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Tether Alters ToS in Singapore Restricting USDT RedemptionTether, the issuer of the world’s largest stablecoin, USDT, has made substantial revisions to its Terms of Service (ToS), which may have a significant impact on its user base in Singapore.News of the change emerged on Monday, with Dr. Julian Hosp, CEO of Cake Group, the project team behind Singapore-based Cake DeFi, taking to social media and providing a copy of an email from Tether’s Compliance Department, confirming the change. That notification read:”Tether has changed its terms of service to, among other things, restrict its onboarding standards. Corporates controlled by; another entities, directors, shareholders residing in Singapore are no longer permitted to be Tether customers.”In his commentary, Hosp stated that he wouldn’t be in a position to confirm “if redeeming $USDT into $USD is actually possible, due to being in #Singapore.”Photo by DrawKit Illustrations on UnsplashToS Change in ContextWithin the cryptocurrency ecosystem, eyebrows have been raised regarding the timing of Tether’s ToS change, as it has coincided with a major instance of crypto-related money laundering. Conversely, some argue that the issue could be specific to Cake DeFi. The DeFi protocol had been flagged for enhanced due diligence (EDD), suggesting that the modification in Tether’s ToS might potentially be a result of a partnership issue between the two entities.Stablecoins like USDT play a pivotal role in the digital asset ecosystem, serving as a bridge between the volatile world of cryptocurrencies and the stability of traditional fiat currencies like the US dollar. Any disruption in their usage can trigger a domino effect in the crypto markets.The cryptocurrency sector is grappling with regulatory uncertainties worldwide, and Singapore is no exception. The Monetary Authority of Singapore (MAS) has been actively reviewing and updating its crypto-related regulations to align with international standards and mitigate risks to financial stability.The precise motive behind Tether’s decision to restrict USDT redemption for specific customers in Singapore remains unclear. Notwithstanding that, Tether’s Chief Technology Officer (CTO) Paolo Ardoino expressed the view that the matter is being misunderstood. He tweeted:Spreading FUD”Before spreading FUD [fear, uncertainty and doubt] it would be great if you guys did take a look at webarchive… This is Jan 2022…. And if you open the link below: Last updated: May 12, 2020… Again, take a moment to search and verify information before YOLO [you only live once] posting.”Clearly Ardoino is making the point that the ToS change is consistent with existing compliance policy which has been in place since 2020. Notwithstanding that, in reviewing related records, media outlet Protos found that USDT issuance and redemption after May 2020 demonstrate that the firm continued to do business with Singapore-based entities. The publication cited UQPAY specifically, a Singapore-based payments processor. It was found to have issued USDT between May 14 and May 18 in 2020.

NEOPIN Launches South Korea’s First ETH Liquid Staking ProductNEOPIN, the global CeDeFi platform of Neowiz Holdings, a South Korean investment holding company, has launched liquid staking products for ETH and KLAY, as reported by local media outlet News1.Photo by Kanchanara on UnsplashLiquidity provider tokensLiquid staking enables users to deposit their cryptocurrencies into a staking pool and, in return, receive liquidity provider tokens. These tokens can then be redeposited to earn additional yield. For example, NEOPIN users can stake ETH or KLAY on the platform and receive npETH or npKLAY tokens, respectively, which can be further deposited to earn rewards.NEOPIN asserts that it is the first Korean blockchain project to introduce an ETH liquid staking product. To make the platform more user-friendly, NEOPIN has improved its interface, ensuring easy navigation for its customers.In celebration of this launch, NEOPIN is hosting a promotional event. Users who utilize the ETH liquid staking product will earn the NPT token, the native token of the NEOPIN ecosystem, with an annual percentage yield (APY) of 5% until August 9. Meanwhile, participants in the KLAY liquid staking product can earn twice the reward points until September 26 through the ongoing NEOPIN membership promotion campaign.Qualitative and quantitative growthPrior to this development, it was reported that NEOPLY, the operator of NEOPIN, joined the Innovation Programme of the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE). Stefan Kim, Chief Business Officer at NEOPIN, highlighted the strategic collaboration between the platform and the Abu Dhabi Global Market (ADGM) to establish a regulatory framework for decentralized finance (DeFi). Kim emphasized that while this partnership will contribute to NEOPIN’s qualitative growth, the implementation of liquid staking derivatives finance (LSD-Fi) will pave the way for its quantitative expansion.

Upbit Operator Dunamu Assists Indebted Youths in Rebuilding Credit ScoresDunamu, the operator of South Korean cryptocurrency exchange Upbit, has announced an initiative aimed at helping indebted youths rebuild their credit scores. The company will accept applications from July 19 through August 20. Eligible individuals must be residents of Seoul, Gyeonggi-do, or Incheon, aged between 19 and 39, and have successfully completed debt workout arrangements.Photo by Towfiqu barbhuiya on UnsplashGiving backThe project, called Dunamu Next Dream, is part of the company’s efforts to give back to the community by using revenue generated from Luna Classic (LUNC) transaction fees. In September of last year, Dunamu committed to allocating the LUNC transaction fee profits of 239.13025970 BTC to investor protection. After consulting with an external advisory committee, the exchange operator decided to donate around 3 billion KRW ($2.3 million) to public organizations and utilize the remaining funds to provide financial and credit support.To implement the Dunamu Next Dream project, Dunamu entered into a memorandum of understanding (MOU) with the Credit Counseling and Recovery Service (CCRS) and the Social Solidarity Bank (SSB) in April.Two componentsThe project consists of two main components: financial consulting and emergency loans. The initial focus will be on financial consulting, which includes support for living expenses. The aim is to assist indebted youths in developing healthier financial habits. Financial experts will provide six sessions of financial consulting, addressing their recurring indebtedness and fostering financial independence. Additionally, each individual will be granted a living expense of 1.2 million KRW ($950) to ensure they can meet timely interest payments.Dunamu will collaborate with the CCRS and the SSB to conduct a comprehensive review of applicants and select 150 deserving beneficiaries. The selection process will involve thorough evaluation through paper screening and interviews, allowing applicants to demonstrate their dedication and financial responsibility.The second component of the project, emergency lending, will launch in September. It aims to provide interest-free loans of up to 2.5 million KRW to individuals facing immediate needs, such as medical fees.Dunamu CEO Lee Sirgoo highlighted the importance of this project, emphasizing the challenges faced by young people who are the future leaders of society. The economic struggles they encounter can have significant repercussions for society as a whole. Accumulating debts has made it difficult for young individuals to achieve financial stability and advance their careers. Lee stressed the need for public awareness regarding this issue, as it is crucial for young people to establish themselves promptly within society.