Thailand’s SEC considers Bitcoin ETF approval

Singapore Looks to Prohibit Crypto Lending and StakingIn a move to bolster investor protection and maintain financial stability, the Monetary Authority of Singapore (MAS) is introducing new guidelines for cryptocurrency platforms operating in the country.Details of the measures were published by MAS on Monday. According to its statement, the measures “will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT [Digital Payment Token] service provider’s insolvency.”The proposed guidelines outline several key measures. One such measure is the daily reconciliation of customer assets, which will help prevent discrepancies and safeguard against potential losses.Photo by Hu Chen on UnsplashHolding assets in trustAdditionally, the custody function, responsible for holding and safeguarding client assets, will be operationally separated from other business divisions to minimize the risk of mismanagement or unauthorized use. By the end of this year, it’s understood that crypto platforms will be required to store client assets in trust accounts, ensuring enhanced security and accountability.DisclosuresFurthermore, licensed cryptocurrency service providers will be mandated to provide explicit disclosures to customers, clearly outlining the risks associated with holding and trading digital payment tokens (DPTs). Recognizing the speculative nature of digital token trading, the MAS acknowledges that regulations alone cannot fully protect consumers from potential losses.To further protect retail investors, the MAS intends to prohibit cryptocurrency service providers from facilitating lending or staking activities. Lending and staking, where digital tokens are loaned or pledged to earn profits, are considered unsuitable for the general public due to their complex and high-risk nature.These measures come as part of Singapore’s efforts to strengthen its regulatory environment for digital assets. The consultation process began last year, following the collapse of FTX, a cryptocurrency exchange.Singaporeans suffered disproportionately with the collapse of FTX as previously, MAS had banned global crypto exchange Binance from operating within the city-state. That led to Singapore having more FTX customers than many other world regions. To compound matters, state-owned global investment firm Temasek, was an investor in the fraudulent crypto exchange.MAS had called for feedback and proposals, with a focus on enhancing investor safeguards and promoting responsible trading practices. While the regulations aim to provide a safer environment for investors, the MAS also emphasizes the importance of individuals exercising caution when engaging in digital token trading.Contrasting approachesWhile Singapore is taking steps to tighten regulations, other cities like Hong Kong are adopting a more inclusive approach to the crypto industry. Hong Kong Legislative Council member Johnny Ng has voiced support for the local crypto business and has encouraged prominent exchanges like Coinbase to establish operations in the territory, aiming to foster greater engagement and growth within the sector.As the crypto industry continues to evolve, regulatory frameworks play a crucial role in ensuring investor protection and maintaining market integrity. Singapore’s proactive approach to strengthening its regulatory environment reflects its commitment to striking a balance between fostering innovation and safeguarding the interests of investors.

