NEOPIN and Sevenline Labs collaborate to boost Web3 gaming expansion

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.

UAE researchers introduce carbon trading platform on blockchainAmid escalating climate concerns, the Technology Innovation Institute (TII) in Abu Dhabi has unveiled a blockchain designed to monitor carbon emissions and facilitate trading.Announcement during COP28The institute’s Cryptography Research Center (CRC) recently announced the launch of its proprietary blockchain-powered carbon trading platform, showcasing the United Arab Emirates’ (UAE) commitment to spearheading global climate initiatives. TII CEO Ray Johnson stated:“We are proud to announce this digitized tracking and trading platform at COP28, representing the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda.”The revelation coincides with the United Nations Climate Change Conference (COP 28), which runs until Dec. 12 and is taking place in Dubai. The conference involves nations making commitments to reduce emissions and transition various sectors toward sustainable energy sources.Photo by Matthias Heyde on UnsplashEnabling carbon trading internationallyThe newly introduced blockchain platform is poised to enable the international trade of carbon tokens, monitor greenhouse projects and incentivize participation in emission reduction initiatives. By leveraging the principles of carbon trading and tracking, organizations will gain valuable insights into their environmental impact. The platform’s deployment on the blockchain ensures transparency and encourages broader participation, compelling major players to fulfill their environmental promises.The lightweight blockchain has been developed with minimal environmental impact in mind, aligning with the broader goals of the government’s climate action initiatives. This blockchain network allows organizations to record their emissions openly, prompting users to generate tokens that quantify carbon removed from company operations through capture or trading.Moreover, the network incorporates auditors to ensure the entire process is secure, transparent, accurate and safe. This approach aims to provide the industry with accurate data on their activities without relying on cumbersome third-party expert monitoring.Harnessing blockchain’s transparencyThe move to utilize blockchain technology for addressing climate change aligns with the long-standing belief of the United Nations and various international organizations. Blockchain’s transparency and openness empower industries to have accurate data on their activities, eliminating the need for complex third-party monitoring that often comes at a higher cost.In response to growing criticism of the energy consumption associated with blockchain technology, certain firms have taken steps to adopt greener practices. Notably, in 2021, the Ethereum blockchain transitioned to a Proof-of-Stake model, reducing its carbon footprint by over 99% by eliminating miners and introducing validators. Ethereum also launched the Ethereum Climate Platform (ECP), attracting participation from industry giants like Microsoft.Furthermore, cryptocurrency companies have allocated funds for solar-powered digital asset projects, encouraging developers to embrace eco-friendly practices. This shift towards sustainable initiatives underscores the industry’s commitment to addressing environmental concerns.In a related development, in August, it was reported that the UAE Ministry of Climate Change and Environment (MOCCAE) had entered into a collaboration with the Industrial Innovation Group and the Venom Foundation to work towards a blockchain-based carbon credit system.The introduction of the UAE’s blockchain-powered carbon trading platform marks a significant step towards fostering global climate initiatives. The innovative technology not only enhances transparency and accountability in carbon trading but also aligns with the broader global shift towards sustainable and eco-friendly practices within the blockchain industry.

At the end of last month, social derivatives trading platform ZKX, a protocol that runs on the Ethereum-centric Starknet layer-2 network, shut down blindsiding the project’s stakeholders. That event has led to Singapore-headquartered digital assets firm Amber Group speaking out, calling for cryptocurrency projects to be more accountable and transparent going forward. Not economically viableNews of the project shutdown emerged when ZKX founder Eduard Jubany Tur took to X on July 30 to outline the discontinuation of the protocol. Tur claimed that the project was “unable to find an economically viable path for the protocol.” In a long-form post, the ZKX founder outlined that user engagement had been minimal, resulting in disappointing trading volumes. By extension, Tur claimed that revenues didn’t come anywhere close to covering cloud server expenses. “The market is undervaluing the work done and infrastructure built by appchains and dApps coming from ecosystems like ours,” Tur added. Pseudonymous blockchain sleuth ZachXBT had a different take on the matter, claiming that the shutdown represented a rug pull. Amber Group chimed in on the subject on X on Aug. 3. Amber suggested that it wouldn’t break any contractual non-disclosure obligations it had with regard to ZKX but that aside, the firm took the opportunity to share its perspective more broadly in an effort to promote transparency.Photo by Markus Spiske on PexelsAmber Group criticismAmber Group criticized the ZKX team on the basis of a lack of transparency. It stated: “The last update we received was on July 30, when the project announced the cessation of operations. This decision was made without prior communication, highlighting the importance of transparency in our industry.” Staying with that theme, it claimed that clear communication and transparency are essential for fostering trust and collaboration within the crypto community, and that such principles would guide future projects. Amber Group had acted as a market maker relative to the ZKX project. It borrowed and purchased ZKX tokens in support of the launch of the token and in an effort to support token liquidity post-launch. It had secured two million ZKX tokens from the open market, with its overall holding totaling three million ZKX tokens. Project investor HashKey Capital also took to the X social media platform on the subject. Like Amber Group it too criticized the ZKX project for its lack of accountability and transparency. It described the project’s reluctance to communicate as “disappointing,” while it asserted that Tur’s handling of the situation had been “regrettable.” Ye Su, founding partner at ArkStream Capital, expressed a similar complaint, stating on X that “when ZKX shut down, as investors, we got zero heads-up.” He also singled out Tur, claiming that “Edward took the money from early supporters without any communication, showing no moral standards and losing his right to future entrepreneurship in the industry.”