DeSpread and Crypto Times Team Up to Bridge Blockchain Information Gap in Korea and Japan

Ripple, the blockchain company behind the XRP token, announced in a May 19 press release that it has added two new customers in the United Arab Emirates (UAE)—Zand Bank and Mamo. Both institutions will use Ripple Payments, the company’s blockchain-based platform for cross-border transactions. Photo by Dmytro Demidko on UnsplashExpanding under Dubai license obtained in MarchThis partnership comes after Ripple’s obtainment of a license from the Dubai Financial Services Authority (DFSA) in March to offer regulated crypto payments and services in the Dubai International Finance Centre (DIFC). Ripple Payments facilitates end-to-end payment management for its customers. The platform enables funds to be transferred globally around the clock, with payments settled within minutes. Ripple’s latest move follows growing demand for blockchain-powered payment solutions in the Middle East. Ripple’s 2025 New Value Report shows 64% of Middle East and Africa (MEA) finance leaders see faster payments as the main reason to adopt blockchain for cross-border transactions. “Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple. Zand Bank, the UAE’s first fully licensed all-digital bank, will leverage Ripple’s technology to enhance its payment solutions. “Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology. Moreover, we are excited to soon launch an AED-backed stablecoin,” said Chirag Sampat, Head of Treasury and Markets at Zand Bank. Meanwhile, Mamo, a company that helps businesses consolidate payment collection, corporate cards and expense management, sees the partnership as an opportunity to support the UAE’s growth. “The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we're proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,” said Imad Gharazeddine, CEO and co-founder of Mamo. Ripple faces legal setback in U.S.While Ripple continues to expand its business globally, it is facing ongoing legal challenges in the U.S. On May 15, U.S. District Judge Analisa Torres rejected a joint request by Ripple and the U.S. Securities and Exchange Commission (SEC) to approve a proposed $50 million settlement. The settlement would have reduced Ripple's fine from $125 million to $50 million, effectively concluding a four-year legal dispute. The case began in December 2020, when the SEC accused Ripple of raising $1.3 billion through unregistered XRP sales. In July 2023, Judge Torres ruled that Ripple’s institutional XRP sales violated securities laws, while sales on exchanges to retail investors did not. Despite the SEC easing its crypto enforcement activities under the Trump administration, Judge Torres rejected the proposed settlement, calling it “procedurally improper.” Ripple’s bid to acquire USDC issuerIn a related development, Ripple made an offer to acquire Circle, the issuer of the USDC stablecoin. Circle, which is preparing for an initial public offering (IPO), is also exploring a potential sale and has reportedly engaged in informal discussions with both Coinbase and Ripple, seeking a valuation of $5 billion. However, Ripple’s offer was reportedly turned down. Meanwhile, XRP is trading at $2.39, up 2.57% over the past 24 hours, according to CoinMarketCap data at the time of publication.

