KuCoin affiliate applies for license in Hong Kong amid identity mix-up

Pakistan’s newly appointed Minister of State for Crypto and Blockchain, Bilal bin Saqib, has been spending time in the United States recently with a view towards collaborating with the Trump administration and Wall Street on matters related to digital assets and digital asset regulation. Pakistani TV channel 24 News HD reported on June 4 that bin Saqib met with Bo Hines during a visit to the White House in Washington, D.C. Hines was appointed by U.S. President Donald Trump earlier this year as the executive director of the President’s Council of Advisors on Digital Assets. Ways to broaden cooperation between Pakistan and the U.S. with regard to the digital assets sector were a primary topic covered during their meeting. Consideration was given to the potential for future partnerships between the two nations, with a particular emphasis on strategic alignment on digital asset policy.Photo by Kanchanara on UnsplashStrategic Bitcoin ReserveBitcoin was also a topic of conversation during the meeting. Last week, bin Saqib, who also heads up the South Asian nation’s newly formed Pakistan Crypto Council (PCC), appeared at the Bitcoin 2025 conference in Las Vegas to announce that “the Pakistani government is setting up their own government-led Bitcoin Strategic Reserve.” In his keynote address, he stated that Pakistan would hold Bitcoin in a national wallet and would “never ever sell them.” Following his meeting with Hines, bin Saqib took to X, stating:”We’re building strong bridges with the U.S. on Bitcoin reserves, stablecoins, and digital asset frameworks.” Responding to bin Saqib’s X post, Faizan Siddiqi, a Pakistani expat and COO of Canadian advertising services firm, MonetizeMore, underscored the importance of the meeting for an emerging generation in Pakistan inspired “to believe in a brighter, decentralized future.” In addition to meeting with Hines, bin Saqib also met with officials from the White House Counsel’s office, engaging with them on blockchain governance and legal framework matters. New York meetingsFollowing his meeting in Washington, D.C., bin Saqib moved on to New York. A video clip posted by the PCC to the X social media platform on June 6 showed bin Saqib meeting with New York City Mayor Eric Adams. The Pakistani minister thanked Adams for all he is doing for the crypto ecosystem, while inviting him to visit Pakistan and to consider a partnership between New York and the PCC. While in New York, bin Saqib also met with Brandon Lutnick, chairman of global financial services firm Cantor Fitzgerald and son of former Cantor Fitzgerald Chairman Howard Lutnick, who was appointed by U.S. President Donald Trump to the position of secretary of commerce back in February.  While Cantor Fitzgerald is a well-established traditional finance (TradFi) firm founded in 1945, the company has embraced digital assets more recently. Cantor has taken on leading stablecoin issuer Tether as a client, having also invested in the company. Last month, the firm launched its first Bitcoin fund. It’s understood that bin Saqib discussed tokenization, Bitcoin mining, the future of Web3 in Pakistan and potential for collaboration with Lutnick. Last month, Pakistan allocated 2,000 MW of surplus electricity to Bitcoin mining and AI data centers.

In a collaboration between the Dubai-based Human Institute, Hong Kong’s Animoca Brands and Polygon Labs, the launch of Humanity Protocol on Polygon CDK has been confirmed. Palm recognition technologySpearheaded by Hong Kong entrepreneur Terence Kwok and guided by a council of Founding Humans including Yat Siu, Chairman of the board at Animoca Brands, and Sandeep Nailwal, co-founder of Polygon Technology, this protocol pioneers the use of palm recognition technology as a less intrusive alternative to conventional methods like iris scans. Humanity Protocol is attempting to bring about a paradigm shift in user-centric identity verification within Web3 applications. By integrating palm recognition technology into blockchain infrastructure, it offers a streamlined and inclusive experience for users, departing from the often cumbersome and intrusive nature of existing proof-of-personhood technologies.Photo by Brett Jordan on UnsplashNon-invasive ID verificationIn an announcement on Tuesday, Yat Siu emphasized the significance of non-invasive biometrics in fostering a user-centric ecosystem. He underscored the importance of Humanity Protocol’s approach in promoting equity and inclusion while upholding the principles of digital ownership. Echoing these sentiments, Polygon’s Sandeep Nailwal highlighted Humanity Protocol’s pivotal role in enabling a diverse range of blockchain and real-world applications. Taking to the X social media platform, pseudonymous crypto trader and angel investor @Bull1shkid wrote:”Worldcoin has shown that there is a lot of interest in an identity verification mechanism in the crypto space. Humanity is applying this to crypto, making it decentralized and more convenient to use. With Polygon and Animoca on board. Proud to be an early backer!” By contrast, Worldcoin, which depends upon iris scanning, has proven to be far more controversial. The project is being investigated by multiple authorities worldwide, with the most recent probe having been launched in Hong Kong. Leveraging ZK-proofsThe Humanity Protocol leverages ZK-proofs, cryptographic protocols that enable users to prove specific information without revealing the underlying data itself. By amalgamating Sybil resistance with verifiable credentials in a decentralized validator node network, Humanity Protocol paves the way for decentralized social media platforms, enterprise DeFi solutions and beyond. The incorporation of zkEVM Layer-2 blockchain protocol, fortified by ZK proofs, not only enhances network security and efficiency but also grants users complete ownership over their data and identity. Nikita Uriupin, founder of Exverse, highlighted to Cointelegraph the potential of privacy-preserving technologies like ZK-proofs in bolstering the mass adoption of Web3 technologies. He emphasized the confidence instilled by such solutions in an era marred by widespread data breaches. According to data from IT Governance, the year 2023 witnessed 2,814 reported data breaches, compromising over 8.2 billion documents throughout the year. With the imminent launch of the Humanity Protocol Testnet, users will soon have the opportunity to experience the protocol firsthand and begin earning rewards. Positioned as the human layer for Web3, Humanity Protocol aims to onboard the first billion humans onto a Sybil-resistant network of blockchains, marking a significant milestone in the evolution of the decentralized web. By seamlessly integrating cutting-edge palm recognition technology with blockchain infrastructure, the protocol has the potential to set a new standard for user-centric identity verification, promoting equity, inclusion and genuine digital ownership in the Web3 landscape. 

