Crypto.com indefinitely delays South Korea launch following on-site inspections

Ripple Receives In-Principle Approval From Singaporean RegulatorRipple, the blockchain-based payments firm, has obtained in-principle regulatory approval from the Monetary Authority of Singapore (MAS) to offer digital asset payments and token products in Singapore.Photo by Dids on PexelsODL service expansionThe approval, announced on Wednesday, will enable Ripple’s subsidiary, Ripple Markets Asia Pacific, to expand its On-Demand Liquidity (ODL) service. ODL facilitates the seamless transfer of the XRP cryptocurrency across borders without the involvement of traditional banking intermediaries.Ripple had applied for an institutional payment license under Singapore’s Payment Service Act to secure the regulatory green light. In response to the approval, Ripple CEO Brad Garlinghouse praised the MAS for its pragmatic and innovation-driven approach to cryptocurrency-related services.He expressed confidence that Singapore would serve as a prominent gateway for Ripple’s business operations in the Asia Pacific (APAC) region. On Twitter, Garlinghouse wrote: “As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto — we’re incredibly proud @Ripple is one of a handful of firms (<20) to receive in-principle approval for a MAS MPI license for digital payment token services!”Stuart Alderoty, Ripple’s Chief Legal Officer, explained that the regulatory approval from MAS would enhance Ripple’s ability to support forward-thinking customers who are exploring the potential of blockchain and crypto technologies to create a more inclusive and borderless financial system.Growing APAC presenceRipple’s presence in Singapore has already been growing significantly. In 2022, the company doubled its number of employees at its Asia Pacific headquarters, with Singapore becoming a major hub for ODL transactions. The MAS, recognizing the potential of fintech firms in the digital money services sector, published its Purpose Bound Money (PBM) white paper on Wednesday, proposing standards for such firms operating in Singapore.While Ripple has made progress with regulatory compliance in Singapore, it has faced legal challenges in other jurisdictions. Since December 2020, Ripple’s legal team has been dealing with a lawsuit filed by the US Securities and Exchange Commission (SEC), accusing Ripple of conducting an unregistered securities offering with its XRP token.The case is expected to reach a verdict in the coming months. While the speculation is that the case has gone well for Ripple, it remains to be seen to what extent it can get the upper hand in taking on a cornerstone institution of the US establishment like the SEC.Either way, Ripple is moving to develop on a global basis. It has recently pursued further development in the Middle East via a Dubai expansion. In Hong Kong, it is collaborating with local regulators in trialing the use of its technology relative to real-world asset tokenization.The company has also established partnerships with central banks in Montenegro and Thailand, as well as numerous regional banks and financial institutions worldwide.The regulatory approval from MAS marks a significant milestone for Ripple, expanding its customer reach and positioning the company for further growth in the digital asset payment sector. Digital asset innovation is truly global and as many organizations are demonstrating, just as Ripple is in this instance, innovative curtailment in one region will simply manifest itself as greater development in another.

Korea’s Traditional Customer Rewards Program Embraces NFTsSouth Korean tech company SK Planet, the operator of the popular customer rewards program OK Cashbag, made an exciting announcement for points collectors today. In a recent press release, it revealed the launch of its new non-fungible token (NFT) membership program called “Road to Rich.”Photo by Markus Winkler on PexelsRewards program meets NFTsFor over two decades, OK Cashbag has been a beloved membership service for Korean consumers. Now, members can embark on a journey through the Road to Rich program, accompanied by a rabbit character NFT. By completing daily quests, participants will earn rewards such as OK Cashbag points. As they progress on their journey, users can even level up their character, with the ultimate goal of reaching level 5. At this pinnacle, users will receive a tradable TEM NFT, offering customized everyday benefits.Decentralized walletSK Planet, an affiliate of the South Korean conglomerate SK Group, has also introduced a new decentralized wallet called UPTN Station. Built on the Avalanche subnet, UPTN Station empowers users to store and transfer various digital assets, including NFTs. To enjoy the Road to Rich program, the installation of UPTN Station is required.Gaming and rewardsNotably, the Road to Rich program comprises two gaming episodes to further captivate its users and encourage active participation. Any OK Cashbag member aged 19 or older can partake in the first episode and mint their own rabbit NFT at no cost.Kim Kyo-soo, the head of SK Planet’s customer experience division, expressed enthusiasm about the NFT program, highlighting its ability to make Web3 experiences second nature for users. Moreover, he mentioned plans for future collaborations with SK Group affiliates and other partners, aiming to provide an extensive range of services.

$100M Pyramid Scheme Linked to Prominent Chinese Filecoin ProjectA courtroom showdown currently playing out in the People’s Court of Pingnan County in northeastern Fujian province in China is laying bare an intricate pyramid scheme entwined with one of China’s flagship ventures in the Filecoin ecosystem.The lawsuit thrusts five defendants into the spotlight, alleging their orchestration of an expansive pyramid scheme under the guise of their enterprise, Shenzhen Space-Time Cloud Company. The operation is purported to have siphoned off millions of dollars, leaving in its wake a trail of financial wreckage.Photo by Traxer on UnsplashAggressive project marketingAccording to a local media report published on Monday, the saga began in June 2018 when Lai Mouhang and Lai Moujun established the Space-Time Cloud Company. Subsequently, co-defendants Hu and Liang joined the ranks in the following months. However, it wasn’t until September 2019 that Lai Mouhang escalated the company’s operations, leveraging the ipfs.cn domain to aggressively market and peddle investments linked to distributed storage technology and Filecoin’s intricate economic model.Central to Filecoin’s model is its block reward system, where miners validating new blocks receive Filecoin tokens (FIL) as a reward. In a stunning revelation, the prosecution claims that Lai Mouhang and his accomplices crafted a scheme mirroring this economic structure.Their brainchild, the filpool.io platform, served as a conduit for joint mining, masquerading as a storage server vending operation for FIL mining. This platform, intrinsically linked to Space-Time Cloud Company, allegedly formed the epicenter of the defendants’ fraudulent maneuvers.Almost 60,000 usersThe gravity of the scheme becomes evident when considering the staggering numbers: a reported 57,122 members registered on the filpool.io platform and an additional 143 partners on the bpool.io platform, a sibling project of Space-Time Cloud Company. These platforms collectively amassed a jaw-dropping RMB 607 million ($83 million), alongside RMB 62 million in diverse cryptocurrencies.The modus operandi of the defendants was rooted in enticing participants with rosy prospects of exponential profits. By acquiring a minimum of 8 terabytes of cloud computing power, individuals could attain bronze membership status or higher, unlocking the ability to further recruit participants. Unsurprisingly, the magnitude of returns correlated directly with the size of investments and the recruitment spree — classic hallmarks of a pyramid scheme.The prosecution contends that the defendants exploited these platforms as bait for participants, perpetuating the myth of high returns. This alleged deception led to substantial financial losses for many unsuspecting victims. Furthermore, these actions purportedly sowed discord and upheaval in both economic and social spheres, potentially transgressing criminal law boundaries.As the investigation into this convoluted case unfurls, its implications resonate far beyond China’s territorial confines. The intertwining of cryptocurrency, blockchain, and pyramid schemes punctuates the ever-evolving narrative of financial crime. The case highlights the importance of vigilance and regulatory scrutiny in an innovative industry that has more than its fair share of bad actors.