BingX signs sponsorship deal with English Premier League club

Taiwan police uncover $320M crypto money laundering operationTaiwan police have recently exposed the largest cryptocurrency money laundering case in the nation’s history, involving 320 million USDT (approximately 10.5 billion New Taiwan dollars).Photo by DrawKit Illustrations on UnsplashCross-border laundering operationIt emerged on Tuesday that the Electronic Investigation Team of the Criminal Bureau initiated their probe after uncovering a fraudulent scheme related to a counterfeit Taishin Securities mobile software last year. This led them to a merchant with the surname Qiu, the alleged mastermind behind this operation who was suspected of laundering substantial sums through virtual currency.Qiu is believed to have maintained connections with overseas gambling and fraud groups, engaging in cross-border communication with illicit organizations in countries including Hong Kong, Malaysia and the Philippines.Their investigation revealed that Qiu had been conducting transactions involving 320 million Tether US dollar stablecoins since February of the previous year. In June, law enforcement apprehended Qiu during one of his visits to Taiwan, along with four alleged accomplices.High value goodsDuring the operation, authorities seized high-value assets from Qiu, including a Lamborghini Urus, a Lexus LM and three Audemars Piguet watches, with a combined market value exceeding TWD 13 million. The lavish lifestyle maintained by Qiu, evident from his luxury cars and high-end watches, serves as a stark reminder of the extensive underground economy driven by money laundering.Evidence from the operation suggested Qiu’s involvement in handling illicitly obtained Tether coins worth approximately TWD 70 million. Further investigations uncovered that Qiu regularly sold virtual currency and converted it into cash to effectively obscure the money’s origins, accomplishing the goal of laundering.In piecing the activities of the group together, police determined that victims were instructed to transfer their funds to fictitious accounts. In that way, the money found its way to crypto exchanges and individual crypto traders under the direction and control of the group.Qiu would also retain a 1% profit margin from the laundered amount. Several other individuals were implicated in this extensive operation, including a foreign affairs officer named Liao and two other individuals named Chen and Huang. Each of these individuals is presently under investigation, with varying levels of bail and restrictions imposed.The intricate web of transactions and the substantial amount laundered by Qiu have surpassed previous records held by the Electronic Investigation Team. As investigations continue, law enforcement is determined to uncover the full extent of this operation and trace the entirety of the money flow.Taiwan’s legislators are currently working on producing a regulatory framework for crypto in the country. The only regulatory aspect that is covered right now is oversight relative to anti-money laundering (AML) and know-your-customer (KYC) regulation. In 2018 Yang Chin-long, Taiwan’s central bank Governor, called for a need to regulate crypto on the basis of existing AML rules, with the authorities subsequently following through on that measure.In July 2022, the country’s Financial Supervisory Commission (FSC) penned a letter to the banking sector, banning the purchase of digital assets via credit cards.

