Xangle Joins Coreum Mainnet as Validator

Mirae Asset Securities and NEAR Protocol Partner to Advance Blockchain TechSouth Korea’s leading securities firm, Mirae Asset Securities, has partnered with the Swiss-based NEAR Foundation to further the development of Web3 initiatives, according to Digital Today’s report.Photo by Shubham Dhage on UnsplashCollaboration on Web3 researchThe NEAR Foundation is a Swiss-based non-profit organization behind the NEAR Protocol, a blockchain platform designed to support the operation of decentralized apps (dApps). The collaboration between NEAR and Mirae Asset Securities will encompass various endeavors, including conducting research on Web3 and blockchain technology within the financial sector, organizing awareness-raising events for both entities, and establishing a cooperative system to enhance the business network between Web2 and Web3.An In-sung, the head of the digital division at Mirae Asset Securities, expressed the company’s commitment to advancing blockchain technology and collaborating with partners to gain a competitive advantage in the Web3 sector. NEAR Foundation CEO Marieke Flament highlighted the technical expertise of their platform, emphasizing its potential to drive innovations within the financial industry through cooperation with Mirae Asset Securities.NEAR’s broader engagement in KoreaThe NEAR Foundation’s collaborative efforts extend beyond the financial sector in Korea. Earlier this month, the organization forged a strategic partnership with MARBLEX, a blockchain arm of gaming publisher Netmarble. This alliance aims to foster the growth of the Korean Web3 gaming industry, indicating the foundation’s wider involvement in the East Asian country.

Hong Kong Pressing Banks to Facilitate Crypto ClientsHong Kong’s banking regulator is urging banks, including HSBC and Standard Chartered, to onboard crypto exchanges as clients, despite increasing regulatory scrutiny of the industry in the United States.That’s according to a report published by the Financial Times (FT) on Wednesday. The FT cited three people who it claims are familiar with the matter, together with a letter seen by the publication as the basis for the assertion.Photo by Ansel Lee on PexelsChallenging crypto banking reticenceAt a recent meeting, the Hong Kong Monetary Authority (HKMA) questioned these UK-based lenders, together with the Bank of China, about their reluctance to accept crypto exchanges as customers, according to sources familiar with the matter. The HKMA emphasized that due diligence on potential clients should not create unnecessary burdens, particularly for those seeking opportunities in Hong Kong. While banks do not have a ban on crypto clients, concerns over potential money laundering and illegal activities have made them cautious.The pressure faced by banks highlights the challenges Hong Kong is facing in establishing itself as a global hub for the crypto industry, especially in light of previous high-profile collapses, such as the implosion of FTX. However, the HKMA is encouraging banks to overcome their reservations, as the regulator believes there is resistance from senior executives who adhere to traditional banking mindsets.The enthusiasm of some Hong Kong officials for the sector is evident as pro-Beijing lawmaker Johnny Ng invited Coinbase and other crypto exchanges to set up operations in the city following the recent SEC lawsuit against Binance and Coinbase.Caught between opposing forcesBanks in Hong Kong find themselves walking a fine line between supporting the crypto industry as encouraged by the government and being cautious due to the US regulatory environment. They want to ensure the industry’s development aligns with government policies, but they are also concerned about potential anti-money laundering and know-your-customer issues.The HKMA and the Securities and Futures Commission (SFC) have been vocal about their expectations, setting them apart from regulators in other jurisdictions that may be more skeptical of cryptocurrencies. Last month it emerged that crypto startups are having difficulties in establishing banking facilities in the autonomous Chinese territory. At the time, the HKMA did convene a meeting to bring parties together in order to forge a path forward.While Hong Kong has a history as a crypto center, its position weakened after Beijing’s crackdown on the industry in 2017. However, the Hong Kong government aims to reestablish the city as a hub for digital assets, having expressed its desire to provide a supportive environment for crypto-related businesses. The introduction of a new licensing regime for crypto platforms in Hong Kong is part of the government’s efforts to attract more crypto groups to the city.HSBC, Standard Chartered, and the Bank of China hold influential positions in Hong Kong as issuers of the city’s currency and have key roles in the Hong Kong Association of Banks lobby group. Standard Chartered claims that it maintains regular dialogue with regulators on various subjects, while HSBC has claimed that it is actively engaging in policies and developments within the nascent industry.

Taiwan police uncover $320M crypto money laundering operationTaiwan police have recently exposed the largest cryptocurrency money laundering case in the nation’s history, involving 320 million USDT (approximately 10.5 billion New Taiwan dollars).Photo by DrawKit Illustrations on UnsplashCross-border laundering operationIt emerged on Tuesday that the Electronic Investigation Team of the Criminal Bureau initiated their probe after uncovering a fraudulent scheme related to a counterfeit Taishin Securities mobile software last year. This led them to a merchant with the surname Qiu, the alleged mastermind behind this operation who was suspected of laundering substantial sums through virtual currency.Qiu is believed to have maintained connections with overseas gambling and fraud groups, engaging in cross-border communication with illicit organizations in countries including Hong Kong, Malaysia and the Philippines.Their investigation revealed that Qiu had been conducting transactions involving 320 million Tether US dollar stablecoins since February of the previous year. In June, law enforcement apprehended Qiu during one of his visits to Taiwan, along with four alleged accomplices.High value goodsDuring the operation, authorities seized high-value assets from Qiu, including a Lamborghini Urus, a Lexus LM and three Audemars Piguet watches, with a combined market value exceeding TWD 13 million. The lavish lifestyle maintained by Qiu, evident from his luxury cars and high-end watches, serves as a stark reminder of the extensive underground economy driven by money laundering.Evidence from the operation suggested Qiu’s involvement in handling illicitly obtained Tether coins worth approximately TWD 70 million. Further investigations uncovered that Qiu regularly sold virtual currency and converted it into cash to effectively obscure the money’s origins, accomplishing the goal of laundering.In piecing the activities of the group together, police determined that victims were instructed to transfer their funds to fictitious accounts. In that way, the money found its way to crypto exchanges and individual crypto traders under the direction and control of the group.Qiu would also retain a 1% profit margin from the laundered amount. Several other individuals were implicated in this extensive operation, including a foreign affairs officer named Liao and two other individuals named Chen and Huang. Each of these individuals is presently under investigation, with varying levels of bail and restrictions imposed.The intricate web of transactions and the substantial amount laundered by Qiu have surpassed previous records held by the Electronic Investigation Team. As investigations continue, law enforcement is determined to uncover the full extent of this operation and trace the entirety of the money flow.Taiwan’s legislators are currently working on producing a regulatory framework for crypto in the country. The only regulatory aspect that is covered right now is oversight relative to anti-money laundering (AML) and know-your-customer (KYC) regulation. In 2018 Yang Chin-long, Taiwan’s central bank Governor, called for a need to regulate crypto on the basis of existing AML rules, with the authorities subsequently following through on that measure.In July 2022, the country’s Financial Supervisory Commission (FSC) penned a letter to the banking sector, banning the purchase of digital assets via credit cards.