Singapore High Court Embraces NFTs for Financial Investigations

Japan’s Financial Services Agency (FSA), a government agency and financial regulator responsible for overseeing banking, securities and exchange, has ordered both Apple and Google to remove specified unregistered crypto exchange apps from the Japanese versions of their app stores.Photo by Louie Martinez on UnsplashFive exchange apps specifiedIt is understood that the request was made at the beginning of this month, with the regulator specifically calling for the removal of the ability of Japanese consumers to download apps related to Bybit, MEXC Global, LBank Exchange, KuCoin and Bitget. In response to a query from The Block, Bitget Chief Legal Officer (CLO) Hon Ng said that the company is “aware of the issue and sincerely apologize for any inconvenience caused by the temporary removal of the Bitget app from the iOS App Store in Japan." The Bitget CLO went on to state that the company is working with Apple and regulators to resolve the matter. News of the regulator’s request emerged via a report published by Japanese financial media platform Nikkei on Feb. 7.  Apple had removed the apps from its App Store on Feb. 6. Reclassification of digital assets as securitiesA subsequent report by Nikkei on Feb. 10 suggests that the FSA is considering classifying digital assets as financial products akin to securities. The objective of the move is to protect Japanese investors as it would mean increased disclosure requirements from those that offer crypto-related investment products. Last August, FSA Commissioner Hideki Ito told Bloomberg that any decision to approve crypto-linked exchange-traded funds (ETFs) requires “careful consideration.” At the time Ito said that many people believe that digital assets “do not necessarily contribute to the wealth creation of the Japanese people in a stable and long-term manner.” The Japanese have been far more cautious in their approach to virtual assets by comparison with other Asian centers such as Hong Kong, which had approved spot Bitcoin and Ether ETFs some time ago. It appears that Japan’s FSA is wary of the volatility of cryptocurrencies and risks associated with the nascent assets. It’s understood that the FSA will announce crypto policy reforms by June 2025. Legislative amendments would then follow in the following parliamentary session in 2026. The change would mean a lifting of the current prohibition related to crypto ETFs. Another aspect likely to be reformed is taxation as it relates to crypto. It’s thought that a reduction from the existing 55% tax rate on crypto to 20% is on the cards. This is not the first occasion when a regulator has leaned on Apple and Google to cut off access to crypto exchange apps. In January 2024 Apple India blocked access to eight exchanges which had been subject of a show-cause notice from India’s Financial Intelligence Unit (FIU). Following a seven month ban, access to the Binance app was subsequently restored once it had come back into compliance in India. In April 2024 the Securities and Exchange Commission (SEC) in the Philippines had ordered both Google and Apple to remove the Binance app from their app stores on the basis that it posed a risk to Filipino investors at the time.

IEEE to deploy skill certificates on blockchain for Indian membersThe Institute of Electrical and Electronics Engineers (IEEE), a professional association boasting a membership of over 75,000 in India, has chosen the Avalanche blockchain as the primary settlement layer for issuing tamper-evident certificates.Photo by Vishnu Mohanan on UnsplashIntegrating Avalanche blockchainIndia holds the second-largest IEEE membership base globally outside the United States, making this move a significant development in secure credentialing.According to a report by Cointelegraph on Wednesday, Avalanche’s C-Chain will serve as the key settlement layer for IEEE’s certificate issuance due to its compatibility with the Ethereum Virtual Machine (EVM). The decision aims to provide an ecosystem that meets the requirements for tamper-proof, instant and secure verification processes for all trainees and users receiving IEEE credentials.Zupple Labs collaborationThe blockchain certificates will be issued through LegitDoc, a blockchain-based credential lifecycle management system developed by Zupple Labs. Neil Martis, Co-Founder of Zupple, noted that the Indian public sector has shown increased willingness to implement full-fledged blockchain projects over the past 12 months, moving beyond pilot initiatives.This is the latest project in recent weeks that has seen Zupple Labs play a key role in enabling the real-world use of blockchain. Through a collaboration with the Indian Web3 startup in October, the Hindustan Petroleum Corporation (HPCL) streamlined its purchase order process, issuing tamper-proof digital purchase orders via LegitDoc.Avalanche expands into IndiaDevika Mittal, Head of Avalanche’s India arm, emphasized the significance of Avalanche’s EVM compatibility in simplifying the deployment of widely used applications, including credential registries and identity management. She pointed out that reputable institutions like SK Planet and JP Morgan Onyx prefer Avalanche as their go-to blockchain.Mittal has been a key hire for Avalanche blockchain developer Ava Labs recently as part of its efforts to target significant expansion within India. Earlier this year, the company collaborated with China’s Alibaba Cloud, the cloud computing subsidiary of e-commerce behemoth Alibaba Group, assisting with the building of a launchpad that will enable the deployment of metaverses.The partnership between IEEE and Zupple Labs is poised to bring about the issuance of numerous tamper-proof engineering credentials in India. This collaboration underscores the growing acceptance of blockchain in education credentialing, setting a powerful precedent for broader participation in the Web3 landscape.In an interview, Martis expressed the flexibility of their approach, stating:“We would be experimenting with new platforms as additional parallel settlement layers as suitable new tech emerges.”This reflects an openness to exploring evolving blockchain technologies while maintaining a commitment to ensuring the immutability, longevity and security of the solutions.The IEEE-Zupple Labs collaboration aligns with the trend of blockchain integration in educational and professional spheres, offering a glimpse into the future of secure and efficient credentialing systems. As the second-largest membership base outside the United States, India plays a pivotal role in shaping the trajectory of blockchain adoption within professional associations like IEEE.

