RWA tokenization gaining momentum in UAE

CipherBlade Opens Singapore OfficeThe emerging crypto hubs in Asia continue to make progress and on this occasion blockchain and crypto investigations firm, CipherBlade has decided to be part of that emerging growth in Singapore, opening an office in the city state.Cybercrime investigationsAccording to Asia-centric digital assets publication, Blockhead, the firm’s decision to open an Asian base was rooted in a need to service the requirements of a growing client base in the region, as demand intensifies for its services. CipherBlade has developed an expertise in the particular niche of blockchain analytics, cryptocurrency investigations and digital forensics.The firm was co-founded by its lead investigator Richard Sanders in 2018. Initially based out of Pittsburgh, CipherBlade has team members distributed internationally, in Europe, and now also in Singapore via its new office location.CipherBlade’s CEO of Americas, Justin Maile, said that “Singapore is a perfect location for us, with its strong reputation as a financial hub and its commitment to technological innovation.”With the expansion, it is understood that the company is currently recruiting to fill a variety of specialist positions.Photo by cottonbro studio on PexelsTracking down hackersAs the crypto and blockchain sector as a whole grows, it has also been accompanied by a significant component of illegal and illicit activity. This includes money laundering, fraud and hacking. The stand out example in the Asian region would be the activities of hacker collective, Lazarus Group.The hacker group has become notorious in the crypto space, given the extent to which it has pulled off hacks of various entities and DeFi networks in the sector. Hacks and exploits of DeFi networks accounted for 82% of all digital assets stolen in 2022. Lazarus Group has received particular attention as it is understood to be affiliated with the North Korean regime.The default approach for start-ups across all sectors is to focus on growth. The danger for start-ups in the DeFi space is that they overlook elements of network security in pursuing that growth, when achieving a high level of network security is an incredibly difficult task to begin with.Collaborating with industry stakeholdersThe activities of Lazarus Group and other more disparate entities like them, have created a need for the services of companies like CipherBlade. To that end, the firm collaborates with a wide range of industry stakeholders, including regulators, law enforcement, intelligence agencies and cryptocurrency exchanges.Recent work the blockchain forensics and cybercrime firm has been involved in includes a class action lawsuit brought against failed crypto lender Voyager. The allegation of the class action is that Voyager built in hidden fees to the detriment of customers.From crypto divorces to ‘pig butchering’ scamsPointing to the diversity of the firm’s work, it has been involved in over 150 crypto divorce cases. That is to say, tracking down digital assets belonging to one of the parties to a divorce so that those assets are recognized and made part of any divorce settlement.CipherBlade’s investigators have worked on cases involving ‘pig butchering’ crypto scams. These are instances of scams that lure the victim into contact with the scammer before the scammer gains their confidence, directing them onwards towards fraudulent crypto investment platforms where they’re encouraged to invest.

Singaporean Authorities Uncover $1.3M Crypto Mining ScamFour foreign nationals are facing charges in a Singaporean court related to a cryptocurrency mining investment scheme that allegedly cheated investors out of over S$1.8 million ($1.3 million).According to reports in local media, the accused individuals are associated with A&A Blockchain Technology Innovation, a Singaporean company that was previously investigated for potential cheating offenses related to the very same crypto mining scheme in 2022. The accused include Dutch national Yang Bin, who was the Chairman of A&A Blockchain at the time of the offenses, and Lu Huangbin, Wang Xinghong, and Chen Wei, who held various roles within the company. Lu, Wang, and Chen are Chinese nationals.Photo by Arul Kumaran on UnsplashConspiracy to cheat chargesThe four individuals are collectively facing twelve counts of engaging in a conspiracy to cheat, involving the aforementioned sum of money. Additionally, they are charged with carrying out payment services without the required license.The charges are connected to a cryptocurrency mining investment scheme offered by A&A Blockchain between May 2021 and February 2022. The scheme promised investors a fixed daily return of 0.5 percent, luring them in by falsely claiming ownership of a large number of cryptocurrency mining machines.Unlicensed crypto exchangeDuring the period of August 2021 to February 2022, A&A Blockchain operated a cryptocurrency exchange named AAEX, facilitating the trading of multiple cryptocurrencies. However, the company operated without a proper license from the Monetary Authority of Singapore (MAS) for providing payment services in the country.Under the Penal Code, those convicted of cheating offenses can face penalties that include fines, imprisonment for up to a decade, or both. The accused face a total of 12 cheating charges, out of which 10 are amalgamated charges. If convicted of an amalgamated charge, the punishment could be doubled for a single incident of the offense. Furthermore, engaging in payment services without the necessary license can lead to a jail term of up to three years, a fine reaching S$125,000 ($92,000), or both.The cases against Chen, Wang, and Yang have been adjourned until next month. Meanwhile, Lu’s pretrial conference is scheduled for a later date in September. The charges against these individuals come in the wake of a large-scale operation targeting anti-money laundering offenses within the city-state.The operation resulted in the arrest and charging of ten individuals suspected of forgery, money laundering, and resisting arrest. The group had reportedly amassed assets worth approximately S$1 billion ($736 million), residing in affluent properties and owning luxury vehicles.Good actorsThe nascent nature of crypto is being used as a cover for scammers and while those bad actors get a disproportionate level of coverage, there are plenty of good actors engaging positively with the innovation at hand.As an example of genuine efforts being made in crypto mining, Beijing-based Canaan, a leading mining equipment manufacturer, intends to hold an event in Singapore next month to celebrate ten years in the business. Singapore is also home to well-known crypto miner, Bitdeer, a company with significant mining operations in North America, Bhutan, Norway, and elsewhere.As the industry matures and makes a better fist at self-regulation, in tandem with ever-improving regulations and controls at a national level, scammers using crypto-related activities as a foil for their criminal enterprise will be forced out of the sector.

Korea and Japan Collaborate to Develop Accounting Standards for Virtual AssetsThe Korea Accounting Institute (KAI) announced today that it held a bilateral meeting yesterday with the Japanese Financial Accounting Standards Foundation (FASF) to discuss devising accounting standards for virtual assets. Among the attendees were high-level officials of the FASF, including Yasunobu Kawanishi, Chair of the Accounting Standards Board of Japan.Photo by Shubham’s Web3 on UnsplashConsensus on establishing standardsBoth parties agreed on the importance of establishing accounting standards for virtual assets. These standards should be practical and easy to follow, ensuring that they offer sufficient information to readers of financial statements.Reciprocal sharing of progressKAI is in the process of revising the Korean version of the International Financial Reporting Standards (K-IFRS) to require companies to disclose information related to virtual assets within the annotations of their financial statements. This mandatory disclosure of virtual asset-related details was announced by the Korean Financial Services Commission last month, with implementation scheduled for January of next year. This significant update was a topic of discussion in the meeting. Similarly, the FASF reciprocated by sharing its own progress and advancements.This meeting was arranged in light of the deepening relations between the two nations. The close collaboration between the two groups is poised to give Korea momentum to broaden its global presence. Moving forward, the accounting bodies of both countries are committed to continuing their cooperative efforts.