North Korea Using DeFi for Money Laundering

Coinbase Affirms Commitment to India Despite Disabling Sign-UpsLeading US-based cryptocurrency exchange Coinbase announced on Monday that it has temporarily disabled new user sign-ups for its exchange platform in India.A report emerged via India’s English-language business daily The Economic Times on Monday which stated that Coinbase was stopping “all services” for Indian users.Photo by Big G Media on UnsplashClarification of a misunderstandingIt appears that Coinbase sent emails to a subset of its Indian customers, notifying them of the cessation of exchange operations in the country by September 25. However, a more recent report by TechCrunch outlined that Coinbase has provided further clarification that these emails were sent exclusively to customers who did not meet the updated standards set by the company.On that basis, these messages do not affect and are not relevant to the majority of Coinbase users in India. The email further advised affected users to transfer their funds from the platform by the specified date.A Coinbase spokesperson communicated to TechCrunch via email, stating:“We stopped allowing new user sign-ups on our exchange product in India back in June of this year. We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term.”Coinbase’s proprietary exchange app in India reportedly boasts fewer than 50,000 monthly active users, as indicated by data from Sensor Tower, shared by an industry executive.Difficulty in cracking Indian marketDespite its aspirations, Coinbase has been unable to make headway with local authorities since launching its exchange in India over a year ago. The lack of progress with local officials has proven frustrating for company executives, including Durgesh Kaushik, who joined Coinbase last year as the Senior Director for Market Expansion, only to leave the company within a couple of months.Coinbase’s CEO, Brian Armstrong, made a visit to India last year to launch the exchange service by adding support for India’s popular payment instrument, the Unified Payments Interface (UPI). Unfortunately, the body overseeing UPI immediately denied Coinbase’s recognition, leading Coinbase to suspend support for the payment system shortly thereafter.UPI has proven to be a runaway success in India. Consequently, being able to access and integrate with it would be very important in providing Coinbase’s Indian customers with the means of on-ramping and off-ramping between the exchange and fiat currency. Coinbase affirmed its commitment to collaborating with the National Payments Corporation of India (NPCI) relative to UPI but these efforts simply have not borne fruit.RBI pushbackIn May of the same year, Armstrong disclosed that Coinbase had to halt its trading service in India due to “informal pressure” from the Reserve Bank of India (RBI), the nation’s central bank. Armstrong pointed out that cryptocurrency trading isn’t illegal in India — in fact, the country had recently imposed taxation on it. However, there were elements within the government, including the RBI, that appeared less enthusiastic about cryptocurrencies and were exerting “soft pressure” behind the scenes.Notably, other Indian cryptocurrency exchanges like CoinDCX and CoinSwitch remain operational, but they’ve had their own struggles in their own local market. In August CoinSwitch downsized its headcount, citing a 30% tax on crypto gains and a 1% tax deducted at source (TDS) on transactions as contributing factors. That same month, CoinDCX cut its headcount by 12%.

