DBS Introduces Metaverse Game to Tackle Global Food Waste

Binance, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development, has officially opened its joint venture crypto exchange, Binance Thailand, for public trading. Challenging the market incumbentThis move had been eight months in the making, signaling Binance's entry into the Thai crypto exchange market, following an announcement in 2023 that it intended to extend its offering to Thailand. While Binance is the largest global crypto exchange platform, in Thailand it will be challenging the dominance of an incumbent exchange. Bitkub is based in Bangkok, currently holding around 77% of the market share, with a daily volume of approximately $30 million, primarily trading the Thai baht and Tether USDT pair.Photo by Sara Dubler on UnsplashRegulatory approvalThe launch comes after Binance received regulatory approval from the local Securities and Exchange Commission (SEC) in 2023. Initially introduced on an "invitation-only" basis, the exchange is now accessible to all eligible users, with Binance having followed through on its plans to expand its presence in the region. In a statement released on Tuesday, Binance TH announced the implementation of a dedicated order book tailored for Thai baht trading pairs. Users can seamlessly deposit and withdraw local currency through integration with domestic banking systems. Binance has managed to push its service offering forward in Thailand despite regulatory concerns. In the aftermath of the company’s $4.3 billion settlement in relation to securities law violations with the authorities in the United States in November, concerns had been expressed that the charges brought against the firm in the U.S. would challenge the feasibility of the Binance TH venture. At present, the platform focuses solely on spot trading, with a Binance spokesperson revealing ambitious long-term plans for additional services pending regulatory approvals. Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude, stating:"We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning." Binance TH facilitates digital asset exchange services, collaborating with local banks in Thailand in enabling its service offering. The exchange has also partnered with Binance Kazakhstan for brokerage services, operating under the supervision of Thailand’s SEC. Richard Teng, CEO of Binance, emphasized the strategic significance of the venture, stating:“This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.” No access for foreignersOne limitation of the service pertains to foreign nationals. There is a restriction on access for foreigners residing in Thailand, as Binance TH requires a Thai National Digital ID to complete Know Your Customer procedures. Despite regulatory challenges and tax implications on overseas income from stock and crypto traders announced by the government in September 2023, Binance remains optimistic about the future of crypto trading in Thailand. The exchange released its themes for 2024 report on Jan. 15, outlining key growth areas such as the Bitcoin ecosystem, ownership economy applications, artificial intelligence, real-world assets, on-chain liquidity and institutional adoption.

South Korean brokerage firms are expanding into the security token offering (STO) space, a sector gaining attention ahead of the upcoming presidential election in June. Photo by Raymond Yeung on UnsplashDedicated STO divisionsAccording to local outlet Kukinews, major players like Mirae Asset Securities, Hana Securities and Shinhan Securities are either establishing dedicated STO divisions or partnering with tokenization platforms to stay ahead of the curve. Some are also exploring fractional investment opportunities tied to real-world assets (RWAs) such as real estate, art and music copyrights. Security tokens are blockchain-based digital assets that represent rights to real-world assets (RWAs) and, as the name suggests, are classified as securities. The financial industry is increasingly interested in this technology for its potential to accelerate digital transformation. However, trading such tokens requires a comprehensive legal framework—something that is currently lacking in Korea. Election renews STO interestSTOs have resurfaced as a key topic, with presidential candidates from both the left and right likely to include them in their campaign agendas. The renewed interest follows the ousting of President Yoon Suk-yeol earlier this month, after the Constitutional Court upheld his impeachment by the National Assembly over his declaration of martial law. Before the presidential election became imminent, legislative discussions around STOs had stalled in the National Assembly and received little attention. Among the standout moves made by presidential hopefuls, Lee Jae-myung, a primary candidate from the Democratic Party of Korea (DPK), recently added Kim Yong-jin, an STO expert and professor at Sogang University, to his policy advisory group. Meanwhile, lawmakers across party lines have introduced amendments to the Electronic Securities Act and the Capital Markets Act, aiming to establish a regulatory framework for STOs, according to the National Assembly’s National Policy Committee. This regulatory shift in political circles favoring STOs has been anticipated by the financial industry. An unnamed official from a brokerage firm predicted that presidential candidates will propose measures such as legalizing security tokens, advancing a regulatory framework for virtual asset service providers (VASPs), promoting investment in crypto-related businesses and permitting the use of stablecoins. Some observers even expect these bills to receive final approval within the year. Brokerage meets blockchainKorean securities firms' push into the STO space is further highlighted by a recent partnership between Shinhan Securities and the Solana Foundation.According to Yonhap, the two parties signed a memorandum of understanding (MOU) to collaborate on expanding the digital asset ecosystem. Their cooperation will focus on STOs, RWAs, crypto custody infrastructure, stablecoin payments for both online and offline use and responses to global policies and regulations.

HKMA reflects on retail CBDC pilot phase one completionHong Kong’s Monetary Authority (HKMA), the Chinese territory’s central bank, recently released a report following the completion of phase one of its central bank digital currency (CBDC) pilot, highlighting the potential benefits of a retail CBDC, commonly referred to as e-HKD (digital Hong Kong dollar).Photo by Ruslan Bardash on UnsplashUndecided on full implementationIn a press release published by the HKMA on Monday, the authority clarified that the report underscores that while a retail CBDC could bring value to the payments ecosystem and unlock new economic transaction possibilities, in-depth investigation and evaluation are essential before considering large-scale implementation.At this stage, Hong Kong’s central bank has not committed to introducing an e-HKD, but the report sheds light on the prospects and challenges associated with such a move. The region has been signaling its intent to position itself as a hub for virtual assets, evident in the regulatory framework introduced in June and the granting of licenses to crypto trading platforms in August.Project e-HKD, initiated by the HKMA in 2021, is a significant step toward assessing the feasibility of a digital Hong Kong dollar. The pilot program was launched in November 2022 as part of the HKMA's “Fintech 2025” strategy. However, the HKMA remains cautious, as reflected in the comments of HKMA CEO Eddie Yue earlier this month. Yue told the South China Morning Post that the central bank is still waiting for greater clarity when it comes to the technological, legal and societal aspects of full implementation.Three core attributes identifiedThe report identifies three primary areas where an e-HKD could provide value: programmability, tokenization and atomic settlement. These attributes could lead to faster, more cost-efficient and more inclusive transactions. However, it’s essential to note that the 14 pilot programs conducted with 16 participating firms during phase one were executed on a small scale within a controlled environment.The phase one review highlights that the true potential and prerequisites for implementing an e-HKD on a larger scale depend on market developments and further investigation. It acknowledges that minor issues identified during the pilot phase could become more prominent or even unacceptable in a production environment.Gearing up for phase twoPhase one of the pilot program delved into various aspects, including full-fledged payments, offline payments, tokenized deposits, programmable payments and the settlement of Web3 transactions and tokenized assets. Hong Kong is now gearing up for phase two of the pilot, with plans to explore new use cases for an e-HKD and engage in more focused pilot initiatives. The goal is to understand how the e-HKD can facilitate innovative methods of transacting goods and services while maintaining financial stability.The HKMA’s stance on a retail CBDC places it at the center of a global debate. While the U.S. remains undecided on the issue, with the topic becoming contentious in presidential elections, India has forged ahead with plans for a retail CBDC. Meanwhile, Thailand’s central bank commenced a pilot project for a retail CBDC earlier this year.