DDC Enterprise signs MOU with Animoca Brands in $100M deal

American crypto exchange and custodian Gemini announced via its blog on Oct. 29 that it has been awarded in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In an X post on Oct. 23, Dan Clarke, who worked for Gemini in Singapore in an International Marketing & Operations role in 2021, outlined that back then the company ran the first crypto-related full page ad in the Straits Times with the slogan “We’re in Singapore. For Good.” Fast forward three years and it appears that Gemini is making good on that commitment through this latest regulatory-compliant milestone.Photo by Swapnil Bapat on UnsplashSingapore to play a crucial roleThe MPI license will enable Gemini to offer digital payment tokens and cross-border money transfer services in Singapore. Gemini’s Asia-Pacific (APAC) business is headed up by Saad Ahmed. Ahmed commented that Singapore has been at “the heart” of its operational expansion within the APAC region. Expanding on that further, he stated:“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy.”  Ahmed outlined that Singapore represents the company’s second-largest market, with plans to double its current Singaporean workforce and move to a larger office space. The Gemini executive believes that this in-principle licensing approval takes the company one step closer to offering services that cater to the needs of residents of the city-state.  Serving users across the APAC regionIn its blog announcement, the firm said that “since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region.” With the regulatory environment in its home market being currently hostile to crypto, Gemini has pursued a strategy followed by many of its peers in looking for growth opportunities overseas instead. In April of last year, the company announced that it was in the process of opening an engineering center in India.  In June 2023 the company publicized its intention to pursue a crypto trading license within the United Arab Emirates (UAE). At the time the company’s co-CEOs, Tyler and Cameron Winklevoss, referred to the “hostility and lack of clarity” when it came to the regulatory environment within the United States. Regulatory clarity to drive growthAhmed believes that regulatory clarity in Singapore will be a driver of growth, leading to greater adoption across the region. With regard to the U.S., he has the expectation that the crypto industry will grow regardless of whether former U.S. President Donald Trump or Vice President Kamala Harris wins the upcoming presidential election.  Notwithstanding that, Gemini’s Winklevoss twins have donated over $2 million to Trump’s campaign, while also contributing funds to a super political action committee (PAC) supporting John Deaton, a Republican challenger to the Senate seat of fierce crypto critic Senator Elizabeth Warren.  Regulatory conditions in Canada have proven to be too much to handle for the company. At the end of September, Gemini announced that it would close all customer accounts in Canada by December 31 as a direct consequence of new regulations which have been introduced by the Canadian Securities Administrators (CSA).

South Korean cybersecurity firm AhnLab’s blockchain arm, AhnLab Blockchain Company, is working with Web3 performing arts platform Metacultures to offer free limited edition NFTs to all visitors of the "School of Rock" musical world tour’s show in Seoul, according to local news outlet Etoday on Monday (KST). The NFTs will be issued via AhnLab Blockchain Company’s digital Web3 wallet, ABC Wallet. As a non-custodial wallet, this service uses multi-party computation to support multiple blockchain networks including Ethereum, Polygon and Klaytn.Photo by Gwen King on UnsplashPreserving memories"We aim to offer a way for Korean fans of the 'School of Rock' musical to preserve the special experience of the performance with this NFT," said Lim Joo-young, Business Leader at AhnLab Blockchain Company. "We will continue to carry out various projects based on blockchain technology at various events." Visitors who wish to receive the NFTs can scan the QR code provided at the performance venue and register an ABC Wallet using their social media accounts on the linked site, after which the NFT will be automatically issued to their wallets. "We are glad to be able to provide NFT products for the 'School of Rock' musical to the audience through ABC Wallet, which boasts excellent security. We look forward to various security-based collaborations with AhnLab Blockchain Company in the future," said Lee Sang-woon, CEO of Metacultures. Show detailsThe ongoing performance will be held until March 24 at the Seoul Arts Center’s Opera House in Seocho-gu, Seoul.

A recent survey in South Korea found that 20.3% of crypto investors have fallen victim to financial losses. Conducted by the Korea Financial Consumers Protection Foundation in late December, the survey polled 2,500 adults aged 19-69, with respondents able to select multiple loss categories. Investors in their 60s were most vulnerable, reporting a 25.3% loss rate. Exchange-related problems constituted the majority of incidents (72.8%), followed by online chat room scams (44.7%) and investment fraud (35.5%).Photo by Growtika on UnsplashExchange failures lead lossesAmong exchange-related losses, 40.6% of users couldn't sell assets due to system failures, while 11.5% lost digital assets through exchange hacking. Overall, exchange technical issues accounted for 52.1% of reported losses, with another 20.7% losing assets when exchanges closed completely. Chat group scam victims experienced various forms of fraud: 23.2% paid for worthless or false information, while 21.5% suffered financial losses through market manipulation or proxy trading schemes. Investment scams included fake crypto projects or fraudulent firms (18.0%), deceptive exchanges (10.3%), and other scams (7.2%). Most victims (75.1%) reported losses under 10 million won (approximately $6,945), with 34.6% losing less than 1 million won. Due to these relatively small amounts, 67.7% took no action following their losses. Of the 32.3% who sought help through various channels, 73.9% were unable to fully recover their funds. Problem worsening across Asia and beyondThis problem extends beyond South Korea. In neighboring Japan, police reported 19,038 crypto fraud cases in 2023, with damages totaling 45.26 billion yen (about $300 million), according to Chainalysis, citing Japanese National Police Agency data. These figures surpass 2022 numbers, indicating continued growth in fraudulent activities. A recent case highlighted by the Fukushima Minyu Shimbun involved a Soma City woman in her 50s who lost approximately 116.6 million yen ($780,000) to scammers impersonating police officers. The fraud began with a fake customer service call, followed by deceptive claims about fraudulent accounts and threats of arrest, which led her to create cryptocurrency accounts and transfer funds before eventually reporting the scam. Elderly at highest risk as fraud surgesThe FBI's Internet Crime Complaint Center's 2024 report further confirms this trend, documenting 149,686 crypto fraud complaints in the U.S. with $9.3 billion in reported losses—66% higher than in 2023. Notably, people over 60 were the most affected demographic, consistent with the Korean study's findings.