Japan orders Apple, Google to remove unregistered crypto exchange apps

Regulated blockchain and digital asset solutions provider Paxos has announced the launch of its latest digital asset, the Global Dollar (USDG), a U.S. dollar-backed stablecoin. The company outlined in a press release published to its website on Nov. 31 that the USDG stablecoin is being issued by its local Singaporean corporate entity, Paxos Digital Singapore Pte. Ltd., with the product being regulated by the Monetary Authority of Singapore (MAS).Photo by Alexander Grey on UnsplashMAS compliant offeringThe company claims that the offering is “substantively compliant” with the stablecoin regulatory framework that MAS intends to roll out imminently. Paxos paved the way for this latest product offering back in July when it obtained a Digital Payment Token license from MAS, enabling it to issue U.S. dollar-backed stablecoins within the city-state. In terms of distribution, Paxos intends to partner with global crypto exchanges, wallets and platforms in an effort to get this new product out into the market.  DBS Bank partnershipIts first partnership with regard to the Global Dollar has already been struck with DBS Bank, Singapore and Southeast Asia’s largest bank based on assets held. DBS will play a role in the custody of USDG reserves and in cash management relative to the project.  Ronak Daya, Head of Product at Paxos, said that “USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.” This latest product launch appears to be similar to the approach the company has taken in the Middle East. Back in June a United Arab Emirates (UAE)-based affiliate company launched the Lift Dollar (USDL), a yield-generating U.S. dollar-backed stablecoin under the regulatory oversight of the Financial Services Regulatory Authority (FSRA), the regulator within the Abu Dhabi Global Market (ADGM) free zone and international financial center. Running on EthereumThe USDL stablecoin started out on the Ethereum network, with it launching on the Arbitrum network in October. A similar roadmap has been set for USDG, with it launching on Ethereum while Paxos maintains that it “will be issued on more blockchains in the near term.” The Stellar network is likely to be one that it expands to in the future. In October the firm announced an integration with the Stellar Development Foundation, with a view towards expanding stablecoin adoption. Daya said that “enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises.” The company has developed an expertise in the issuance of digital assets, with USDG being its sixth such issuance. Last week Paxos outlined that it had launched a stablecoin payments platform with the objective of simplifying global transactions for payments providers and merchants. Paxos has also partnered with the Trump family venture, World Liberty Financial, which plans on launching a U.S. dollar stablecoin with the help of Paxos. The firm’s CEO, Charles Cascarilla, also encouraged both U.S. presidential candidates recently to embrace stablecoins as a mechanism through which to safeguard the continuing influence of the U.S. dollar on a global basis. 

TON Foundation $250M Accelerator Fund LaunchThe team behind The Open Network (TON) layer one blockchain has launched a $250 million fund to promote and incentivize development on the network.The Dubai-headquartered TON Foundation, the community managing the TON/Open Network blockchain project, provided details of the program via social media on Monday.Photo by Ibrahim Boran on UnsplashBoosting ecosystem projectsThe $250 million fund is aiming to boost key TON ecosystem projects, with a particular focus on DeFi. The TON Foundation is already canvassing projects to participate and apply for funding.Successful applicants will be offered between $50,000 and $250,000. The scheme goes beyond funding. Projects will also get to avail of mentorship from partners like GotBit, a consulting service targeted at blockchain start-ups. Growth advisory firm Web3Port will also be available to successful candidates in that mentorship role.UAE-based multi-strategy crypto investment firm Cypher Capital will also be at the disposal of the TON-based start-ups, while they will also have the ability to access the Tonstarter launchpad. Additionally, the scheme features participation from East Asia, with South Korea-based Boom Labs, an incubator for Web3 developers, lending its support.Justin Hyun, Head of Incubation and Growth at the TON Foundation, had this to say about the development:“This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations.”$25M funding in first yearFunding will be allocated from the TONcoin.Fund, a $250 million TON syndicate which invests in teams and projects that build on The Open Network. In the first year of the program, $25 million will be allocated.Bill Qian, Chairman of Cypher Capital, said that the program “is unique within the Web3 universe today.” “TON Accelerator Program is taking the well-known incubator principle from the Web2 ecosystem, refining it, and evolving it by incorporating the best practices of Web3 protocols and methodologies,” he added.DoraHacks Hack-a-TONxIn its announcement the TON Foundation outlined its intention to select the first successful projects from those who took part in the DoraHacks Hack-a-TONx. Hack-a-TONx was a two-month-long hackathon, put together by the TON Foundation in coordination with global hackathon organizer and multi-chain Web3 developer community, DoraHacks.Submissions are being accepted by the TON Foundation from projects that have built on TON, who already have a minimum viable product (MVP). Although originally promoted by the makers of the Telegram messaging app, since 2020, TON has harnessed the TON Foundation to develop the project as a community-run and community-led open source initiative.The African nations of Cameroon, the Democratic Republic of the Congo, and the Republic of Congo have all expressed an interest in adopting the TON blockchain. Earlier this month, the TON Foundation entered into a partnership with the Seychelles-based BIT crypto exchange. That collaboration will see BIT accepting TON tokens from its users for the payment of trading fees, with discounts offered to the exchange users who opt to pay using TON.

