his election campaign, contributed to this momentum. However, sustaining this growth requires strategic marketing efforts, as 60% of crypto app traffic was driven by aggressive promotions, and one in five apps was uninstalled within 30 days.
Hong Kong reaffirmed its pro-crypto stance, with Financial Secretary Paul Chan Mo-po highlighting tax relief for hedge funds, increased Web3 investments, and nine crypto licenses issued since mid-2023. Grayscale launched the Pyth Trust, targeting institutional investors and expanding Solana’s DeFi ecosystem, as Pyth’s market cap surpassed $750 million. Meanwhile, FTX Digital Markets initiated a $1.2 billion payout to creditors with claims under $50,000, though concerns remain over repayments being based on November 2022 crypto prices despite Bitcoin's 370% surge.
Robinhood plans to expand its crypto services in Singapore by late 2025, leveraging Bitstamp’s existing licenses to streamline regulatory entry. The move follows its $200 million acquisition of Bitstamp, expected to close in early 2025, and aligns with its broader Asia-Pacific expansion strategy. With Singapore emerging as a key crypto hub competing with Hong Kong, Robinhood positions itself strategically for growth. The company reported a 700% surge in crypto revenue in Q4 2024, surpassing $1 billion, and continues expanding globally, including launching US equity options trading in the UK and crypto services across Europe.
Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications (HKT) have partnered to launch one of Hong Kong’s first regulated stablecoins, backed by the Hong Kong dollar. This initiative leverages Standard Chartered’s banking expertise, Animoca’s blockchain capabilities, and HKT’s mobile payment systems to enhance domestic and cross-border transactions.
The Web3 Alliance of Saudi Arabia (WASA) has launched to accelerate blockchain adoption in line with Saudi Vision 2030, fostering economic diversification and digital innovation. Founded by The Sandbox, Animoca Brands, and Outlier Ventures,
/////////////////// REGULATORY NEWS ///////////////////
South Korea's Financial Services Commission (FSC) will ease crypto trading restrictions in 2025, allowing institutions like universities and charities to sell donated digital assets and enabling 3,500 corporations and professional investors to open "real-name" accounts in a pilot program. Crypto exchanges will also be permitted to sell their holdings under strict guidelines to prevent conflicts of interest and market manipulation.
Thailand’s SEC has approved Tether (USDT) and USD Coin (USDC) for digital asset transactions, allowing them as base trading pairs on exchanges and for ICO investments. This move, effective March 16, follows a public hearing in February and strengthens Thailand’s crypto-friendly stance.
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced plans to establish a new entity to consolidate the administration and governance of the country’s national payment schemes, including FAST, GIRO, PayNow, and SGQR. This entity will work with MAS to develop Singapore’s national payments strategy, ensuring a secure and efficient infrastructure. Further details on its governance structure and board will be disclosed later in 2025.
Dubai’s Virtual Assets Regulatory Authority (VARA) has issued a strong warning about the risks of memecoins, emphasizing their volatility, susceptibility to manipulation, and lack of intrinsic value. Investors must adhere to VARA’s regulations, as non-compliance could result in fines of up to $135,000 and potential restrictions on unlicensed platforms. Dubai’s Full Market Product Regulations, introduced in 2023, enforce strict rules on crypto marketing and ensure transparency in digital asset promotions. VARA’s crackdown aligns with global regulatory concerns, with the UK’s FCA also warning against high-risk memecoin projects. As Dubai strengthens its crypto oversight, investors are urged to remain cautious against speculative trading and misleading promotional strategies.
While onshore Indian aregulators are still largely evaluating a long term response and approach to Digital Assets, the offshore regulator of the GIFT, International Financial Services Centres Authority (IFSCA), recognizes and acknowledges the transformative potential of tokenization in the fields of asset ownership, asset management, cross- border payments and settlement etc. IFSCA wishes to leverage the unique position of GIFT IFSC and its accompanying advantages for the creation of a thriving digital asset ecosystem in GIFT IFSC.
Hong Kong’s Securities and Futures Commission (SFC) has introduced “ASPIRe,” a 12-initiative regulatory roadmap aimed at strengthening the city’s virtual asset (VA) ecosystem. The framework, built on five pillars—Access, Safeguards, Products, Infrastructure, and Relationships—seeks to enhance compliance, expand market access, and introduce new regulatory frameworks for VA trading and custodial services. The roadmap also focuses on investor protection, operational transparency, and combating illicit activities.
