Busan to Host Blockchain Week in Busan 2023 Next Month

NATIX Network, an open geospatial intelligence network built upon proprietary AI technology, has partnered with Southeast Asian superapp Grab to collaborate on autonomous driving technology and mapping. NATIX is a decentralized physical infrastructure network (DePIN) project that exists within the Solana ecosystem. Singapore-headquartered Grab offers a broad range of services via its app, including ride-hailing, package delivery and food delivery. Additionally, the firm offers mobile payments and insurance products.Photo by Afif Ramdhasuma on UnsplashReshaping the mapping industryIn a blog post published to its website on May 6, NATIX outlined that the strategic partnership has been formed with a view towards reshaping the mapping industry. It explained that the objective in this regard would be to combine Grab’s camera hardware and its AI-based map-making software stack with NATIX’s decentralized blockchain-powered mapping data.  Due to the nature of the services that it has offered in Southeast Asia since it was founded in 2012, Grab has, through necessity, become involved in mapping to enhance its service delivery. As a consequence, it has developed a suite of cameras including its KartaCam, a small action camera which can be mounted on bike helmets or car windshields, and a 360-degree standalone camera, KartaCam 2, with built-in sensors, AI image optimization and GPS capabilities. ‘Internet of Cameras’For its part, NATIX claims to have built the world’s largest on-street camera network. As part of the collaboration, NATIX will use Grab’s hardware and software technology to expand its “Internet of Cameras.” Posting on LinkedIn, GrabMaps set out its thoughts on the partnership, stating:”By combining GrabMaps' AI-powered mapping technology with NATIX's decentralised data network, we're enabling real-time, high-fidelity map updates across the globe. As part of this collaboration, NATIX will launch VX360, a device built on Grab's hardware platform that allows Tesla drivers to collect and share 360° vehicle imagery.” Appearing on the Unleashing DePIN podcast recently, NATIX Co-Founder and CEO Alireza Ghods outlined that NATIX will launch VX360, a proprietary device built by leveraging Grab’s existing hardware. He explained that this collaboration saves NATIX in terms of overall project cost and months of R&D, all of which enables it to get to market faster.VX360 enables Tesla drivers to capture and share 360-degree imagery.  Future potentialGhods spoke to the additional future potential that the collaboration holds: “The interesting part is that they have other types of devices as well, they have a dashcam, a 360 camera, and our plan is to definitely integrate all of this into our map making and data collection pipeline.” This is not the first partnership that GrabMaps has established related to mapping. Previously it formed collaborations with Microsoft’s Bing Maps, navigation and mapping app Mappls and location data specialist Loqate.  Ghods believes that NATIX can go one better than centralized mapping projects like TomTom and Google Street View. He told Cointelegraph that “a blockchain-based incentivization system provides better results in terms of frequency, participation, and coverage.” The NATIX co-founder asserted that such data can be gathered at a fraction of the cost via users’ devices.

Tether Alters ToS in Singapore Restricting USDT RedemptionTether, the issuer of the world’s largest stablecoin, USDT, has made substantial revisions to its Terms of Service (ToS), which may have a significant impact on its user base in Singapore.News of the change emerged on Monday, with Dr. Julian Hosp, CEO of Cake Group, the project team behind Singapore-based Cake DeFi, taking to social media and providing a copy of an email from Tether’s Compliance Department, confirming the change. That notification read:”Tether has changed its terms of service to, among other things, restrict its onboarding standards. Corporates controlled by; another entities, directors, shareholders residing in Singapore are no longer permitted to be Tether customers.”In his commentary, Hosp stated that he wouldn’t be in a position to confirm “if redeeming $USDT into $USD is actually possible, due to being in #Singapore.”Photo by DrawKit Illustrations on UnsplashToS Change in ContextWithin the cryptocurrency ecosystem, eyebrows have been raised regarding the timing of Tether’s ToS change, as it has coincided with a major instance of crypto-related money laundering. Conversely, some argue that the issue could be specific to Cake DeFi. The DeFi protocol had been flagged for enhanced due diligence (EDD), suggesting that the modification in Tether’s ToS might potentially be a result of a partnership issue between the two entities.Stablecoins like USDT play a pivotal role in the digital asset ecosystem, serving as a bridge between the volatile world of cryptocurrencies and the stability of traditional fiat currencies like the US dollar. Any disruption in their usage can trigger a domino effect in the crypto markets.The cryptocurrency sector is grappling with regulatory uncertainties worldwide, and Singapore is no exception. The Monetary Authority of Singapore (MAS) has been actively reviewing and updating its crypto-related regulations to align with international standards and mitigate risks to financial stability.The precise motive behind Tether’s decision to restrict USDT redemption for specific customers in Singapore remains unclear. Notwithstanding that, Tether’s Chief Technology Officer (CTO) Paolo Ardoino expressed the view that the matter is being misunderstood. He tweeted:Spreading FUD”Before spreading FUD [fear, uncertainty and doubt] it would be great if you guys did take a look at webarchive… This is Jan 2022…. And if you open the link below: Last updated: May 12, 2020… Again, take a moment to search and verify information before YOLO [you only live once] posting.”Clearly Ardoino is making the point that the ToS change is consistent with existing compliance policy which has been in place since 2020. Notwithstanding that, in reviewing related records, media outlet Protos found that USDT issuance and redemption after May 2020 demonstrate that the firm continued to do business with Singapore-based entities. The publication cited UQPAY specifically, a Singapore-based payments processor. It was found to have issued USDT between May 14 and May 18 in 2020.

Korean Travel Rule Solution Provider CODE to Start Charging Monthly Fees Next MonthSouth Korean Travel Rule solution provider CODE, established in collaboration between local cryptocurrency exchanges Bithumb, Coinone, and Korbit, has announced the implementation of service fees starting next month. Up until this point, CODE has been offering its services free of charge. The notification regarding this change was issued to CODE’s clientele, which includes various crypto exchanges, as reported by local tech news outlet Digital Daily.Photo by Kenny Eliason on UnsplashTravel RuleThe Travel Rule regulations, set by the Financial Action Task Force (FATF) and Korean legislation, require Korean trading platforms to maintain records of both the sender and recipient’s information for virtual asset transactions exceeding 1 million KRW ($780). The FATF, founded in 1989 and headquartered in Paris, is an international financial watchdog dedicated to combating global money laundering and terrorist financing.More competitive priceCODE is anticipated to offer its services at a more competitive price of 1 million KRW ($780), in contrast to its rival VerifyVASP (VV), which introduced a monthly fee of $1,800 earlier this year. VV is a product developed by Lambda 256, a subsidiary of Dunamu, the parent company of Upbit, the largest cryptocurrency exchange in Korea.CODE launched its services in March last year. Among its crypto exchange members are Gopax, Cashierest, and Coredax. In December, the Travel Rule solution provider appointed Lee Sung-mi, the former compliance officer of Bithumb, as its new CEO, and since then, it has accelerated its monetization plan. Prior to Lee’s appointment, Coinone CEO Cha Myung-hun had been at the helm of CODE.