Immutable and Polygon Labs Partnership for Web3 Gaming

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Immutable and Polygon Labs Partnership for Web3 Gaming; OKX cease operations in Canada; Belgium takes new measures for crypto ads.

Immutable and Polygon Labs Partnership for Web3 Gaming

Blockchain protocol Polygon and web3 game development platform Immutable announced their collaboration. According to the statement made by Immutable, the partnership is part of an effort to bring the gaming industry and web3 together.

zkEVM is designed to bring web3-based games faster and easier and without risk. However, it was emphasized that the full version of Immutable zkEVM will be released in the coming months.

zkEVM are known as EVM-compatible virtual machines that use zk-rollups for validation and execution of smart contracts. This technology increases transaction speeds and reduces gas fees.

Immutable, highlighting Polygon’s groundbreaking zero-knowledge technology, stated that with this partnership, they will bring web3 into the mainstream.

However, it has been claimed that the partnership will start the wave of web3-based AAA games. AAA games, usually God of War, Call of Duty etc. It is a term used to express high-budget and production games such as

OKX cease operations in Canada

Cryptocurrency exchange OKX has announced that it will no longer operate in Canada as of March 20.

The exchange notified its Canadian users via e-mail that it will no longer operate in Canada due to the company’s new regulations, effective March 24, 2023. In addition, the company also stated that new customers will not be allowed to open accounts until the stated closing date.

OKX said its withdrawal from the Canadian market was temporary and that the exchange is working with regulators to resolve the current issue. “We hope to see you again in the future. Stay tuned,” said OKX staff.

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On February 22, the Canadian Securities Administrators (CSA) issued a notice requiring crypto exchanges to sign new, legally binding commitments while awaiting registration with the regulatory agency. The new undertaking, among other things, prohibits the purchase or deposit of Value Reference Crypto Assets via crypto contracts without the prior written consent of the CSA.

Currently, all cryptocurrency exchanges are required to register with Canadian regulators before hiring users in the country. On June 22, 2022, cryptocurrency exchanges ByBit and KuCoin were fined millions of dollars after the Ontario Securities Commission determined that both were operating as noncompliant platforms in the country.

Belgium takes new measures for crypto ads

The Belgian financial regulator is preparing to take new measures for the advertising of crypto money companies.

The regulator will require crypto companies to put a “disclaimer” in their ads. Accordingly, the emphasis of “the only guarantee in crypto is risk” will be included in the advertisements.

The Financial Services and Markets Authority, which has the authority to regulate the crypto industry, continues its pressure on the industry. The regulator will ask crypto companies to explain all risks and conditions in detail to their customers, while prohibiting them from promising a return in the future.

The country’s financial regulator stated the following in a statement made on its official website:

“There is no legal framework yet governing these products. These assets have no fundamental counterpart. As such, they are subject to severe price fluctuations and are vulnerable to risks such as fraud.”

A study by the Financial Services and Markets Authority found that 34% of Belgian investors aged 16-29 trade digital currencies, with 60% of cryptocurrency traders in the country seeing it as a “temporary fix” amid the recent market turmoil. He showed that he will continue to do so.

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