South Korean police boost crypto team in fight against drug trade

Gulf Binance Secures Thai Digital Asset LicenseBinance, one of the world’s leading cryptocurrency exchanges, has secured a digital asset operator license in Thailand, paving the way for the launch of a new crypto exchange and broker. The license, granted by the Ministry of Finance of Thailand and overseen by the Southeast Asian country’s Securities and Exchange Commission (SEC), ensures that the upcoming platform will operate in compliance with regulatory requirements.Photo by Markus Winkler on UnsplashLicense awardThe license was awarded to Gulf Binance, a joint venture between Binance and Gulf Innova Co., Ltd., a subsidiary of Gulf Energy Development PCL. It marks a significant milestone in Binance’s expansion efforts. The partnership was initiated through a memorandum of understanding signed in January 2022, as both parties recognized the potential of establishing a digital asset exchange in Thailand.Richard Teng, the head of Asia, Europe, and MENA at Binance commented on the development: “By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”Combined expertiseGulf Innova, as a prominent player in the Thai business landscape, brings extensive expertise and experience in the digital asset trading sector to the joint venture. The conglomerate, headed by billionaire Sarath Ratanavadi, operates in various industries, including energy production, telecommunications, and digital businesses.By combining Binance’s unparalleled growth and expertise in the digital asset space with Gulf’s established presence and knowledge in Thailand, the partnership aims to create a powerful synergy that drives innovation, fosters growth, and provides exceptional value to users in the digital asset ecosystem.Q4 launchThe new crypto exchange is expected to commence operations in the fourth quarter of 2023, although further details about the platform will be disclosed closer to the launch.Often criticized for its opaque structure, Binance is showing renewed commitment to transparency and regulatory compliance. As regulatory frameworks are put in place in varying jurisdictions, global crypto businesses are having to change corporate structures in order to meet these changing requirements. That’s evidenced by Binance’s Thai joint venture, its launch of a separate corporate entity in the form of Binance Japan and a similar move by crypto exchange BitMEX in Hong Kong.Thailand has emerged as a significant cryptocurrency hub in Southeast Asia, with its capital city, Bangkok, ranked 10th globally in The Crypto Readiness Index published by Recap, a cryptocurrency tax software company. Despite the ban on cryptocurrencies as a payment method, Thailand continues to flourish as a hub for trading and investment activities in the crypto space.That ban on cryptocurrency payments, implemented by the SEC in April 2022, aimed to safeguard the stability of the financial system and mitigate potential risks to the economy. The SEC identified price volatility, cyber theft, and personal data leakage as concerns associated with cryptocurrencies. However, the regulatory measures did not impede trading or investment activities, allowing the crypto industry to thrive.Chainalysis, a leading blockchain analysis company, ranked Thailand 8th in its Global Crypto Adoption Index for 2022, surpassing countries like Russia, China, Nigeria, Turkey, Argentina, and the UK. This recognition highlights Thailand’s progressive stance toward digital assets and its growing adoption within the country.