Philippines Delays Crypto Framework PublicationThe Philippines’ financial regulator has decided to postpone the release of a legal framework for the crypto industry, originally scheduled for late 2022, despite a tumultuous year.That’s according to a report published by local news outlet, Philstar Global. In the face of numerous market failures in 2022, the Philippines’ financial regulator has opted for a cautious approach and delayed the publication of a legal framework for the crypto industry, which was initially expected to be released by the end of the same year. However, work on the guidelines is still ongoing, and there is a possibility that the results could be made public in 2023.Photo by Krisia on PexelsScrutinizing crypto failuresAccording to the chairman of the Philippines Securities and Exchange Commission (SEC), Emilio Aquino, the regulatory authority has adjusted its previous deadlines for introducing the crypto framework in the country. The SEC had originally planned to roll out the guidelines in 2022, but they held back in order to thoroughly study the reasons behind the collapse of the FTX exchange and ensure the protection of investors.Aquino stated that there is still a chance that the framework will be issued by the end of 2023, saying, “We haven’t closed the door. We really just have to make sure people don’t get burned.”Earlier this year, the SEC joined forces with the University of the Philippines Law Center (UPLC) to collaborate on the development of guidelines for digital assets. In January 2023, the regulator introduced the Implementing Rules and Regulations of Republic Act No. 11765 for public comment. This act, which was signed into law in 2022, however, does not explicitly mention “crypto” or “blockchain.”The crypto industry in the Philippines has been facing increasing pressure. The country’s central bank has been urging citizens to refrain from engaging in any transactions with unregistered or foreign crypto exchanges, and the SEC has echoed these recommendations.In May 2023, the SEC identified Gemini Derivatives as an unregistered security product under national law. In the investor advisory, the Commission wrote: “The public is advised not to invest or to stop investing in the investment scheme of Gemini Trust Company, LLC.”Last month the country hosted a meeting of the Regional Consultative Group for Asia of the Financial Stability Board. That meeting, held in the Philippines' oldest city, Cebu, highlighted the risks pertaining to crypto assets.Potential for positive approachNevertheless, the Philippines remains an attractive destination for crypto enthusiasts. With its rapidly growing economy, it has emerged as one of the world’s fastest-growing markets, with over 11.6 million Filipinos owning digital assets, placing it 10th worldwide in terms of crypto adoption.In an opinion piece published by Forkast News in April, Robert De Guzman, Head of Legal Compliance at Philippines-based cryptocurrency exchange Coins.ph, outlined his view that the country is forging a positive, workable framework for crypto assets. With that, it sounds like while the delay is unwelcome, the more important factor is that the South East Asian country devises a framework that is fit for purpose relative to the innovation at hand.

Linear Finance Dealing With LUSD ExploitLinear Finance, the Hong Kong-based DeFi protocol, made an announcement by way of a blog post published to the project’s website on Thursday, suggesting that the project’s native stablecoin, LUSD, has come under attack.Photo by Markus Spiske on UnsplashTaking precautionary actionThis security breach has prompted the team to take immediate action to safeguard user accounts and the project’s integrity. The project team is actively investigating the exploit attack on LUSD. It has issued a stern warning to its users, advising them against buying or trading LUSD until the team can confirm the situation’s status.This measure is aimed at preventing further complications and ensuring the community’s interests remain protected. Furthermore, the project has temporarily suspended liquidations to secure users’ accounts. This step has been taken to mitigate immediate concerns and ensure that no user faces undue losses as a result of the exploit.Assets disposed on PancakeSwap & AscendexAmid the ongoing investigation, Linear Finance’s team has pledged to provide timely updates as soon as more information becomes available. In explaining away the nature of the attack, the project team clarified:”The attacker was able to mint an unlimited supply of LAAVE and subsequently traded the liquid asset to LUSD on the Linear Exchange, prior to selling it on PancakeSwap and Ascendex.”Project responseIn its efforts to deal with the issue, the Linear Finance project team has engaged an on-chain data specialist to track down the attackers. The Linear bridge contract has been disabled relative to LUSD. All protocol contracts that allow tokens to be minted, exchanged, or burnt have been paused. Meanwhile, wallets identified as having been involved in the protocol exploit have been shared with the authorities and major cryptocurrency exchanges.Synthetic asset protocolLinear Finance creates synthetic assets with the protocol design enabling unlimited liquidity. The network has been built on top of the Ethereum blockchain. As a consequence of activity surrounding the exploit, trading of LUSD over the course of the past 24 hours has proven to be out of the ordinary. At the time of writing volume over the past 24-hour period had increased by 8412%. The current market price of the stablecoin stands at $0.9874.Protocol and network hacks and exploits have been coming in thick and fast in recent days. Hong Kong crypto exchange CoinEx has been trying to recover from a $70 million hack on the platform over recent days. Meanwhile, Seychelles-headquartered peer-to-peer crypto platform Remitano suffered a $2.7 million hack late last week.On Wednesday, the project team behind DeFi protocol Balancer warned network users that the Balancer front-end user interface was under attack. The Ethereum-based DeFi network fell victim to another exploit last month, resulting in losses in the region of $900,000.In the dynamic crypto sector, unforeseen events like potential exploits can disrupt the market and sow uncertainty. The issue remains a major challenge both for centralized exchange platforms and DeFi protocols.