South Korean Firms Combine Strengths to Draw Hobbyists into the MetaverseCom2Verse, the metaverse subsidiary of South Korean game developer Com2uS, has formed a partnership with Somssidang, a leading hobby sharing platform, and Hana Bank, a prominent financial institution, to attract hobbyists to the metaverse.That’s according to a report by local news agency Newsis. This collaboration aims to create an infrastructure within Com2Verse’s metaverse that offers hobby classes and extends financial support to class providers.Photo by Steve Johnson on UnsplashSeminars and classes in metaverseThrough the combined expertise of the partnering companies, they strive to deliver engaging seminars and interactive classes in the metaverse, while actively promoting and expanding its ecosystem.Com2Verse plans to enable its metaverse users to partake in virtual as well as face-to-face courses offered by Somssidang. This will establish an environment conducive to the growth of hobby-related businesses, effectively bridging the gap between the physical and virtual realms. Somssidang, on its part, aims to expand its operations by providing high-quality content materials, such as classes by distinguished experts, to Com2Verse.Somssidang, boasting a user base of 1.2 million, stands as Korea’s largest hobby platform. The platform is currently offering a wide range of hobby classes, both online and in-person, across the nation. In addition to organizing lectures, Somssidang sells a wide range of do-it-yourself kits, as well as tickets for concerts, exhibitions, and tours. Furthermore, Somssidang provides specialized hobby workshops that are specifically tailored to meet the needs and preferences of business customers.Financial groundworkHana Bank, in collaboration with Com2Verse, will lay the financial groundwork necessary to support the metaverse. This partnership includes extending financial assistance to small business participants within the metaverse and promoting recreational activities for socially marginalized groups.CEO statementsCom2Verse CEO Lee Kyoung-Il expressed his conviction that the company’s metaverse will go beyond the traditional realm of online classes, offering educational courses that exceed expectations. He also emphasized the metaverse’s capacity to provide a diverse range of services, enabling users not only to enjoy their hobbies but also to achieve personal fulfillment. Somssidang CEO Jeong Myeong-won affirmed the platform’s commitment to developing content and services tailored specifically to the metaverse.Kim So-jung, Deputy President of Hana Bank, said this opportunity would converge cultural and financial sectors to realize our daily lives onto the metaverse. Kim added that Hana Bank is committed to ongoing strategic cooperation with the other two partners to deliver innovative financial services and fulfill its social responsibilities.

Polymesh’s APAC Digital Asset Regulation Report Highlights ChallengesThe project team behind Polymesh, an institutional-grade permissioned blockchain built specifically for regulated assets, released a report on digital asset regulation within the Asia Pacific (APAC) region on Tuesday, highlighting several challenges that regulators are attempting to overcome.In a press release, the company outlined that the report covers recent regulatory developments in South Korea, Singapore, Hong Kong, and the broader APAC region.Photo by Jéan Béller on UnsplashProgressive regulatory effortsRegulators within the APAC region are currently striving to introduce legislation for digital assets, while several centers within the region are vying to establish themselves as hubs for digital asset-related business.The report explores the individual efforts of regulators in various APAC nations as they work towards crafting regulatory frameworks tailored to their jurisdictions. Those efforts encompass implementation, investigation, and enforcement of legislation in a borderless industry.Regulators in South Korea, Singapore, and Hong Kong have all embarked on formulating rules for emerging asset categories, albeit using different terminologies such as “digital assets,” “digital payment tokens,” and “virtual assets.” Their focus lies in striking a balance between consumer protection, market integrity, and industry development.Additionally, all three regulators adhere to the principle of “same activity, same regulations, same risks” when it comes to tokenized securities. They argue that regulatory requirements do not significantly differ solely because a security is in tokenized form. Each state has been actively engaged in local and global activities surrounding security tokens, including state involvement in the advancement of security token technology and cross-border transactions.Main findingsThe report’s main findings emphasize that while regulators in the APAC region are making strides in introducing digital asset legislation, the road ahead will not be without challenges.Legislating a cross-border industry poses difficulties that necessitate harmonization to foster a robust and interconnected ecosystem. Digital assets originating in Asia can be traded globally and vice versa. Merely identifying the asset’s place of origin is no longer sufficient.Although the report delves into the efforts of individual regulators, it emphasizes the need for long-term collaboration to establish a unified vision and practical implementation of regulations for this borderless phenomenon.Regulatory challengesThe regulatory challenges faced by South Korea, Singapore, and Hong Kong in driving the growth of digital assets in the APAC region are multifaceted. They include the intricacies of legislating an inherently cross-border industry. In turn, that can lead to the potential violation of legislation from other jurisdictions.The lack of harmonization among different jurisdictions, and variations in regulatory approaches among the three regulators are likely to be problematic. Furthermore, there are push-pull dynamics between the industry and regulators, with even the regulators themselves not always in agreement.However, despite these challenges, all three regulators have initiated the formulation of rules for new asset categories, with a strong emphasis on safeguarding consumer interests, maintaining market integrity, and fostering industry development.