Swing Launches Blockchain-Based Service to Offer Financial Incentives for Scooter Riders

More Players Join NH Bank-Led Security Token Consortium in South KoreaMultiple South Korean banks and fractional investment firms are now joining the security token consortium led by NongHyup Bank (NH Bank), according to a report from local news outlet Etoday today.Expanding consortiumNH Bank announced today that the Industrial Bank of Korea, Shinhan Bank, and Woori Bank, along with fractional investment companies, will be participating in the banking sector’s security token consortium. This consortium was established in April and initially comprised NH Bank, Suhyup Bank, Jeonbuk Bank, and six fractional investment companies.The objective of the banking sector’s involvement in the consortium is to contribute to the security token industry by developing distributed ledger technology infrastructure, conducting research to promote security tokens, and strengthening investor protection.The consortium participants will engage in further discussions on how banks can participate in the security token market while adhering to evolving legislation related to security tokens. Additionally, they will explore methods to establish the necessary platforms required by fractional investment companies to issue security tokens.Photo by Mathieu Stern on UnsplashSecurity tokens as corporate bondsIn the long term, the group plans to issue security tokens as corporate bonds, taking inspiration from German tech company Siemens’ strategy, or create a secondary market for security tokens to promote the overall security token ecosystem. Earlier this year, Siemens issued a blockchain-based one-year bond worth 60 million euros ($64.9 million).The consortium’s new fractional investment firms include fractional real estate investment platform Funble, artificial intelligence entertainment firm Blade Ent, blockchain tech firm Trackchain, online bookstore Yes24’s fractional artwork ownership platform ARTiPIO, and electric vehicle (EV) charging sharing platform Charzin.

Shanghai Court Recognizes Unique Traits of BitcoinThe Shanghai Second Intermediate People’s Court has added a layer of legitimacy to Bitcoin despite China’s prevailing anti-crypto stance.In a recently published report, the court recognized digital currencies such as Bitcoin as being unique and non-replicable. It went further still in singling out Bitcoin as being distinct from the thousands of other cryptocurrencies that are currently in existence.Photo by Zhou Xian on UnsplashSun chimes inThe significance of this development has caught the attention of Justin Sun, the Founder of the TRON blockchain network, who took to the X social media platform (formerly Twitter) to share insights from the report. Sun wrote:”The Second Intermediate People’s Court of Shanghai believes that with the development of internet technology, digital currencies represented by Bitcoin possess uniqueness and non-replicability.”Legal attributesDelving deeper into the report’s content, it becomes evident that the court was engaging in a discussion about the legal attributes of Bitcoin and how judicial decisions should be approached in cases involving cryptocurrencies.One striking aspect of the report is how it acknowledges the usage of cryptocurrencies in illegal financial activities, such as illicit fundraising. In this instance, the court has indirectly acknowledged the financial nature of cryptocurrencies, including Bitcoin, despite the fact that a ban has been in place on trading Bitcoin and other cryptocurrencies since 2021.That said, the report also notes that due to the regulatory stance on cryptocurrencies, the legal attributes of digital currencies remain ambiguous, creating challenges in their judicial handling. Despite some courts attempting to disregard the “monetary” and “property” attributes of digital currencies, these efforts have proved unsuccessful.Inherent characteristicsRegarding the monetary attribute, the courts still identify the sale price of digital currencies in their judgments. When it comes to property attributes, these courts struggle to ignore the inherent property value presented by digital currencies during legal proceedings.While acknowledging Bitcoin’s decentralized nature and lack of centralized control, the article still underscores its “major functions of currency,” such as scalability, circulation, storage, and means of payment, making it a global currency.Future implicationsThe legal opinion expressed by the Shanghai court provides a notable boost to the legitimacy of Bitcoin and other digital currencies. It asserts that these tokens undeniably possess value, even if the People’s Bank of China chooses not to formally recognize them.Moreover, the court’s inclination toward classifying cryptocurrencies as personal property aligns with another report from the Chinese courts as well as rulings in other jurisdictions, such as Singapore. Similarly the Shanghai court acknowledges that Bitcoin can be acquired through various means, including mining, inheritance, and buying and selling.The court’s recognition of the enduring value of cryptocurrencies echoes the sentiment that value is a collective human judgment. In this respect, the Shanghai court’s perspective aligns with the reality that many Chinese citizens continue to use digital currencies as a medium of exchange despite the existing ban.The Shanghai court’s unintentional validation of Bitcoin’s unique attributes and value may have broader implications for the legal status and recognition of cryptocurrencies in China and beyond. This latest development could contribute to a more nuanced approach to cryptocurrency regulation and legal interpretation in the future.

Crypto Features in India-UK Markets DialogueAccording to a press release published by HM Treasury, the 2nd India-UK Financial Markets Dialogue meeting held on Wednesday featured six key themes with crypto featuring among them.©Pexels/SkitterphotoThe event brought officials from both nations together in the first in-person financial dialogue since 2017. While the meeting considered banking, insurance and reinsurance, capital markets, asset management and sustainable finance, it also allotted time to discuss payments and crypto-assets.CBDC knowledge sharingBoth sets of officials discussed the scope for augmenting knowledge on Central Bank Digital Currencies (CBDC) by way of mutual learning. The officials agreed on the importance of robust global approaches relative to the emergence and development of crypto-assets internationally. The joint statement issued following the meeting revealed that progress relative to the G20 roadmap for enhancing cross-border payments was a matter which was discussed. It’s an item that could have major implications for the use of cryptocurrency in cross border transactions.Global collaborationThe meeting marks another move towards greater global collaboration on policy and regulation relative to digital payment systems and crypto assets. Earlier this month, India’s Finance Minister Nirmala Sitharaman said that the introduction of any new regulations on digital assets needs to be coordinated on a global basis. “The G20 and its members agree that it’s not going to be possible to have an independent, standalone country dealing with crypto assets”, Sitharaman stated at a news conference following a meeting of central bank governors and G20 finance ministers.There’s a growing recognition among politicians, government and central bank officials that decentralized money doesn’t end at a territory’s borders due to its inherently decentralized properties.Taking steps to regulate cryptoWhile on the one hand strategizing as to how digital assets can be best controlled on a global level, India is also taking its own individual steps towards national regulatory action. Recently, it expanded its Prevention of Money Laundering Act (PMLA) to include consideration of digital assets. The newly amended PMLA will now deal with the exchange of digital assets for fiat money and vice versa. It also considers safekeeping, transfer and administration relative to cryptocurrency. Furthermore, its broadened scope deals with financial services offered related to virtual or digital assets.Rajagopal Menon, the VP of India’s leading cryptocurrency exchange WazirX, has said that “regulations levied by India have been baby steps toward institutional participation in the crypto exchange.” While market participants in the digital assets space are apprehensive about the regulatory measures that governments and state regulators choose to adopt, so long as the objective isn’t to regulate the innovation out of existence, such developments can have a profoundly positive effect on the digital assets market.There’s no doubt that in line with Menon’s point relative to the Indian context, the same scenario can play out in all digital markets given the application of the right regulatory approach. Institutional investment for the most part has eluded crypto despite many already heralding its arrival in recent years. Institutions move slowly and the only way in which they will be comfortable in working with digital assets is with complete regulatory clarity having been set out.So while some in crypto may be concerned at the mention of global regulatory coordination in respect of digital assets, so long as it doesn’t go too far, greater work towards improved regulatory clarity in the digital assets market can be a catalyst for further adoption and growth in India, the UK and further afield.