Korean government to seize crypto for unpaid child support

Singaporean VC Pledges Funding for Web3 AcceleratorSingaporean crypto investment venture capital firm, Foresight Ventures, has committed to doubling down on funding a Web3 Accelerator.Back in November, the firm launched Foresight X, a Web3-focused incubator program. At the time, it committed to allocating $10 million to be divided between three categories of Web3-centric projects and collaborations. Fast forward six months and the firm is now committing to stump up an additional $10 million in funding for the project.Categories include ecosystem projects, research grants, and an eight-week incubator program which was initially offered to thirty early-stage projects. In that initial funding round, start-ups were being supported with funding of $50,000, up to a maximum of $200,000.Photo by Shubham Dhage on UnsplashSecond phaseThe project is now entering its second phase, accepting applications once again from a new round of start-up applicants. In this instance, the focus will move towards Web3 projects with an emphasis on artificial intelligence (AI), zero-knowledge cryptography, bitcoin, non-fungible tokens (NFTs), machine learning, and liquid staking derivative products.With second-round funding, each selected project will be funded to the tune of $200,000 rather than the funding range of $50,000 to $200,000 employed on the first phase. Additionally, up to three mentors will be assigned to each successful applicant project. On top of that, one fund partner from Foresight Ventures will be assigned to each start-up in order to provide them with a steer towards growth and development. The program will culminate with a Demo Day, facilitating each project to showcase their service or product offering.Bitget partnershipFounded in 2020, Foresight Ventures has progressed in a short space of time, from having $80 million assets under management (AUM) to an AUM of $400 million today. The venture capital outfit is led by seasoned venture professionals with backgrounds in companies like Google, Bitmain and Sequoia Capital.Among its leading investments is SEI, the layer one blockchain project that is optimized for transaction speed and throughput. In April, the company committed $50 million towards SEIs $120 million ecosystem fund. In January, it invested $15 million in Singapore-based digital asset infrastructure and market making firm, CyberX.Last month the firm partnered with crypto derivatives trading platform Bitget in contributing towards its Asia-focused Web3 fund. Focused on funding outstanding Web3 projects in the region, Bitget has put together a $100 million fund. Foresight Ventures joined Dragonfly Capital, SevenX Ventures, DAO Maker and ABCDE Capital in expressing interest in investing in the fund, ultimately investing and partnering with Biget on the initiative.The firm has come a long way in a short space of time, signaling its intent in March 2022 when it committed to investing up to $200 million in Web3 start-ups and blockchain projects over the course of three years. Other key Foresight Ventures portfolio companies include Singapore-based digital assets financial services firm, Matrixport, and metaverse developer Everyrealm. Aside from its headquarters in Singapore, the firm also maintains a presence in Shanghai, allowing it the reach to cover crypto-related projects throughout the Asian region.

