Worldcoin launches in Singapore post India hiatus

MultiBank Group, a global financial derivatives company headquartered in Dubai, has partnered with two other United Arab Emirates (UAE)-based firms, real estate giant MAG and tokenized real-world asset (RWA)-focused blockchain infrastructure provider Mavryk, in a $3 billion tokenized real estate deal.Photo by Tierra Mallorca on UnsplashWhile a large proportion of MAG's business activities center around the Dubai real estate market, MAG Group is a multinational conglomerate with a portfolio that includes commercial and residential developments and high-end luxury real estate projects.  According to a press release published on May 1, this $3 billion deal implicates MAG’s luxury developments, such as The Ritz-Carlton Residences in Dubai and other properties located within the Keturah Resort and Keturah Reserve in the UAE’s most populous city. These properties will be tokenized and hosted on the blockchain through MultiBank.io’s regulated tokenized RWA marketplace. Mavryk will provide the necessary infrastructure, with the tokenized assets running on its blockchain network. The deal provides another indication of the growing role of tokenization, with it being the largest tokenized RWA deal to have been put together to date. The Mavryk Network testnet was launched in February, with Mavryk Network developer Mavryk Dynamics securing $5 million in funding to establish a tokenized RWA network economy. In this instance, Mavryk will provide support in terms of on-chain asset issuance and DeFi integrations. Not just a real estate dealTalal Moafaq Al Gaddah, senior executive vice chairman of MAG, said that the project “marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain.” Al Gaddah also commented on the MBG token, stating:“$MBG token provides ecosystem utility, including trading discounts, early access to properties, and a deflationary buyback-and-burn model.” MBG is a MultiBank utility token which features deflationary tokenomics. It will be used to enable staking and lower trading fees. The token is scheduled to be launched on June 2. MultiBank.io Founder and CEO Zak Taher highlighted the importance of the token launch alongside this tokenized real estate deal. He stated:“This isn’t just a real estate deal — it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure.” Dual utilityAl Gaddah referred to the duality of the tokenized real estate offering:“Tokenized assets issued by MultiBank will have dual utility. Within the MultiBank Group, they can be used as collateral for derivatives, creating a seamless bridge between traditional finance and tokenized assets.” RWA tokenization has been gaining momentum within the UAE recently. It emerged last month that the Dubai Land Department (DLD), a government agency responsible for the registration of real estate in Dubai, had signed an agreement with local regulator the Virtual Assets Regulatory Authority (VARA) to integrate tokenized real estate within existing systems.  Around the same timeframe, blockchain technology firm Serenity signed a partnership with Dubai’s MTA Real Estate to develop a tokenized real estate platform. Last year RWA-focused layer-1 blockchain project MANTRA Chain announced that it would tokenize $500 million in real estate assets in Dubai.

With the Chinese autonomous territory of Hong Kong having introduced its new Stablecoins Ordinance on August 1 and local taxi operators required to facilitate two forms of digital payment from April 1, 2026, a case is being made that this eventuality lends itself to an ideal test case for stablecoin payments.Photo by The Transport Enthusiast DC on UnsplashA perfect test caseIn an opinion piece published by Bloomberg on Aug. 3, columnist Andy Mukherjee asserted that Hong Kong taxis would be “a perfect stablecoin test case,” suggesting that the timing is ideal for stablecoins, given that a new licensing regime has come into effect via the city’s Stablecoins Ordinance.  In an interview, Franz Bergmueller, CEO of Switzerland-headquartered crypto bank AMINA Bank, said that “stablecoins for me are a killer use case.” On social media, AMINA Bank claimed that it would be “a major step in the right direction” if Hong Kong taxis start to accept stablecoin payments from customers. It emerged last December that the city’s taxi drivers would be required to install both electronic payment facilities and navigation systems, based on a filing made to Hong Kong’s Legislative Council. The filing outlined that while some taxi drivers currently offer electronic payment options, many insist on cash payment. The city’s Transport and Logistics Bureau suggested that “drivers offer at least two electronic payment options, including both QR code and non-QR code methods.” Stablecoin payments overseasThere has been some limited use of stablecoins as a payment method by taxi services in places with unstable currencies such as Argentina and Venezuela. The world’s most popular ride-hailing service, Uber, is understood to be studying the feasibility of offering stablecoin-based payments. In 2024, Asian rival Grab commenced accepting crypto, including the USDT and USDC stablecoins, as a means of payment for ride-sharing and food delivery services in Singapore. Last month, it extended that facility to its platform users in the Philippines.In June it emerged that Tawasul Transport, a taxi service in Abu Dhabi in the United Arab Emirates (UAE), had partnered with Al Maryah Community Bank (Mbank) and Abu Dhabi’s Department of Municipalities and Transport to launch a pilot program implicating the use of AE Coin, a UAE dirham-pegged stablecoin, as a means of payment. Bloomberg’s Mukherjee suggests that for entities now applying for stablecoin licensing, this new digital payment requirement for Hong Kong’s taxi services could provide an immediate segue to onboard users and make a new stablecoin product popular. Mukherjee places specific emphasis in this regard on what actions Ant Group may take. It emerged recently that Ant Group, an affiliate of the Alibaba Group, intends to apply for stablecoin licensing across Asian markets, including Hong Kong. The company is already a leader in Asia in digital payments through Alipay, which serves 1.3 billion users.Although Ant Group is based in mainland China, Hong Kong would offer the company the opportunity to test the establishment of a stablecoin for retail payments.

Korea’s Premier Law Firm to Jointly Hold Seminar on Preventing Crypto ExploitsKim & Chang, a leading law firm in South Korea, has announced its collaboration with crypto exchange operator Dunamu to host a seminar on anti-money laundering (AML) and the prevention of crypto exploits. The event will take place at Korea University on Thursday, as reported by Moneytoday.Photo by David McBee on PexelsInauguration of a digital asset forumThe seminar is being organized by the Digital Assets Policy Forum, an organization dedicated to developing the digital asset market and safeguarding investors. The inauguration ceremony of the forum will also be held at the event.Talks by distinguished figuresThe seminar will commence with a keynote speech by Aaron Bice, Senior Subject Matter Expert at Chainalysis, a blockchain data analysis firm based in New York.Following Bice’s address, several distinguished individuals from South Korea will deliver presentations. Ahn Chang-kook, a high-level official from the Financial Intelligence Unit at the Korean Financial Services Commission, will elucidate the challenges and solutions associated with crypto exploits. Oh Jeong-eun, a prosecutor from the Incheon District Prosecutors’ Office, will provide insight into the investigations of unlawful foreign exchanges in banks and their implications. Advisor Ko Cheol-soo of Kim & Chang will shed light on the evolving global landscape of AML regulations in the crypto sector. In addition, Kim Kwang-hoon, a manager at Dunamu, will explore the topic of crypto AML systems.Panel discussionsA representative from Kim & Chang said that the event will gather a diverse group of experts in digital asset regulation, policy, and law from various sectors, including government, academia, and industries. These experts will not only deliver informative presentations but also actively engage in panel discussions during the event.