Korean Soccer Fans Can Own Highlight Plays as NFTs through Klip Drops Marketplace

Lambda256 and CryptoLab partner to pioneer privacy-enhanced blockchain technologyLambda256, the Blockchain-as-a-Service (Baas) arm of South Korea’s largest crypto exchange Upbit, has signed a business agreement with private AI technology developer CryptoLab to develop and commercialize technology that can enhance the privacy of data on blockchain networks, according to local news outlet Kyunghyang Games on Friday (KST).Photo by GuerrillaBuzz on UnsplashAdvanced privacy measuresThe two firms will work together to develop various blockchain-based service platforms, such as a token securities offering (STO) platform, that will be equipped with strengthened privacy protection technology for data stored on blockchains.Innovation unleashedLambda256 has been leveraging its Web3 developer platform Luniverse to work with a plethora of businesses, including those in the security token industry, to help them build, deploy and manage blockchain networks. Some of its solutions include DID, a blockchain-based identity management system; Trace, a blockchain verification and tracking system; and Point, a blockchain-based loyalty rewards solution.CryptoLab, on the other hand, has developed in-house homomorphic encryption technology that can encrypt data while allowing that data to still be operated on. The firm’s CEO, Chun Jeong-hee, who is also a professor at Seoul National University’s Department of Mathematical Science, was selected as a Fellow of the International Academy of Cryptography (IACR) this year in recognition of his contributions to the development of the field of cryptography.“By combining Lambda256’s blockchain platform with our homomorphic encryption technology, we look forward to exchanging our technology and capabilities,” said Shin Jun-bum, CTO of Cryptolab. Jason Lee, CISO of Lambda256, also reaffirmed the companies’ joint goal of solving data privacy issues that occur in the blockchain space. He added that they would take this opportunity to bring blockchain to fields like finance and healthcare that are sensitive to data privacy.

Hong Kong’s Largest Bank in Lackluster Crypto EmbraceFor all of its pro-crypto initiatives Hong Kong has been struggling with banking crypto companies. A recent report from the Hong Kong Economic Journal cited Lin Yansheng, Director of Commercial Banking at Hang Seng Bank, Hong Kong’s largest local bank, in outlining that the bank will accommodate crypto but that support is conditional.Photo by Florian Wehde on UnsplashCrypto in a high rates environmentYansheng shared his insights on interest rates, stating that he believes that interest rates will rise but reassures that any increase will be temporary in nature.The Commercial Banking Director acknowledged that Hong Kong’s current high-interest rates, in contrast to those of mainland China and neighboring regions, have caused a slowdown in the overall demand for bank loans. He predicts that loan growth will face pressure this year. However, he also offers a glimmer of hope, stating that a reduction in interest rates may not be far off. He suggests that next year’s expected interest rate cuts could lead to an improvement in loan growth.Data published recently by the Hong Kong Monetary Authority (HKMA) shows that annualized loan growth has been negative since May. It currently stands at -1.1%. Yansheng explained that as borrowing rates decrease in mainland China, Hong Kong’s banking industry is experiencing a downturn in loan growth. The high Hong Kong dollar interbank offered rate (HIBOR) currently limits the volume of corporate borrowing.The rising concerns over interest rates have prompted Hang Seng Bank to acknowledge the importance of cryptocurrencies.Unconvincing crypto embraceThe bank recently outlined the regulatory framework for virtual asset businesses seeking to operate within its purview. To open standard banking accounts, these businesses must obtain an Approval-in-Principle (AIP) license from the Securities Regulatory Commission (SRC), as per the bank’s announcement.The first issue is that obtaining an AIP license has proven to be incredibly difficult. Currently, only OSL and HashKey, two virtual asset trading platforms, have managed to obtain the required clearance. Hang Seng Bank acknowledges that it hasn’t received many inquiries about crypto-banking, attributing it to that challenging process of obtaining AIP certification. Meeting the demanding requirements for such permission poses a significant hurdle for most businesses.Getting beyond this obstacle, Yansheng clarified that even then crypto companies will only be able to obtain a “simple” bank account. He didn’t clarify what services would be excluded but Hang Seng’s embrace of crypto-related business sounds very much like it’s lacking in conviction.Both the China Securities Regulatory Commission and the Hong Kong Monetary Authority have conducted roundtable meetings to address the difficulties faced by virtual asset businesses. Yansheng reiterated Hang Seng’s commitment to complying with the regulators’ instructions and accommodating these companies. However, it’s clear that difficulties remain.Last month, it was reported that Hang Seng Investment Management Co., a wholly-owned subsidiary of Hang Seng Bank and the largest exchange-traded fund (ETF) manager in Hong Kong, was looking to add digital assets to its product line.

