Philippines follows through on Binance ban

Crypto Travel Rule solutions provider CODE obtains ISO 37301 certificationCODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit, announced on Wednesday (local time) that it has obtained the ISO 37301 certification for compliance management systems (CMS) from the Korea Compliance Initiative (KCI).Photo by Héctor J. Rivas on UnsplashBoosting complianceISO 37301 is an international standard that outlines the requirements and guidelines for an organization in establishing, developing, implementing, evaluating, maintaining and improving a CMS. It provides a framework for organizations to ensure that they are following all relevant and applicable laws, regulations, codes of conduct and more to exercise good governance, transparency and accountability.CODE has taken the initiative to bolster its CMS to provide more secure and reliable Travel Rule solutions by analyzing and managing compliance risks. The firm’s CEO Lee Sung-mi is responsible for overseeing these efforts as the recently appointed head of compliance. Through these measures, the company explained that it has been capable of building a system to comply with strict international standards.The Travel Rule under the Financial Action Task Force’s (FATF) Recommendation #16 outlines that virtual asset service providers (VASPs) must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.CODE is also running mandatory training sessions and various programs for all employees to ensure adherence to compliance requirements. In particular, the firm operates a system to monitor Travel Rule compliance risks that may arise during cryptocurrency deposits and withdrawals.“Beyond establishing a robust compliance management culture as a Travel Rule solution provider, we will continue to work with our corporate members to ensure that this culture can be more widely adopted across the crypto industry,” said Lee Sung-mi.Contributing to anti-money launderingCODE has also recently teamed up with global blockchain analytics and crypto compliance solutions provider Elliptic to help Korean VASPs adapt to the evolving international regulatory landscape for anti-money laundering (AML) and the crypto Travel Rule.

Kandle Secures Funding for Platform DevelopmentSingapore-based crypto fantasy GameFi startup Kandle has recently secured $1.7 million in a seed funding round, with Saama Capital, a venture capital firm that invests in early and growth stage tech sector companies, leading the investment.Other participants in the funding round included PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Sumit Gupta, CEO of crypto investment platform CoinDCX.The GameFi concept is an innovative fusion of blockchain technology, gaming, and decentralized finance, allowing players to earn cryptocurrency and non-fungible tokens (NFTs) while playing games on the platform. Additionally, GameFi enables the transfer of in-game items to the virtual world, enabling trade on NFT marketplaces and crypto exchanges.Photo by Towfiqu barbhuiya on UnsplashExpansion plansKandle stands out by offering fantasy games that incorporate crypto tokens, where players compete to win various rewards. Already gaining traction in Southeast Asian countries like Indonesia and Vietnam, as well as in burgeoning markets such as Nigeria and India, Kandle has ambitious plans to expand its footprint across Asia and North America.As part of its efforts to realize that expansion, funding is being used to build out the Kandle platform further, expanding its user base into the bargain. Founder Jaideep Yadav expressed enthusiasm about the potential of gaming and crypto coming together, positioning Kandle at the forefront of this evolving landscape.Yadav stated: “There is a massive opportunity at the intersection of gaming and crypto, and we’re excited to be at the forefront of this evolution in crypto fantasy gaming. Super grateful for the unwavering support of our investors as we forge ahead in bringing the vision of Kandle to fruition. “Project roadmapLooking ahead, Kandle aims to unveil its project roadmap, which will include token issuance, token utility, and a play-and-win model designed to reimagine the play-to-earn ecosystem. Notably, Kandle has taken a unique approach by prioritizing the development of a fully functioning, sustainable gaming product based on sound gaming principles rather than merely focusing on project tokens. The team plans to integrate smart contracts to ensure transparency, security, and fairness in the gaming experience.Ash Lilani, the Managing Partner at Saama Capital, commented on the importance of making the crypto industry safer for the next wave of users. He praised Kandle’s gamified approach for providing a secure and unique way for users to engage with crypto without taking direct exposure to any specific coins.Kandle’s funding success signifies the increasing interest and investment in the GameFi space, which merges the excitement of gaming with the possibilities offered by blockchain and cryptocurrencies. News of the investment comes within the same time frame as an announcement by Sky Mavis, the team behind Axie Infinity, which is also Singapore-headquartered, which sees it partner with CyberKongz, an Ethereum-based non-fungible token collection.The development of blockchain gaming has not progressed in a neat straight line. It’s been imperfect but ongoing activity in the sector suggests that ultimately, GameFi start-ups will continue to evolve until such time as a mass market breakthrough is made in gaming.

Jersey-headquartered Komainu, a digital asset custodian backed by Japan’s Nomura Holdings, is in the process of acquiring Propine Holdings, a Singaporean competitor. Subject to approvalKomainu has signed an agreement in principle with Propine to acquire the company, according to a press release published on Oct. 22 by PR Newswire on behalf of the two firms. One of the key elements in completing the deal is attaining the approval of local regulator the Monetary Authority of Singapore (MAS). This is Komainu’s first acquisition, and according to the firm’s co-CEO Paul Frost-Smith, it will be the first of several. According to Bloomberg, Frost-Smith stated in an interview that “an absolutely key factor in building” the business is obtaining access to Propine’s Capital Market Services license, which the company was awarded in Singapore. Frost-Smith described the acquisition as "setting ourselves up for the future with a licensed platform that we can grow." The company intends to further its efforts in terms of compliance by applying for a Major Payment Institution (MPI) license in Singapore. Komainu is motivated in developing in this manner as it has identified increasing demand from established institutions in Singapore for advisory services.Photo by RDNE Stock project on PexelsStrategic hubThe Komainu co-CEO said that the Asia-Pacific (APAC) region was central to Komainu’s heritage. With that, he added that Singapore is “an important strategic hub for Komainu in Asia and Propine will enhance our capabilities in meeting the significant client demand we are experiencing, including for Komainu Connect, our collateral management service, which is already extensively utilised by our investor clients in Hong Kong, Singapore, Malaysia, Thailand and Australia.” Back in August, global crypto exchange platform Bitfinex signed a memorandum of understanding (MOU) with Komainu Connect, with a view towards enhancing trading security. In July Komainu was added by crypto infrastructure firm Fireblocks to its Global Custodian Partner Program. The Japanese market has been one that Komainu has been focusing on. Frost-Smith asserted that it will serve as a major hub for the company, given that it is home to its primary backer, Nomura.  In November 2023, the company partnered with Crypto Garage, a regulated Japanese crypto-asset financial services firm. The collaboration extended Komainu’s dealings with the firm, given that it had invested in Crypto Garage’s parent company, Digital Garage, previously. At the time, the companies claimed that the partnership would allow them both to leverage their collective expertise. Komainu has also been following a regulatory-compliant path in other markets. In the UK, where it’s stationed, it received permission from the Financial Conduct Authority (FCA) to operate as a crypto custodian in October 2023. In August of the same year, it was awarded an operating license by the Virtual Asset Regulatory Authority (VARA) in Dubai. Alongside Nomura, the company was also established with the backing of digital asset security firm Ledger and digital asset investment manager CoinShares. Earlier this year, Komainu was approved by Nasdaq to be a core custodian relative to its suite of crypto indices.