Taiwan proposes criminalization of crypto firms violating AML rules

Colt Technology Partners With Singapore’s AsiaNextColt Technology Services, an established player in the digital infrastructure sector, has unveiled a strategic partnership with AsiaNext, an emerging name in the crypto exchange domain.News of the collaboration emerged on Thursday, with the partnership designed to harness the strengths of Colt’s secure and high-performance digital infrastructure solutions to foster high-frequency trading of various digital securities and crypto derivatives on the AsiaNext platform.AsiaNext is a joint venture between Japan’s SBI Digital Asset Holdings and Swiss digital infrastructure firm, SIX Group. The entities behind the venture identified similarities in the regulatory approach taken in Switzerland and Singapore, and for that reason, AsiaNext was developed to grow the business in the city-state.Photo by Julien de Salaberry on UnsplashAccessing Multicast Market DataThe partnership will see AsiaNext leverage Colt’s Multicast Market Data in the Cloud. This service facilitates seamless connectivity between buyers and sellers, bridging the divide between mainstream finance and the secure realm of digital assets trading. The move takes on greater significance against the backdrop of Asia’s rapid ascent in digital asset trading and its central role in shaping global cryptocurrency regulations.AsiaNext has been targeting institutional investors and aims to offer a comprehensive suite of services encompassing listing, trading, and post-trade functions for digital assets. The exchange is attempting to provide institutional investors with a secure platform for trading digital assets, bolstering the crypto derivatives market in the region.Alongside Colt’s Multicast Market Data product, AsiaNext will also benefit from access to Colt’s PrizmNet, which enables low latencies for global delivery of data, software, content, and financial services.Commenting on the deal, Russell Toop, Colt’s Team Lead, Capital Markets Asia, remarked: “Our partnership with AsiaNext demonstrates our firm commitment to capital markets in Asia and across the world, and we’re excited to be part of its journey at the earliest stages as it sets out to bring digital assets to the mainstream.”Yuen Keng Yin, Chief Technology Officer of AsiaNext, echoed the sentiment by highlighting the transformative potential of Colt’s solutions for institutional investors, stating:“Their solutions support our investors in securing their position in this rapidly-growing market, so they can optimize their digital assets trading strategies and open up exciting new opportunities for their clients.”Working towards a full CMS licenseAsiaNext has been making progress within the Singaporean market. In June, the local regulator and central bank, the Monetary Authority of Singapore (MAS), granted the institutional grade exchange regulatory approval in principle.That Capital Markets Services (CMS) license is now on the cusp of full license approval from MAS. Furthermore, the firm is also working towards obtaining a Recognised Market Operator license.These regulatory milestones all feed into AsiaNext’s overall goal, which is to offer a service which can bridge the gap between traditional finance and the digital assets space. In building out that offering, Marek Socha, Head of Corporate Development at SIX Group, said in an interview last year that important partnerships would be established by AsiaNext. No doubt accessing Colt’s service offering with this latest partnership is another step for the firm in reaching its objective.

Korean and Indonesian firms join forces to tokenize shipping assetsCentralized decentralized finance (CeDeFi) platform NEOPIN said Wednesday that it has signed a business agreement with the Klaytn Foundation, South Korean juggernaut Kakao’s Layer 1 public blockchain, and Pelayaran Korindo, the shipping arm of Southeast Asian conglomerate Korindo, to tokenize real-world assets (RWAs).Photo by Andy Li on UnsplashRevolutionizing shipping financeThe three companies will first tokenize shipping-related assets owned by Pelayaran Korindo. This integration of digital assets into the maritime industry — which up until now has been under the umbrella of traditional finance — is expected to increase accessibility to shipping investments not only for institutional investors but also for individual investors.Pelayaran Korindo specializes in comprehensive shipping logistics mainly in Indonesia. Under the newest collaboration, the company plans to enhance the accessibility of its RWAs to Web3 companies as well as share its knowledge on localization and partner networks. It aims to play an essential role in the joint venture by leading the decentralization of traditional finance and promoting the widespread adoption of RWA tokenization.On the other hand, NEOPIN, along with the Klaytn Foundation, plans to leverage its expertise in CeDeFi to help Pelayaran Korindo digitize and liquify their assets while optimizing the plaform’s user inferface.Ushering in an era of RWA tokensThe partnership is also a part of the Klaytn Foundation’s efforts to expand its ecosystem through RWA-related endeavors. By tokenizing RWAs and producing certifications of digital ownership, the enterprise hopes to popularize blockchain and create value through real-world use cases. To achieve this, the foundation will work with RWA tokenization experts both in Korea and overseas to build a business model that is profitable, technologically feasible and regulatory compliant.“The Klaytn blockchain enables the construction of a digital asset trading platform with fast processing speed and low fees that can satisfy both token issuers and also regular users,” explained Seo Sang-min, Representative Director at the Klaytn Foundation. “The foundation has accumulated practical experience in the entire service construction process, from discovering promising RWA tokenization projects to launching real services. Moving forward, we will collaborate with Pelayaran Korindo and NEOPIN to actualize various global RWA tokenization initiatives, starting with maritime finance.”NEOPIN’s CEO Ethan Kim also mentioned the company’s intent to work with Pelayaran Korindo and the Klaytn Foundation to introduce attractive RWA investment products that are easy to navigate and have strong factors of appeal, thus leading the global RWA market in maritime finance.

GDAC joins hands with Zodia Markets to cultivate global digital asset networkGDAC, a cryptocurrency exchange run by Korean blockchain-based fintech company Peertec, has signed a business deal with Zodia Markets, a European digital asset marketplace under the UK’s Standard Chartered Group. As key institution-first digital asset platforms in their respective regional markets, the two enterprises plan to work together to build a global digital asset and stablecoin network to drive innovation, with a focus on preventing money laundering and reducing financial costs.Photo by m. on UnsplashAbout Zodia Markets and GDACThe Standard Chartered Group established Zodia Markets in 2021 following approval from the UK’s Financial Conduct Authority (FCA). The group’s latest partnership with GDAC represents a step further into the Korean market, in which it is already a major player through its local branch, the Korea Standard Chartered Bank.GDAC has been making strides in cybersecurity by forging partnerships. The exchange teamed up with Genians, a cybersecurity firm listed on the KOSDAQ stock exchange, and attracted investments from it to accelerate the establishment of a global security network. In October, GDAC entered into a collaborative agreement with crypto wallet provider Bitgo, aiming to enhance the security of the exchange’s wallet services.The exchange serves not only profit-oriented corporations but also non-profit organizations, such as the Community Chest of Korea. It also runs the GDAC Fund Service, a digital asset management solution for corporate clients that it jointly founded with Woori Financial Group.Dedication to different client demographics“Through our partnership with Zodia Markets, a subsidiary of the UK’s Standard Chartered Bank, we look forward to providing even higher-value digital financial services to our corporate clients,” said Lee You-ree, CCO of GDAC. “We also plan to continuously launch helpful, high-liquidity digital financial services for individual customers as well through our work with a European digital financial platform.”