Lambda256 and CryptoLab partner to pioneer privacy-enhanced blockchain technology

PDAX gears up for trading surge amidst Binance market exitThe Philippine Digital Asset Exchange (PDAX), an order book exchange, is planning to take full advantage of Binance’s regulatory issues in the Philippines, with the expectation of an uptick in trading volume as a direct consequence.Photo by iSawRed on UnsplashMarket opportunityAccording to a Filipino English-language broadsheet publication, The Daily Tribune, PDAX CEO Nichel Gaba sees the exit of Binance, flagged by the Securities and Exchange Commission (SEC) as an unauthorized exchange in the Philippines, as a pivotal moment for local virtual asset service providers (VASPs) to expand their market presence. Gaba envisions that the anticipated migration of traders from Binance could propel the country’s cryptocurrency trading volume to an estimated $6 billion by 2024.Data from the Bangko Sentral ng Pilipinas (BSP) demonstrates that there are currently 17 VASPs in the Philippines, with 10 operational and seven inactive. As one of the operational ones, PDAX is preparing for the expected growth in the local sector.The SEC in the Philippines has been actively working towards imposing a ban on Binance, citing various issues both locally and internationally. Gaba predicts that this development will prompt a substantial number of Filipino cryptocurrency traders to seek alternative, legitimate trading platforms. Gaba stated:“Now that Binance is being banned, there are a lot of users wondering where they can go and the best option for them is to go to a licensed exchange like PDAX. Our strategy as a company is to focus on being the best alternative.”Binance ban countdownAccording to local news outlet BitPinas, the head of the Philippines SEC, Kelvin Lee, clarified that Binance and any other unregistered exchange issued with an advisory have three months before they are banned from the country.Addressing the confusion surrounding the ban during a panel discussion on Wednesday, Lee stated that the ban would be in effect three months from the issuance date of Nov. 29. In that way, time has been allowed for feedback and potential extensions.While the original recommendation was for a shorter transition period, Lee extended it, considering the upcoming Christmas holiday, stating, “Not to make it hard for Filipino investors during that time.”Two additional exchanges bannedIn addition to Binance, Lee mentioned that OctaFX and MiTrade, along with other exchanges that have received advisories for unregistered operations, will also face bans after three months. The local SEC disclosed having a sizable list of unregistered exchanges that will gradually emerge.Responding to criticisms of the ban, given that some users find Binance to be “cheaper” than other registered exchanges, Lee emphasized the importance of compliance costs and consumer protection. He urged local investors to “invest in registered entities” among the 17 VASPs registered in the country that offer fiat-to-crypto services.The BSP-regulated VASPs are expected to process crypto assets worth approximately $3 billion by the end of the year. However, this estimate does not take into account unregulated transactions occurring outside of VASP channels.

Hong Kong to Issue Digital Asset Licensing Guidelines in MayAccording to Hong Kong’s Securities and Futures Commission (SFC), the Commission will issue new guidelines for virtual asset exchanges within the Chinese autonomous special administrative region (SAR).© Pexels/Jimmy ChanSFC CEO Julia Leung made that announcement while speaking at an event in the city on Thursday, indicating that the guidelines are due to be released next month. Additionally the autonomous region intends to introduce a new licensing system from June 1 onwards, enabling the retail investors among Hong Kong’s populace to trade leading cryptocurrencies like Bitcoin and Ethereum.Hong Kong authorities had provided an insight into this approach back in February, when plans to provide retail access to digital assets were first set out. At the time, they outlined the need for retail customers to pass a knowledge test relative to digital assets or otherwise only being allowed to trade such assets once the customer had completed a certain level of training relative to digital assets, provided by a regulated crypto service provider.This latest announcement has arrived amid a backdrop of a series of recent indications that signify the intent of authorities in Hong Kong to make the autonomous region a major financial hub centered around digital assets.Leung articulated that the further development of this digital assets framework follows a consultation process that attracted more than 150 responses. Although virtual asset service providers (VASPs) will need to await the complete rollout of the licensing system, a handful of crypto businesses such as OSL and Hashkey, under the supervision of the Hong Kong regulator, have already started to offer their services.Crypto as propertyA Hong Kong court recently recognized cryptocurrency as property. The ruling emerged in a bankruptcy hearing pertaining to failed cryptocurrency exchange Gatecoin. In presiding over the case, Justice Linda Chan outlined that the autonomous region takes a broad view of what constitutes property. In finding crypto to meet the definition of property, she went on to clarify that it therefore has the capability of being held in trust.The finding has particular relevance in the crypto world right now given the consequences of an “in trust” custodianship of customer’s digital assets relative to numerous ongoing bankruptcy processes involving failed crypto businesses, and the pecking order of creditors in those instances, in their efforts to recover their digital assets.Positive approachWhile mainland China remains an adverse territory relative to digital assets, Hong Kong has taken to welcoming the sector and with that, enticing crypto firms to relocate to the autonomous region from the mainland. Leadership in the city has been making all the right soundings to demonstrate that it is actively trying to nurture the nascent sector.While recent months have seen the Biden administration in the United States attempt to close off banking from the crypto sector, in contrast, Hong Kong’s largest virtual bank, ZA Bank, was recently given permission to act as a settlement bank for regulated Web3 businesses located within Hong Kong.

Raon Whitehat Launches Cloud-Based NFT Wallet for OmniOne MarketplaceSouth Korean tech security firm RaonSecure announced Thursday that its subsidiary Raon Whitehat has launched a cloud-based NFT wallet service on the OmniOne NFT marketplace, specializing in utility NFTs that are backed by tangible assets like gold.Photo by C Dustin on UnsplashMore secure and convenientUsers can easily create an account for the OmniOne NFT cloud wallet by entering a username and password. This cloud-based solution offers advantages over mobile app-based NFT wallets, which can present occasional inconveniences. In scenarios involving app deletion, device change, or device loss, one faces the cumbersome task of reinstalling the application and going through the authorization process again. In contrast, the cloud wallet provides a more seamless experience. NFTs are securely stored in the cloud and can be accessed from any device, requiring only the recollection of a username and password.Transferring NFTsIndividuals who have NFTs stored within their current app-based NFT wallet can create a new cloud wallet account and proceed to transfer their NFTs from the existing app-based account to the new cloud account by utilizing the “Send as Gift” feature.RaonSecure CEO Lee Soon-hyung announced that users are now able to store their gold-backed NFTs, purchased from the OmniOne NFT marketplace, in the cloud wallet. He explained that this development addresses the issue of potential NFT asset loss due to app deletion or device loss.Furthermore, Lee emphasized that Raon Whitehat is dedicated to introducing more innovative services in the future. These services will prioritize user convenience and security, specifically in the storage of diverse digital assets like NFTs and certification badges.