Circle Makes Inroads in Singapore with License Award

Korean government to seize crypto for unpaid child supportStarting next year, the South Korean government is set to begin seizing virtual assets such as bitcoin from parents who are obligated to pay child support but fail to do so.Photo by Bonnie Kittle on UnsplashKorea Credit Bureau to assist in crypto seizuresAccording to a report by local news outlet Dailian, the Child Support Agency (CSA) of the Korean Institute for Healthy Family (KIHF), which operates under the Ministry of Gender Equality and Family, announced on Wednesday (local time) a partnership with the Korea Credit Bureau (KCB). This collaboration will empower the agency to confiscate virtual assets from parents who are delinquent in paying child support.Since 2015, the CSA has been offering emergency child support for approximately a year to low-income single parents who have not received payments from non-custodial parents. In this process, the agency initially pays the child support on behalf of the non-custodial parents and subsequently pursues reimbursement from them. This system ensures that the immediate needs of the children are met while still holding non-custodial parents accountable for their financial responsibilities.Before July 2022, the CSA was required to initiate lawsuits against non-compliant parents to recover child support payments. However, since then, the agency has been authorized to directly pursue reimbursements by following the compulsory national tax collection process.Challenges in enforcing child support paymentsDespite these improved measures, the government still encountered challenges in enforcing child support payments. Some non-compliant parents have resorted to earning income under other people’s names or deliberately concealing their properties, including virtual assets, to evade their child support obligations.Against this backdrop, the recent partnership between the CSA and the KCB is a strategic move to enhance the enforcement of child support payments. This collaboration will grant the CSA access to KCB’s virtual asset management system. With this access, the CSA will be able to efficiently search for and seize the cryptocurrency holdings of non-compliant parents.Jeon Joo-won, the head of the CSA, underlined the significance of the agency’s collaboration with the KCB. She pointed out that utilizing KCB’s financial transaction data will improve the CSA’s enforcement of child support payments. Jeon also emphasized that the mutual support between the two agencies will serve as a foundation for promoting social values, highlighting the broader societal impact of their combined efforts to ensure responsible child support compliance.

In a statement published to Vietnam.vn on Oct. 23, a website run by the Office of Foreign Information Service under Vietnam’s Ministry of Information and Communications, Vietnam revealed its official National Blockchain Strategy. Key objectives In announcing its National Blockchain Strategy, the Vietnamese government articulated several key objectives that it feels will lead to Vietnam eventually taking a leadership role in blockchain development within the region.  These key objectives include an emphasis on research relative to the further roll-out of blockchain innovation. The Vietnamese authorities intend to promote blockchain research, innovation and international cooperation. Another specific action area has been identified as perfecting the legal environment with respect to blockchain development.  The development of infrastructure has been cited as a key objective, with the Ministry proposing that this should incorporate the formation of a blockchain industrial ecosystem. Additionally, the statement highlighted the need to focus on developing human resources in respect of blockchain, while also pointing to an overall need to promote blockchain development generally and the application of the technology. A number of branches of the Vietnamese government have been tasked with achieving these key objectives, including the Government Cipher Committee, the Ministry of Education and Training, the Ministry of Science and Technology, as well as the Ministry of Information and Communications.Photo by Hugo Heimendinger on PexelsPositive reaction The plan has been broadly welcomed by Vietnam-based crypto stakeholders. Jenny Nguyen, Chief Operating Officer (COO) of Ho Chi Minh City-based crypto venture fund Kyros Ventures, suggested the development was bullish. She wrote: “This is the most bullish policy on blockchain from the Vietnam Government in history, which not only acknowledges the importance of blockchain, but also defines clear expectations for the development of this technology sector in the years to come.“ Nguyen also pointed out that regulations on digital assets are currently being discussed within Vietnam’s National Assembly, with legislators working towards a 2025 completion date. On the basis of these two developments, she believes that “the future for blockchain and crypto in Vietnam is looking brighter and brighter day by day.” KardiaChain, a hybrid blockchain infrastructure provider to governments in Vietnam and other Southeast Asian countries, outlined on social media that it had been a key contributor in shaping the strategy. The project believes that the strategy “will enable us as builders more opportunities to impact the country's blockchain development, and further accomplish our mission of mass adoption that we set out on day one.” Laura Nguyen, head of Vietnam at Ava Labs, said that the strategy was forward-thinking and that consequently Vietnam is “primed to become a blockchain powerhouse, pushing the boundaries of technological innovation and fostering global collaboration.” As part of the strategy, the Vietnamese government plans to bring about the development of 20 blockchain brands for platforms, products and services. Additionally, the strategy aims to put in place three testing centers located in major Vietnamese urban centers as part of an effort to create a national blockchain network. 

amana, a Dubai-based neo-broker, has announced that it is adding another 300 cryptocurrencies to its app. 450 crypto assetsA neo-broker is an online-based digital investment service provider that leverages technology and online tools to make investing and trading more accessible to the broader investing and trading public. The firm announced the product expansion via a press release published on its behalf by GlobeNewswire on March 17. Prior to the announcement, amana had offered its service users access to 150 cryptocurrencies. Expanding the range to a total of 450 cryptocurrencies makes it the leading broker in the Middle East and North Africa (MENA) region in terms of the breadth of digital assets it has made accessible to users.Photo by Christoph Schulz on UnsplashAll-in-one service offeringThe company described the offering as “unmatched,” allowing amana to firmly position itself as the go-to platform where the seamless trading of both traditional and digital assets is concerned. amana believes that its offering fills a gap in the market. Most platforms, it claims, either cater to the digital assets market or the traditional finance market. The platform sees itself as an all-in-one solution, making it unnecessary for investors and traders to create multiple accounts. Speaking to that gap in the market that the company wants to exploit, amana CEO Muhammad Rasoul stated: “We’re making it easier than ever for our customers to trade digital assets alongside stocks, forex, and commodities—all in one place, with zero hassle.” The firm added that the expansion isn’t just about offering a greater selection of digital assets. The announcement said that “it’s about seamless access, competitive pricing, and a frictionless trading experience.” The company described the amana app as “intuitive,” with the ability to empower both seasoned traders and new investors through the ease of trading within a few taps. Alongside the 450 digital assets, the platform provides users with access to U.S. stocks, FX, commodities, gold and global exchange-traded funds (ETFs). amana also facilitates users to trade using leverage and to avail of automated investment plans. Futures products and contracts for difference (CFDs) complete the product offering lineup. Having first launched in September 2022, the platform claimed recently that it has over 320,000 users accessing the service. Besides Dubai, amana has offices in London, Limassol and Beirut. The company is not the first online broker to bridge the gap between traditional finance and digital assets. American commission-free trading platform Robinhood has made in-roads into crypto. The company has plans to roll out its crypto offerings to the Singapore market later this year.  UK-based neobank Revolut has expanded into the world of investing, including crypto as part of that offering. It emerged last year that the firm has plans to launch a stablecoin. flatexDEGIRO, a European online broker that offers stocks, bonds and exchange-traded funds (ETFs), outlined last November that it plans to extend its product offering to include cryptocurrencies.