Crypto.com unlocks regulated expansion through UK FCA licensing award

Hana Bank Enables Korean Art Collectors to Prove Ownership with NFTsHana Bank, one of South Korea’s largest banks, has announced a partnership with Trackchain, a Korean blockchain firm, to enhance digital art banking services based on Web3 technology, according to a press release.Photo by Debby Hudson on UnsplashArt banking and NFTsThe collaboration aims to develop and operate a platform that promotes art banking services, including the exhibition, advertisement, and distribution of artworks. Furthermore, the two entities will create non-fungible tokens (NFTs) to verify the ownership of artworks and introduce artwork custody products. They will also explore and construct business models that integrate finance and blockchain technology.Bank’s custody serviceHana Bank, recognized as a leader in art banking, has already established a comprehensive custody service that ensures secure management, storage, and liquidation of art collections. Through this partnership, Hana Bank plans to refine NFT technology, which will provide transaction history and ownership verification for artworks. The objective is to enhance transparency and convenience for art collectors during the trading process.Visitors who purchase artworks by Artist Cho Sung-hee at an exhibition hall in Gangnam, Seoul, and choose to store them in Hana Bank’s custody will receive NFTs issued by Trackchain. These NFTs serve as proof of ownership, authenticating the artworks. Cho Sung-hee is known for her collage works created with Korea’s traditional hanji paper, made from laminated sheets. The exhibition will run from July 4 to 28.Additionally, purchasers of the displayed artworks will receive Cho’s digital art NFTs. Meanwhile, customers who use Hana Bank’s mobile app, Hana 1Q, to create their own artworks will earn corresponding NFTs.Kim Young-hun, Head of Hana Bank’s Wealth Management Unit, expressed enthusiasm about their Web3-based art banking service, emphasizing that it will facilitate easier art purchases and provide enhanced security for managing art collections. Kim also stated that the bank intends to expand its services further to deliver exceptional cultural experiences.

JD.com, one of China’s largest business-to-consumer (B2C) online retailers, is understood to have registered “JCOIN” and “JOYCOIN” ahead of Hong Kong’s Stablecoins Ordinance going live on Aug. 1. According to a report published by the Hong Kong Economic Times, in its trademark registration application, JD.com described the services associated with the two brand names as implicating the provision of electronic fund transfers and cryptocurrency-related financial transactions achieved via blockchain technology.Photo by tommao wang on UnsplashHKD-pegged stablecoinThe trademark registrations were filed by JD.com's subsidiary company, JD Coinlink Technology. The company was announced as a participant in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox last year. Around that timeframe, it also unveiled plans to launch a stablecoin pegged to the Hong Kong dollar (HKD).  That move was followed by British multinational bank Standard Chartered in February, with it announcing the launch of a HKD-pegged stablecoin in Hong Kong alongside local partners. Standard Chartered and its partners have also been participants in Hong Kong’s stablecoin issuer sandbox. Liu Peng, CEO of JD Coinlink Technology, provided an update in May, outlining that its stablecoin was entering phase two of sandbox testing. He stated that he hopes the project “contributes to payment efficiency not only within JD’s ecosystem but also for businesses and individuals worldwide.” On its website, JD Coinlink Technology describes its “JINGDONG Stablecoin” as a stablecoin backed 1:1 by the Hong Kong dollar, with the goal of meeting regulatory compliance and becoming “one of the leading digital currencies for businesses and individuals seeking for efficient, cost-effective, and secure payment solutions.” In a press briefing in Beijing in June, Peng outlined that the company was making preparations to apply for stablecoin issuer licensing in several markets. The JD Coinlink Technology CEO asserted that stablecoins “can reduce payment costs by 90% and complete transactions within 10 seconds.”  Ant Group, a subsidiary of another Chinese e-commerce giant, Alibaba, has also been following a similar track, preparing to apply for stablecoin licensing in both Hong Kong and Singapore. Push for yuan-pegged stablecoinsBoth Ant Group and JD.com have been lobbying the authorities in China for permission to issue a yuan-pegged stablecoin. Mainland China continues to impose a prohibition on crypto trading and mining, although more recently there have been signs that it may be considering accommodating stablecoins. Behind closed doors, it is understood that JD.com has urged officials at the People’s Bank of China to permit the issuance of offshore yuan-pegged stablecoins as a means to promote use of the yuan internationally and to enable more efficient cross-border trade. Hong Kong is perceived by many commentators as a testing ground for the digital assets sector in China. However, regulators in the Chinese autonomous territory have expressed caution around approving fiat-backed stablecoins tied to foreign currencies, noting that such issuances would require prior “discussions with the relevant authorities.” With Hong Kong’s Stablecoins Ordinance going live on Aug. 1, the HKMA published further guidelines for licensed stablecoin issuers on July 29. The regulator disclosed that it intends to publish a public registry of licensed stablecoin issuers for the benefit of the general public.

Worldcoin, the startup co-founded by OpenAI CEO Sam Altman, has encountered setbacks in its eye-scanning initiatives just six months after its international expansion. A recent report by TechCrunch indicates that the company’s signature orb eye-scanner is no longer available to users in the Indian market. According to that report, the Worldcoin Foundation clarified that its activities have also been suspended in France and Brazil. The company clarified that its offerings in those markets were only intended to be limited-time product previews as opposed to long-term roll-outs.Photo by Big G Media on UnsplashTemporary service haltIn India, the World App is experiencing widespread adoption, but the orb-verified proof of personhood services has been temporarily halted. The pause aims to allow the protocol to develop and implement a bespoke, safe and orderly process to meet the growing demand. The setback comes after Tools for Humanity, the organization behind Worldcoin, announced the expansion of World ID, its digital identity program linked to iris scans, in July. The startup had ambitious plans, intending to make 1,500 orbs available in over 35 cities globally. Recently, the company unveiled a program offering $5 million in grants to developers utilizing its eye-scanning technology. Regulatory investigationsSam Altman and his co-founders established Worldcoin in 2020 to help individuals prove their digital identity amidst the rise of AI. Over the years, Worldcoin has secured $250 million in funding from notable venture capitalists, including Andreessen Horowitz. However, the startup has faced regulatory challenges, including investigations by French and German regulators and an Argentinian government agency. Altman, himself, has navigated recent challenges. In November, the OpenAI board temporarily removed him as CEO, reinstating him two weeks later. More recently, Fortune reported that Altman quietly received $75 million from the University of Michigan for a new venture capital fund, raising questions about transparency, particularly following the launch of OpenAI’s signature product, ChatGPT. Asian tourIn recent weeks, the project development team behind Worldcoin had engaged in a tour of Asia. The objective of that mission was to gather market feedback prior to engaging in greater efforts to expand the reach of its World ID verification system within the region. To gauge market receptiveness to its product offering, the tour included meetups in major Asian cities such as Hong Kong, Seoul, Singapore and Tokyo. Up until mid-November, the Asian region accounted for 1.4 million World App sign-ups.The introduction of World ID 2.0 by the company on Dec. 13 led to a surge in the price of WLD. Over the course of the 48 hours that followed, it jumped from $2.47 to $4.23, a 71% increase. At the time of writing, the token unit price stood at $3.66. As Worldcoin navigates these challenges, the cryptocurrency industry will closely monitor developments, recognizing the broader implications for the startup’s innovative approach to digital identity verification.