Lambda256 and CryptoLab partner to pioneer privacy-enhanced blockchain technology

RaonSecure Partners with Korean Savings Banks to Build Mobile ID Verification SystemRaonSecure, a South Korean tech security firm and blockchain solutions developer, announced yesterday its partnership with the Korea Federation of Savings Banks (KFSB) to build a system that verifies customers’ identities through mobile identification cards, according to local news outlet Financial News.Photo by Brett Jordan on UnsplashImproving customer convenienceThe KFSB has undertaken the establishment of a mobile ID verification system with the goal of improving customer convenience. This system enables mobile ID cardholders to easily verify their identities during the know-your-customer (KYC) procedures of savings banks, whether they are conducted remotely or in-person. In pursuit of this objective, RaonSecure was chosen through a selection process that sought out a company with experience in constructing mobile IDs.Blockchain-powered DID solutionRaonSecure CEO Lee Soon-hyung said the company has demonstrated its technological prowess by providing cutting-edge services based on its blockchain-powered decentralized identity (DID) platform, OmniOne. These offerings include an application tailored for civil servant IDs, along with an app specially crafted to support citizens who entered or completed military service.Under this agreement, RaonSecure will develop a system designed to ensure both convenience and security in verifying mobile IDs across the integrated computer network of KFSB’s member banks. The company has future plans to extend its services to individual banks, aiming for wider implementation and utilization.During the initial phase of the service rollout, verification will be limited to driver’s licenses. However, RaonSecure’s overarching objective is to establish a dynamic and adaptable system capable of accommodating a broader array of identification documents, such as resident registration cards, in the future.Most Korean commercial banks have already accepted mobile IDs for their identification processes. Other financial institutions, including insurance companies and card companies, are also embracing this trend and introducing similar services. This collective shift is anticipated to expedite the growth and expansion of the industry.

Study Places Hong Kong as Leader in Crypto ReadinessHong Kong, according to a recent study conducted by Forex Suggest, has emerged as the leading jurisdiction worldwide in terms of its readiness for cryptocurrencies. The study evaluated various factors such as the number of blockchain startups per 100,000 people and the density of crypto ATMs in relation to the population.Photo by Traxer on UnsplashZero capital gains taxThe attractiveness of Hong Kong for investors in the crypto space stems from its advantageous tax policies. The study noted that Hong Kong does not levy capital gains taxes on cryptocurrency, making it an appealing destination for crypto enthusiasts. The United States and Switzerland secured the second and third positions, respectively, in the rankings of the most crypto-ready countries.In recent times, Hong Kong has actively embraced investments from digital asset companies and is poised to implement new regulations for the industry. Effective from June 1, the city’s new rules aim to establish Hong Kong as a global hub for digital assets. These regulations permit licensed cryptocurrency trading platforms to offer services to retail investors while incorporating measures to safeguard individual traders.Global crypto firms are gearing up for that new licensing approach, carving out separate corporate entities in order to meet the regulatory requirements which the Hong Kong regulator, the Securities Futures Commission (SFC), has set. Another Hong Kong regulator, the Hong Kong Monetary Authority (HKMA), is also opening up to embrace digital asset innovation through a pilot project implicating the tokenization of real world assets.Regarding the number of blockchain startups, Hong Kong boasts three startups per 100,000 individuals, securing the second position globally. Topping the list is Switzerland, with an impressive count of 12.9 blockchain startups per 100,000 residents, amounting to a total of 1,128.The study also highlighted that countries such as Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey impose the lowest taxes on cryptocurrencies. These nations exempt individuals from capital gains taxes on profits derived from cryptocurrency trading.Crypto ATM proliferationWhen considering the prevalence of crypto ATMs, Hong Kong ranks third globally, with two ATMs per 100,000 people, totaling 149 ATMs. The United States takes the top spot with nearly 34,000 crypto ATMs, but when normalized to the population, it has 10.1 ATMs per 100,000 individuals.Regressive measures in USIn contrast to Hong Kong’s favorable environment, regulators in the United States have intensified their efforts to tighten regulations on cryptocurrency exchanges, leading many within the industry to advocate for clearer guidelines. Consequently, several exchanges are exploring jurisdictions that offer more favorable conditions.Forex Suggest emphasized that the report’s findings were based on extensive data analysis, taking into account factors such as tax regulations, legislation, the presence of blockchain startups, and the level of interest in cryptocurrencies. Each jurisdiction received a normalized score out of 10 for each factor, and the overall rankings were determined by averaging these scores.Hong Kong’s position as the most crypto-ready jurisdiction in the world showcases its commitment to fostering innovation and becoming a global leader in the digital asset space. With its advantageous tax policies, growing number of blockchain startups, and forthcoming regulations, the autonomous Chinese territory is solidifying its position as an attractive destination for businesses and investors in the cryptocurrency space.

