Asia Express – Cointelegraph Magazine

Japanese anime studio behind Dragon Ball wants to launch a blockchain game

Japanese anime production giant Toei Animation, known for generational series like Dragon Ball, One Piece, and Sailor Moon, has partnered with South Korean blockchain firm Wemade to develop a blockchain game with the working title DenDenGarden.

The game is based on Toei’s DenDekaDen intellectual property, launched in partnership with Japanese Web3 company Strata in 2022.

DenDekaDen tells the story of seven Kyoto spirits striving to ascend to godhood.

The partnership represents a broader trend of Japanese entertainment content integrating with blockchain through gaming and non-fungible tokens (NFTs). Earlier this year, Captain Tsubasa Rivals, a blockchain game inspired by the classic football manga, launched on the Japanese gaming ledger Oasys.

While Japan’s blockchain gaming market has onboarded notable developers like Bandai Namco and Sega, no blockchain game has yet achieved a major breakthrough, Ryo Manzoku, Oasys tech director, said in a recent interview.

This cautious adoption contrasts with South Korea, Wemade’s stomping grounds, where gamers showed more openness to blockchain games until play-to-earn was banned by local regulators in 2021. Wemade’s blockchain game MIR4 became a hit after launching in 2020, topping South Korea’s download charts before the crackdowns.

Wemade’s involvement in DenDenGarden also comes as the company is rebuilding its reputation. Its cryptocurrency WEMIX was delisted by major South Korean exchanges in 2022 over allegations of misreported circulation data.

Former CEO Chang Hyun-guk was indicted for falsifying information in August, an accusation he denied in his first trial hearing in September. Chang resigned from his post in March and founder Park Kwan-ho returned as CEO.

Singapore Gulf Bank eyes $50M funding for stablecoin expansion

Singapore Gulf Bank is reportedly offering 10% of its equity to raise $50 million for the acquisition of a stablecoin payments firm by 2025.

According to insiders cited by Bloomberg, the bank is in talks with a Middle Eastern sovereign wealth fund and other potential investors to secure the necessary capital.

The targeted acquisition is said to be a stablecoin payments firm based in either the Middle East or Europe.

The Bahrain-based Singapore Gulf Bank is operated by the Singaporean family office Whampoa Group and is backed by Bahrain’s sovereign wealth fund. It officially commenced operations in early November with the launch of its corporate banking services. 

When approached by Cointelegraph, a spokesperson for Singapore Gulf Bank denied commenting on the rumored fundraising and acquisition plans.

Hong Kong doubles down on crypto hub dreams with tax breaks for the rich

Singapore’s regional rival Hong Kong has proposed to exempt crypto gains from taxes for hedge funds, private equity firms, and family offices, according to the Financial Times.

The proposal also includes tax exemptions for investments in private credit, overseas property, and carbon credits. It is now open for a six-week consultation period and comes at a time when other governments across the continent are advancing discussions on crypto taxation.

A tax exemption could fuel the growing interest in crypto among Hong Kong’s private wealth holders. According to a recent report, 76% of private wealth in Asia has already invested in crypto, with an additional 18% planning to do so in the future.

Hong Kong, renowned as a financial hub and gateway to mainland China, has traditionally attracted businesses with its favorable tax environment, including the absence of capital gains tax, value-added tax (VAT), and inheritance tax. 

The recent proposal to exempt cryptocurrency gains from taxes aligns digital assets with the city’s existing capital gains framework, enhancing its appeal to investors in the crypto sector.

If passed, this tax-friendly regime is expected to draw more crypto investors and businesses as Hong Kong accelerates efforts to establish itself as a regional crypto hub. The city plans to issue 11 additional licenses by year-end, according to Securities Futures Commission CEO Julia Leung.

Meanwhile, HashKey, one of the three licensed exchanges in Hong Kong, has entered a partnership with the city’s largest virtual bank, ZA Bank, to allow customers to buy and sell Ether in fiat.

Tron’s Justin Sun becomes largest investor in Trump’s crypto project

Tron blockchain founder Justin Sun has announced a $30 million investment in US president-elect Donald Trump’s crypto project, World Liberty Financial (WLFI), becoming its largest investor.

Following the investment, WLFI named Sun as an adviser. Sun continues to expand his portfolio of roles, including serving on the advisory board at HTX (formerly Huobi) exchange—where he is believed to wield a larger influence — and as the prime minister of the micronation Liberland.

WLFI, launched in October, has struggled to gain traction due to restrictions limiting token purchases to non-U.S. residents and accredited US investors and a restriction that makes the tokens unsellable. Before Sun’s involvement, the project had raised just $20 million, far below its $300 million target.

Sun’s investment boosts total sales to $52 million, enabling Trump’s company, DT Marks DEFI LLC, to begin receiving 75% of net revenues as outlined in WLFI’s white paper. 

Trump, who serves as the project’s “chief crypto advocate,” has pledged to position the US as the global leader in cryptocurrency during his presidency.

Crypto scams spike across Asia amid Bitcoin surge

Bitcoin’s recent bull run has triggered a surge in crypto scams across Asia, prompting regulators and industry groups to issue urgent warnings.

In China, police report cases where crypto novices are duped into fraudulent platforms promising high returns from Tether (USDT) trading. Many victims, unaware that USDT is a stablecoin designed to maintain a fixed value, fall prey to fabricated claims of guaranteed profits through holding or staking. Scammers often create fake dashboards displaying inflated returns to gain trust and lure victims into making larger investments.

In the Philippines, the Cybercrime Investigation and Coordinating Center (CICC) has seen a rise in crypto fraud complaints. Scammers pressure victims with promises of “exclusive” opportunities, urging them to invest quickly. Once funds are transferred, all communication is cut off.

In Malaysia, the Digital Asset Platform Association (MDAPA) highlights similar schemes targeting seniors and inexperienced investors. Fraudsters frequently pose as agents of regulated exchanges, offering high returns while directing victims to unlicensed platforms.

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Yohan Yun

Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.