Bybit restores app access in India amid evolving regulatory stance

China introduces identity verification through RealDID on blockchainThe Chinese government, in collaboration with the Blockchain-based Service Network (BSN), has unveiled plans for the introduction of RealDID, a new digital identity service.Integrating blockchain into public systemsThis platform is set to bring blockchain-based digital identity verification processes into broader use, verifying the digital identities of China’s 1.4 billion people. Such an eventuality would represent a pivotal moment in China’s ongoing efforts to integrate advanced technologies into governance and public administration.The platform is being geared to deliver a spectrum of services, encompassing personal real-name confirmation, encrypted personal data protection and certification. Notably, it will enable private logins, establish business identities and offer personal identification certificate services, coupled with information vouchers on personal identity.Photo by Tamara Gak on UnsplashAnonymous online identityA standout feature of RealDID is its provision for Chinese citizens to register and access online portals anonymously through a Decentralized Identity (DID) address. This feature ensures the privacy of transactions and personal data, addressing global concerns over data security. The introduction of RealDID underscores China’s commitment to harmonizing technological advancement while at the same time, preserving the privacy of the individual.Although the specific roll-out date for RealDID across China’s vast population remains undisclosed, the potential impact of this initiative is monumental. The platform is poised to significantly enhance the security and efficiency of identity verification processes, a critical element in the realm of digital transactions and interactions.RealDID is a strategic component of China’s broader technological vision, aimed at solidifying its position as a global leader in emerging technologies. The nation has been actively investing in and regulating emerging innovations such as artificial intelligence, central bank digital currencies (CBDCs) and cryptocurrencies. In tandem with these endeavors, China is actively working to reduce its reliance on foreign semiconductor chips by boosting domestic production.BSN FoundationBSN, operated by China’s National Information Center, has forged partnerships with major tech players like China Mobile and China UnionPay, illustrating the collaborative nature of this national initiative. The network was co-founded by Hong Kong’s Red Date Technology. With the network originating in China, last month, the BSN Foundation was established in Singapore, featuring five global members.These included Blockdaemon; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; Germany’s GFT Technologies; and Red Date Technology. The five will act as a governing body for the BSN Spartan Network.The unveiling of RealDID by the Chinese government signifies a significant stride in integrating blockchain technology into everyday governance and public services. Leveraging blockchain’s inherent decentralization and security features, RealDID aims to provide a more secure and efficient method of identity verification while upholding user privacy.This move aligns with the global trend of governments exploring blockchain technology for diverse public services, highlighting China’s interest in spearheading technological innovation. As the global landscape evolves, China’s strides in the realm of blockchain-based identity verification serve as a testament to its ongoing interest in the future of digital governance.

Bitkub Addresses Market Conditions Thru Job CutsBitkub Capital Group, the parent company of Thailand’s largest digital asset exchange Bitkub Online, has made adjustments to its workforce and employee benefits in an effort to manage costs during challenging economic conditions.Photo by Braden Jarvis on Unsplash5.5% staff reductionAccording to a statement released on Wednesday, approximately 5.5% of personnel within the Bitkub Capital Group have been let go, while around 2% of staff at Bitkub Online were also affected.Contrary to reports in local media suggesting that half of the company’s employees were terminated in late June, Bitkub Capital Group clarified that the reduction in workforce was relatively small compared to the overall number of employees in the group.Change in employee benefitsThe company did not provide specific details about the changes in employee benefits, only stating that one perk had been removed. The decision to implement these measures stems from the current economic downturn and the need to manage costs effectively, Bitkub explained.Bitkub Capital recorded a net profit of 1.3 billion baht ($37.49 million) in 2022, marking the second consecutive year of profitability for the company. However, net profit declined by 39% compared to the previous year, falling from 2.1 billion baht in 2021. Expenses also surged from 117 million baht in 2021 to 394 million baht in 2022.Bitkub Capital Group encompasses various entities in addition to the crypto exchange, including Bitkub Ventures (the venture capital arm), Bitkub Labs (also known as Bitkub Academy, the education arm), Bitkub Blockchain Technology (a consulting company focused on blockchain), and Bitkub Infinity (a portfolio management service provider).Bitkub Online, the crypto exchange unit, reported a profit of 341 million baht for the financial year ending on December 31, 2022, representing an 86% decline compared to the previous year. Total revenues for 2022 amounted to 2.8 billion baht, which marked a significant decrease of 48% compared to its peak performance in 2021 when it generated 5.5 billion baht in revenue.In a separate development, Asphere International, a game publisher listed on the Bangkok Stock Exchange, recently acquired a 9.22% stake in Bitkub Online for 600 million baht, valuing the startup at 6.5 billion baht.Broader regional trendThe downsizing at Bitkub reflects a broader trend among technology companies in the region. In June, aCommerce, a local e-commerce enabler, laid off at least 20 employees citing similar economic challenges. The same month, Grab, the Singapore-based ride-hailing and food delivery giant, announced a significant round of layoffs, with 1,000 employees, including the Thailand team, being let go.Bitkub’s decision to adjust its workforce and streamline employee benefits is a response to the economic headwinds it faces. It’s not the company’s first setback. Last year, Thailand’s Securities and Exchange Commission (SEC) penalized the firm’s CTO, Samret Wajanasathain, on the basis of insider trading.The cyclical nature of the digital asset exchange business means that Bitkub can seek to weather this storm and benefit from the upside once market conditions inevitably become more favorable in the not too distant future.

