Tax burden contributes to Indonesian crypto exchange trading slump

Crypto.com Complies with UK FCA’s New Digital Asset RulesWhile some Asian crypto platforms are struggling to comply with the United Kingdom’s Financial Conduct Authority (FCA) regarding new marketing-related rules that took effect on October 8, Singapore’s Crypto.com has confirmed its successful compliance. The firm is registered as FORIS DAX UK LIMITED on the FCA website.Photo by Paul Fiedler on UnsplashContinuing support for UK customersAs a result, UK customers can continue to access Crypto.com’s products and services without disruption. The company emphasized its commitment to strengthening its platform and presence in the UK market. Crypto.com stated that it fully supports measures aimed at enhancing consumer safety and security in the cryptocurrency industry. The company also expressed its ongoing cooperation with UK and international regulators to foster consumer confidence in the crypto sector.Effective from October 8, the FCA’s updated guidelines mandate that all crypto firms marketing their services to UK consumers must register with the FCA and adhere to relevant standards concerning risk disclosures and marketing practices.Regulatory compliance challengesWhile Crypto.com has managed to remain compliant, that’s not the case for all large and well-known crypto platforms. The FCA recently expanded its scrutiny of digital currency exchanges by adding Huobi and KuCoin to its list of unapproved and unregistered firms.The FCA alerted clients to the fact that these service providers were offering various crypto services in the UK without obtaining regulatory approval. This development follows a recent warning from the FCA, which highlighted several other crypto-focused companies.Binance’s compliance difficulties2023 has seen global crypto platform Binance struggle with regulatory compliance in various markets worldwide. In some jurisdictions where it has either decided to withdraw from the market or been asked to leave, the firm has taken the approach of still maintaining exposure to that market by establishing a partnership with a locally registered firm.In the UK, Binance has partnered with Rebuildingsociety.com, a peer-to-peer lending platform. However, its local partner has fallen foul of the UK's FCA. On Tuesday, the UK regulator issued a notice clarifying that Rebuildingsociety.com was not authorized to “approve the content of any financial promotion for a Qualifying Cryptoasset for communication by an unauthorized person.”Dubai-headquartered crypto exchange Bybit is another crypto business that has struggled with the FCA's new regulatory requirements. Last month the exchange denied reports that it was preparing to leave the UK market due to the new strict marketing rules. The following week the exchange confirmed that it would be leaving the UK market, ahead of the introduction of the new crypto marketing regulations.Crypto.com had received registration approval from the FCA in August 2022. At the time, CEO Kris Marsazalek stated:“We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”In June, the firm acquired a Major Payment Institution (MPI) license in its home market of Singapore from the Monetary Authority of Singapore (MAS). Around the same timeframe, the firm received a minimum viable product (MVP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai.

Korean Blockchain Firm Proposes Fintech Collaboration in CambodiaSouth Korean fintech and blockchain company KONDOR recently made an announcement through a press release regarding the establishment of a blockchain fintech advisory board in Cambodia. The firm has proposed a business agreement to the Securities and Exchange Regulator of Cambodia (SERC) with the aim of ensuring sustainable growth in the financial sector and capital markets.Photo by allPhoto Bangkok on PexelsFintech advisory boardThe advisory board comprises experts from various fields, including finance, economics, law, blockchain technology, fintech, and artificial intelligence. They will function independently, offering counsel on policy decisions.Sou Soucheat, Director General of SERC, highlighted that Cambodia is currently in the process of rebuilding and has a youth-driven economy and financial markets. He sees the collaboration with KONDOR as a valuable opportunity to develop a future-oriented financial system.The advisory board will see participation from KONDOR and other notable members, namely VEXK, a global digital asset exchange in Vietnam; Blue Contents, a Honolulu-based digital economy research center; and the Paññāsāstra University of Cambodia, a key player in the country’s educational field.KONDOR and VEXK have put forth a proposal for the joint establishment of a trust company and the pursuit of a custody license in alignment with Cambodia’s revised trust law of 2019.Procuring licensesFollowing the proposal’s approval, VEXK plans to procure a license as a digital asset exchange, as well as a license to establish a trust company. This would enable VEXK to effectively oversee clients’ digital and physical assets through accounts within the established trust company. The safety of these assets will be ensured through insurance coverage provided by reputable global insurers. Furthermore, VEXK will acquire the ability to facilitate USD trading and will retain the digital asset exchange license for five years.The license application will gain support from the SDG Impact Fund, a US-based organization managing $11 billion worth of assets, and the Estates & Infrastructure Exchange (EIX), a project bond exchange based in London.EIX CEO Mark Worrall said that active support from a securities regulator in the dynamic and expanding Web3 era would certainly contribute to Cambodia’s economic growth.

Lotte Data Communication, the IT service management unit of South Korean conglomerate LG Group, brought its hyperrealistic metaverse platform Caliverse and electric vehicle charging platform EVSIS to the stage at CES 2024, attracting great interest from stakeholders from around the world, according to an article by South Korean news outlet KG News.Photo by GuerrillaBuzz on UnsplashExploring tomorrow's technologyCES is one of the biggest annual tech conventions in the world organized by Consumer Technology Association, where companies and other industry leaders gather in Las Vegas to showcase their innovations and visions for a future led by advanced technology. This year’s event was held from Jan. 9 to 12.  AI takes the spotlightIn particular, user-engaging technologies such as generative AI received much attention at the convention, such as AI mobile scanning, which allows anyone to take a picture of their product with a mobile device and virtually create their own digital object in less than five minutes. Another new technology called metaverse live streaming allows users to interact with each other in the virtual space in real-time by replicating their appearance. Standing at the forefront of the IT industryLotte’s Caliverse platform provides deeply immersive content based on world-class technologies such as ultra-high-definition VR shots, image synthesis and real-time rendering graphics. It can also be experienced through a head-mounted display (HMD) as well as most other electronic devices such as 3D monitors, PCs and smartphones, maximizing user accessibility. The company also showcased various EV chargers and digital platforms that are used in its other new product EVSIS, gaining popularity among visitors at the event. Lotte aims to further establish itself as a global market leader in the IT industry based on these cutting-edge platforms.