Japanese Exchanges Canvas Regulator to Permit 10x Leverage

Cosmose AI, an artificial intelligence-driven retail analytics firm headquartered in Singapore, has opted to collaborate with the Near Foundation with the aspiration of building a blockchain-based payments system centered on low transaction fees as a more cost-efficient alternative to more conventional payments processors like Stripe and PayPal. Payment platform disruptionThe Near Foundation is a non-profit organization responsible for guiding governance, contracting protocol maintainers and funding ecosystem development relative to the proof-of-stake (PoS)-based Near blockchain protocol. In a blog post published to the Cosmose AI website on Sunday, the company set out the extent of its new partnership with the Near Foundation.Cosmose AI uses AI-powered analytics to track in-store foot traffic as a basis to engage with shoppers online. Both companies will work towards building a payment system that facilitates shoppers to purchase goods and services at low transaction fees through cryptocurrency. As part of the deal, Near has made a strategic investment in Cosmose AI, reflecting a Cosmose company valuation of $500 million.In its press release, Cosmose stated that the investment from the Near Foundation means that the Cosmose “is set to apply Web3 principles and further advance the AI-driven retail ecosystem. Cosmose believes that it can leverage Web3 such that users maintain complete control over their data while benefiting from the ecosystem they help to create.The AI-driven company has a suite of retail solutions, including the KaiKai app, which enables retail customers to discover retail stores in their local vicinity. The app also includes an online targeting platform. Both elements are being overhauled with a Web3 facelift, with the Near collaboration enabling the integration of blockchain into the app.KaiKai already settles payments by leveraging Near Protocol with the creation of its own native stablecoin, Kai-Ching. Near Foundation CEO Marieke Flament said that Near will give Cosmose “the means to leverage the full potential of Web3 in a way that is sustainable, transparent, and infinitely scalable.” Moving away from Stripe, PayPalIn an interview with TechCrunch, Cosmose Founder and CEO Miron Mironiuk stated: “ I’m not sure if you know how expensive and slow it is to process online payments. It’s absolutely crazy.” The Near protocol leads with an ability to achieve inexpensive, scalable blockchain transactions. If successful in building this blockchain-based payments system, Cosmose would be in a better position to replace the use of payments service providers like Stripe and PayPal.Mironiuk gave the example of a simple coffee purchase. Small transactions like that can involve transaction fees in excess of 10%. This overhead is reflected in the overall price of the cup of coffee, with the seller passing on the cost to the buyer. In that one isolated example, Mironiuk makes the point that a regular coffee drinker could be spending an additional $200 per year to cover the costs of payments intermediaries.Over the course of nine years, Cosmose has grown to a point where it extends its service to 20 million stores. The firm operates on a global basis, with its team of eighty staff distributed across centers such as Hong Kong, Tokyo, Paris, Shanghai and Warsaw, as well as at its Singapore headquarters.

The Central Asian republic of Kazakhstan is planning to establish a pilot project that will enable the use of crypto as a means of exchange for goods and services within a specific zone. That’s according to a statement published on Akorda.kz, the official website of the President of Kazakhstan. The statement incorporates the text of a keynote speech delivered by President Kassym-Jomart Tokayev at the Astana International Forum. Tokayev stated: “We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services, and even beyond.”Photo by Engin Akyurt on PexelsWorking towards digital transformationThe initiative forms part of Kazakhstan’s efforts to make progress in terms of digital transformation, as well as an aspiration to become an IT hub within the Eurasia region.  For the purposes of the pilot program, the use of cryptocurrencies for the payment of goods and services has been authorized by the government within a pre-defined sandbox environment. Alatau City, an urban development located north of the Kazakhstani city of Almaty, has been chosen for the pilot scheme. Alatau has been established as a special economic zone and planned to become a hub for new technology and knowledge, alongside global tourism. It hosts the Innovation Technology Park together with the Kazakhstan National Nuclear Center, Institute of Nuclear Physics and the Physics & Technology Institute.It’s envisaged that the existing technology and knowledge base within Alatau will support its expansion into the area of crypto payments and blockchain development. In addition to crypto payments, other blockchain-based technologies related to taxation systems, investment and decentralized identity systems will be nurtured and encouraged within the Alatau special economic zone. Potential Eurasian crypto hubIn a recent opinion piece published by the Russian-language government-backed newspaper Kazakhstanskaya Pravda, Kanysh Tuleushin, Kazakhstan’s vice minister of digital development, suggested that the Central Asian republic has the potential to position itself as the region’s leading crypto hub.  Tuleushin also suggested that crypto mining operators could help to modernize the country’s energy sector, playing a role in stabilizing the country’s power grid, while making use of surplus electricity. Kazakhstan had proven to be a popular destination for Bitcoin miners in the past. However, the sudden influx of miners following a ban on the activity in China in 2021 was unplanned for.  The surge in electricity demand put the country’s electricity grid under pressure, leading to blackouts in some cases. In 2023 President Tokayev signed legislation into law that limited the energy use of domestic crypto miners. Despite that negative experience, it appears that Tuleushin has seen the benefits that the activity can bring when regulated and planned for. Back in March, it emerged that lawmakers in Kazakhstan had proposed the creation of a crypto bank. One obstacle to the creation of the bank is a lack of a crypto regulatory framework. According to a report published earlier this month, the National Bank of Kazakhstan is now in the process of preparing a regulatory framework for digital assets.

