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Singaporean Regulator Proposes Framework for Digital Money UseThe Monetary Authority of Singapore (MAS) has released a White Paper that outlines proposed standards for the use of digital assets. The aim is to establish a common protocol and conditions for the utilization of these assets.While the paper identifies the potential digital assets bring in streamlining transactions and promoting financial inclusion, it also outlines challenges that need to be addressed before digital money can be successfully implemented.Photo by Pixabay on PexelsPurpose Bound Money (PBM)MAS’s White Paper, which was published on Wednesday, provides requirements to protect the use of digital assets as a medium of exchange and offers a technical overview of Purpose Bound Money (PBM). PBM allows the sender of digital money to specify certain conditions such as validity periods or how the money can be spent.The covered digital monies include central bank digital currencies (CBDCs), tokenized bank deposits, and potentially well-regulated stablecoins, excluding digital assets that it considers volatile such as Bitcoin. These digital monies are generally pegged to real-world currencies, commodities, or financial institutions, making them more stable.MAS highlights that PBMs utilize a common protocol compatible with different ledger technologies and forms of money. This protocol enables money to be directed toward a specific purpose without requiring the money itself to be programmed. It functions as a secure two-layered delivery vehicle, with funds held as collateral in a “wrapper” until specific conditions are met for its release.Standardized formatThe standardized format outlined in the White Paper will allow users to access digital money using their preferred wallet provider. By establishing these standards, the prospects for digital money to become a significant component of the future financial and payments landscape are enhanced. Standardization and regulated use of PBMs can unlock economic value, facilitate efficient and inclusive digital transactions, and provide additional consumer protection.One notable application of PBMs is in protecting online payments, such as e-commerce transactions and prepaid packages. With PBMs, advance payments can be securely held until the service is fulfilled, ensuring that the product or service is delivered before funds are released. This benefits both consumers and merchants, assuring consumers of product delivery and allowing merchants to verify payment before delivering.PBMs can also aid businesses in mitigating risks associated with international trade transactions, ensuring secure and efficient payments while reducing the potential for fraud or non-payment.InteroperabilityTo ensure the safety and usability of digital monies, MAS highlights considerations that will impact PBM implementation. Interoperability across different platforms is crucial to avoid fragmentation and excessive fees. The choice of underlying digital currencies also affects usability and value, with CBDCs, tokenized bank liabilities, and stablecoins offering varying levels of guarantees and regulatory oversight. Additionally, privacy, digital readiness, and the impact on users need to be carefully assessed.MAS acknowledges that the regulatory landscape for digital monies is still evolving globally, which may lead to varying regulatory treatment of PBMs across jurisdictions. It believes that policy considerations should be thought through when designing PBM-based solutions, including decisions regarding issuance, distribution, and conditions for use.

Japan’s largest bank is stepping deeper into digital assets at a moment of political change. Mitsubishi UFJ Financial Group (MUFG) and its securities arm Mitsubishi UFJ Morgan Stanley Securities (MUMSS) have launched a blockchain-based business, according to CoinDesk Japan. The move puts the country’s biggest lender at the center of a fresh push to bring regulated finance onto distributed ledgers while retail investors gain a new way to buy and trade tokenized products. MUMSS has begun offering bond security tokens, marking its formal entry into the security token market. At the same time, the firm introduced ASTOMO, a trading venue for retail investors built with Japanese fintech company Smartplus. The system will debut with real estate-backed security tokens. Individuals can invest from 100,000 yen (about $655) through a smartphone app. Under the partnership MUMSS will select and source the digital securities. Smartplus will run account management and build and operate the trading system using its Brokerage as a Service (BaaS) platform. MUFG also revealed that it has started preparing a public offering of subordinated bonds in token form. The bank intends the instruments to qualify as Tier 2 capital under international rules. The offering is expected to be the first of its kind for Japan’s banking sector. MUFG has submitted an amended securities registration statement to the Director General of the Kanto Local Finance Bureau in advance of the sale.Photo by Asm Arif on PexelsTakaichi’s victory sparks interest in Japan’s crypto pathThe corporate steps arrive as conservative lawmaker Sanae Takaichi rises to lead the ruling Liberal Democratic Party. She won the party election on Oct. 4 and is set to become Japan’s first female prime minister, with lawmakers expected to make the formal choice in the middle of this month.  