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Hatten Land Signs Exclusive Agreement with EnjinStarter to Digitise Group Assets and Create New Digital Assets, including NFTs and Tokens Exchangeable with Current Loyalty Points Linked to its Malls and Hotels

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Hatten Land Limited (“Hatten Land”) said today that its subsidiary Hatten Technology (S) Pte. Ltd. (“Hatten Technology”) has signed an agreement with Prakal Pte. Ltd. (known as “EnjinStarter”) to develop a dedicated token system and create digital assets, including non-fungible tokens (“NFTs”), to promote the development of a digital economy in Melaka where it has substantial hospitality and retail assets.

The Exclusive Framework Agreement is part of a strategic shift by SGX Catalist-listed Hatten Land. Hatten Land is re-purposing its extensive mall footprint in Melaka and pivoting towards digital and blockchain activities as the pace of digitalization in the world accelerates.

EnjinStarter will develop a token strategy (“tokenomics”) that will allow tokens and NFTs to be exchanged or connected with the current loyalty point system of the Hatten Group as well as other participating hotels, attractions, malls and shops, starting with Melaka. EnjinStarter will also provide maintenance and support services for the Token System and Metaverse to be developed.

This project with EnjinStarter will start mid-October 2021 with delivery of the Token System and the crypto-related elements and/or components connected to the Token System and Metaverse due by end- March 2022. The initial term of the Exclusive Framework Agreement is two years and can be automatically renewed every two years unless the Agreement is terminated.

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EnjinStarter has entered into an agreement with Enjin Pte. Ltd. (“Enjin”), that EnjinStarter is a Special Purposes Vehicle (“SPV”) set up to serve as a launchpad for the ecosystem development within the Enjin platform which powers many pioneering blockchain games, applications, and projects.

Also a marketplace for NFTs, Enjin has over 20 million users spanning more than 250,000 gaming communities. Enjin has backed over US$1.14 billion blockchain assets, which collectively contain 12.5 million worth of ENJ coins.

With substantial hospitality and tourism footprint in Melaka, Hatten Land and its parent company, the Hatten Group conglomerate, are the leading developers in this strategic historical city located along the Straits of Melaka that dates to the 15th century. The Group owns and operates retail malls with a combined built-up area of over six million square feet within Melaka, where it also owns or operates four hotels.

Under the Agreement, both Hatten Technology and EnjinStarter will collaborate to develop a Metaverse, starting with a digital ‘twin city’ for Melaka (“Digital Melaka”) that aims to promote physical and digital tourism in Melaka and accelerate the growth of the city’s digital economy.

Mirroring the physical world, Digital Melaka will feature the rich heritage, activities and key attractions in Melaka as well as Hatten Group properties in digital format. This will allow digital assets, including tokens and NFTs, to be created and monetized.

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In addition, EnjinStarter will establish its regional headquarters in Melaka, both physically and digitally, to jointly operate a virtual game development incubator, a blockchain gaming showcase and arcade. EnjinStarter will also cultivate and promote Melaka artistic activities such as partnering with local artists for NFT creations, marketing and sales within Digital Melaka.

The EnjinStarter collaboration follows recent agreements signed by Hatten Land under which at least two parties will install and operate up to 3,000 cryptocurrency mining (“cryptomining”) rigs within its properties in Melaka. Hatten Land will leverage its existing infrastructure and lower energy costs in Malaysia. Such costs may be lowered further as Hatten Land installs solar panels on the rooftops of the malls to enable energy-efficient or ‘green’ cryptomining, accelerating its initiatives to create sustainable digital assets.

Hatten Land’s digital strategies include enabling tokens and NFTs as well as online-to-offline (“phygital”) commerce and gaming. Digital assets that emerge from these initiatives can achieve tangible and tradable value over time as creative activities are enhanced and built around a dedicated blockchain platform.

Dato’ Colin Tan, Executive Chairman and Managing Director of Hatten Land, said: “The Digital Melaka project is intended to be a major catalyst for our strategic shift to become a hub for blockchain and digital initiatives as we re-purpose our existing mall footprint in Melaka.

“We are partnering with EnjinStarter, which has a proven track record including a recent successful token listing. Together, we will build a dedicated Metaverse which will usher in a new era of blockchain, e-commerce and creative activities and where everyone can trade and live in.”

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Mr. Prakash Somosundram, CEO and Co-founder of EnjinStarter, said: “We are really excited to partner Hatten Land. The Metaverse project brings a new dimension which allows us truly to explore ‘phygital’ opportunities. Hatten Land is a forward-looking partner that is also committed to assemble key stakeholders to work together and deliver this ground-breaking project. Beyond the sky’s limits. Together we are bringing Digital Melaka to the Metaverse and seeking to change the way people create, live, work and play.”

Blockchain

Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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