Bahrani Bank Launches JPM Coin PaymentsBank ABC, headquartered in Bahrain, has become the first Middle Eastern bank to offer faster cross-border payment solutions for corporate and financial institutions using JP Morgan’s Onyx Coin Systems.Photo by Satheesh Cholakkal on PexelsCentral bank collaborationThis blockchain-based permissioned system, housed within JP Morgan’s Onyx platform, aims to enhance the efficiency and speed of international payments. The introduction of the blockchain-based payment service by Bank ABC follows a closely coordinated effort with the Central Bank of Bahrain (CBB), demonstrative of the interest of both institutions in embracing cutting-edge financial technology.Central Bank of Bahrain Governor Rasheed Al Maraj praised the collaboration, stating:“After working closely with JP Morgan and Bank ABC over the past two years to experiment with cross-border commercial transactions between Bahrain and the US, leveraging the JP Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.”Embracing innovation and digitalizationThe initiative aligns with the CBB’s strategic vision to embrace innovation and digitalize the kingdom’s financial services sector. By eliminating inefficiencies in traditional cross-border payment systems, this solution aims to facilitate trade between Bahrain and the US, with the ultimate aim of stimulating greater economic activity.Bahrain has been demonstrating more recently a desire to move away from its oil-based economy and embrace blockchain technology as part of that diversification. Bank ABC Group CEO Sael Al Waary stated that it was playing a role as a key enabler of Bahrain’s vision for a digital economy.He expressed gratitude to the Central Bank of Bahrain for its support and leadership and recognized JP Morgan for its pivotal role in advancing cross-border payments. The bank’s CEO outlined the organization’s commitment to introducing innovative products and highlighted the benefits of the JP Morgan Coin Systems service. He explained:“Offering high-value cross-border payments via the JP Morgan Coin Systems service allows us to reduce traditional settlement periods considerably and be more cost-effective for our clients.”Naveen Mallela, Global Head of Onyx Coin Systems at JP Morgan, underscored the significance of the launch, stating: “Bank ABC has been one of the earliest adopters of the JPM Coin offering, and we are delighted to launch the first-of-its-kind commercial payment offering between JP Morgan and Bank ABC using distributed ledger rails.”Enabling cross-border transactionsThe service enables cross-border commercial transactions to occur instantly and with certainty between Bahrain and US corridors. While initially launched with USD and specific locations, the roadmap includes plans for additional locations and currencies, with the euro notably on the horizon. Furthermore, the introduction of programmable payment offerings will empower mutual corporate clients to execute event-driven and automated payouts, enhancing dynamic and real-time treasury management.The launch of this service is a pivotal step in Bank ABC’s digital transformation program, aimed at future-proofing and diversifying the bank’s offerings with the latest banking innovations. The initiative reinforces the bank’s undertaking to provide cutting-edge financial services while contributing to the evolution of Bahrain’s digital economy.As financial institutions across the world continue to explore the potential of blockchain and distributed ledger technology, Bank ABC’s collaboration with JP Morgan sets an example for others in the Middle East to evaluate.