The European Central Bank (ECB) is advancing its wholesale central bank digital currency (CBDC) platform to facilitate institutional transaction settlements. The initiative will roll out in two phases: first, the development of the settlement platform, followed by its deeper integration into existing ECB systems, including foreign exchange markets. ECB board member Piero Cipollone emphasized that the project aims to create a more unified European financial ecosystem. This move follows ongoing debates about CBDCs, particularly concerns over privacy and centralization.
The Saudi Central Bank (SAMA) has approved four new fintech startups—SpireTech (open banking), The Lending Hub and Soar (peer-to-peer lending), and Ldun (factoring for MSMEs)—to operate under its Regulatory Sandbox, reinforcing its commitment to financial inclusion and innovation. This follows SAMA’s September 2024 approvals for three other fintechs, including XSquare and NeotTek (open banking) and MoneyMoon (P2P lending). Since 2018, 50 fintechs have tested their solutions in the Sandbox, aligning with Saudi Arabia’s financial technology strategy to drive innovation in the financial sector.
Beijing has announced that, starting March 1, 2025, Hong Kong banks will be allowed to issue credit and debit cards to customers on the mainland under the Closer Economic Partnership Arrangement. This move is part of broader efforts to integrate the financial sectors of China, Hong Kong, and Macau, lifting previous restrictions that barred Hong Kong and Macau banks from offering bank card services on the mainland. Major banks such as HSBC, Standard Chartered, Bank of East Asia, and Hang Seng Bank stand to benefit, enhancing their competitiveness against domestic Chinese banks.
The Dubai Financial Services Authority (DFSA) has approved Circle’s stablecoins, USDC and EURC, for use and promotion within the Dubai International Financial Centre (DIFC). This decision allows financial institutions and fintech companies in DIFC to integrate these stablecoins into digital asset services, payments, treasury management, and other financial applications.
The European Union has approved ten stablecoin issuers under the Markets in Crypto-Assets (MiCA) framework, allowing them to operate legally within the region. Approved issuers include Circle, Crypto.com, and Societe Generale, with stablecoins pegged to both the euro and the US dollar. However, Tether, the issuer of USDT and the world's largest stablecoin, was notably excluded, raising concerns over regulatory restrictions.
Japan has reduced the tax on Bitcoin and other cryptocurrency gains from 55% to a flat 20% as part of broader digital asset tax reforms. This move aims to encourage investment, prevent capital outflows, and align crypto taxation with stocks and forex trading. By adopting a more competitive tax policy similar to Singapore and Switzerland, Japan hopes to attract institutional investors and foster blockchain innovation.
/////////////////// NEWS ON FINTECH ///////////////////
Saudi Arabia’s digital banking sector has taken a significant leap with the launch of its first three licensed digital-only banks—D360 Bank, Vision Bank, and STC Bank—following approval from the Saudi Central Bank (SAMA). D360 Bank debuted in December 2024 and has already attracted 600,000+ customers, while Vision Bank and STC Bank commenced operations in early 2025, catering to the growing demand for mobile banking, "super apps," and personalized financial services.
Visa’s Tap to Phone technology, which turns smartphones into point-of-sale devices, has seen a 200% year-over-year adoption increase, with the U.S., UK, and Brazil leading at a combined 234% growth.
American Express and Alipay have launched a new feature allowing international AmEx Card Members to link their cards to the Alipay digital wallet, enabling seamless payments across China. This integration simplifies transactions for travelers while helping local businesses attract international customers. As the first foreign payment network licensed to clear Renminbi transactions, American Express has partnered with major Chinese banks and payment providers to expand acceptance.
Mastercard has launched TRACE (Trace Financial Crime) in the Asia Pacific, introducing an AI-powered anti-money laundering solution to combat financial crime across Real-Time Payment (RTP) networks. Following its success in the UK, TRACE has been integrated into the Philippines’ InstaPay system through BancNet, onboarding 36 domestic banks.
Walmart-owned PhonePe has begun preparations for its IPO on Indian stock exchanges, marking a key milestone in its 10-year journey. The fintech giant, which redomiciled from Singapore to India in 2022, has seen significant growth, with FY23-24 revenue surpassing ?5,000 crore (up 74% YoY) and an adjusted PAT of ?197 crore, compared to a ?738 crore loss in FY22-23
Wise has launched an international business account in Hong Kong to help SMEs manage global transactions across 40+ currencies with no minimum balance or monthly fees. Users can receive payments in nine major currencies with no fees and access 14 others via SWIFT with transparent charges. Businesses can use funds immediately, pay suppliers in the same currency without conversion fees, or convert at mid-market rates with low upfront costs.
