Animoca Brands makes key appointment to drive Japanese market expansion

Potential of Blockchain Technology in Korean JournalismDuring a journalism conference held in Korea, the founder of a blockchain-based news app provider delivered a talk to underline the potential of blockchain technology in journalism, according to a press release by blockchain-based news app provider Publish.©Pexels/Suzy Hazelwood2023 World Journalists ConferenceThe 2023 World Journalists Conference, hosted by the Korean Press Association, commenced its six-day run on Tuesday, marking the event’s eleventh iteration. Being convened for the first time in four years due to the COVID-19 pandemic, the conference saw the attendance of over 70 journalists from 50 countries who were gathered to discuss the future of journalism in the context of digital transformation.Token reward systemKwon proposed a revenue model for media companies that incorporate a token reward system to encourage reader engagement.Under this system, news enthusiasts can participate in various activities, such as reading and sharing articles, or leaving comments, and be rewarded with tokens. This approach can foster a sustainable community and cultivate a loyal customer base, enabling writers to prioritize journalism over creating clickbait articles. A more efficient advertisement distribution process can also be achieved through this system.Blockchain technologyThe news app developer aims to implement blockchain technology to enhance, rather than dismantle, the existing journalism model. Blockchain technology can be used to record and validate every activity in the news industry, which can then be rewarded with cryptocurrencies.Publish’s decentralized identifier (DID) app enables users to take part in surveys without revealing their personal information, and will also support fundraising for news writing.NFTsMedia companies can also explore additional revenue streams by creating non-fungible tokens (NFTs). By tokenizing their articles and photos, firms can establish ownership and authenticity, facilitating more efficient transactions.Kwon noted that this blockchain-driven incentive system not only allows media organizations to improve their user experience, but also empowers readers to engage with journalism as active stakeholders, sharing its value in various ways.

Sygnum Bank Achieves In-Principle MPI Licence Approval in SingaporeIn a significant milestone for its expansion efforts in Singapore and Southeast Asia, Sygnum Singapore has announced that it has received in-principle approval for its Major Payment Institution Licence (MPIL) application from the Monetary Authority of Singapore (MAS).Photo by Dids on PexelsOngoing global expansionThe Swiss-Singapore firm, headquartered in Zurich with an operational base in Singapore, disclosed this news via a press release published on Monday, marking a major stride forward for the company in its regulated crypto brokerage services.The world’s first digital asset bank also has offices in Abu Dhabi, the United Arab Emirates (UAE) capital, and Luxembourg. The digital assets innovation is progressing on a truly global basis. It’s also developing according to differing timelines on a regional basis relative to the regulatory approach being taken within individual jurisdictions. On that basis, we are seeing a move from many leading digital assets firms to expand internationally to benefit from jurisdictional regulatory arbitrage and in an effort to grow such businesses quickly, with a global reach.MPIL licensing significanceThe MPIL license will empower Sygnum Singapore to introduce a regulated crypto brokerage service that offers a fiat-digital asset gateway and facilitates trade execution for various cryptocurrencies. The platform aims to differentiate itself by providing competitive spreads, high liquidity, and swift trade settlements, in an effort to offer investors a seamless and efficient trading experience.This approval follows the extension of the Capital Markets Licence (CMSL) granted to Sygnum Singapore in 2022. With the CMSL extension, the company was able to launch an array of services encompassing corporate finance advisory, capital market products, and asset and security token custodial services.Wave of regulatory approvalThe approval of Sygnum Singapore’s MPIL application comes at a time when Singapore is witnessing a wave of regulatory acceptance for digital asset companies. Crypto.com and Circle are among the firms that have recently been granted full licenses, signifying a positive trend in the recognition and regulation of the digital asset industry in Singapore.Gerald Goh, Co-Founder and CEO of Sygnum Singapore, expressed his enthusiasm about the in-principle approval, highlighting its importance in the company’s growth plans: “This in-principle approval of our Major Payment Institution Licence by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia.”He emphasized that Singapore’s regulatory framework provides the necessary clarity and confidence for investors to participate in the digital asset market: “Like Switzerland, Singapore has a progressive, robust regulatory framework that provides investors the clarity and confidence to invest in digital assets — and Future Finance — with complete trust.”The approval of the MPIL application is expected to bolster Sygnum Singapore’s position as a leading regulated digital asset service provider in the region. By obtaining this license, Sygnum strengthens its global position within the digital assets space while complementing Singapore’s efforts to develop as a regional crypto hub.

Beleaguered Indian crypto exchange WazirX took to social media on April 21 to clarify to the company’s creditors that it is moving closer towards restarting the platform. While the company hasn’t gone into bankruptcy following a $230 million platform hack which occurred in July of last year, it is going through a restructuring process via the Singapore High Court. Posting on the X social media platform, the company addressed concerns surrounding the restarting of operations.  It said that it understood that users were keen to see the platform restart, while reminding stakeholders that from the outset of the process, it had forecasted a first distribution of user funds and a restart of the platform within the April to May 2025 timeframe. Photo by matthew6910 on UnsplashMay court hearingThe firm outlined that its parent company, Zettai PTE Limited, has accomplished all steps to date, in order to bring about the re-emergence of the platform. It has put forward a scheme of arrangement to the court to distribute assets available to it to creditors and bring the trading platform back online.  It identified a May 13 court date as being pivotal to these plans, when the Singapore High Court will hold a sanction hearing and determine whether it confirms the company’s restructuring plan. WazirX added: “While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process. After the Scheme is sanctioned, the First Distribution and restart will follow within 10 business days from the Effective Scheme Date, as outlined earlier.” 85% payoutEarlier this month, 93% of WazirX creditors, accounting for 94.6% of the overall funds owed, voted in favor of the company’s restructuring plan. As part of the plan, users would be compensated with a payout over several distributions of 85% of the overall funds they held on the platform as of July 18, 2024. The company also plans to issue creditors with a recovery token, in an effort to provide them with further value over time. This communication from the company followed the announcement of a court judgement last week by India’s Supreme Court dismissing a lawsuit filed by 54 WazirX users who have lost funds due to the 2024 hack. While the action was dismissed, one of the plaintiffs pointed out on X that the Supreme Court hadn’t indicated that their action lacked merit. He added:”Our criminal writ petition against #WazirX & Nischal Shetty & others was dismissed on jurisdictional grounds.” On that basis, it would appear that the company may still have to deal with such a complaint if brought via a different forum. Over the course of the past 12 months, the WazirX hack stands out alongside an almost $1.5 billion hack at Bybit. In both cases, fingers have been pointed at notorious North Korean hacking group, Lazarus. According to a report published by Chainalysis last December, $2.2 billion had been stolen from crypto platforms in 2024.