Standard Chartered joins China’s CBDC pilot trialsStandard Chartered Bank has joined the advanced stages of China’s central bank digital currency (CBDC) pilot trials, making it one of the world’s largest multinational banks to partake in such an initiative.Photo by Eric Prouzet on UnsplashEnabling e-CNY exchangeChina initiated its CBDC pilot trials over a year ago, with it being much further ahead of other CBDC initiatives internationally in terms of development. It has now expanded its trials to include more lenders, with Standard Chartered China becoming the latest participant.This development means that Standard Chartered Bank’s users in the Asian nation will soon have access to the digital version of the Chinese yuan by seamlessly integrating its platform with China’s dedicated CBDC app. According to an announcement by Standard Chartered Bank (China) Ltd. on Monday, the bank will be enabled, through partner firm City Bank Clearing Services Co., to offer its clients the ability to purchase, exchange or redeem e-CNY.In its announcement, Standard Chartered China’s President, Zhang Xiaolei, stated:“As an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of digital renminbi.”Joining e-CNY testing programThe e-CNY pilot testing program in China has been extended to 26 cities and provinces. Standard Chartered’s Chinese subsidiary will involve itself with supply chain financing, trade financing and cross-border merchant payments as part of that pilot program.The adoption of CBDCs is anticipated to reduce reliance on physical currency notes while ensuring transparent and tamper-proof transaction histories. China’s CBDC, known as the digital yuan or e-CNY (digital renminbi), has garnered international attention for its progressive approach to digital currency.Broader digital assets sector involvementStandard Chartered’s involvement in China’s CBDC pilot marks a milestone, emphasizing the bank’s commitment to digital innovation. However, the British banking conglomerate has had a broader approach to digital assets beyond this CBDC collaboration. A report by Nikkei Asia last month suggested that the banking group was making a concerted effort to develop its digital assets-related business within the Asian region through its Singapore-based investment arm, SC Ventures.Earlier this month, SC Ventures unveiled Libeara, a platform which plans to offer the first-ever tokenized Singapore dollar government bond fund. Subsidiary companies include digital asset custodian Zodia Custody and institution-first digital asset marketplace Zodia Markets.China has been at the forefront of CBDC experimentation, with initiatives like testing offline payment systems integrated with SIM cards. This innovative approach allows users to initiate CBDC payments by simply bringing their phones close to sale terminals. The trials, initially launched in major cities such as Shanghai, Beijing and Shenzhen, have encouraged residents to embrace e-CNY for everyday transactions.While China’s advancements in CBDC trials are noteworthy, other nations, including India, Japan and the U.S., are also actively engaged in the advanced phases of CBDC-related research and development. These global efforts seek to diversify financial settlement options, providing individuals with a broader range of choices in the evolving landscape of digital currencies.

Memeland Coin Launch Secures $10M for the ProjectMemeland, a Web3 venture studio, made headlines on Thursday as its token sale for MEME tokens reached $10 million in commitments just after going live. The people behind the project are the Hong Kong-based team that is also associated with the popular meme-sharing site, 9GAG.Memeland represents a collection of 9,999 utility-enabled profile pictures (PFPs).9GAG is a meme-centric Hong Kong-based entertainment website that gained a significant following since its launch in 2008. With millions of followers across various social media platforms, 9GAG’s foray into the Web3 space through Memeland was eagerly awaited. Memeland had already introduced several NFT projects, including Captainz, Potatoez, and MVP, prior to launching its native token on Thursday.Photo by Nattanan Kanchanaprat on Pixabay42 minute sell-outSupporters of the project had joined a waitlist prior to them being granted access to the sale. Earlier in the week, the project had tweeted out that the MEME tokens that it was gearing up to sell had “No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.” In fact, this mantra has been etched into the project’s whitepaper from the outset. “$MEME is completely useless and for entertainment purposes only,” the whitepaper clarifies.Even though the sale had already sold out in record time, it was scheduled to continue until Friday morning. During this extended period, those who have previously joined the waitlist can gain access to the tokens.The team behind Memeland, having clocked up experience previously via 9GAG, has made them no strangers to the world of online humor and entertainment. The Memeland project introduces an array of non-fungible tokens (NFTs) and innovative applications that fuse elements from the metaverse, gaming, and NFTs.Project pipelineMemeland is gearing up to launch various additional platforms in the near future. These include Holders.com, a travel service; GMGM.com, a video-sharing platform; Stakeland, which will be a crypto staking application; and Petsland, a service centered around pets.MEME tokenomicsThe MEME token has a total supply of 69,000,000,000 MEME, with an initial price per token set at US$0.001. According to the Memecoin team, 2.75% of the total supply will be unlocked on the first day, with the remaining amount unlocked daily over the next 18 months.The token distribution breakdown is as follows:Private sale: 6,900,000,000 (10%) — Exclusively for Memeland Captainz holdersContributors: 13,800,000,000 (20%) — Partners and team members contributing to the Memeland projectFire sale: 8,280,000,000 (12%) — Reserved for the allowlist and certain waitlist participantsAirdrops: 17,250,000,000 (25%)Ecosystem fund: 22,770,000,000 (33%)Those who possess specific NFTs from the Memeland ecosystem have received varying allocations during the Fire Sale, depending on the type, rarity, and quantity of their holdings.With a strong foundation rooted in meme culture and a team experienced in delivering internet humor to millions, Memeland’s potential development going forward may be as exciting as the memes that inspired it.