SC Ventures, the fintech investment arm of Standard Chartered, has partnered with Visa to drive SME growth and innovation in the MENA region. The collaboration aims to develop digital solutions supporting small businesses, leveraging technological advancements and government initiatives that are diversifying the region’s economy.
Al Etihad Payments (AEP) and UnionPay International (UPI) have partnered to launch co-badge “UnionPay – Jaywan” cards in the UAE. These cards will operate on Jaywan’s domestic payment network for seamless local transactions, while internationally, they will leverage UnionPay’s network across 180+ countries. This collaboration aims to enhance financial inclusion, modernize UAE’s payment infrastructure, and strengthen economic ties between the UAE and China. The first batch of co-badge cards will be issued soon, offering secure and efficient payment solutions for UAE residents.
Pakistan has officially launched the national crypto council to regulate and integrate blockchain technology and digital assets into the country’s financial system. The development comes following the recent appointment of Bilal bin Saqib as Chief Advisor to the Finance Minister for the management of digital assets. The Pakistan Crypto Council (PCC) would regulate, promote, and incorporate blockchain and cryptocurrency innovations into Pakistan’s economic framework
Paytm’s parent company, One97 Communications Ltd, has signed an MoU with DPIIT to provide mentorship, infrastructure support, market access, and funding to fintech and manufacturing startups in India. This initiative, backed by the Department for Promotion of Industry and Internal Trade (DPIIT), aims to foster innovation and accelerate growth in the sector. The MoU was signed by Sumeet Kumar Jarangal (DPIIT Director) and Vijay Shekhar Sharma (Payōtm Founder & CEO) in the presence of senior officials. The partnership will also support fintech hardware startups by guiding them in developing advanced payment and financial technology solutions.
/////////////////// NEWS ON AI IN FINTECH ///////////////////
WeLab Bank is accelerating AI deployment by integrating DeepSeek, an open-source model, to enhance customer service and efficiency while ensuring data security. Unlike large language models like ChatGPT, DeepSeek operates seamlessly within local banking systems, avoiding network instability and high costs. The bank is developing AI agents for improved customer experience and plans to introduce AI-powered products soon. CEO Tat Lee emphasized that AI adoption will not lead to job losses but will enable employees to take on more creative roles. WeLab achieved breakeven in December 2024 and has played a key role in Hong Kong’s digital financial ecosystem.
A report by the Saudi Data and Artificial Intelligence Authority (SDAIA) and Accenture highlights that generative AI (GenAI) could contribute $42.3 billion to Saudi Arabia’s GDP by enhancing productivity and automating 22% of working hours while optimizing an additional 15%. The impact will be most pronounced in highly skilled sectors like finance and IT, with 73% of finance tasks and 71% of IT roles showing potential for automation or augmentation. Insurance and financial services are set to undergo the most transformation, with GenAI adoption ranging from 68% to 77% across banking, capital markets, and insurance
Hyderabad-based startup Take Me 2 Space is set to launch India’s first AI-driven satellite laboratory, enabling students and researchers to remotely conduct space experiments by logging in and uploading Python or C++ code. Traditionally, space access has been limited to government and elite institutes, but this initiative aims to democratize it, with 16 out of 20 customers from GIS and data analytics companies rather than just education
Tiger Brokers has integrated DeepSeek's AI model, DeepSeek-R1, into its chatbot, TigerGPT, as part of a growing trend among Chinese brokerages and fund managers adopting AI for enhanced research, risk management, and investment decision-making. At least 20 firms, including Sinolink Securities, CICC Wealth Management, and China Universal Asset Management, have embraced DeepSeek to improve efficiency and client interactions
Alibaba has announced plans to invest over US$50 billion in artificial intelligence and cloud computing over the next three years, marking its largest investment in these sectors. The initiative aims to drive AI-driven growth and technological innovation, exceeding the company's total spending on AI and cloud over the past decade. This move comes amid China’s ongoing push for AI leadership and economic recovery efforts, reinforcing Alibaba’s ambition to strengthen its cloud and AI infrastructure while regaining momentum in the tech industry.