NEOPLY Receives Support from Abu Dhabi for Blockchain Expansion in UAENEOPLY, the open blockchain platform of South Korean investment holding company Neowiz Holdings, is set to receive support from the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE) through its Innovation Programme, which provides incentives to a wide range of businesses in financial services, technology, and other high-growth areas, according to a press release.Photo by Kamil Rogalinski on UnsplashFinancial & non-financial supportWith the assistance of ADIO, NEOPLY will establish its global headquarters, H-Lab, for blockchain businesses in the Abu Dhabi Global Market (ADGM). H-Lab will benefit from both financial and non-financial support, including incentives, fee exemptions, and regulatory advantages concerning cryptocurrencies and blockchains. Moreover, H-Lab intends to collaborate with local universities to develop education and scholarship programs focused on Web3 and decentralized finance (DeFi).Operations in MENANEOPLY’s inclusion in the Innovation Programme of ADIO demonstrates the competitiveness of the blockchain project, providing it with the opportunity to expand its operations in the Middle East and North Africa (MENA) region. By leveraging the support, infrastructure, and talented workforce available through ADGM, the company will forge partnerships with leading global firms residing in the capital of the UAE to enhance its global presence.Korean firms in Abu DhabiAbu Dhabi has been increasingly attracting Korean companies. ADIO, an affiliate of the Abu Dhabi Department of Economic Development, was established in 2019 as part of the country’s initiative to promote non-oil industries and draw in advanced technology companies. In 2021, ADIO opened an office in Seoul to support the entry of innovative Korean firms into the UAE. Thanks to these efforts, several Korean enterprises, including cloud operations services company Bespin Global, hospitality tech company H2O Hospitality, and smart farm operating group K-BTS Consortium, have established entities or expanded their operations in Abu Dhabi.DeFi regulatory frameworkNEOPLY’s H-Lab will collaborate with ADGM to facilitate its development of a regulatory framework for DeFi, aspiring to become one of the world’s first regulated DeFi providers. The NEOPIN protocol, a centralized decentralized finance (CeDeFi) platform developed by NEOPLY, will work closely with ADGM’s Financial Services Regulatory Authority (FSRA) to establish an efficient and effective regulatory framework.Abdulla Abdul Aziz Al Shamsi, Acting Director General of ADIO, said, “Abu Dhabi’s enabling environment, coupled with the availability of world-class infrastructure and skilled talent, has positioned the UAE capital as a leading destination for investment in the Middle East. NEOPLY joins a wave of other innovative South Korean companies choosing Abu Dhabi as the catalyst for their next growth phase. They are joining a thriving innovation ecosystem and bringing new ideas and solutions to life in the UAE capital.”NEOPLY CEO Park Jin-ho stated, “With ADIO’s support, we are establishing our global headquarter in the heart of Abu Dhabi, which fills us with great anticipation for our financial innovation in the Middle East. With the active support of ADIO, the collaboration with ADGM, and the infrastructure of Abu Dhabi, we are committed to setting new standards in the global blockchain industry.”