Superblock Rolls Out Crypto Wallet, Garnering Over 680K Pre-Registrants

Gnosis Plans Crypto Visa Card Launch for Singapore and Hong KongGnosis, the Ethereum-centric decentralized infrastructure firm, is launching a Visa card in the UK and the EU, with plans for expansion to Brazil, Mexico, Singapore, and Hong Kong.Photo by Markus Winkler on UnsplashBridging the gapThe Visa card allows users to spend funds from their self-custodial wallets at any merchant accepting Visa. These products are important given that crypto doesn’t exist in a vacuum, and there’s a gap to be bridged between traditional payment methods, such as Visa, and the crypto ecosystem.Traditionally, the crypto industry has struggled with limited usability, but Gnosis wants to erase the divide between crypto and the real world. By enabling users to spend their crypto assets in traditional settings, Gnosis Card paves the way for wider adoption and showcases the potential of DeFi for society as a whole.Expanding reach to AsiaWhile initially launching in Europe, Gnosis Card has ambitious plans for expansion. The company aims to introduce its innovative payment solution to markets beyond Europe. Among the target locations are Hong Kong and Singapore, known for their progressive approach to fintech and in particular, to crypto. By entering these dynamic markets, Gnosis seeks to tap into the growing demand for self-custodial crypto spending options in the Asian region and further empower individuals to utilize their digital assets in everyday transactions.Collaborations for seamless integrationGnosis has partnered with Monerium, the provider of the regulated euro-denominated stablecoin EURe, to facilitate the seamless conversion between traditional currencies and cryptocurrencies. Monerium allows users to connect their wallets to an International Bank Account Number (IBAN), ensuring smooth transactions and interoperability.Additionally, Gnosis Pay, a suite of developer tools, will enable other wallets to issue their own customized payment cards. This collaboration with Fractal, a decentralized identity startup, ensures a smooth know-your-customer (KYC) process. By leveraging strategic partnerships, Gnosis is attempting to create an integrated ecosystem that combines the best of both traditional finance and blockchain technology.Simplifying compliance and securityTo address compliance and security concerns, Gnosis Pay utilizes the Safe smart contract wallet infrastructure. Each user has a Safe account on the Layer 1 chain of Gnosis and another on the Layer 2 Ethereum scaling solution, zkEVM, developed by Polygon.This dual-layer architecture ensures compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations while providing instant payment processing through the Visa network. Gnosis Pay’s partnerships enable effective screening for fraudulent activities and ensure data privacy compliance, empowering users with control over their personal information.With the launch of the Gnosis Card, Gnosis is likely to change the way individuals spend digital assets held within their self-custodial wallets in the real world. Additionally, by expanding to Hong Kong and Singapore, Gnosis Card is set to make a significant impact in vibrant Asian markets.Through strategic collaborations and a user-centric approach, the company is driving the adoption of cryptocurrencies, promoting financial inclusion, and accelerating the integration of blockchain technology with traditional finance.

