Koscom strengthens ties with brokerages to boost security token platforms

Chinese City Unveils Plan to Develop MetaverseThe city of Zhengzhou in China recently announced a set of policy proposals aimed at supporting the growth and development of metaverse companies in the region. These initiatives, introduced by the municipal government, include the establishment of a dedicated fund worth 10 billion yuan ($1.42 billion) to facilitate the advancement of the metaverse industry.Photo by Jéan Béller on UnsplashDraft policy proposalsAccording to the government’s draft which was published on Wednesday, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to 200 million yuan ($28.34 million). In addition, these companies will be eligible for various other benefits, such as rent subsidies, to help facilitate their operations.It’s worth noting that the policy extends beyond companies with headquarters in Zhengzhou. Any company engaged in metaverse-related use case development within the city, regardless of their headquarters location, can apply for funding. Projects certified as viable by the municipal government can receive up to 5 million yuan ($710,000) in financial support.While the specific date for fund allocation has not been disclosed yet, the municipal government of Zhengzhou has outlined its long-term vision for metaverse development in the city. It anticipates that metaverse-related industries in Zhengzhou will generate an annual revenue exceeding 200 billion yuan ($28.34 billion) by the end of 2025.Stimulating metaverse developmentThese policies apply to local enterprises operating in two distinct areas. Firstly, research endeavors focused on metaverse-related technologies, such as virtual reality, augmented reality, and brain-computer interfaces, are eligible for support. Secondly, the utilization of metaverse technologies in real-world industries, including education, entertainment, and commerce, can also qualify for funding.In addition to the dedicated fund, the government of Zhengzhou plans to collaborate with other governmental agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion) in funding. This funding will be allocated to support various metaverse-related development projects. Furthermore, the city intends to provide cash rewards to metaverse companies upon their listing on China’s primary stock exchanges, aiming to incentivize growth and market participation.The comprehensive plan encompasses crucial technologies in the metaverse industry, such as blockchain, next-gen computer rendering, human-computer interfaces, and artificial intelligence. Furthermore, it strives to establish a digital asset market leveraging non-fungible token (NFT) technology.Broader metaverse strategyZhengzhou joins a growing list of Chinese cities and provinces that aspire to become leaders in the country’s metaverse development. The metropolis of Shanghai, located in the southeastern region, is actively pursuing its own metaverse aspirations. It predicts that its metaverse industry will achieve annual revenues of 350 billion yuan ($49.6 billion) by the year 2025.Elsewhere in China, there has been plenty of activity relative to Metaverse development. Zhengzhou belongs within Henan Province, and at a provincial level, administrators established a metaverse fund earlier this month. Around the same time-frame, Alibaba Cloud, the cloud division of the Chinese e-commerce giant, partnered with layer one blockchain project Avalanche with a view towards creating a metaverse launchpad.As the metaverse continues to evolve and gain prominence worldwide, it will be intriguing to observe the progress and impact of the policies implemented by Chinese cities like Zhengzhou. The concerted efforts to foster metaverse development reflect a broader global trend of recognizing the significance of virtual environments and their potential to reshape various aspects of society.