Bunzz expands Web3 enterprise services in JapanSingapore-based company Bunzz, one of the largest dApp development platforms in the Asian region, has expanded its enterprise service offering to include the introduction of a specialized hackathon service geared towards developers in Japan.Photo by Jezael Melgoza on UnsplashWeb3 hackathon serviceThe new service offering, disclosed by the Singaporean startup via a press release published on Tuesday, follows on from a successful seed funding round that injected $4.5 million into the company. Bunzz is introducing a specialized hackathon service exclusively tailored for developers in Japan.The new service from Bunzz is designed to provide comprehensive support to projects and companies in planning and hosting hackathons, with a keen focus on meeting the unique needs of the Japanese developer community.Bunzz offers a suite of services that includes assistance in creating hackathon concepts, formulating effective marketing strategies for Japanese developers and providing extensive support throughout the entire hackathon process — from logistical arrangements to technical guidance and judging assistance. The hackathon-related service offering includes hackathon planning and design, marketing and promotion and management support.Capitalizing on Japanese Web3 growthThis expansion is not just an arbitrary move. The dApp development platform has taken note of Japan’s strong inclination towards embracing Web3 services. With that, it’s looking to capitalize on that market development.With Japan known for its openness to adopting new technologies, Japanese firms are actively seeking opportunities to integrate Web3 solutions into various facets of their operations. Back in April, the Japanese authorities published a whitepaper on Web3 titled “Web3 for All: The Future of the Digital Economy in Japan.” The objective of that whitepaper was to formulate a roadmap that could lead to the fostering of innovation when it comes to Web3.In September, Japan took a step towards allowing startups to raise capital from venture capital firms using digital assets instead of equity. The nation’s robust interest in decentralized applications and technologies has set the stage for Bunzz’s innovative offering. Added to that, Kenta Akutsu, Bunzz’ Co-Founder and CEO, is Japanese, and that may also have played into the decision to target the Japanese market in this instance.‘Bunzz for Enterprise’Earlier this month, Bunzz launched “Bunzz for Enterprise.” As part of that initiative, Bunzz offers consulting and system development support to companies attempting to enter the Web3 domain. The firm claims to have at its disposal over two hundred smart contract templates, made available to platform users via its Smart Contract Hub.In June, the fledgling Web3 platform launched a developer tool called DeCipher in an effort to assist developers in their approach to smart contract documentation, making that process more streamlined and efficient.Through this latest service offering, Bunzz is attempting to extend a warm invitation to projects and companies eager to tap into the skills and potential of Japanese developers through hackathons. This initiative presents an excellent opportunity for engagement with a community that purports to be deeply invested in Web3 and enthusiastic about exploring new technological frontiers.

e-CNY Payments Enabled for Hong Kong Visitors From Mainland ChinaBank of China’s Hong Kong arm recently launched a digital yuan shopping festival, aiming to spur local consumption and promote the adoption of central bank digital currencies (CBDCs). The festival, which commenced on July 18, allows visitors from mainland China to make purchases in Hong Kong using the digital yuan.Bank of China (Hong Kong) Limited (BOCHK), a subsidiary of China’s central bank, initiated trials of e-CNY cross-border payments in Hong Kong last year, paving the way for the current shopping festival.Photo by Eric Prouzet on UnsplashSubsidized useAccording to a press release published by BOCHK earlier this week, as of July 18, digital yuan wallet holders have been able to use China’s CBDC to make payments at over 200 participating merchants across Hong Kong. Furthermore, consumers have the opportunity to receive shopping subsidies in digital yuan by scanning QR codes at specific stores, as stated in the BOCHK press release.The range of merchants accepting e-CNY payments spans from electronics sellers and pharmacies to supermarkets. Among the participants is U Select, a Hong Kong-based supermarket chain with a wide presence of more than 90 stores throughout the city.BOCHK strategically chose the summer tourist season for the expansion of e-CNY payments in Hong Kong. Chen Guang, representing BOCHK, mentioned the influx of tourists to the special administrative region, presenting a prime opportunity to attract more users and bolster local consumption through this cross-border shopping festival.The move makes BOCHK the first institution to partake in the cross-border e-CNY trial in Hong Kong. In December 2022, the bank initiated the first phase of its “digital yuan exclusive experience,” which allowed a limited number of BOCHK consumers to shop in the city using the digital yuan.Adoption strategyThe digital yuan has witnessed robust adoption in recent times, with China leading the global development of CBDCs. The Bank of China has been actively striving to advance and popularize the use of digital yuan in the country. Various initiatives, including business loans, trial expansions, and partnerships with prominent technology firms, have been undertaken to propel the widespread adoption of the digital currency.The introduction of the digital yuan shopping festival in Hong Kong signifies yet another significant step in China’s efforts to promote its CBDC and drive its usage in both domestic and international transactions. With over 200 merchants already participating and a seamless payment experience for tourists, the festival has the potential to encourage further adoption and shape the future of digital payments in the region.As this initiative gains momentum, it will be crucial to observe its impact on local consumption and the broader implications for CBDC adoption in the global financial landscape.The rate of China’s CBDC development and beyond that, the intent with which it is striving to drive adoption through a seemingly never-ending series of initiatives has been unmatched by any other nation. With that, the first real results of the active and widespread use of a CBDC are going to come from the country that makes up one-fifth of the world economy.