NEOPLY Receives Support from Abu Dhabi for Blockchain Expansion in UAE

Coinbase Acquires License to Enhance Crypto Operations in SingaporeUS crypto exchange business Coinbase has reached a significant milestone in its Singapore operations by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).The achievement, announced by the firm via a blog post published on Sunday, represents a pivotal moment for Coinbase as it expands its digital payment token services in Singapore to serve both individuals and institutions. The issuance of the full MPI license comes approximately one year after Coinbase initially received in-principle approval from MAS.Photo by Duy Nguyen on UnsplashEnabling broader service offeringThe importance of this development lies in Coinbase’s ability to provide advanced services, not only to individual traders but also to institutional investors. Hassan Ahmed, the country director of Coinbase Singapore, stressed the significance of this full license, stating that it will play a crucial role in strengthening relationships with stakeholders, especially regulated entities like banks. The regulatory milestone is anticipated to further cement Coinbase’s presence in the institutional finance sector in the region.Coinbase’s commitment to the Singaporean market has been evident in its continuous expansion initiatives. The company established a technology hub in Singapore last year, actively recruiting and training product managers and engineers specializing in Web3 technologies.In May the firm extended its product offering to Singaporean customers, introducing fee-less purchases of the USDC stablecoin and introducing digital asset staking. Meanwhile Coinbase Ventures, the firm’s investment arm, has also demonstrated confidence in the region by investing in more than 15 Web3 startups within Singapore over the past three years.Singapore earmarked for growthSingapore has emerged as the focal point for Coinbase’s Asia-Pacific institutional business, owing to its progressive stance on cryptocurrencies and a robust Web3 ecosystem boasting over 700 Web3 companies. According to Coinbase’s surveys, 25% of Singaporeans perceive cryptocurrencies as the future of finance, and 32% have had some form of crypto asset ownership. These statistics underscore Singapore’s growing importance in the global cryptocurrency landscape.Coinbase’s interest in meeting the demands of the local market is evident with the introduction of funding options like PayNow and the banks’ Fast And Secure Transfers (FAST) service, in addition to the integration of the Singpass onboarding system earlier this year.Despite facing regulatory challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) accusing Coinbase of operating illegally, the exchange continues to explore avenues to grow and expand the business further. In August, Coinbase reported a significant improvement in its financials, with a narrower net loss and higher-than-expected revenue. This performance is reflected in its appreciating stock prices, which have more than doubled in 2023.This move places Coinbase among a select group of just over a dozen firms licensed to offer digital payment token services in Singapore. Last month, institutional investor-focused AsiaNext was officially designated as a Recognized Market Operator (RMO) by MAS. The firm was building on previous success in Singapore, having acquired a Capital Markets Services (CMS) license from MAS in June.That same month USDC stablecoin issuer Circle was awarded a full trading license. Other crypto firms to achieve licensing success in the city-state include Crypto.com and Blockchain.com.