RAK Properties has signed a strategic agreement with Hubpay that will allow international buyers to pay for homes in the United Arab Emirates (UAE) using digital assets, the real estate developer said in a Sept. 1 statement on its website. Under the arrangement, customers can settle property purchases with major cryptocurrencies, including USDT, Bitcoin (BTC), and Ethereum (ETH). Payments will be processed on Hubpay’s regulated platform, converted into UAE dirhams, and transferred directly to RAK Properties’ account. The company said it will not handle digital assets directly. Instead, all transactions will be processed by Hubpay and its partners, who are licensed by Dubai’s Virtual Assets Regulatory Authority (VARA), to ensure compliance and transparency. The initiative is aimed at drawing new categories of overseas investors to Ras Al Khaimah, the UAE’s sixth-most populous city, including the developer’s Mina waterfront community.Photo by Precondo CA on UnsplashUAE’s crypto market expands amid rising risksThe move comes amid growing crypto activity in the UAE. A Chainalysis report last year ranked the Middle East & North Africa as the seventh-largest crypto market and noted that the UAE’s decentralized finance adoption was above the global average, citing regulatory clarity. From July 2023 to June 2024, crypto inflows to the UAE leaned heavily toward stablecoins, which represented 51.3% of value received, compared with 44.7% worldwide. Bitcoin’s share was smaller than the global average at 16.5% versus 22.3%, while altcoins and Ethereum showed little difference at 24.4% and 7.8%, respectively. At the state level, the UAE itself has emerged as a significant player. Based on Arkham’s tracking, it is the world’s fourth-largest government Bitcoin holder, with about 6,352 BTC ($703 million). In contrast to the U.S. and U.K., whose holdings largely stem from law enforcement seizures, the UAE’s reserves come from mining through Citadel Mining. The firm is majority-owned by 2PointZero under the International Holding Company (IHC), which is chaired by Sheikh Tahnoun bin Zayed al-Nahyan, the UAE’s national security adviser and a prominent member of the ruling family in Abu Dhabi. As crypto use has grown, so too have the risks. In the first half of this year, the UAE recorded the world’s largest average per-victim losses from crypto crime, with nearly $80,000 stolen per individual, according to Chainalysis. Only the U.S. came close to that figure, while Chile, India, Lithuania, Japan, Iran, Israel, Norway, and Germany rounded out the global top ten. Harmonizing crypto rulesAmid a shifting crypto landscape, regulatory structures in the UAE are continuing to evolve. At the federal level, the Securities and Commodities Authority (SCA) supervises virtual asset services, while the Central Bank of the UAE (CBUAE) oversees payment tokens. The Dubai International Financial Centre and the Abu Dhabi Global Market operate their own frameworks. Last month, the SCA and VARA introduced a cooperation framework to harmonize oversight and allow mutual recognition of licenses, though the system stops short of automatic passporting in order to preserve national security controls. In related developments, the National Bank of Ras Al Khaimah (RAKBANK) became the first bank in the UAE to partner with Bitpanda Technology Solutions, a Vienna-based crypto exchange and digital assets infrastructure provider. The partnership, which builds on earlier work exploring the issuance of digital payment tokens, is expected to give RAKBANK customers access to a variety of crypto use cases.