BSN Foundation launches in Singapore with five global members

XPLA-Kado Partnership allows fiat-to-crypto transactions for XPLA usersXPLA, the layer 1 blockchain project operated by South Korean gaming company Com2uS Group, announced on Friday (local time) its partnership with Kado, a fiat-to-crypto on/off ramp platform, enabling XPLA users to move between fiat currencies and cryptocurrencies seamlessly.Photo by Ibrahim Boran on UnsplashXPLA available via Visa, MastercardKado simplifies the process of converting between fiat and crypto. Usually, Web3 users have to deal with the inconvenience of using centralized exchanges to make such conversions. But Kado makes this much easier, allowing users to make purchases with either fiat currencies or cryptocurrencies. The platform accommodates an array of more than 20 fiat currencies and supports well-established payment options, including Visa, Mastercard, Apple Pay, ACH Transfer and Wire Transfer. Moreover, Kado’s services extend across over 150 countries that support Know Your Customer (KYC) protocols.Paul Kim, CEO of XPLA, acknowledged Kado’s contributions to establishing a base for the growth of the Web3 economy. He pointed out that this collaboration will make it simpler and more intuitive for XPLA users to engage with the Web3 economy. Thanks to Kado’s services, XPLA users will now be able to transact with their tokens with greater ease.Vince Dowdle, co-founder of Kado, underscored the importance of this partnership, noting that Kado has recognized XPLA as a frontrunner in shaping the future of Web3 gaming. This recognition comes from XPLA’s proactive stance in acquiring the intellectual properties (IPs) of multiple major games, reflecting a firm belief in the potential of the Web3 content space.Meanwhile, XPLA boasts a diverse roster of validators such as Oasys, Animoca Brands, YGG, Blockdaemon, Cosmostation and LayerZero. It has also onboarded popular games like Summoners War: Chronicles, Minigame Party, Ace Fishing: Crew, Idle Ninja Online and The Walking Dead: All-Stars. With these titles, XPLA is actively working to establish itself as a major hub for Web3 content on a global scale.

It’s been a tough couple of months for global crypto exchange, Bybit. Having had to leave the Malaysian market due to regulatory issues, the firm is now being forced to shutter its service in India for similar reasons.Photo by Naveed Ahmed on UnsplashWithdrawing services on January 12The exchange announced its withdrawal from the Indian market via a statement published to its website on Jan. 10. The service for Indian residents has been ceased from 08:00 UTC on Sunday, Jan. 12.  Account opening and crypto trading has been disabled. Furthermore, the ability to place market orders through other exchange products offered by the company has also been disabled. The ability for customers to withdraw fiat currency and digital assets remains in place. Achieving full complianceWhile the company is leaving the market, it has stated that its services are temporarily suspended in India. It cited a need to “operate in full compliance” as the firm’s primary objective relative to the Indian market. Elaborating on this, it stated:”We have taken this measure while we continue to work closely with the regulator to finalize our registration as a Virtual Digital Asset Service Provider in India, which we expect to secure in the coming weeks.” Malaysian market issueThe situation mirrors a similar set of circumstances that Bybit finds itself in relative to the Malaysian market. On Dec. 27, the Malaysian Securities Commission published a statement outlining details of an enforcement action it had taken against Bybit and the firm’s CEO, Ben Zhou.  In that instance, Bybit was directed to disable its service offering within the Malaysian market. The company indicated that it would return to the market once it had secured the necessary licensing. India hasn’t proven to be the most crypto-friendly jurisdiction to date. Indian crypto influencer R.K. Gupta took to the X social media platform, claiming that the government was at fault for Bybit having to withdraw from the Indian market. He stated: “Our country’s flawed policies are ruining crypto, while others aim for reserve currency status. Govt targeting exchanges, and now Bybit might stop services in India.” In December 2023, India’s Financial Intelligence Unit (FIU) took action to prevent unregistered overseas exchanges from operating within the Indian market. It issued compliance show-cause notices to nine exchanges at the time. Shortly afterwards, Apple India blocked access to these exchanges on the Indian Apple App Store.  While Bybit wasn’t amongst them, it is now being brought into line by Indian regulators. Back in September, it emerged that the FIU was considering requests to allow four offshore cryptocurrency exchanges to resume activity within the Indian market. Having been deemed to have come into compliance, Binance and KuCoin resumed activities in India in August 2024. Aside from Malaysia and India, Bybit has also encountered regulatory difficulties in Europe. Last August, it left the French market due to regulatory problems. In May 2022, the Autorité des Marchés Financiers (AMF), the French financial markets authority, blacklisted Bybit, warning investors that it wasn’t a registered digital asset service provider.  As part of that market withdrawal, Bybit collaborated with partner Coinhouse, a regulated French crypto-asset platform. Accounts holding assets above the value of 10 USDC were transferred to Coinhouse.

Taiwan’s FSC to Release Cryptocurrency Guidelines for Banks in SeptemberHuang Tien-Mu, Chairman of the Taiwanese Financial Supervisory Commission (FSC), said at the Legislative Yuan that regulatory guidelines for banks concerning cryptocurrencies will be available in September, as reported by local blockchain media Blocktempo.© Pexels/ Timo VolzHuang’s remarks were in response to questions from Legislator Lee Guei-min about crypto-related issues.Legislator’s three concernsLee raised three concerns: the accessibility of DBS Digital Exchange, currently operating in Singapore, for Taiwanese users; whether traditional banks should be permitted to provide crypto trading platforms; and investor protection against exchange collapses like the one experienced by FTX.FSC Chairman’s answersHuang stated that the FSC has not received any requests related to DBS Digital Exchange. He mentioned the commission’s concerns about the intrinsic value of cryptocurrencies and their ongoing work on regulatory guidelines, set for release in September. Huang also highlighted the importance of financial authorities overseeing crypto trading platforms, citing FTX Japan as an example, where users are protected under Japanese regulations.To safeguard investors from potential collapses, Huang suggested separating assets between hot and cold wallets. Furthermore, he noted that the FSC is not considering allowing the 27 crypto trading platforms registered with the commission to be listed on Taiwanese stock exchanges.