Hong Kong Analyzes Web3 Approach of Regional PeersHong Kong’s ambitions in Web3 are on the rise as it strives to establish itself as a global hub for digital assets. The Research Unit of the Legislative Council Secretariat of Hong Kong has recently released a summary of a document titled “Development of Selected Regional Web3 Technologies,” shedding light on the city’s involvement in Web3.According to the report summary which was published on June 14, the Hong Kong government is actively promoting the development and utilization of Web3. In the fiscal budget for 2023–2024, the Financial Secretary announced accelerated efforts to build Hong Kong’s Web3 ecosystem, along with the establishment of a dedicated development task force focused on virtual assets.Photo by Jimmy Chan on PexelsPace of developmentHowever, concerns have emerged about Hong Kong’s comparatively slower pace of development in contrast to other regions. Various regions across the globe, particularly in Asia and the Gulf region, have implemented measures to expedite the progress of Web3 and its associated technologies and applications.To address these concerns, the report suggests that Hong Kong should broaden its focus beyond financial services and virtual assets. Instead, it should actively promote innovation in other areas of Web3 technology, such as blockchain and metaverse technology.Scrutinizing regional Web3 developmentIn response to a request from Councilor Wu Kit Ching, the research group has conducted a study on leading regions in Web3 technology and application development, examining their strategies.The study primarily highlights Japan, Singapore, South Korea, and the United Arab Emirates (UAE) as these regions have demonstrated proactive approaches in developing Web3 technologies, and they have become global or regional innovation hubs. Japan, for instance, has established high-level policy guidance and dedicated offices to coordinate Web3 policies across various government departments.Other regions covered in the study have focused on specific areas of Web3. Singapore and the UAE, for example, are exploring blockchain technology through industry collaborations and the establishment of incubation centers. Meanwhile, South Korea is actively launching metaverse strategies to foster innovation across multiple sectors.The summary also provides an overview of the key characteristics, foundational technologies, and applications of Web3. It outlines recent developments in Web3 within Hong Kong and analyzes the development scenarios of selected regions, including Japan’s comprehensive approach and the application-focused initiatives of other regions.The document emphasizes that Web3 represents a decentralized network that empowers users with greater autonomy and control over their digital lives. While the Hong Kong government has introduced measures to support the development of the Web3 ecosystem, particularly in the virtual asset market and related financial services, concerns persist regarding Hong Kong’s slower progress in other areas of Web3 technology compared to its counterparts in Asia and the Gulf region. These regions are capitalizing on their strengths and exploring broader applications of Web3.Hong Kong’s engagement in Web3 and its ambition to thrive in this domain is becoming more evident with each passing day. The summary of the document sheds light on the Chinese autonomous territory’s efforts, while also highlighting the need to expand its focus and foster innovation in various areas of Web3 technology. By doing so, Hong Kong can position itself as a prominent global center for Web3 and leverage the advantages it offers for digital asset development and beyond.