HSBC and Ant Group advance blockchain-based tokenized deposit system

One Store’s App Market to Support Polygon-Based dAppsSouth Korean native app market One Store said Friday that it has signed a memorandum of understanding (MOU) with Polygon Labs, the operator of the Polygon blockchain network, to provide robust support for Web3 games and decentralized applications (dApps) as part of its upcoming global service expansion.The signing ceremony for the MOU took place on Thursday at One Store’s headquarters in Seongnam, Gyeonggi Province. Peter Chun, CEO of One Store, and Marc Boiron, CEO of Polygon Labs, were in attendance.Polygon is a layer 2 scaling solution for Ethereum, with numerous domestic and international gaming companies already partaking in the Polygon ecosystem for a variety of purposes, such as Web3 game development and technological collaborations.Elevating user experienceThis new partnership is part of One Store’s efforts to offer enhanced choices for mobile users worldwide, setting its sights on overseas expansion and the creation of a global platform. With a focus on supporting Web3 games, the platform aims to cater to the blockchain gaming and app user base on an international scale, thus contributing to the expansion of the Web3 gaming ecosystem.Photo by Jonas Leupe on UnsplashAccording to the agreement, One Store will support marketing for Web3 games that have onboarded the Polygon platform, while Polygon Labs will encourage game developers that use its platform to enter One Store’s global market.“Through the upcoming global One Store platform, we will connect with users worldwide who are eagerly anticipating Web3 games and apps,” CEO Chun said.This marks a significant step towards the realization of a vibrant Web3 gaming and dApp landscape on a global scale. The collaboration is expected to bring about new opportunities and experiences for users seeking innovative and engaging digital content.Polygon’s collaboration with Korean industry leadersPolygon Labs has been teaming up with other Korean companies as well, including the telecommunications giant SK Telecom, in efforts to further nurture the ever-growing Web3 ecosystem.

The Monetary Authority of Singapore (MAS) is set to gain enhanced powers through the Financial Institutions (Miscellaneous Amendments) Bill 2024 (FIMA Bill), currently under consideration in the country's parliament.Photo by Kenneth Koh on UnsplashProfound impactIf the bill passes, it could have a profound impact on cryptocurrency firms operating in Singapore. One significant aspect of the proposed amendments is the expansion of MAS's authority to issue directives to capital markets services license (CMSL) holders involved in unregulated business activities. This move is particularly aimed at firms offering unregulated products that might pose contagion risks to their regulated operations. The bill cites examples such as bitcoin futures and payment token derivatives traded on overseas exchanges. At the moment, the regulator is actively monitoring the crypto space in Singapore, issuing investor alerts relative to unregulated entities. Last month, MAS added imToken, a non-custodial crypto wallet, to its Investor Alert List. The list serves as a means for the regulator to draw attention to entities that may be actively trading within the city-state while being wrongly perceived by the investing public as licensed or regulated entities. Greater powersIn response to potential risks, MAS had previously issued guidance on risk-mitigating measures for CMSL holders conducting unregulated business with retail investors. The FIMA bill seeks to empower MAS further by enabling it to issue written directions specifying the minimum standards and safeguards for CMSL holders and their representatives engaging in unregulated businesses. Cryptocurrency exchanges, potentially categorized as CMSL holders, along with Major Payment Institution (MPI) licensees, may face increased regulatory scrutiny. MAS has been active in implementing measures to curb speculation in cryptocurrency investments and has updated its regulatory framework for stablecoins. The bill introduces additional provisions empowering MAS to compel individuals to participate in interviews and provide written statements. It grants MAS the authority to enter premises without a warrant and obtain court orders to seize evidence. Furthermore, the bill allows MAS to approve agents appointed by foreign regulators for inspecting Singaporean financial institutions. Precursor to ETF offeringThe potential ramifications of the bill extend beyond local regulatory dynamics. Industry observers suggest a connection between these developments and the recent approval of spot bitcoin exchange-traded funds (ETFs) in the United States. Lasanka Perera, CEO of Independent Reserve Singapore, recently highlighted that the approval of bitcoin ETFs in the U.S. will likely attract major global wealth management firms, intensifying the demand for bitcoin and transforming it into an accessible asset class for traditional institutions. Perera sees relevance in this proposed legislation as it pertains to the potential offering of spot bitcoin ETF products within the Republic of Singapore. While he speculates that it's too early to tell, he said Singapore’s proposed new bill to enhance regulatory authority over financial services, including bitcoin futures, makes provisions for possible spot bitcoin ETFs in the Republic. As Singapore continues to refine its regulatory framework, the proposed amendments reflect a broader trend of regulatory tightening in the global cryptocurrency landscape, emphasizing the importance of compliance and risk management for industry participants. 

Over 3,700 participants flock to Upbit D Conference to explore insights in blockchainThe sixth annual Upbit D Conference (UDC), a major blockchain event in South Korea hosted by the country’s biggest cryptocurrency exchange Upbit, commenced on Monday (local time) at the Grand Walkerhill Seoul Hotel. Touting the theme “All That Blockchain,” the conference gathered some 3,700 participants — including 39 blockchain experts from 29 countries — both online and offline.Aimed at contributing to the blockchain ecosystem, UDC has gained acclaim as a non-profit event featuring in-depth lectures by experts from around the globe. While it initially focused on industry and technology alone, the conference has since expanded its scope to cover areas such as policy, finance, business, culture and trends.Photo by Gerd Altmann on PixabayLively guest discussionsHighlights of the event included a session led by Roger Ver, the founder of Bitcoin.com, who discussed the trajectory of the blockchain industry and the current status of Bitcoin. Korean telecommunications giant SK Telecom’s Executive Vice President, Oh Se-hyeon, also shared insights into the prospects of Web3 and blockchain services in Korea.Other speakers included Emily Parker, Executive Director of CoinDesk; Howard Fischer, former Senior Trial Counsel at the US Securities and Exchange Commission (SEC); Nizam Ismail, former Founding Chairman of the Regulatory and Compliance Sub-Commitee at Blockchain Association Singapore; and Kim Kab-lae, Senior Research Fellow at the Korea Capital Market Institute. Together, the four experts discussed country-specific perspectives and current issues regarding the rapidly changing regulatory landscape of the global virtual asset industry.“As blockchain’s influence expands across the economy, culture and society, UDC has evolved into a comprehensive conference capable of encompassing all aspects of blockchain. We hope it serves as a place that sparks positive inspiration and valuable connections,” said Song Chi-hyung, Chairman of Dunamu, the operator of Upbit.Growing recognitionOver the past five years, UDC has seen participation from over 1,190 companies and nearly 19,100 individual attendees. As of this month, the cumulative number of views on the conference’s official YouTube videos has reached 1.12 million. Videos of all of this year’s sessions can be viewed on the UDC YouTube channel and website.