UXLINK, a Web3 social network headquartered in Singapore, has announced a successful funding round raising $9 million, supported by a mix of private crypto and publicly listed companies including OKX and KuCoin. UXLINK announced details of the funding round in a social media post published to X on March 13. The startup, known for its innovative approach to social networking merging with transactions, has seen its user base grow to 3.5 million users. Among the investors contributing to this round are OKX Ventures, Web3Port Foundation, Cypher Capital, KuCoin Ventures, Gate Labs and Matrixport Ventures. ZhenFund, 7UPDAO, Signum Capital, ECV and GGV Capital were also participants. In a blog post Dora Yue, Founder of OKX Ventures, expressed enthusiasm about UXLINK's concept, stating:"This innovative concept merges social networking and transactions, creating a robust ecosystem where people can fully leverage their digital assets."Photo by Towfiqu barbhuiya on UnsplashAcquaintance-based social networkingYue described UXLINK as a game-changer in the field of Web3 social infrastructure. The project differentiates itself by relying on acquaintance social networking. Other Web3 social protocols such as Farcaster, Nostr, Cyberconnect and Lens Protocol are structured around one way follower relationships between key opinion leaders (KOLs) and followers. By contrast UXLINK takes a different approach, building a social network by placing emphasis on the existing social relationships of users with acquaintances. The idea is that real-life acquaintances are established through trust and implicate a much deeper personal connection by comparison with opinion leaders and followers. Speaking to that unique approach, pseudonymous crypto trader and investor Bull Flash stated on X on March 13: “Forget one-sided connections! UXLINK focuses on REAL-WORLD social interactions. Users can connect with each other AND with dApps in real-time through innovative Groups – a game-changer for web3. UXLINK is more than just a platform – it's a MOVEMENT.” Potential for further fundingWhile the exact valuation post-funding remains undisclosed, UXLINK indicated a potential for further funding rounds before its token generation event, signaling continued investor interest in its growth trajectory. With the freshly secured capital, UXLINK aims to introduce the "Social Liquidity Chain," leveraging Optimism and EigenDA technologies to support third-party developments. This initiative is expected to enhance the platform's capabilities and foster a more dynamic user experience. Since its establishment in April 2023, UXLINK has seen rapid adoption, hosting more than 75,000 decentralized groups. The vast majority of its users are located in Southeast Asia, the Middle East, Europe, South Asia and Africa. The platform's unique approach to social finance, facilitated by its Web3 "UXGroups” on Telegram, emphasizes bridging real-world trust dynamics with decentralized applications. In addition to being an investor in the company, last month the OKX Wallet was integrated with UXLINK in an effort to improve user experience, allowing UXLINK users to manage their Web3 assets more efficiently. UXLINK's successful funding round underscores growing investor confidence in the potential of Web3 social networks and belief in their ability to revolutionize traditional social interactions and financial transactions. As the platform continues to expand and innovate, it is positioning itself to make further strides in reshaping the landscape of digital social interactions and finance. 

Hyundai Motor Harnesses Blockchain to Double Down on Climate Change EffortsSouth Korean auto giant Hyundai Motor Group is taking significant strides in tackling global climate change concerns by harnessing the power of blockchain technology.Photo by Chris Liverani on UnsplashTracking carbon emissionsToday, Hyundai Motor and Kia, two affiliates of the group, have introduced the Supplier CO2 Emission Monitoring System (SCEMS), a carbon emission tracking solution based on blockchain technology. This system marks a pivotal step towards intensifying their efforts to reduce carbon emissions across their extensive supply chain.The SCEMS is designed to record and manage carbon footprints at every stage of the manufacturing process, starting from the extraction of raw materials to the production and delivery of parts and vehicles. This comprehensive approach allows Hyundai and Kia to gain better control over their carbon reduction initiatives.The urgency of addressing climate change has made it essential for organizations of all sizes to manage and decrease their carbon emissions. However, calculating carbon footprints requires an understanding of complex standards and intricate mathematical processes.Supply chainTo address these challenges, Hyundai Motor and Kia are providing the SCEMS to hundreds of their suppliers free of charge, offering them the necessary tools to effectively curb carbon emissions. The SCEMS employs artificial intelligence modeling, which automatically computes carbon emissions and predicts future projections as suppliers from various industries input their data into the system.Previously, these suppliers had to rely on external experts to perform such calculations. By adopting Hyundai’s new system, suppliers can now independently set their carbon reduction goals and efficiently manage their activities, thereby cutting costs and enhancing their competencies.Incorporating blockchainMoreover, Hyundai Motor and Kia anticipate that the incorporation of blockchain technology into their operations will bolster the reliability of their data, increasing their credibility among global evaluators of environmental, social, and governance (ESG) management.A Hyundai official emphasized that the scope of eco-friendly products now encompasses their entire lifecycles and supply chains. The company aims to lead the charge in building a sustainable and green supply chain.In line with this commitment, Hyundai Motor and Kia in February joined the Carbon Disclosure Project’s (CDP) Supply Chain Program, a nonprofit organization that oversees a global disclosure system for investors, companies, and regions to manage their environmental impacts. As part of this initiative, the Hyundai affiliates have also provided education to their suppliers to aid them in achieving carbon neutrality.Under the CDP’s Supply Chain Program, Hyundai affiliates’ suppliers need to submit data on energy consumption and greenhouse gas emissions, along with carbon neutrality strategies, sustainability objectives, and renewable energy transition plans to the nonprofit organization.