Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody Solution

Seychelles-headquartered global crypto exchange OKX outlined on Nov. 18 that it will offer instant, zero-fee Singaporean dollar (SGD) deposits and withdrawals into and out of the exchange platform for customers resident in Singapore.Photo by Peter Nguyen on UnsplashDBS partnershipIn a press release published by GlobeNewswire on behalf of OKX, the company outlined that it has been in a position to enable this feature for its Singapore-based customers due to a collaboration with Singapore’s largest bank, DBS Bank. OKX Singapore CEO Gracie Lin said that “working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets.” As DBS is one of 27 banks that participate in PayNow, a real-time payment system that falls under the Fast and Secure Transfers (FAST) service in Singapore, OKX customers who are also customers of a bank that participates in the PayNow scheme, can effect those SGD deposits and withdrawals in real time. Lin added that OKX is working towards the addition of more features in an effort to further enhance the customer experience. The new offering takes OKX a step further towards integrating with the local traditional finance system (TradFi).  Singpass integrationAdditionally, the exchange has also integrated Singpass verification. Singpass is a digital identity system that enables Singaporean residents to access private sector and government services online. Back in March, the company acquired in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) in respect of a Major Payments Institution (MPI) license. Continuing that shift towards regulatory compliance, it followed up with the acquisition of a full MPI license from MAS in September. The company is now one of 29 crypto sector firms to have been licensed by MAS in Singapore. While a particular effort has been made in Singapore, OKX has been making similar in-roads elsewhere. Last month, it launched its service in the United Arab Emirates (UAE), having received full licensing from Dubai’s Virtual Assets Regulatory Authority (VARA). Making further progress in October, OKX partnered with UK-headquartered multinational bank Standard Chartered for institutional crypto custody. Both Singapore and the UAE are seen by the company to be strategic crypto hubs. However, its efforts in expanding its offering globally has also taken it into other markets. In February OKX launched OKX TR, a specialized crypto exchange platform catering to the specific needs of the Turkish market. In an emailed response to Reuters, DBS Bank’s Head of Digital Assets, Evy Theunis, commented on its partnership with OKX:”DBS has been actively fostering a responsible and innovative digital asset ecosystem in Singapore for several years now. Working with OKX deepens the bank's wide-ranging involvement in this space." DBS has been following its own path as a pioneering TradFi entity getting further involved in cryptocurrency, blockchain and tokenization. Last month it launched DBS Token Services for institutions, integrating tokenization and smart contracting capabilities within its existing conventional services. 

Korea Information Certificate Authority Dives into NFT Domain with New Platform LaunchKorea Information Certificate Authority (KICA), a South Korean certification service provider, has recently ventured into the NFT domain through its new platform, Web3id.kr.Photo by Choong Deng Xiang on UnsplashNFT domainsNFT domains function as user-friendly addresses that simplify the cumbersome 42-character cryptocurrency wallet address. As part of this new initiative, KICA partnered with the Web3 identity platform, Unstoppable Domains, in February to facilitate the creation of NFT domains specifically for the South Korean market.An official from KICA emphasized the versatility of NFT domains, noting that a single domain can act as a distinctive username across various dApp platforms. To celebrate the debut of Web3id.kr, KICA is conducting a promotional event between August 17 and September 16. At the end of this event, 100 lucky participants, chosen randomly from those who promote Web3id on their social media accounts, will be awarded credits. These credits can then be redeemed at Unstoppable Domains for an NFT domain.From Web2 to Web3KICA, with its 24-year legacy, has been a frontrunner in offering Web2 authentication services such as public key infrastructure (PKI) and biometric solutions, emphasizing its prominence in the Know Your Customer (KYC) authentication sector. The firm is currently ramping up its efforts to stay ahead in the evolving Web3 space. A testament to this is its recent acquisition in August of Digitalzone, a digital certificate solution provider that holds a market share of over 50% in the domestic certificate sector for universities and hospitals.

Crypto.com, one of the world's largest cryptocurrency exchanges, has indefinitely delayed its service launch in South Korea after the country's financial regulators conducted an on-site inspection on the exchange. The inspection came after the country’s Financial Intelligence Unit (FIU) under the Financial Services Commission detected data that appeared to violate anti-money laundering (AML) compliance requirements from the documents submitted by Crypto.com, according to local media Segye Ilbo. This decision came just six days ahead of its planned launch, originally scheduled for April 29.  The exchange has secured a virtual asset service provider (VASP) license by acquiring the local trading platform called OkBit in June 2022. A VASP license allows a digital asset exchange to operate in Korea.  Photo by Leeloo The First on PexelMitigating ‘Kimchi Premium’ effect Crypto.com initially planned to launch a mobile app featuring cryptocurrency trading on April 29, targeting South Korean retail investors. The platform aimed to differentiate itself from other local competitors by offering crypto assets at reasonable prices, mitigating the so-called Kimchi Premium effect, as announced in a press conference on April 2. The Kimchi premium refers to relatively high crypto prices in the Korean market compared to other foreign markets, which is prevalent in Korea’s major licensed crypto exchanges. The effect often results in Korean investors buying crypto assets at higher prices than those on other global crypto exchanges such as Binance. This is likely where the concerns for AML violation come up, financial experts assume, as the platform’s strategy could facilitate arbitrage during operation.  Crypto.com remains committed to Korea launch In a statement sent to CoinDesk, a spokesperson of Crypto.com said, “Crypto.com maintains the highest Anti-money Laundering standards in the industry. We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls, which have been reviewed and approved by major jurisdictions around the world.”  The person also mentioned that South Korea is a difficult market for global crypto exchanges to enter, but still emphasized the company’s commitment to cooperating with local regulators.  “OkBit maintained approximately 900 customers at the point of acquisition by Crypto.com, and OkBit has never been cited for any AML infractions. Since the acquisition, existing OkBit customer access has been limited to withdrawals,” the spokesperson said.