Recognition of Donald Trump’s victory in the U.S. presidential election on Nov. 6 has led to many crypto proponents in Asia foreseeing a positive outcome for crypto within the Asian region, and globally.Photo by Kevin Lanceplaine on UnsplashBright future for cryptoAccording to a report published by the South China Morning Post (SCMP), crypto proponents in China are expectant of a bright future for crypto both on the Chinese mainland and in Hong Kong. The mindset seems to be that a pro-crypto stance in the U.S. will lead to other jurisdictions taking a similar approach. HashKey CEO Livio Weng expressed such a view, stating:“Trump’s pro-crypto stance is expected not only to invigorate the US virtual-asset industry, but also to encourage Hong Kong to further relax its own virtual-asset policies in its quest to become a global Web3 hub.”  Prior to being elected, Trump had promised to fire Gary Gensler, who as Chair of the Securities and Exchange Commission (SEC) has pursued a strategy of regulation by enforcement, a course of action that has been broadly criticized by crypto market participants in the United States. Ripple CEO Brad Garlinghouse wasted no time in calling on Trump to act, and to fire Gensler. Influencing regulatory attitudesThere seems to be a consensus among commentators that the regulatory approach to crypto in the U.S. is going to become crypto-friendly. Crypto analyst Miles Deutscher suggests that “a Trump victory is a WIN for US tech innovation, as it would solidify [the United States’] status as a crypto powerhouse.” Weng believes that “this shift could also positively influence regulatory attitudes toward virtual assets in mainland China.” That view is mirrored in South Korea by KP Jang, head of Xangle Research. Jang asserts that “if Trump implements bold virtual asset policies while improving existing regulations, it is expected to accelerate regulatory reforms in Korea as well.” Sumit Gupta, CEO and co-founder of India’s largest crypto exchange, CoinDCX, outlined on X that Trump’s victory is a pivotal moment for global crypto, adding:”The direct effects of Trump’s policies might not alter India’s regulatory environment right away. However, global sentiment and investor behaviour will be influenced, eventually reaching India.” The CoinDCX CEO believes that should Trump now appoint regulatory leadership that’s crypto-positive, any resultant crypto regulatory framework adopted by the U.S. could become a blueprint for use by other nations. Gupta identified further potential upside insofar as the implementation of positive crypto policies by Trump would lead to a more attractive environment for crypto, “potentially opening up enhanced funding opportunities and partnerships for Indian startups as investors seek global growth.” Bitcoin price surgeAt the time of writing, the Bitcoin unit price is up 0.64% over the course of the past 24 hours, at $74,884. American business news channel CNBC reported that Bitcoin could reach $100,000 before Trump even takes office.  Matthew Hougan, chief investment officer (CIO) at crypto asset fund manager Bitwise, said that Trump’s election victory could herald in a “golden age of crypto,” with a friendlier regulatory environment leading to greater institutional investment and mainstream adoption.

Regional Chinese City Enables e-CNY Bus Fare PaymentsIt appears with every passing week, there’s a new initiative in China to bring about greater everyday use of the digital yuan. Recent days have not disappointed with the news that Jinan, the capital of China’s Shandong Province, is introducing digital yuan payments throughout its entire bus network.The city initially conducted a pilot phase by testing central bank digital currency (CBDC) payments on two bus lines. After a successful trial period, Jinan has now implemented the new payment method across all its bus routes. According to a recent report by local media outlet Shunwang-Jinan Daily, the city has updated its card readers and bus route software to facilitate digital yuan transactions for passengers.Photo by CHUTTERSNAP on UnsplashDiscounted faresTo encourage the use of the digital yuan, Jinan is offering fare discounts to passengers who opt for CBDC payments. The announcement stated that individuals could enjoy up to two discounted rides per day and a maximum of six discounted rides per month if they choose to pay with the digital yuan.The fare discounts offered for digital yuan payments serve as an incentive for passengers to adopt the new payment method. By enjoying discounted rides, individuals are encouraged to explore the benefits and convenience of using the digital yuan, further driving its adoption in everyday transactions.The acceptance of CBDC payments for bus rides in Jinan represents a significant step towards the integration of digital currencies into everyday transactions. As China continues to expand the use cases for the digital yuan, it is likely to pave the way for further adoption and exploration of CBDCs globally.Broader adoption strategyThis move aligns with the broader initiative in China to promote the adoption of the digital yuan. In April, the city of Changshu announced that it would begin paying civil servant salaries with the CBDC, including personnel at all levels of public service, public institutions, and state-owned units, starting from May.Furthermore, China has implemented its CBDC for various purposes, such as the Belt and Road initiative and cross-border trades. In Xuzhou, a city serving as a departure point for trains transporting goods to Europe, a plan was issued in April to promote the use of the CBDC in cross-border trade.Last month, e-CNY ATMs were introduced in the resort city of Sanya to enable foreign visitors to purchase the CBDC. In May, regional authorities in Jiangsu Province set about establishing use of the digital yuan within the region’s education system.On an international level, French bank BNP Paribas has partnered with the Bank of China (BOC) to facilitate the adoption of the digital yuan. This collaboration enables BNP Paribas’ corporate clients to connect with BOC’s system, allowing for real-time transactions using the digital yuan. The partnership advances China’s desire to bring the cross-border trade capabilities of the e-CNY into play on an international basis.As China continues to lead the way in CBDC implementation and explores new use cases, the digital yuan’s influence is expected to extend globally, transforming how we transact and interact with currencies in the digital age.