Ping An has launched its 2025 Spring Campus Recruitment, offering over 2,000 positions and introducing the AI-powered "Ping An Talent" recruitment system to enhance efficiency. This system leverages AI-driven job matching, interviews, and salary negotiation, using natural language processing and machine learning to screen resumes and match candidates accurately. The AI interviewer assesses applicants remotely through facial expressions, speech rate, and logical reasoning, while AI salary negotiation provides recruits with clear compensation insights.
Accenture and Google Cloud are expanding their AI and cloud collaboration in Saudi Arabia to support digital transformation and data sovereignty. The initiative includes the Generative AI Center of Excellence, offering industry-specific AI solutions to drive business innovation and enterprise intelligence. A report by SDAIA and Accenture suggests that generative AI could boost Saudi Arabia's GDP by 4%, with companies like GOSI already leveraging AI for secure, scalable cloud solutions.
Riyad Bank’s digital innovation arm, Jeel, has partnered with Google Cloud to advance AI, data analytics, and cloud solutions in Saudi Arabia. The collaboration focuses on digital transformation across financial and non-financial sectors, enabling institutions to modernize operations, scale efficiently, and introduce new services. By integrating Jeel’s financial expertise with Google Cloud’s AI-driven technology, the initiative ensures regulatory compliance with Saudi Central Bank (SAMA) while fostering innovation and digital growth.
Alinma Bank has launched a new API platform powered by IBM Hybrid Cloud and AI technology to drive fintech innovation and support Saudi Arabia’s Vision 2030. The platform, built on IBM Cloud Pak for Integration, API Connect, and Red Hat OpenShift, provides a secure, scalable infrastructure that enhances digital banking services for corporate customers and fintech partners.
At its inaugural AI Tech Day, Alibaba Cloud introduced new AI models, infrastructure, and business solutions to drive Malaysia’s AI innovation and skills development. The event, attended by Deputy Minister of Digital, Datuk Wilson Ugak Anak Kumbong, highlighted Alibaba Cloud’s commitment to supporting Malaysia’s AI agenda.
MORE HEADLINES ON FINTECH, DeFi and REGULATIONS
////// NEWS ON METAVERSE, NFT AND WEB 3.0 //////
Meta’s Reality Labs, its metaverse-focused division, has accumulated losses of nearly $70 billion, according to Altindex.com. Since Facebook’s rebranding to Meta in 2019, the company has invested heavily in VR research and hardware, but consumer adoption has fallen short of expectations. Reality Labs’ annual operating losses have quadrupled over six years, reflecting the metaverse’s declining hype cycle. Despite these setbacks, Meta’s core business remains highly profitable, with ad revenues from Facebook, Instagram, and WhatsApp sustaining its overall financial strength. However, six years after the rebrand, the metaverse has yet to achieve mainstream success.
The US SEC has dropped its investigation into OpenSea, marking a major win for the NFT sector and crypto innovation. OpenSea Co-founder and CEO Devin Finzer announced the decision on February 21, 2025, calling it a victory for builders in the space. The probe, which began in August 2024 under Gary Gensler’s administration, classified NFTs as securities, sparking bipartisan backlash. However, the new SEC leadership reversed course, allowing NFT creators to operate without regulatory uncertainty. The move follows the SEC’s dismissal of its case against Coinbase, contributing to bullish momentum in the market. OpenSea, which now holds 71% of the NFT market share, is further boosted by its planned SEA token launch.
Opensea has reclaimed dominance in the Ethereum NFT marketplace, surging to a 71.5% market share from just 25.5% four weeks ago, largely at the expense of Blur. This spike followed the announcement of Opensea’s long-awaited $SEA token on Feb. 13, driving daily trading volume from $3.47M to $17.4M and daily transactions from 6,100 to 14,700
GAOGAO Pte. Ltd. and NTT DOCOMO ASIA Pte. Ltd. have formed a strategic partnership to accelerate Web3 adoption in Southeast Asia, leveraging NTT Digital’s scramberry WALLET SUITE, a secure Web3 wallet API/SDK. GAOGAO, with its expertise in Web2 and Web3 application development, will collaborate with DOCOMO Asia to provide innovative blockchain solutions for businesses. The partnership has already enabled NFT integration in GAOGAO’s Anytime Journey wellness app, enhancing user engagement with digital incentives. By expanding Web3 use cases, both companies aim to drive digital transformation and create new technology-driven lifestyles in the region.
