Seoul Govt to Hire Blockchain Expert to Enhance Administrative Services for Citizens

StraitsX, a Singapore-headquartered digital asset infrastructure provider, has partnered with global payments firm Visa and Hong Kong-based RedotPay to enable the Hong Kong firm in launching a crypto credit card product offering. The partnership combines Visa’s global payments network with StraitsX’s facilitation as a means of accessing that network. Meanwhile, RedotPay’s proprietary real-time conversion technology enables users to spend crypto using the card on goods and services priced in fiat currency.Photo by Markus Winkler on UnsplashVisa BIN sponsorshipStraitsX published details of the development on its blog on Feb. 11. The company is authorized by Visa to act as a Visa BIN (Bank Identification Number) sponsor. Essentially, it acts as the conduit through which RedotPay is enabled to issue its crypto credit card. By leveraging StraitsX’s BIN sponsorship, RedotPay has cut through the complexity and cost that would be involved in trying to gain principal membership of the Visa network. Furthermore, as a BIN sponsor, StraitsX will handle compliance and security. The card offering allows holders to make purchases using crypto through the global network of merchants that accept Visa payments. Jason Tay, head of commercial at StraitsX, described the partnership as “a game changer for everyday retail use cases,” on the basis that the new card issuance will enable users to leverage their digital assets with ease in respect of daily transactions. Both companies emphasized that the partnership has led to a product offering that bridges the gap between digital assets and conventional commerce. Tay said that it “will transform how consumers interact with cryptocurrencies in the retail space." He added: "By combining our technology with Visa's vast network, we are making it easier than ever for users to seamlessly integrate digital assets into their everyday spending.” Targeting the unbanked & crypto usersRedotPay CEO and co-founder Michael Gao said that the collaboration marked a significant step forward in the company’s mission to make crypto payments accessible and user-friendly, while contributing towards the mass adoption of cryptocurrencies within payment systems. “Our users will enjoy the flexibility of spending their digital assets just like traditional currency,” he added. It’s understood that the product offering targets crypto users primarily in Singapore. Adeline Kim, Visa’s country manager for Singapore and Brunei, highlighted the potential of the card offering, given that over 35% of digital asset owners in Singapore use them for retail purchases. That data emerged via a Visa study which was completed in 2023. The same study found that close to six in 10 consumers in Singapore are aware of digital assets.  While this marks the official launch of the product, RedotPay soft-launched the card in late 2024. StraitsX has been influential in enabling other crypto-related payments systems in Asia. Last December it assisted Thailand’s Kasikornbank (KBank) in rolling out a Thai baht to Singaporean dollar cross-border payments solution implicating the use of stablecoins. The company received Major Payments Institution (MPI) licenses from the Monetary Authority of Singapore in July 2024.

