GRVT Debuts zkSync’s Inaugural ‘Hyperchain’

The Korea Federation of Banks (KFB) Chairman Cho Yong-byoung paid a visit to Poland yesterday to sign a memorandum of understanding (MOU) on financial cooperation between South Korea and Poland, Korean news media The Korea Economic Daily reported. The MOU was signed by Chairman Cho and the Polish Bank Association (ZBP) President, Tadeusz Białek. The partnership aims to strengthen bilateral financial collaboration, which will be backed by holding joint financial conferences, sharing information on financial regulations and training financial experts. Photo by Lukasz Radziejewski on UnsplashJoint seminar on digital finance, blockchain and AI Following the MOU signing ceremony, the two associations conducted a joint seminar on digital finance, economy and the banking industry. The event was attended by Korea's Financial Services Commission (FSC) Chairperson Kim Joo-hyun, representatives of KFB members, President Białek and executives of Polish banks.  Among the mainly discussed topics were Korea's digital financial landscape and its digital banking industry, along with the Polish economy and its banking industry. In particular, the participants focused on innovative changes in the financial industry brought by cutting-edge technology such as blockchain, AI and big data.  During the conference, Chairman Cho expressed his commitment to bolstering the bilateral partnership, stating that the Korean banking industry will support local companies in expanding their businesses in Poland.  

The Monetary Authority of Singapore (MAS), the city-state’s central bank and primary financial regulator, has set a deadline of June 30 for unlicensed digital token service providers (DTSPs) working out of Singapore to cease offering their services to clients in overseas markets.Photo by Hu Chen on UnsplashResponding to feedbackThe deadline emerged by way of a process MAS has followed as part of the Financial Services and Markets Act 2022 (FSM Act). Last October, the regulator invited feedback from stakeholders related to the authority’s approach to the regulation of DTSPs. MAS published its response to that feedback on May 30.  It stated:”DTSPs which are subject to a licensing requirement under section 137 of the FSM Act must suspend or cease carrying on a business of providing DT services outside Singapore by 30 June 2025.” It added that it was not including any transitional arrangement for DTSPs despite MAS receiving such a suggestion from a number of feedback respondents. Instead, unlicensed DTSPs will need to abide by the June 30 deadline and have acquired a license by then or cease unlicensed activity.The regulator defines DTSPs as individuals, partnerships or Singapore corporations operating from a place of business in Singapore, including those formed or incorporated in Singapore who offer digital token services outside Singapore. Those found in breach of the regulation could face up to three years in prison and fines of up to S$250,000 ($195,000). Companies who have already obtained licensing or those exempted by way of the Securities and Futures Act, Payment Services Act and the Financial Advisers Act are free to continue trading. Challenging licensing requirementsThose who wish to become compliant will have to satisfy some challenging requirements. For those granted a license, an annual license fee of S$10,000 ($7,780) applies. Small-scale DTSPs need to satisfy a $150,000 ($116,670) ongoing capital requirement, while larger, well-established DTSPs must comply with a S$250,000 ($195,000) capital requirement. Additionally, MAS has put in place competency requirements related to a DTSP's CEO, directors, partners and managers. Hagen Rooke, a partner at law firm Gibson, Dunn & Crutcher, outlined on LinkedIn that while it's possible for unlicensed operators to obtain licensing, it will be very difficult to get a license. In its feedback response document, the regulator stated: “MAS will approach the licensing of DTSPs in a prudent and cautious manner and there will be extremely limited circumstances under which MAS will consider granting an applicant a licence under section 138 of the FSM Act.” Rooke advised crypto companies that may be affected to act swiftly in order to derisk through an operational restructuring or removing the businesses' Singapore touchpoints. He suggested that firms need to consider if it has customers outside of Singapore or front-office functions located outside of the city-state to determine if they could be affected by this regulatory measure. A number of Asian countries have moved to take action against unlicensed foreign firms that have engaged with local investors, with Thailand becoming the latest country to do so recently. However, the Singaporean authorities have approached the issue from the opposite perspective, citing the potential reputational risk that unlicensed DTSPs pose for Singapore.

Blofin Expands Into Vietnamese MarketBlofin, a cryptocurrency exchange officially headquartered in the Cayman Islands but with a strong connection with China, has entered the Vietnamese market.That’s according to a press release issued on behalf of the company on Friday.Exploiting Vietnamese potentialVietnam has emerged as a global leader in cryptocurrency adoption, with approximately 21% of its population reported to own cryptocurrencies. Recognizing the immense potential of the country, Matt Hu, the Chinese CEO of Blofin, expressed his excitement about entering the Vietnamese market. He emphasized the rapid growth of Vietnam’s cryptocurrency industry, noting that the country has become an attractive destination for crypto ventures within a mere three years.“We take pride in offering Vietnamese users a reliable and accurate trading platform that fulfills their needs,” Hu stated.Photo by Tron Le on UnsplashBespoke market offeringIn line with this commitment, Blofin has developed a comprehensive product available in the Vietnamese language. Furthermore, the exchange has established dedicated support for the Vietnamese community to ensure a positive user experience and address any inquiries or concerns.To enhance user engagement, Blofin is actively building connections with influential figures in Vietnam, collaborating with innovative projects, and engaging with local crypto communities. By fostering these relationships, the exchange aims to become an integral part of the Vietnamese cryptocurrency ecosystem. Blofin stands out among its competitors by providing unmatched convenience and security for crypto futures trading.Those are the aspirations of the company but in no way can it expect to achieve this without significant market challenges. In Vietnam, the platform will go head to head with existing market incumbents, Binance, Exness, and Skilling. Binance is the market leader, supported by a depth of market trade volume.There is also the potential for future obstacles in terms of local regulation. In the past, the Prime Minister of Vietnam, Pham Minh Chinh, has said that there’s a need for the Southeast Asian country to scrutinize cryptocurrency regulation. Additionally, the State Bank of Vietnam has warned previously that cryptocurrencies present a risk to Vietnamese consumers insofar as they are not protected by Vietnamese law in owning, trading, and using them.Enticing futures tradersLaunched in January, Blofin’s cryptocurrency futures trading offering attempts to provide users with an exciting and rewarding experience. The platform incorporates pragmatic security measures, including AI-powered algorithms, robust infrastructure, and comprehensive analysis tools. Designed to provide all users with equal, transparent, and highly effective trading opportunities, Blofin invites the best and brightest futures traders to join its pioneering program.Blofin has been around since 2019. In May of last year, it launched the Blofin App as a one-stop investment and asset management platform. The company has obtained money services business (MSB) licensing from FINCEN in the United States. It has also obtained a fund license from the Cayman Islands Monetary Authority (CIMA). According to a press release published last year, it has also been working towards licensing in Hong Kong, Canada, and Singapore.The entry of Blofin Exchange into Vietnam’s thriving crypto market should serve to enhance the depth of market infrastructure available to Vietnamese users, contributing towards the further development of the digital asset revolution.