Kazakhstan sets sights on 2024 expansion amid CBDC pilot success

LG CNS to leverage blockchain for digital transformation in New York CityLG CNS, a technological arm of the South Korean conglomerate LG Group, has signed a memorandum of understanding (MOU) with New York City and the American Chamber of Commerce in Korea (AMCHAM Korea). This agreement, signed at New York City Hall, focuses on collaboration for digital transformation, also popularly referred to as DX. Among those present at the signing were NYC Mayor Eric Adams, LG CNS’ CEO Hyun Shin-gyoon and AMCHAM Korea’s CEO James Kim.Photo by Emiliano Bar on UnsplashStudent internship and M/WBE supportUnder the MOU, the three entities will forge a technology partnership, focusing on the implementation of cutting-edge DX technologies like artificial intelligence (AI), digital twins, the Internet of Things (IoT) and blockchain in the city. Additionally, they’ll provide internship programs for college students and extend support to NYC’s Minority and Women-owned Business Enterprises (M/WBE).Expansion in North AmericaThe partnership is expected to position LG CNS for broader expansion in North America, particularly in smart city infrastructure, electronic government and cloud computing. After in-depth discussions with NYC and AMCHAM Korea, the Korean tech company will also consider establishing a local branch in New York City. This move aims to reinforce LG CNS’s collaboration with the two partners.Mayor Adams remarked on the collaborative effort, stating that the MOU signifies an important step forward as it will offer outstanding training and opportunities for residents across all five boroughs of the city. He also expressed his anticipation about welcoming LG CNS to New York City.Meanwhile, CEO Hyun highlighted that LG CNS plans to leverage this strategic partnership to support the sustainable growth of New York City by utilizing innovative DX technology.

Samjong KPMG and Xangle to explore on-chain data for crypto accountingSamjong KPMG, the South Korean branch of accounting giant KPMG, is set to collaborate with digital asset data research platform Xangle to conduct a joint study focused on discovering different ways to apply on-chain data in the realm of cryptocurrency accounting. That’s according to a report by local news outlet The Korea Economic Daily.On-chain data encompasses all transaction records found on a blockchain. This type of data enables real-time verification of transactions, benefiting from the blockchain’s transparency and decentralized framework. Despite these advantages, the complexity of accessing and interpreting on-chain data is often seen as a barrier to entry, requiring specialized knowledge.Photo by Sasun Bughdaryan on UnsplashCrypto accounting and tax filingThe partnership between the two entities is poised to tackle challenges in the crypto sector faced by enterprises. Samjong KPMG will use this collaboration to improve their cryptocurrency consulting services, offering solutions in areas like virtual asset issuance, asset management and disclosure, internal controls and the accounting and tax filing complexities associated with cryptocurrencies.ERP solutions for virtual assetsMeanwhile, Xangle will have the opportunity to gain insights into the practical needs and concerns of businesses in relation to on-chain data as the company is currently developing enterprise resource planning (ERP) solutions for virtual assets. The joint effort will enhance Xangle’s ability to align technical data with real-world business applications.Park Sung-bae, a Partner at Samjong KPMG, commented on this development, stating that the accounting firm plans to utilize the outcomes of their joint study with Xangle to address the uncertainties surrounding virtual asset disclosure requirements. This initiative is aimed at improving accounting transparency within South Korea’s cryptocurrency market.Lee Hyun-woo, Co-CEO of Xangle, highlighted that the company has concentrated on establishing the necessary infrastructure for processing on-chain data and conducting research to deepen their understanding of it. He added that their latest collaboration with Samjong KPMG will enhance Xangle’s expertise in the areas of cryptocurrency taxes and accounting. Lee underlined the platform’s commitment to streamlining the accounting processes related to virtual assets, viewing it as an initial step towards facilitating broader Web3 adoption.

Singapore High Court Recognizes Cryptocurrency as Personal PropertyIn a significant ruling on July 25, Judge Philip Jeyaretnam of the High Court of Singapore declared that cryptocurrency is capable of being held in trust and should be recognized as property.The judge’s decision came in response to a case brought by Dubai-headquartered crypto exchange Bybit against its former employee, Ho Kai Xin, who was accused of transferring approximately 4.2 million Tether (USDT) from the crypto exchange to her private accounts without authorization.Photo by Tingey Injury Law Firm on UnsplashNo fundamental differenceIn his ruling, Judge Jeyaretnam emphasized that there is no fundamental difference between cryptocurrencies, fiat money, or even physical objects like shells when it comes to their status as property. He argued that as long as these objects hold value and are based on mutual faith, they can be considered property. The judge’s verdict is seen as a crucial step in establishing the legal status of digital assets within the Singaporean jurisdiction.Addressing the argument that cryptocurrencies lack physical presence and therefore cannot be considered property, Judge Jeyaretnam drew an analogy, stating: “We identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.” By equating cryptocurrencies to named entities, the judge made it clear that physical tangibility is not a prerequisite for something to be classified as property.Cryptocurrencies have valueFurthermore, the ruling challenges the perception that cryptocurrencies have no “real” value. Judge Jeyaretnam firmly refuted this notion, highlighting that the value of any asset, whether physical or digital, is ultimately determined by collective human belief and judgment.One critical classification made by the judge is grouping cryptocurrencies under the category of “things in action” within British common law. This categorization means that cryptocurrencies are considered a form of property, over which personal rights can be claimed and enforced through legal actions, rather than requiring physical possession.The judge’s decision also referenced the Monetary Authority of Singapore’s (MAS) consultation paper, which proposes implementing segregation and custody requirements for digital payment tokens. By taking cues from the MAS’s stance on digital assets, the court emphasized the legality of holding cryptocurrencies on trust, as long as practical methods for identification and segregation are in place.Cues taken from existing lawSingapore’s legal framework for property also played a crucial role in the ruling. Judge Jeyaretnam pointed to Order 22 of Singapore’s Rules of Court 2021, which defines “movable property” to include various assets, such as cash, debts, bonds, shares, and cryptocurrency or other digital currency. This inclusion reinforces the recognition of cryptocurrencies as a valid form of property within Singaporean law.In April of this year, a Hong Kong court reached a similar conclusion, recognizing cryptocurrency as property. In the High Court of Justice in London the following month, non-fungible tokens (NFTs) were recognized as “private property.”Overall, Judge Jeyaretnam’s ruling represents a significant milestone in the legal recognition of cryptocurrencies in Singapore. By acknowledging cryptocurrencies as property, the court provides greater clarity and certainty for crypto users and investors while affirming the importance of embracing digital assets within the nation’s legal framework.