Singaporean takes helm at Binance as CZ steps aside

Paxos gets green light from Singapore regulator for USD stablecoinPaxos, a regulated crypto infrastructure company, has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its new subsidiary, Paxos Digital Singapore Pte. Ltd.The company outlined in a press release that it published on Thursday that the new entity will be able to offer digital payment token services and issue a USD-backed stablecoin in compliance with Singapore’s upcoming stablecoin laws. Stablecoins are digital tokens that are pegged to the value of fiat currencies or other assets and are designed to minimize price volatility.Photo by Carlos Alberto Gómez Iñiguez on UnsplashRegulatory framework for stablecoinsThe MAS moved to finalize its regulation of stablecoins within the city-state in August. That regulation insists on stablecoin issuers holding reserve backing for a stablecoin in low risk, highly liquid assets. The regulator also puts an onus on the issuer to provide appropriate disclosures including audit results and to process redemption requests within five business days.According to Paxos, there is a strong global demand for the U.S. dollar, but it remains challenging for consumers outside the U.S. to access dollars securely, reliably and under regulatory protections. The in-principle approval from the MAS will enable Paxos to bring its regulated platform to more users around the world.The recently finalized stablecoin regulatory framework will apply to non-bank issued tokens that are linked to the Singapore dollar or G10 currencies, such as the euro, British pound and U.S. dollar. Additionally, it applies to stablecoins whose circulation exceeds five million Singapore dollars ($3.7 million). The framework aims to ensure that stablecoins are subject to appropriate governance, risk management, disclosure and consumer protection standards.Partnering with enterprise clientsPaxos said that once it receives full approval from the MAS, it will be able to partner with enterprise clients to issue the USD stablecoin in Singapore. Paxos already has experience in issuing stablecoins, such as the Paxos Standard (PAX) and the PayPal USD Coin (PYUSD), which are both backed by the U.S. dollar and cash equivalents. Paxos also issues monthly attestations and reserve reports to verify its compliance and transparency.Responding to this latest development, Paxos Head of Strategy, Walter Hessert, stated:“Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably and under regulatory protections. This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world. Because Paxos upholds the highest standards of compliance and oversight, global enterprises partner with us to power stablecoin solutions that drive their businesses and respond to their customers’ needs.”Paxos previously issued the Binance USD (BUSD) stablecoin, but was ordered by the New York Department of Financial Services (NYDFS) to stop issuing the token after the agency declared the stablecoin an unregistered security.The partnership between Paxos and the MAS is a significant step in bridging the gap between traditional finance and the emerging crypto industry. As more institutional clients seek exposure to digital assets, it becomes essential to provide them with secure and reliable solutions that meet their specific requirements.

Blockchain Tech Enhances Korean Meat Industry’s Trading SystemThe Korean meat industry is leveraging blockchain technology to optimize its meat trading system.©Pexels/mali maederOn Tuesday, the MOOxMOO Foundation, a Korean blockchain-driven supply chain management provider, announced its strategic partnership with meat processing company PMD, according to the Maeil Business Newspaper.Inefficient distributionThe partnership aims to enhance the transparency of the meat trading system and address issues of inefficient intermediary distribution, particularly regarding payments, settlements, and deliveries. This goal will be achieved through the foundation’s meat trading platform MOOxDEAL, which will utilize soulbound tokens (SBTs) to verify identities of supply chain participants.Rising meat demandThe OECD-FAO Agricultural Outlook 2022–2031 stated that in 2021, world meat imports are estimated to have reached 40 million metric tons (Mt), with poultry imports leading the way. Brazil, the European Union and the United States were among the top meat exporting countries, meeting a significant portion of the increased import demand.Meat consumption is projected to grow by 15% by 2031, driven by an expected 11% increase in the global population. Global meat supply is projected to reach 377 Mt by 2031, though growth will not be as rapid as the previous decade.The amount of protein available from poultry, pork, and beef is expected to increase globally by 16%, 17%, and 8%, respectively, by 2031, with poultry being the main contributor to overall meat production growth. The majority of meat production growth is set to occur in developing regions.Costs onto consumersDespite increasing global meat production, the unsuitable distribution structure in Korea may shift costs onto consumers.Through the partnership, the MOOxMOO Foundation looks forward to addressing the inefficiencies of intermediary distribution and benefiting consumers. The foundation also envisions its platform contributing to the Korean meat industry by optimizing both business to business (B2B) and business to consumer (B2C) trading.

Celsius and BlockFi Filings Reveal Bhutan Crypto InvestmentThe tiny kingdom of Bhutan, nestled in the Himalayas, has been secretly holding millions of dollars in cryptocurrency, according to recent filings in the bankruptcy processes of crypto lenders Celsius and BlockFi. The revelation has surprised many observers, given the country’s reputation as a conservative and traditionalist society that places a high value on spiritual well-being and happiness over material wealth.©Pexels/Prateek KatyalDruk Holdings and InvestmentThe cryptocurrency holdings were reportedly managed by Bhutan’s Druk Holdings and Investment, which was established in 2018 with the aim of investing in a range of assets to help diversify the country’s economy and reduce its dependence on hydro-power exports. It’s understood that the fund had invested in a number of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, and had seen significant gains as a result.While the exact amount of cryptocurrency held by the Bhutan Investment Fund is not known, a Forbes report estimates that it could be worth several million dollars. This represents a significant portion of Bhutan’s overall foreign reserves, which stood at $1.2 billion at the end of 2022.The news of Bhutan’s cryptocurrency holdings has sparked a debate about the role of digital assets in the country’s economy. Some experts have argued that cryptocurrencies could provide a valuable source of revenue for Bhutan, particularly as the country seeks to reduce its reliance on hydro-power exports. Others, however, have expressed concerns about the risks associated with investing in such a volatile and unpredictable asset class.A new frontier for investmentDespite these concerns, it appears that the Bhutan Investment Fund is committed to continuing its cryptocurrency investments. In a statement to Blockworks, the fund’s CEO, Tenzin Lekphell, said that “digital assets represent a new frontier for investment, and we believe that they have the potential to provide significant returns for our investors.”The news of Bhutan’s cryptocurrency holdings comes at a time when many countries around the world are grappling with the question of how to regulate and manage digital assets. While some countries, such as China, have taken a hardline approach and banned cryptocurrencies altogether, others, like Japan, have taken a more moderate approach and have sought to regulate the industry to prevent fraud and protect investors.Others still, like the United States and India have flip flopped on the subject with the United States having taken a regulatory hard line in recent months.A crypto opportunity for smaller nationsIt remains to be seen what approach Bhutan will take towards cryptocurrency regulation. However, the news of the country’s cryptocurrency holdings is a sign that even small, remote nations can take advantage of the opportunities provided by digital assets. On Tuesday Jason Lau, COO of crypto exchange Okcoin, stated that Bhutan’s investment was no surprise, with the expectation that other sovereign wealth funds would follow suit.Bhutan’s decision to invest in cryptocurrency has raised eyebrows in the international community. However, it is also a testament to the country’s willingness to explore new and innovative approaches to economic development. As the world continues to grapple with the opportunities and challenges posed by digital assets, Bhutan’s example may provide a valuable case study for other nations seeking to diversify their economies and embrace new technologies.