Gemini Opening Engineering Center in India

RaonSecure showcases blockchain-based SaaS to student ID card associationRaonSecure, a South Korean tech security company, recently showcased their blockchain-based Software as a Service (SaaS) solution, OmniOne Digital ID, to executives from the International Student Identity Card (ISIC) Association during their visit to RaonSecure’s headquarters in Seoul, as per a report by news outlet Digital Today. The tech firm also proposed a mobile ID project catered to ISIC.Photo by Matese Fields on Unsplash2.5 million student ID cards per yearThe ISIC Association, a non-profit organization registered in Denmark, is renowned for issuing approximately 2.5 million student identity cards each year. These cards are recognized and accepted in 108 countries globally.Various discount programsISIC card holders have access to an extensive range of discount programs at ISIC’s partner merchants. These discounts span a wide variety of industries, offering savings in areas such as accommodation, cultural attractions and travel. This feature of the ISIC card makes it a beneficial resource for students worldwide who are looking to save money while accessing various services and experiences.In October, RaonSecure signed a business partnership with two organizations to develop digital ID-based ISIC on mobile platforms. One of them is KISES Corporation, the Korean branch of ISIC, and the other is smart card service provider Future & More.

New Kazakh Platform Underscores Binance’s Push EastwardsGlobal cryptocurrency exchange Binance is making a significant move towards the East in response to mounting regulatory challenges in Western markets. The exchange has recently launched a regulated digital asset platform in Kazakhstan, marking a milestone in its expansion strategy.The announcement was made during a press conference held on June 20, attended by distinguished guests including representatives from Kazakhstan’s banking sector and Binance Kazakhstan’s leadership. The company followed up with a blog post detailing the development, published to its website on Wednesday.This milestone achievement follows Binance’s preliminary approval for operations in Kazakhstan received last August. By October, the Astana Financial Services Authority (AIFC) granted the exchange a permanent license to establish a digital asset platform and provide custodial services at the Astana International Financial Center.Photo by Engin Akyurt on PexelsBespoke platformThe newly established Binance platform in Kazakhstan aims to cater specifically to the needs of Kazakhstani users. It offers a comprehensive suite of services encompassing cryptocurrency exchange, conversion, fiat currency deposits and withdrawals, as well as custody of crypto assets.These financial services will be facilitated through a partnership with Freedom Finance Bank, Kazakhstan’s banking partner for Binance. Users of the platform will be able to transfer fiat funds to their accounts, with deposits and withdrawals currently supported through bank transfers or bank cards via Freedom Finance Bank.Adverse Western market conditionsBinance’s expansion into Kazakhstan comes at a time when the exchange is grappling with legal challenges in the United States and several European countries. In the US, Binance is currently embroiled in a lawsuit with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).Last month, Binance announced its withdrawal from the Canadian market, citing regulatory changes which the company described as “untenable.” Meanwhile, in Europe, the company has faced regulatory pushback, including an investigation into alleged “aggravated money laundering” in France and its exit from the Dutch market due to the absence of a virtual asset service provider license.Binance’s withdrawal from European markets has been attributed to its efforts to comply with the European Union’s approved Markets in Crypto Assets (MiCA) regulations, although there are reports indicating collaboration between European regulators and the SEC in their investigations into Binance.Eastern expansionWhile Binance has been facing ongoing setbacks in Western markets, it continues to expand eastwards. Late last month, the firm announced plans to establish a dedicated platform in Japan. Around the same time, it secured a trading license through its Thai joint venture company.Binance is not the only major crypto firm making a strategic shift towards Asia. Other global cryptocurrency exchanges such as Gemini and Coinbase, have also expressed their intention to strengthen their presence in the Asia Pacific region. This trend highlights a broader pattern of the crypto exchange landscape gradually shifting towards the East, reflecting a reconfiguration of the global market.As Binance expands its regulated operations in Kazakhstan, it aims to navigate the complex regulatory environment and continue providing secure and compliant services to users in a key market. The move not only positions Binance strategically but also underscores the evolving dynamics that may well be playing into a regional shift in leadership where the development of digital assets is concerned.

Hong Kong Deems Crypto as PropertyIn dealing with a case involving defunct Hong Kong-based cryptocurrency exchange Gatecoin, a Hong Kong judge has determined cryptocurrency as being property “capable of being held in trust.” Presiding over the case, Justice Linda Chan stated recently that Hong Kong takes a broad definition of what constitutes property.©Pexels/mitbg000Digital assets held in trustHaving expended efforts to try and recover funds from a former payments service provider that the company had partnered with, Gatecoin announced that it would shut down the business and commence the liquidation of the business in 2019. With bankruptcy proceedings being notoriously slow, that process continues today, resulting in Justice Chan’s recent determination.The notion of property held in trust is a common theme that has been explored in a number of cryptocurrency business bankruptcy processes recently, including the BlockFi, Celsius and FTX processes.Gatecoin has not proven to be any different in this regard. Liquidators had turned to the Hong Kong courts for direction as to how creditors’ digital assets, as held on the platform, should be defined. If property is deemed to have been held “in trust”, then that determination has implications for the owner of those assets relative to the bankruptcy proceedings.In the case of BlockFi, a determination was made in a US court that those who had simply custodied digital assets with the platform without earning any yield were property owners and that they should have their assets returned.The importance of Terms of Service (ToS)Alex Mashinsky, the founder and CEO of failed crypto lending competitor Celsius outlined to service users on a number of occasions that the assets remained their property even though his company used customer assets for various trading activities. The bankruptcy judge reached a different determination based on the terms of service. Service users had acknowledged in signing off on Celsius’ terms of service that assets held on the platform that accessed yield-bearing products became the property of Celsius when deposited within those products on the Celsius platform.Although it has not been dealt with yet, 1.4 million creditors relative to the bankruptcy process of failed cryptocurrency exchange FTX are likely to discover later this year if they can claim “in trust” property rights. An ad hoc group of creditors has taken legal action for the return of their digital assets on the basis of an assertion that the assets remained their property when transferred onto the platform.ImplicationsWhilst a seemingly uninteresting determination to anyone less informed about such bankruptcy proceedings, such decisions can have profound consequences. In a bankruptcy process, there is a hierarchy of creditors, with some having greater rights than others when it comes to the distribution of bankruptcy estate funds. Recognition of assets being held in trust as property would likely take those property owners out of the bankruptcy process, allowing the return of their funds (where available) while others who are classified as creditors get a distribution of whatever funds are left in the bankruptcy estate thereafter.Additional complexityGatecoin’s case was further complicated by the existence of various sets of terms of service. In two of the three instances, the court found that no trust language existed. There is one subset of creditors who may have the ability to claim their digital assets as property. The liquidators have agreed to identify them and contact them in that regard.While the process may be proving to be a minefield for Gatecoin’s creditors, it has served a broader purpose in crypto more generally as it has provided yet another opportunity for another jurisdiction, in this instance Hong Kong, to provide some more clarity with regard to the legal status and standing of cryptocurrency.