Metabora Singapore officially launches blockchain-based app for golf fans

Singapore Gets with Banks to Provide Guidance on Crypto BusinessesIn a move to provide clarity and guidance to financial institutions dealing with cryptocurrencies, the Monetary Authority of Singapore (MAS) is reportedly working with banks to develop new vetting procedures for crypto clients.According to a recent Bloomberg report, the MAS plans to provide more detailed guidance to banks on how to properly screen and monitor customers involved in cryptocurrency transactions.©Pexels/PixabayRegulatory clarityThe decision to provide guidance on crypto businesses comes as regulators around the world struggle to keep up with the rapidly-evolving digital currency industry. Many governments have been grappling with how to regulate cryptocurrencies in the face of concerns over money laundering, fraud, and other illicit activities.Singapore, however, has taken a more progressive stance on digital currencies, with the MAS recently announcing plans to create a regulatory framework for crypto derivatives trading. The country’s financial watchdog has also been working to improve AML (anti-money laundering) and CFT (combating the financing of terrorism) measures relative to crypto transactions.The MAS’s efforts to provide guidance to banks on crypto businesses are part of this broader push to promote responsible use of digital currencies in Singapore. By providing clear and detailed guidance to financial institutions, the regulator hopes to prevent illegal activities from taking place while also promoting the growth of the crypto industry.The MAS’s approach is seen as a positive development for the crypto industry, as it provides a clear framework for financial institutions to work within. This could help to boost confidence in the crypto market, potentially leading to increased investment and adoption.Striking the right balanceAt the same time, however, some industry observers have expressed concerns that overly strict regulations could stifle innovation and limit the potential of cryptocurrencies. They argue that a balance must be struck between protecting consumers and promoting innovation in the digital currency industry.Despite these concerns, the MAS’s efforts to provide guidance on crypto businesses are likely to be welcomed by financial institutions and industry participants alike. As the use of digital currencies continues to grow, it is becoming increasingly important for regulators to provide clear and comprehensive guidance on how to operate within this rapidly-evolving industry.Previous failuresSingapore hasn’t always gotten its approach to cryptocurrency right. In 2021, the MAS put global crypto exchange Binance on its investor alert list. Binance felt compelled to curb its service offering in the city state. The consequence of that action was that a disproportionate number of Singaporeans proceeded to open accounts with FTX only later to get caught up in the collapse of the exchange.The Monetary Authority of Singapore’s decision to provide guidance on crypto businesses is bullish for the digital currency industry. By providing clear and detailed guidance to financial institutions, the regulator is promoting responsible use of cryptocurrencies in Singapore while also boosting confidence in the market. However, there is a need to strike a balance between protecting consumers and promoting innovation in the industry, as overly strict regulations could stifle growth and limit the potential of cryptocurrencies.

Experts Discuss Korean Security Token MarketSince the Korean financial regulator released regulatory guidelines on security tokens in February, many have anticipated that the introduction of security tokens would transform the concept of investment and give rise to new market strategies based on blockchain technology.©Pexels/PixabayIndustry professionals have expressed their opinions on the matter in interviews with media outlets.Token issuance and distributionPark Hyo-jin, vice president at Sejong Telecom, in a recent interview with Korean media outlet Digital Today, expressed his disappointment about the Korean government’s decision to separate token issuance from token distribution. Sejong Telecom is the developer and operator of the blockchain-based real estate fractional investment platform Bbric.According to Park, the capital market law separates token issuance from token distribution in order to prevent conflicts of interest, as interested parties may attempt to control financial products according to their own preferences. However, things are different with security tokens, Park believes. With the help of blockchain technology, a mainnet can issue and distribute tokens without intermediaries.Higher investment limitsPark emphasized the importance of increasing investment limits and cited the small size of the Korea New Exchange (KONEX), a stock exchange for small enterprises, as a reason for its lack of activity. He added that higher caps would result in positive ripple effects.Regarding real estate security tokens, Park doesn’t expect more profitable products, but sees that more investment choices will be available. He is particularly interested in investment contract securities. One such example is renting a piece of land to farmers to distribute harvest profits.Connection with virtual assetsThe security token market will face limitations if it’s not connected with its virtual asset counterpart. He mentioned the need for a digital asset law to create an ecosystem that links security tokens with virtual assets.Meanwhile, in an interview with Economic Review, Lee Kun-ho, former CEO of KB Kookmin Bank, showed a somewhat pessimistic view about the Korean security token market while admitting its potential.Various uncertaintiesIn his opinion, while real estate holds potential as a security token investment, government policies may introduce uncertainties. Likewise, the markets for music and artwork are also subject to unpredictability. Consequently, security token strategies in these areas could encounter limitations.Lee also sees that some of the services don’t necessitate blockchain technology. It is unlikely that any clear winners will emerge in the short term; therefore, it is vital for the industry to approach this issue with prudence, he added.

Upbit upgrades matching engine to process KRW 1 quadrillion trading volumeSouth Korea’s largest cryptocurrency exchange Upbit has enhanced its matching engine — which matches buy and sell orders from users on the exchange — to be able to handle a daily trading volume of KRW 1 quadrillion (approximately $757.3 billion), according to local news outlet Kyunghyang Games.Photo by Maxim Hopman on UnsplashBecause the crypto market operates nonstop without limits to time or borders, having a solid infrastructure that can seamlessly handle large amounts of data is crucial. Upbit has thus been working on its so-called “Stairway to Heaven” project for the past two years to upgrade its trading infrastructure, including its matching engine.Constant upgradesThe Stairway to Heaven is a long-term project in which Upbit’s operator Dunamu has invested a total of KRW 10 billion (approximately $7.6 million) to adjust to the rapidly advancing crypto industry and improve the performance of the entire market system. The upgradesThe main goal of the project is to upgrade Upbit’s matching engine to be cloud-native and horizontally scalable. The engine is now capable of supporting more than 40,000 transactions per second — a 25-fold increase from the previous version of the engine — allowing it to respond efficiently to surges in user traffic. In the event of a traffic spike, the system can handle more than 100,000 transactions per second with additional servers, the exchange said.“Unlike the way traditional finance approaches ledger management, our cloud-native architecture allows us to flexibly respond to surges in traffic,” Upbit said. “We will continue to make various system improvements to offer a stable investment environment.”Elevating the user experienceIn addition to upgrading its matching engine, Upbit has recently revamped its UI/UX to include price chart updates by second increments and an overview of profits and losses. The exchange plans to continue its multifaceted efforts in service quality, security and investor protection to become a domestically and globally recognized exchange.