Temasek Cuts Pay Following FTX AutopsySingaporean state-owned investment firm, Temasek Holdings, has announced a reduction in compensation for executives responsible for the company’s investment in the now-defunct cryptocurrency exchange FTX. Temasek, once the second-largest outside investor in FTX, faced scrutiny after the collapse of the exchange.Photo by Emilio Takas on UnsplashNo misconduct findingOn May 29, Temasek released a statement confirming the completion of its internal review of the $275 million investment loss incurred from FTX. The review determined that there was “no misconduct” within the company. However, both the investment team and senior management took “collective accountability” and experienced a reduction in their compensation.While acknowledging the inherent risks associated with any investment, Temasek emphasized the importance of continuing to invest in new sectors and emerging technologies to understand their potential impact on the business and financial models of existing portfolios. They recognized the need to adapt to an ever-changing world and explore avenues that could drive future value.It’s worth noting that the $275 million loss from the FTX investment constituted only 0.09% of Temasek’s portfolio value, which stood at over $293 billion at the time of the collapse.Temasek maintained that it conducted extensive due diligence before investing in FTX, emphasizing its commitment to a thorough review process. Chairman Lim Boon Heng stated in a May 29 interview with Bloomberg that there was fraudulent conduct intentionally hidden from investors, including Temasek. The negative outcome of the investment has been disappointing for the company and has had a significant impact on its reputation.Reputational damageSingapore Deputy Prime Minister Lawrence Wong echoed similar sentiments, highlighting the financial loss and reputational damage caused by the FTX collapse during a parliamentary meeting in November 2022.During the due diligence process, Temasek reviewed FTX’s financial statements, assessed regulatory risks related to financial service providers in the cryptocurrency market, and sought legal advice. The company also engaged with individuals who had firsthand knowledge of FTX, including employees, investors, and industry participants.In recent news, Temasek addressed and dismissed rumors about a $10 million investment in Array, a developer of algorithmic currency systems based on smart contracts and artificial intelligence. The company clarified that such reports were incorrect, refuting the circulating news articles and tweets.Temasek’s internal review process is certainly a move towards transparency and accountability. It indicates a willingness towards addressing the matter. That said, there are FTX creditor groups who fervently disagree with Temasek’s analysis.Class action lawsuitEarlier this year a number of FTX creditors filed a class action lawsuit against a number of venture capital (VC) firms, including Temasek. The FTX customers maintain that Temasek and others played a role in a conspiracy to defraud them. Venture capital firms have countered with the view that they themselves were victims as a consequence of the FTX collapse, suffering multi-million dollar losses.The fact remains that VCs get much further involved than merely handing over a check. They get involved with marketing, operations, and many other facets of the businesses of their portfolio companies. Meanwhile, other creditors suggest that Temasek has a responsibility to do right by the 1.4 million FTX creditors (a disproportionate number of them being Singapore-based) and to invest in a restructured FTX business, an option that represents the best opportunity for FTX customers to recover their funds.Temasek may have reached certain conclusions by way of their internal report on the matter but this is not likely to be the final analysis relative to its involvement in the fall of FTX.