Haru Invest executives arrested for $750M crypto embezzlement

Singapore’s Central Bank Paves the Way for Digital Asset NetworksSingapore’s Monetary Authority (MAS) has taken a significant step towards the future of digital assets by proposing a comprehensive framework for the design of open and interoperable networks for tokenized digital assets.Photo by Pixabay on PexelsDetailed frameworkIn a report published on Monday, titled “Enabling Open & Interoperable Networks,” MAS presented a detailed framework aimed at understanding the design options necessary to facilitate the seamless trading of digital assets across diverse networks and liquidity pools. The framework is rooted in the core principles of financial market infrastructure and draws inspiration from cutting-edge projects that have been at the forefront of advancing these concepts.To ensure a robust and comprehensive approach, the report was jointly developed with subject matter experts from the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructure (CPMI), with valuable contributions from prominent financial institutions including DBS Bank, JP Morgan, HSBC, SBI Digital Asset Holdings, Standard Chartered, and UOB.MAS defines digital asset networks as platforms that leverage distributed ledger technology (DLT) or blockchain to enable secure and efficient transfers of digital assets without the need for traditional intermediaries. These networks serve as the foundation for open and interoperable infrastructure, facilitating the issuance, transfer, and custody of digital assets. By promoting transparency, efficiency, and trust, the report suggests that they will play a pivotal role in shaping the digital asset ecosystem.Project GuardianThe report underscores the immense potential of digital asset networks in a future financial landscape, where digital assets and currencies can be seamlessly exchanged across different networks. MAS believes that these networks could revolutionize the way financial transactions occur, leading to increased efficiency and expanded possibilities. The framework also lays the groundwork for future exploration as part of the Project Guardian initiative, encompassing additional focused themes such as Trust Anchors and Institutional DeFi.MAS has also announced the expansion of Project Guardian to include a broader range of financial asset classes. The project now features an industry group comprising 11 leading financial institutions that will spearhead industry pilots in asset and wealth management, fixed income, and foreign exchange. Esteemed banks such as HSBC, Standard Chartered, DBS, and Citi are set to conduct multiple trials focusing on tokenization. For instance, Standard Chartered, in collaboration with Linklogis, is developing an initial token offering platform to issue asset-backed security tokens listed on the Singapore Exchange.Despite its cautious stance on cryptocurrency speculation, MAS recognizes the immense potential for value creation and efficiency gains within the digital asset ecosystem. Leong Sing Chiong, MAS’ Deputy Managing Director of Markets and Development, emphasized the authority’s optimism, stating: “We see significant potential for value creation and efficiency gains in the digital asset ecosystem.”This latest initiative by MAS comes on the heels of its recent proposal for standards governing the use of digital money, including central bank digital currencies (CBDCs) and stablecoins. Singapore’s central bank is paving the way for the future of digital assets and making a strong effort to assert its position as a global leader in digital asset innovation through the establishment of this framework alongside industry collaboration.

Bizplay Improves Payment Experiences for Foreign Tourists in South KoreaBizplay, a cost management solutions provider, is gearing up to introduce a mobile payment service for international visitors to South Korea. This innovative service will empower tourists with the convenience of seamless transactions across a nationwide network of 1.75 million merchants who accept ZeroPay, a QR code-driven mobile payment platform.Photo by Federica Bisso on UnsplashBlockchain involvementOn September 7, Bizplay joined HIVEX Network, the cross-border payment system of blockchain tech company TBCASoft. This collaboration opens up opportunities for Japanese and Taiwanese tourists in South Korea to access the same payment services they are accustomed to in their home countries.Native apps and currenciesBy the first half of next year, these tourists will be able to readily identify ZeroPay-accepting merchants in their native apps without having to install a separate app, and they will have the ability to pay in native currencies such as Japanese yen and New Taiwan dollars without the cumbersome process of currency conversion.Once integrated with the HIVEX Network, Bizplay’s services will be available in all member countries of the HIVEX Network. By strengthening its partnerships with global payment companies, Bizplay aims to facilitate easy payments for the 4.5 million Korean users of its BeplePay, another app similar to ZeroPay, when they travel abroad in the latter half of 2024.Kim Hong-ki, CEO of Bizplay, expressed his excitement that international tourists in Korea will soon be able to enjoy a convenient travel experience by easily making payments with their native apps at ZeroPay-accepting shops. He further emphasized the company’s commitment to leveraging its technology and extensive global network to expand its services, with the aim of meeting the diverse needs of consumers.

Wemade has agreed to onboard Ritmi – a blockchain-based, Free-to-Play dance and rhythm mobile game built by UAE-based game developer Ritmi Games – onto its blockchain gaming platform WEMIX PLAY, according to an official Medium announcement on Friday (KST). It will be the first game of its kind in the WEMIX ecosystem.Photo by Kelli McClintock on UnsplashRhythmic funIn Ritmi, players can earn points by following the motions displayed on the screen in time with the music playing in the background. The game offers engaging and entertaining content like customizable avatars, personal music collections and dance battles. “We are pleased to partner with Wemade as pioneers in the gaming industry. We believe that together Wemade and Ritmi can sound harmonious in the gaming market,” said Ritmi Games CEO Kate Koroleva. Wemade’s global expansionThis rides on the coattails of Wemade’s recent efforts to expand its presence in the UAE. Last month, it became the first South Korean gaming company to form a partnership with the Dubai International Financial Centre’s (DIFC) Innovation Hub, where it plans to establish a WEMIX Play Center. It also partnered with the Dubai Chambers to contribute to advancements in the global Web3 and gaming industry.  On a broader scale, Wemade has been consistently securing partnerships with various developers in other regions as well, including North America, Europe and Asia.