The Hashgraph Association, a non-profit organization that focuses on building an ecosystem of startups and enterprises relative to the use of the Hedera Hashgraph public ledger, has announced that it intends to explore use cases for the technology in Qatar. Hedera Hashgraph was first created in 2015 by Leemon Baird and Mance Harmon. The network is designed such that anyone can transact using it and deploy applications on it. However, governance is separated from consensus, with a group of businesses overseeing the network protocol.Photo by Hongbin on UnsplashFive key use casesIn a LinkedIn post published on September 19, the Hashgraph Association outlined that within the next 12 months, it would explore the implementation of five key use cases relative to the Hashgraph network in Qatar, collaborating with stakeholders within the Middle Eastern country in order to do so. First on its list is the tokenization of equities. During the TOKEN2049 event in Singapore earlier this week, the HBAR Foundation, another entity which supports the creation of Web3 communities on the Hedera network, launched the Hedera Asset Tokenization Studio.  According to the HBAR Foundation, the initiative “enables the seamless issuance and management of tokenized bonds and equities on the Hedera network.” The move, when considered in the context of the Hashgraph Association’s intentions relative to the pursuit of the tokenization of equities as a use case in Qatar, demonstrates that the distributed ledger technology (DLT) network’s most prominent stakeholders are homing in on this particular use case in furthering the use of the network.  Dr. Sabrina Tachdjian, the HBAR Foundation’s head of fintech and payments, stated that the  Asset Tokenization Studio will lower technical barriers to the tokenization of bonds and equities, along with the recording of their underlying data on the ledger. Sukuk tokenizationOther use cases up for exploration in Qatar are real estate tokenization and sukuk tokenization. A sukuk is an Islamic financial certificate. It’s a bond-like financial instrument which is sharia-compliant. The world’s first tokenized sukuk, linked to a sovereign instrument, was created in Malaysia in 2023.  Fusang Exchange listed the product, as a digitized version of a sukuk issued by the International Islamic Liquidity Management Corporation (IILM), represented via an ERC-20 token. Shariah-compliant finance represents a $4 trillion opportunity. Additionally, the Hashgraph Association is looking to exploit the carbon credit sector as a use case, while also looking towards the use of the Hedera Hashgraph ledger for the purpose of consumer engagement and loyalty programs. Digital assets frameworkOn September 1, the Qatar Financial Centre (QFC) announced that the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) had launched the QFC digital assets framework. The Hashgraph Association believes that the regulations strengthen its role in “fostering innovation and trust within the digital assets ecosystem, further solidifying the region’s position as a global leader in fintech.” In May, the Hashgraph Association announced at the Qatar Economic Forum a $50 million partnership with the QFC, with the goal of creating a digital assets venture studio in Qatar to support solutions built on the Hedera network.