Endless Web3 Genesis Cloud has officially launched its mainnet, aiming to bridge Web2 and Web3 by providing a seamless development environment for decentralized applications. Built on a Move-based public chain, Endless integrates AI capabilities to simplify Crypto AI application development and enhance blockchain interoperability. The platform offers essential infrastructure such as wallets, cross-chain bridges, and smart contracts while ensuring high scalability, fast finality, and minimal transaction fees.
Snoop Dogg has officially partnered with Tune.FM, a Web3 music streaming platform, making it his exclusive streaming home and debuting his new single, Spaceship Party. The rapper, known for embracing blockchain innovations, plans to move more of his catalog, including Death Row Records material, to Tune.FM. The platform operates on the JAM cryptocurrency, providing instant micropayments to artists per second streamed and eliminating traditional intermediaries. Tune.FM promotes independent artists using AI-driven discovery and allows music rights tokenization for fan investment.
Axie Infinity has unveiled a trailer for its new Web3 MMO game, Atia’s Legacy, set in the Axie universe, promising enhanced gameplay and NFT-based referral rewards. Announced amid company layoffs in late 2024, the game integrates seven years of Web3 gaming expertise, featuring 3D combat, puzzle mini-games, farming simulation, and a referral system rewarding players in AXS tokens. While no release date is set, Sky Mavis plans to launch play-tests in 2025.
DraftKings has agreed to a $10 million settlement to resolve a class-action lawsuit alleging its NFTs were unregistered securities. Plaintiff Justin Dufoe, who claimed a $14,000 loss, led the case, which accused DraftKings and its co-founders of misleading investors. On Feb. 28, Judge Denise Casper approved the preliminary settlement, which will be distributed among class members, with Dufoe potentially receiving a $50,000 award and attorneys up to one-third of the settlement.
Following user backlash, OpenSea has paused its XP rewards for listing and bidding, addressing concerns that its new airdrop reward system encouraged wash trading and prioritized fees over genuine participation. Launched on Jan. 28 as part of its OS2 upgrade, the XP system was criticized for enabling high-frequency, zero-risk trading, similar to Blur’s model but without cooldowns or royalties
/////////////////// INDUSTRY REPORTS ///////////////////
WEB3.0 TOKEN BYTES NEWSLETTER!
Stay tuned for fortnightly updates on Web 3.0, FinTech and DeFi news impacting Asia. Dont forget to subscribe and recommend the newsletter to your network! We also feature Web 3.0 firms and startups in our newsletter.
Reach out to [email protected] if you would like your company to be featured or have an interesting firm in Asia in Web 3.0 that you would like to recommend!
Musheer has close to two decades of extensive experience in Capital Markets, Fintech and Virtual Assets, including a decade as a Global Markets’ trader. Since 2016, Musheer has contributed extensively to building the Fintech and Virtual Assets ecosystem in Asia, particularly as the co- founder & inaugural General Manager of the Fintech Association of Hong Kong and as a Virtual Assets Regulator with Virtual Assets Regulatory Authority of Dubai (VARA).
Over the last few years, he has been working closely with the Fintech and Virtual Assets industry in developing frameworks and growing the digital ecosystem in APAC, including developing Fintech and Virtual Assets regulations and policies in the region as a regulator. As the Founder & MD of Fintech Advisory and Venture Building firm, Finstep Asia, Musheer works closely with several regulators, Fintechs, VASPs and Financial institutions in Hong Kong as well as across other parts of Asia on Fintech and digital economy, while providing advisory services and workshops to both regulators and large corporates across Asia on Fintech and Digital Assets. In his recent role at VARA, Musheer was among the key persons who laid the foundations for the regulatory body and was leading the initiative to grandfather legacy VA operators into the licensing regime.
He is actively engaged with a variety of stakeholders, ranging from Federal Regulatory Bodies, Government enterprises and freezones, to engaging with Financial Institutions and startups across Asia, including in the Greater Bay Area. In addition, he has authored several articles and white papers on different subjects of Fintech, Blockchain, Digital Assets, Regtech, and Capital Markets for both regulators and private enterprises.
On a mission to close the gender health gap | Board Member, Femtech Expert, Advisor | Award Winning Woman in Femtech | IWF Member | 2023 SXSW Speaker | Tedx Speaker | Podcast Femtech At Work | WHIC | Ex-Visa
3 天前Thank you for championing our women’s health in focus event Syed Musheer Ahmed you are a wonderful male ally!!