Komainu and Crypto Garage partner to bring about institutional crypto adoption

Ripple Expands in Asia-Pacific with Full License to Operate in SingaporeEnterprise blockchain firm Ripple announced on Wednesday (UTC) that it has secured a full license to operate in Singapore, where it has established its Asia-Pacific headquarters since 2017.Photo by Sergio Sala on UnsplashFrom outline to full approval in 4 monthsThis development marks another step in Ripple’s strategic expansion within the Asia-Pacific region, known for its rapidly growing cryptocurrency market. Ripple’s journey to obtaining this full license began less than four months ago when the Monetary Authority of Singapore (MAS) granted it an initial in-principle approval in June. With the newly acquired full license, Ripple is now authorized to offer regulated cryptocurrency payment services in Singapore, a key financial hub in the region.Brad Garlinghouse, the CEO of Ripple, expressed his enthusiasm for the company’s continued growth in Singapore, stating:“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore.”Global expansion strategyThe company also highlighted the fact that over 90% of Ripple’s business occurs outside the United States, making the Asia-Pacific region, and Singapore in particular, a vital part of its global expansion strategy.Monica Long, President of Ripple, explained in a recent interview with CNBC that the Singapore office has seen substantial growth in the past year due to the booming business opportunities in the Asia-Pacific region. This expansion aligns with Singapore’s leadership in crypto regulation in the region. The introduction of the Payment Services Act, which has been in effect since January 2020, has played a large part in that, regulating payment services and crypto services to the public.Singapore’s regulatory framework also includes requirements for crypto service providers to safeguard customer assets in statutory trusts by the end of 2023 and restrictions on facilitating lending or staking of retail customers’ assets. These measures ensure consumer protection and responsible growth in the crypto industry.Praising SingaporeGarlinghouse commended Singapore’s regulatory approach, stating, “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs, striking the balance between innovation, consumer protection and responsible growth.” Ripple’s experience in Singapore differs entirely from the ongoing legal battle it has found itself in in the United States with the Securities and Exchange Commission (SEC).Both Ripple and Coinbase have found themselves embroiled in lawsuits with the regulator in the US. In Ripple’s case, the firm and its founders have been accused of unlawfully selling their native cryptocurrency XRP without registering it with the SEC. However, a landmark ruling in July determined that XRP, as a token, may not necessarily be classified as a security.Long spoke to the contrasting experiences the firm has encountered between the United States and Singapore. Long stated:”Being in Singapore a couple weeks ago felt like night and day compared to the US in terms of open dialogue with regulators, and thus being able to build innovative *and* compliant products.”Ripple, along with Coinbase and several other crypto firms, has criticized the lack of regulatory clarity in the US and has even considered relocating operations due to the SEC’s stringent regulatory stance. Notably, Coinbase also recently announced its successful acquisition of a major payment institution license in Singapore, following its in-principle approval obtained about a year ago.

South Korean cybersecurity firm AhnLab’s blockchain arm, AhnLab Blockchain Company, is working with Web3 performing arts platform Metacultures to offer free limited edition NFTs to all visitors of the "School of Rock" musical world tour’s show in Seoul, according to local news outlet Etoday on Monday (KST). The NFTs will be issued via AhnLab Blockchain Company’s digital Web3 wallet, ABC Wallet. As a non-custodial wallet, this service uses multi-party computation to support multiple blockchain networks including Ethereum, Polygon and Klaytn.Photo by Gwen King on UnsplashPreserving memories"We aim to offer a way for Korean fans of the 'School of Rock' musical to preserve the special experience of the performance with this NFT," said Lim Joo-young, Business Leader at AhnLab Blockchain Company. "We will continue to carry out various projects based on blockchain technology at various events." Visitors who wish to receive the NFTs can scan the QR code provided at the performance venue and register an ABC Wallet using their social media accounts on the linked site, after which the NFT will be automatically issued to their wallets. "We are glad to be able to provide NFT products for the 'School of Rock' musical to the audience through ABC Wallet, which boasts excellent security. We look forward to various security-based collaborations with AhnLab Blockchain Company in the future," said Lee Sang-woon, CEO of Metacultures. Show detailsThe ongoing performance will be held until March 24 at the Seoul Arts Center’s Opera House in Seocho-gu, Seoul.

South Korean crypto exchange Bithumb is working with the International Criminal Police Organization (Interpol) to combat global criminal activities involving digital assets. According to Korean media outlet Joseilbo, Yoo Jung-ki, who heads Bithumb's Policy Support Office, met with Tomonobu Kaya, Assistant Director of Interpol's Financial Crime and Anti-Corruption Centre, during a recent meeting in Thailand. The gathering was part of a three-day event held from March 10 to 12, organized under Interpol's Project ViCTOR (Virtual assets-facilitated financial Crime – Trace, Obstruct and Recover), an initiative funded by Japan's Ministry of Foreign Affairs. During their meeting, the two officials explored ways to enhance cooperation while committing to maintaining a close, sustainable working relationship.Photo by rc.xyz NFT gallery on UnsplashExchange shares expertiseDuring his Bangkok visit, Yoo delivered a speech addressing emerging crypto crime trends and necessary regulatory changes to protect users. He also discussed the Financial Action Task Force's (FATF) guidelines and recommendations, along with South Korea's policies on anti-money laundering and combating terrorism financing (AML/CFT). His presentation resonated with the audience, particularly when he emphasized the importance of collaboration between the public sector and crypto exchanges on multiple fronts, including recovering stolen funds from criminals. Regarding the meeting, Yoo stated that he found it meaningful to participate, as a representative of South Korean crypto exchanges, in a gathering focused on developing global countermeasures against money laundering and digital asset crimes. He added that Bithumb is committed to supporting the international cooperative system aimed at preventing and recovering from crypto crimes. Interpol’s effortsThe event also covered recent updates on Interpol's Global Rapid Intervention of Payments (I-GRIP) stop-payment mechanism, launched in 2022, and Singapore's evolving crypto regulatory landscape. In June last year, Interpol reported that police across 61 countries had collectively intercepted approximately $135 million in fiat currency and $2 million in cryptocurrency, with I-GRIP helping authorities track illicit proceeds from both types of currencies.Interpol's involvement in investigating crypto crimes has been expanding recently. According to Cointelegraph, Argentine lawyer Gregorio Dalbon has requested that a prosecutor and judge issue an Interpol Red Notice for Hayden Davis, a co-creator of the LIBRA token allegedly linked to Argentine President Javier Milei. The controversial memecoin, launched last month, briefly reached a $4.5 billion market cap before its value collapsed.