Japan’s Financial Services Agency (FSA), a government agency and financial regulator responsible for overseeing banking, securities and exchange, has ordered both Apple and Google to remove specified unregistered crypto exchange apps from the Japanese versions of their app stores.Photo by Louie Martinez on UnsplashFive exchange apps specifiedIt is understood that the request was made at the beginning of this month, with the regulator specifically calling for the removal of the ability of Japanese consumers to download apps related to Bybit, MEXC Global, LBank Exchange, KuCoin and Bitget. In response to a query from The Block, Bitget Chief Legal Officer (CLO) Hon Ng said that the company is “aware of the issue and sincerely apologize for any inconvenience caused by the temporary removal of the Bitget app from the iOS App Store in Japan." The Bitget CLO went on to state that the company is working with Apple and regulators to resolve the matter. News of the regulator’s request emerged via a report published by Japanese financial media platform Nikkei on Feb. 7.  Apple had removed the apps from its App Store on Feb. 6. Reclassification of digital assets as securitiesA subsequent report by Nikkei on Feb. 10 suggests that the FSA is considering classifying digital assets as financial products akin to securities. The objective of the move is to protect Japanese investors as it would mean increased disclosure requirements from those that offer crypto-related investment products. Last August, FSA Commissioner Hideki Ito told Bloomberg that any decision to approve crypto-linked exchange-traded funds (ETFs) requires “careful consideration.” At the time Ito said that many people believe that digital assets “do not necessarily contribute to the wealth creation of the Japanese people in a stable and long-term manner.” The Japanese have been far more cautious in their approach to virtual assets by comparison with other Asian centers such as Hong Kong, which had approved spot Bitcoin and Ether ETFs some time ago. It appears that Japan’s FSA is wary of the volatility of cryptocurrencies and risks associated with the nascent assets. It’s understood that the FSA will announce crypto policy reforms by June 2025. Legislative amendments would then follow in the following parliamentary session in 2026. The change would mean a lifting of the current prohibition related to crypto ETFs. Another aspect likely to be reformed is taxation as it relates to crypto. It’s thought that a reduction from the existing 55% tax rate on crypto to 20% is on the cards. This is not the first occasion when a regulator has leaned on Apple and Google to cut off access to crypto exchange apps. In January 2024 Apple India blocked access to eight exchanges which had been subject of a show-cause notice from India’s Financial Intelligence Unit (FIU). Following a seven month ban, access to the Binance app was subsequently restored once it had come back into compliance in India. In April 2024 the Securities and Exchange Commission (SEC) in the Philippines had ordered both Google and Apple to remove the Binance app from their app stores on the basis that it posed a risk to Filipino investors at the time.

In Malaysia local regulator the Securities Commission has ordered global crypto exchange platform Bybit to shut down its operations within Malaysia as part of enforcement actions being taken by the regulator against the company.Photo by Esmonde Yong on UnsplashOperating without registration The Securities Commission published a statement to its website late last week outlining that both Bybit and its CEO Ben Zhou had been reprimanded for carrying out digital asset trading activities in Malaysia without having completed the necessary registration. The regulator also pointed out that both Zhou and his company have been listed on its Investor Alert List since July 2021. The Securities Commission took the opportunity to remind investors that they should only deal with what it termed “Recognized Market Operators” (RMOs), a designation it applies to entities that have completed registration with the regulator. Investors who utilize unregistered platforms are not extended any form of protection under Malaysian securities law, the Securities Commission warned, adding that such platforms could put them at risk of fraud and implicate them in money laundering activity potentially. Enforcement actions Bybit has been directed by the regulator to disable its website and mobile applications that are currently targeting Malaysian investors within 14 business days from Dec. 11.  The regulator also wants the company to curb other forms of promotion aimed at Malaysian investors. With that, it has requested that the company take down its Telegram-based support channel for Malaysian customers. Advertising activity, including social media posts, must also cease in cases where such activity is aimed at Malaysian investors. The Securities Commission acknowledged that thus far, Bybit has been compliant with its latest enforcement requests. Intentions to secure licensing Bybit has responded to these developments on its Bybit Malaysia Telegram channel, stating that the company understands that these actions “may cause some inconvenience” to Malaysian customers. “Once we have secured the appropriate licenses, we look forward to reconnecting with you again in the future,” it added. The enforcement action is likely to be a setback for Bybit given that the firm appeared to be focusing on the Malaysian market of late. In June it emerged that the company was moving to relocate Chinese employees to both Malaysia and Dubai.  This is not the first occasion in which Malaysia’s Securities Commission has taken action against a crypto platform. In 2023 the commission ordered the closure of the Malaysian operations of global exchange Huobi (subsequently rebranded as HTX). The circumstances in that instance were similar in that it acted against the exchange and its CEO for operating illegally within the Malaysian market. Within the Malaysian market, only six trading platforms have been registered. These include Hata Digital, Luno, MX Global, Sinegy, Tokenize Technology and Torum International. Earlier the Securities Commission acted similarly in prohibiting Atomic Wallet from operating within Malaysia given its failure to register its digital asset exchange activities.