SBINFT and JPNFT Collaborate to Establish A Secure NFT Market in JapanSBINFT, a Japanese company specializing in NFT consulting and marketplace services, has joined forces with JPNFT, a Japanese platform dedicated to establishing a secure NFT market by combating unauthorized NFTs, according to a press release. Together, these entities are working towards the development of a marketplace that ensures users have access to secure and authorized NFTs, with the overarching aim of promoting the distribution of legitimate digital assets.Photo by Choong Deng Xiang on UnsplashRise of NFTsThe advent of blockchain technology has revolutionized the way digital assets are valued and their ownership is determined. This transformative technology has enabled the creation of non-fungible tokens (NFTs), which now serve as digital representations of various creations and are actively traded on dedicated marketplaces.Unauthorized NFTsSince 2021, numerous new players have entered the global NFT landscape. As of March 2023, OpenSea, the world’s largest NFT marketplace, boasts a monthly trading volume of $430 million. While this growth signals promising market development, it also brings forth challenges stemming from the proliferation of pirated and unauthorized NFTs. Considering Japan’s esteemed international reputation in the realms of art and content, the country possesses the potential to emerge as a significant player in the NFT market. However, to realize this potential, appropriate measures must be swiftly implemented to guarantee security and authenticity within the industry.License check & certification markIn order to tackle this challenge, SBINFT and JPNFT have joined forces to establish a safe and sound NFT market that ensures the availability of genuine NFTs for users. As part of this collaboration, content NFTs registered on the NFT disclosure information platform called “jpnft” will undergo a verification process for authenticity when traded on the “SBINFT Market.” This verification process will involve an official license check as well as the inclusion of a JPNFT certification mark.The launch of jpnft content on the SBINFT Market is planned for the summer of 2023. The jpnft platform plays a crucial role in distinguishing between licensed NFTs and unauthorized ones by publishing official information related to NFTs based on Japanese intellectual properties. Licensed NFTs will be either issued directly by rights holders or authorized by them. It’s worth noting that the jpnft platform was developed as a project supported by the subsidy for “Japan content localization and distribution (J-LOD)” in the 2021 Supplementary Budget of the Japanese Ministry of Economy, Trade and Industry.Previously known as nanakusa, the SBINFT Market is built on two public chains (Ethereum and Polygon) and is committed to becoming a global open marketplace and. With a focus on providing a secure trading environment, the SBINFT Market meticulously reviews NFTs to safeguard users from potential risks such as fraud and hacking.Both SBINFT and JPNFT share a common philosophy that emphasizes the security of NFTs and the healthy development of the industry. With this shared vision, the SBINFT Market aims to enhance its content offerings and position itself as an authorized NFT marketplace that handles NFTs on jpnft.Government initiativeLast month, the Working Group for Digital Society Promotion under Japan’s ruling Liberal Democratic Party (LDP) presented a proposal to Prime Minister Kishida Fumio regarding the Web3 industry. This proposal recommended the implementation of measures to safeguard Japanese content and data from unauthorized monetization by foreign entities. This initiative highlights the government’s endeavor to protect and promote the integrity of Japan’s digital assets.

South Korean FSC updates definition of virtual assets and VASP regulations for Virtual Asset User Protection ActThe South Korean Financial Services Commission (FSC) on Monday (local time) published a new enforcement decree and supervisory regulations for the Virtual Asset User Protection Act, under which non-fungible tokens (NFTs) and deposit tokens are excluded from the definition of virtual assets. The act serves to protect customer assets, prevent unfair trading practices, and enforce penalties.“The enforcement decree and supervisory regulations provide detailed standards and methods to safeguard users’ assets and establish stability in the market,” the FSC said.Photo by Tingey Injury Law Firm on UnsplashDefining virtual assetsThe agency explained that it decided to exclude NFTs because they are mainly bought and sold for collection purposes, posing low risks to holders and the financial system. However, NFTs that can be used as a means of payment for purchasing certain goods and services are considered virtual assets. On the other hand, deposit tokens — which will be managed by the Bank of Korea’s central bank digital currency network — are regarded as a legitimate form of monetary deposit and are subject to relevant regulations instead of the User Protection Act. Other “electronic certificates of economic value,” such as mobile vouchers and electronic bonds, are also excluded from the definition of virtual assets.Enhancing security and transparencyFollowing the clarified definition of virtual assets, the updated regulations underline conduct measures that virtual asset service providers (VASPs) must comply with. For example, VASPs must calculate the total value of their customers’ crypto assets every month and store at least 80% in a cold wallet to prevent infringements like hacks — a boost from the current 70 percent. Cold wallets are deemed more secure than hot wallets because they keep crypto keys offline instead of staying connected to the internet.VASPs are also not allowed to arbitrarily block deposits and withdrawals of user assets without prior notice and a justifiable reason like internal system failure or hacks as well as requests from courts, investigative bodies, the National Tax Service and financial authorities. User deposits must be stored in banks, which can invest them only in safe assets such as government bonds.The act is set to take effect on July 19 next year after a legislative review scheduled for next month.