Su Zhu, the co-founder of the now-defunct Singaporean crypto hedge fund Three Arrows Capital (3AC), raised some eyebrows within the crypto community recently, having shared unconventional thoughts on his time spent in a Singaporean prison. Zhu's arrest took place in October of last year in Singapore, where he was apprehended while attempting to flee. Liquidators of 3AC had tipped off police in the city-state that Zhu was going to Changi airport, a number of days after they had secured a court order against him for failing to cooperate with their efforts to wind up the company. Alongside his business partner, Kyle Davies, Zhu was sentenced to four months in prison for contempt of court following a committal order.Photo by Christian Lue on Unsplash‘Enjoyable experience’Clips from an unreleased podcast were published on social media on Monday, in which Zhu referred to his time in prison as an "enjoyable experience overall." In the video podcast, Zhu expressed gratitude for his incarceration, even going so far as to claim that he had the "best sleep" of his life while behind bars. Zhu suggested that everyone should have the opportunity to experience prison at least once, believing it to be a beneficial and enlightening experience. He provided insights into his daily life during incarceration, emphasizing the simplicity of entertainment and drawing parallels with activities from "ancient days." The disgraced crypto boss discussed the routines and privileges within the prison facility, including access to ample reading material, opportunities for exercise and a structured diet. He highlighted the ability to read books and engage in physical activities like push-ups during his time in prison. What particularly impressed Zhu was the quality of sleep in the prison environment. He also found a sense of connection with his ancestors through the use of mats instead of beds. Crypto community responseCrypto users on various platforms responded with mixed feelings toward Zhu's philosophical insights. Some viewed his perspective with skepticism, while others found humor in the apparent contrast between his experiences and traditional notions of imprisonment. Taking to the X social media platform, pseudonymous crypto restructuring lawyer "Wassielawyer" wrote:”Singapore prison is widely regarded as one of the shittiest prisons you can find in a first world country. And the man made it sound like a 5-star mindfulness retreat everyone needs to go on in order to revitalize mind, body and soul. Man is blessed with a superpower…” The hedge fund collapsed in June 2022, resulting in over $3.5 billion in losses for investors, making it one of the largest hedge-fund trading losses ever. Zhu and fellow 3AC founder Kyle Davies have been active online over the course of the past year, despite their whereabouts largely remaining unknown during that time. The duo have launched a new crypto exchange and bankruptcy claims platform called Open Exchange (OPNX). However, their troubles continue, as liquidator Teneo seeks to recover $1.3 billion directly from the founders, alleging misuse of investor funds after 3AC became insolvent. In September, the Monetary Authority of Singapore (MAS) prohibited both from floating regulated investments for nine years. Teneo has estimated a 46% recovery rate in respect of creditor claims.  

Singapore Pledges $112M to Boost Fintech Solutions Including Web3Acknowledging the growing significance of collaboration with industry stakeholders in propelling advancements in emergent technologies such as Web3, Singapore’s central bank, the Monetary Authority of Singapore (MAS), has unveiled plans to allocate up to 150 million Singapore dollars (approximately $112 million) towards supporting a spectrum of financial technology solutions, with a special focus on Web3.Photo by Jason Leung on UnsplashDistributed over three yearsThis financial commitment, outlined in a press release published to the MAS website on Monday, will be distributed over a three-year period as part of the revamped Financial Sector Technology and Innovation Scheme (FSTI 3.0), designed to invigorate and fortify innovation by backing projects that leverage cutting-edge technologies.The renewed innovation scheme encompasses multiple avenues, including the Enhanced Centre of Excellence track, the Environmental, Social and Governance (ESG) fintech track, and the Innovation Acceleration track — the last incorporating the realm of Web3.Emphasizing industry partnershipsMAS underlined the importance of forging partnerships with industry participants to bolster inventive fintech solutions originating from emerging technologies such as Web3.“MAS will conduct open calls for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual trial and commercialization,” the central bank stated.In addition to these efforts, the initiative will maintain its commitment to encouraging adoption across domains like artificial intelligence, data analytics, and regulatory technology (RegTech). Furthermore, there will be an emphasis on fostering adoption within companies that are still digitally maturing and seeking to integrate RegTech solutions.Applicants across the various program tracks will be required to allocate resources toward nurturing talent. This strategy aims to augment Singapore’s fintech talent pool, ultimately contributing to the nation’s expertise in the sector.Ravi Menon, the Managing Director of MAS, underscored the substantial investment that the Financial Sector Development Fund (FSDF) has funneled into the FSTI program since its inception in 2015.Menon highlighted that this initiative’s overarching objective is to spur innovation and facilitate the seamless integration of novel technologies within the financial landscape. Over the years, the program has exemplified its commitment to driving transformation and pioneering the adoption of new technology across the financial sector.Nurturing Web3 innovationPotential Web3 and crypto hubs have come and gone, but Singapore has been vying to take its place as a center for Web3 innovation over a sustained period after it suffered some setbacks in 2022 related to a string of crypto business failures.While Binance had not been permitted to serve customers in the city-state, that meant that a disproportionate number of Singaporeans got caught up in the failure of the FTX crypto exchange. Alongside that regulatory failure, state investment giant Temasek had to write off a substantial investment in the company, while suffering reputational damage for not having detected the FTX fraud.The city-state has also been home to the failure of crypto lender Hodlnaut and crypto hedge fund Three Arrows Capital (3AC). Despite these setbacks, Singaporean authorities are continuing to work towards setting the proper stage to further develop Web3 innovation. In June, MAS proposed a comprehensive framework for the design of open networks relative to tokenized digital assets. This latest initiative will further Singapore’s ambition to grow its Web3 sector.