China Launches Shenzhen Park Centered on CBDC GrowthChina has been relentless in its efforts at fostering the growth of the digital yuan ecosystem, with its latest initiative involving an industrial park in the Luohu district of Shenzhen, adjacent to Hong Kong.Photo by 鸣轩 冷 on UnsplashNurturing the digital yuan ecosystemThe Shenzhen Park initiative has been launched with the district government putting forth a comprehensive set of ten initiatives designed to catalyze the expansion of the Chinese central bank digital currency (CBDC) ecosystem. According to a recent report published by Chinese media outlet China Daily, these initiatives encompass various critical areas, including payment solutions, digital yuan promotion, smart contracts, and the development of secure hard wallets.Several notable companies, including Hengbao, Wuhan Tianyu Information, and Lakala Payment, have already set up their bases in the park. Hengbao and Wuhan Tianyu Information, known for their payment cards, and Lakala Payment, a renowned payment processor with a Visa partnership, are among the pioneers in this ambitious project.Zeng Zhaoxiang, the Executive Deputy Director of Wuhan Tianyu Information, shared his optimism regarding the venture, emphasizing the potential for collaborative efforts to elevate the park’s development trajectory. Such synergies within the industrial chain, he believes, will be instrumental in driving the project’s success.Enticing incentivesOne notable feature of the Shenzhen Park project is the incentives offered to businesses. They can enjoy up to three years of rent-free accommodation. Commercial banks looking to establish operations in this pioneering facility can secure up to 20 million yuan (approximately $2.7 million) in financial support, while startups may be eligible for as much as 50 million yuan.Consequently, the total government backing for this endeavor is estimated at a substantial 100 million yuan. Furthermore, the government is offering favorable loan terms to those interested in being part of the promising venture.Driving adoption beyond ShenzhenThe efforts to promote the digital yuan extend far beyond Shenzhen’s city limits. The e-CNY is currently undergoing rigorous pilot testing in twenty-six cities across China. Impressively, the digital currency has already gained acceptance among 5.6 million merchants. Given the extent of support for CBDC promotion in China from the government, it would be reasonable to expect this figure to rise steadily in the short to medium term.To further enhance the digital yuan’s accessibility, the digital yuan app now includes a feature allowing tourists to top up their wallets using Visa and Mastercard. Despite having reached 261 million digital yuan wallets by 2022, the broader acceptance of this innovative digital currency remains somewhat gradual.International CBDC developmentAlthough the digital yuan is much further along in its development and promotion, the significance of CBDCs is not limited to China alone. Beyond its borders, the focus on CBDCs remains robust, with most central banks having delved to varying extents into exploring the possibility of both retail and wholesale CBDCs.The extent of open projects worldwide right now means that there are too many to mention but recent examples include South Korea’s wholesale CBDC pilot program which was announced earlier this month. Last month it emerged that the central banks of Hong Kong and Kazakhstan were collaborating with the SWIFT financial messaging service in the testing of a CBDC connector.