DeFiance Capital Secures Interim Victory in Dispute With 3ACSingapore’s DeFiance Capital, a Web3 and crypto investment firm, has notched up a small triumph in its ongoing $140 million legal clash with failed Singaporean crypto hedge fund, Three Arrows Capital (3AC).Photo by Sasun Bughdaryan on UnsplashFavorable rulingAccording to a statement provided via a Medium blog post by DeFiance Capital Founder and CEO Arthur Cheong on Tuesday, the High Court of Singapore has delivered a favorable ruling for the firm, endorsing its preference for jurisdiction in Singapore, rather than the British Virgin Islands, which had been advocated by 3AC.The tussle between 3AC and DeFiance Capital centers around the ownership of certain assets. The liquidators appointed by the British Virgin Islands Court, from Teneo, assert that these assets essentially belong to 3AC’s creditors. However, DeFiance Capital argues vehemently that these assets must be partitioned and returned to its stakeholders.Struggle over assets and jurisdictionAt the heart of the matter are assets totaling $115 million, encompassing digital currencies and non-fungible tokens (NFTs), which currently remain under the control of DeFiance Capital. Additionally, there are 69 SAFE (simple agreement for future equity)/SAFT (simple agreement for future tokens) agreements linked to 3AC. Although Teneo places the collective worth of these assets at roughly $141 million, DeFiance Capital’s estimation is more conservative, pegging it at around $120 million.Beyond asset ownership, jurisdiction has become a pivotal point of contention in the legal discourse. DeFiance Capital has steadfastly advocated for legal proceedings to take place in Singapore, where it operates, as opposed to the British Virgin Islands. The recent ruling from the High Court of Singapore lends support to this stance, challenging Teneo’s argument.DeFiance articulated its position, asserting: “Our position was that all the important witnesses and documents are in Singapore and the dispute ought to be heard by the Singapore Courts to ensure all relevant evidence would be available.”With the court’s decision aligning with DeFiance’s jurisdictional preference, the firm hopes that this development will pave the way for more substantive engagement between the parties, rather than being embroiled in procedural wrangling. The firm believes that this will allow the focus to shift towards addressing the core issues at hand.Business riftThe genesis of this legal saga dates back to 2020 when DeFiance was established as part of the 3AC group, operating autonomously under the stewardship of its founder, Arthur Cheong. The rift escalated in February 2022, when Cheong declined 3AC’s proposal to relocate to Dubai, eventually leading to the formation of two Singapore-based firms in May of that year.Furthermore, in the same month, DeFiance extended a loan of $35 million worth of USDC to 3AC, effectively becoming a creditor. Complications arose when 3AC’s founders transferred legal rights related to DeFiance Capital, a transaction that remained incomplete as 3AC filed for bankruptcy.In light of the ongoing dispute, 3AC asserted that DeFiance’s assets should be harnessed to settle its debts. However, DeFiance firmly stood its ground, upholding its ownership claims over the assets.With liquidators advocating for resolution in the British Virgin Islands — a move that DeFiance rejected due to its Singaporean management ties with 3AC — the stage was set for the legal clash that has now taken a notable turn with this recent court ruling.

Representatives from various judicial authorities in China, including the country’s Supreme People’s Court, held a seminar recently to discuss crypto-related legal issues. Speculation on easing of crypto regulationsThat event has sparked a wave of speculation within the crypto sector about a potential softening of the official stance in China relative to crypto. The Chinese government banned crypto trading and mining in 2021. However, beyond these speculative takes, no verifiable information has arisen following the seminar to indicate that the Chinese authorities are pivoting and looking to overturn the current bans on crypto trading and crypto mining. A report emerged on Feb. 25 on Chinese social media platform WeChat that the seminar was held on Feb. 23. Among the attendees was the Dean of the Law School of the Renmin University of China, the Dean of the Law and Fintech Institute (China University of Political Science and Law) and officials from the Supreme People’s Court. Photo by Mikhail Pavstyuk on Unsplash‘Virtual currency disposal issues’The research topic, “virtual currency disposal issues,” included consideration not just of the disposal path of virtual currency but also how to establish and improve digital currency supervision going forward. Participants scrutinized both criminal and civil cases that had involved digital assets, with a focus on possible future enforcement strategies. Some attendees highlighted financial security concerns at a national level relative to digital assets, proposing a strengthening of Chinese regulations in order to minimize that risk. One official from Beijing’s Third Intermediate People’s Court outlined past rulings within the Chinese judicial system in crypto-related cases, while suggesting that there was a need for further research to be carried out in order to further refine the approach taken by the courts. Some proposed a need for further research that takes into consideration legal theory together with real-world application relative to the treatment of virtual assets. This view received the backing of Zhai Chao, vice president of the Supreme People’s Court, the highest court within the People’s Republic of China.Establishing legal precedentOver the last few years, Chinese courts have had the opportunity to establish several precedents relative to digital assets. In 2023 the People’s Courts recognized the legal status of cryptocurrency, classifying it as property. Around the same timeframe, the Shanghai Second Intermediate People’s Court published a report which recognized the unique attributes of Bitcoin, with the report also considering the legal treatment of cryptocurrencies. In September of last year, the People’s Court Daily, a state-run media outlet, published an article calling for standardization in terms of the legal treatment of virtual currencies within the court system. Last August a court in the Chinese province of Hubei ruled that investors must bear their own losses from virtual asset investments where such losses were caused by the closure of a crypto exchange. November 2024 saw further crypto-related court precedent in China, with the Shanghai High Court recognizing virtual currency as property, while a court in Shenzhen ruled that an employment contract that included payment of wages using stablecoin was invalid.