BC Card Launches Innovative Card Payment NFT Service

Jersey-headquartered Komainu, a digital asset custodian backed by Japan’s Nomura Holdings, is in the process of acquiring Propine Holdings, a Singaporean competitor. Subject to approvalKomainu has signed an agreement in principle with Propine to acquire the company, according to a press release published on Oct. 22 by PR Newswire on behalf of the two firms. One of the key elements in completing the deal is attaining the approval of local regulator the Monetary Authority of Singapore (MAS). This is Komainu’s first acquisition, and according to the firm’s co-CEO Paul Frost-Smith, it will be the first of several. According to Bloomberg, Frost-Smith stated in an interview that “an absolutely key factor in building” the business is obtaining access to Propine’s Capital Market Services license, which the company was awarded in Singapore. Frost-Smith described the acquisition as "setting ourselves up for the future with a licensed platform that we can grow." The company intends to further its efforts in terms of compliance by applying for a Major Payment Institution (MPI) license in Singapore. Komainu is motivated in developing in this manner as it has identified increasing demand from established institutions in Singapore for advisory services.Photo by RDNE Stock project on PexelsStrategic hubThe Komainu co-CEO said that the Asia-Pacific (APAC) region was central to Komainu’s heritage. With that, he added that Singapore is “an important strategic hub for Komainu in Asia and Propine will enhance our capabilities in meeting the significant client demand we are experiencing, including for Komainu Connect, our collateral management service, which is already extensively utilised by our investor clients in Hong Kong, Singapore, Malaysia, Thailand and Australia.” Back in August, global crypto exchange platform Bitfinex signed a memorandum of understanding (MOU) with Komainu Connect, with a view towards enhancing trading security. In July Komainu was added by crypto infrastructure firm Fireblocks to its Global Custodian Partner Program. The Japanese market has been one that Komainu has been focusing on. Frost-Smith asserted that it will serve as a major hub for the company, given that it is home to its primary backer, Nomura.  In November 2023, the company partnered with Crypto Garage, a regulated Japanese crypto-asset financial services firm. The collaboration extended Komainu’s dealings with the firm, given that it had invested in Crypto Garage’s parent company, Digital Garage, previously. At the time, the companies claimed that the partnership would allow them both to leverage their collective expertise. Komainu has also been following a regulatory-compliant path in other markets. In the UK, where it’s stationed, it received permission from the Financial Conduct Authority (FCA) to operate as a crypto custodian in October 2023. In August of the same year, it was awarded an operating license by the Virtual Asset Regulatory Authority (VARA) in Dubai. Alongside Nomura, the company was also established with the backing of digital asset security firm Ledger and digital asset investment manager CoinShares. Earlier this year, Komainu was approved by Nasdaq to be a core custodian relative to its suite of crypto indices. 

Turkey crafts new crypto regulations with FATF grey list removal objectiveIn an effort to secure removal from the Financial Action Task Force’s (FATF) “grey list,” Turkey is in the process of crafting new regulations governing crypto assets.The FATF, established by the Group of Seven (G7) advanced economies, serves as a guardian of the international financial system. It’s an international organization dedicated to combating financial crimes, which added Turkey to its “grey list” in 2021. In 2019, it cautioned Turkey about significant deficiencies in procedures for freezing assets linked to terrorism and the proliferation of weapons of mass destruction.Photo by Michael Jerrard on UnsplashCrypto compliance for FATF upgradeTurkish Finance Minister Mehmet Simsek recently discussed this matter with a parliamentary commission, according to a report published by Reuters. Simsek highlighted the FATF’s evaluation of Turkey’s adherence to 39 out of the 40 standards set by the organization. The single outstanding issue pertains to crypto assets, and Simsek revealed plans to introduce a crypto assets law in parliament to address this concern. However, he did not delve into specific legal changes.The Turkish government is taking action to align with international standards and remove the shadow of the “grey list.” The Turkish Presidential Annual Program for 2024, as published in the Official Gazette of the Republic of Turkey on October 25, outlines a commitment to establish comprehensive cryptocurrency regulations in the country by the end of 2024. Within the extensive 500-page document, Article 400.5 sets the goal of providing clear definitions for crypto assets, potentially subjecting them to taxation in the future.Additionally, the document seeks to establish legal definitions for crypto asset providers, including cryptocurrency exchanges. However, it refrains from specifying the finer details of the upcoming regulatory framework.Crypto popularityTurkey has been an outlier in terms of cryptocurrency use by comparison with many of its international peers. A report by KuCoin earlier this year validated that reality, indicating a significant increase in the number of crypto investors in Turkey over the course of the previous 18 months. In the aftermath of a devastating earthquake which hit the country on Feb. 6, crypto was reported to have been used as a means to get aid to those affected quickly and easily.However, developments in the crypto space have also included difficulties. It was reported in July that the use of crypto for the earthquake relief effort in Turkey was also being used as a cover by an affiliate of the terrorist group ISIS to launder money and receive funding. Turkish users of the Thodex crypto exchange platform were the victims of fraud in 2021, with the founders of that business having been sentenced for that fraud in September. In 2021 the country moved to ban crypto payments against a background that has seen the Turkish lira experience hyper-inflation.CBDC developmentTurkey’s central bank has been making strides in the digital currency arena, successfully conducting the initial trial of its central bank digital currency (CBDC), the digital lira, by December 2022. The central bank has expressed its intention to continue testing and exploring digital currency development throughout 2024.The move to enhance regulation and compliance in the crypto sector in Turkey aligns with global efforts to ensure transparency and accountability in financial systems.

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.