Several industry voices see her leadership as supportive of digital assets, according to Cointelegraph. Elisenda Fabrega, general counsel at tokenization platform Brickken, said Takaichi’s victory might reshape how Japan perceives and regulates digital assets, reinforcing the country’s commitment to clear and reliable crypto laws. Maarten Henskens, chief operating officer at Startale Group and head of the Astar Foundation, chimed in to say that a looser monetary stance under Takaichi could keep liquidity flowing and drive greater investor interest in alternative assets such as cryptocurrencies. That optimism has already spilled into Japan’s equity markets. The Nikkei index has continued to soar since the leadership vote, reaching a record high of 48,580.44 on Oct. 9. Not all signals point in the same direction. A BeInCrypto report published before the election noted market predictions that Takaichi might also back tighter oversight. The report cited her March proposal to build a framework that lets financial institutions, including crypto exchanges, share information on suspicious transactions. That system would support faster account freezes. Nikkei 225 Index Source: Google FinanceLoose fiscal tone brings new pressures for BitcoinFrom a broader economic view, the picture looks more complex. CoinDesk reported that Takaichi’s preference for easy Abenomics-style policies could weigh on Bitcoin in the short term. Expansionary fiscal measures tend to increase bond supply and drive yields higher, which often curbs risk appetite by raising borrowing costs and making assets like stocks and cryptocurrencies less appealing. Her stance has also reduced expectations for a Bank of Japan rate hike, weakening the yen and strengthening the U.S. dollar. The stronger dollar has cooled Bitcoin’s momentum, while gold has continued to attract investors seeking stability. MUFG’s blockchain venture arrives at a turning point for Japan. The bank’s push into tokenized assets shows how traditional finance is adapting to digital change just as new leadership tests the balance between innovation and control. Whether this marks the start of a broader transformation will depend on how policy, regulation, and investor confidence evolve together in shaping Japan’s financial future. 

South Korea and Canada have agreed to strengthen cooperation against cyber threats, including North Korea’s theft of virtual assets, following their inaugural cyber policy consultations.Photo by Hermes Rivera on UnsplashAccording to News1, South Korea’s foreign ministry announced that the talks took place at its Seoul headquarters. Both sides agreed on the need for closer coordination to effectively counter cybercrimes—such as North Korea-linked crypto theft and online scams—as well as emerging cyber threats driven by artificial intelligence. They also committed to exploring concrete avenues for bilateral cooperation. The delegations exchanged views on response mechanisms for the recent surge in cyber intrusions, sharing case studies on how such incidents have been handled. They also agreed to strengthen prevention efforts by improving information sharing and speeding up communication across multiple channels when incidents occur. The foreign ministry noted that the meeting marks a significant step toward enhanced cybersecurity cooperation, as the two nations share policy approaches and explore practical collaboration under their comprehensive strategic partnership. Bithumb staff form labor unionMeanwhile, employees in the crypto sector are beginning to organize to safeguard their rights. An exclusive report by NewsWhoPlus revealed that a labor union has been established at Bithumb, one of South Korea’s major crypto exchanges. The union has affiliated with the Federation of Korean Public Trade Unions, which operates under the umbrella of the Federation of Korean Trade Unions. The union stated it will serve as a forum to discuss and improve employee welfare and working conditions. In response, Bithumb said it is reviewing reports of the union’s formation to gather more details. The company emphasized its respect for employees’ rights and affirmed it will respond in accordance with relevant laws and procedures. Industry readies for stablecoin oversightElsewhere in the industry, companies are proactively positioning themselves for regulatory shifts. As South Korea’s Digital Asset Basic Act—the second phase of the country’s crypto legislation, which is expected to address assets like stablecoins—begins to take shape, businesses are moving early to prepare for the anticipated changes. Edaily reported that Lambda256, an affiliate of Upbit operator Dunamu, is forming a strategic consultative group focused on stablecoins. To this end, the company has signed a tripartite memorandum of understanding (MOU) with the law firm Yulchon and SAS Korea. Under the agreement, the partners will combine their expertise in blockchain technology, legal services, and data analytics. They aim to establish a joint framework to navigate key legal and regulatory issues surrounding stablecoins and other digital assets. This cooperation will encompass anti-money laundering (AML) protocols, financial crime prevention, internal controls, risk management, and the legal structuring of related product offerings. On the financial and regulatory front, the partners plan to refine practical AML compliance and internal control measures for financial institutions. By continuously analyzing shifts in digital asset regulations and broader market trends, they intend to develop practical compliance frameworks that financial firms and other businesses can readily adopt.