Infinite Block Selected For Tech Startup Incubator Program

DigiFT Unveils First Fully Regulatory-Compliant US Treasury TokenDigiFT, a pioneering decentralized exchange (DEX) for digital assets with a Singapore-based project team, has made waves in the financial landscape with the official launch of the DigiFT US Treasury Token.Photo by Karolina Grabowska on PexelsTradFi and blockchain convergenceThe company announced the launch of the Treasury token, known as “DUST,” via a press release on Thursday. It’s the first-ever fully regulatory-compliant US Treasury token issued on a public blockchain, signaling a powerful convergence of traditional finance and blockchain technology.DUST has the potential to be a game-changer in the crypto space, offering accredited and institutional investors an unparalleled opportunity to seamlessly invest in US Treasuries through a secure and transparent on-chain channel. One of its standout features is its backing by a single US Treasury note with a specific maturity date, instilling confidence and reassurance in investors seeking stable and reliable assets.Regulatory complianceThere are other tokenized treasuries in existence already. However, DigiFT differentiates its product through adherence to rigorous regulatory standards, ensuring that the tokenization process aligns with established financial norms.Henry Zhang, CEO of DigiFT, expressed his enthusiasm about this groundbreaking achievement:“The launch of DigiFT US Treasury Token represents our commitment to bring the best of both decentralized finance (DeFi) and traditional yield to investors.”He emphasized that DUST not only bridges the gap between DeFi and real-world assets (RWAs) but also upholds the highest standards of regulatory compliance.DUST’s innovative structure offers investors the flexibility to participate using US dollars or US dollar stablecoin (USD Coin). The product is accessible to all, given that it facilitates a minimum investment amount of 1 USD or USDC. To enhance accessibility further still, DUST ensures same-day settlement for investments below USD 50,000, contingent on liquidity conditions.Zhang emphasized the transformative potential of DUST, stating: “We believe that tokenization of RWAs is poised to become the future of investing, and DUST will support the wider adoption of digital tokens with its compliant features.”Rapid progressThe issuance of DUST tokens is overseen by Red Cedar Digital Pte. Ltd., an affiliate of DigiFT, with a yield to maturity (YTM) of 5.40% as of August 3, 2023. DigiFT’s journey began in 2020 when it became the first and only DEX to be accepted into the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox.Since then, DigiFT’s list of achievements has grown exponentially. The platform successfully listed a tokenized corporate note from Diners Club (Singapore), which achieved full subscription at its initial offering.Additionally, a tokenized bond, backed by a Barclays 8% Perpetual Bond and custodied with a licensed global financial institution, reinforced DigiFT’s reputation for innovation. The platform’s regulatory-compliant access to Matrixdock’s Short-term Treasury Bill Token (STBT) further solidified its role in pioneering secure and transparent investment avenues.DigiFT’s product offering demonstrates that we are likely to see an ongoing blurring of the lines between blockchain-based innovation and traditional products in conventional finance over the next few years. As DigiFT continues to champion regulatory compliance and innovation, investors can anticipate even more transformative solutions that harmonize the best of both worlds.

Nomura’s Crypto Subsidiary Secures Dubai VARA LicenseLaser Digital Middle East FZE, the digital asset subsidiary of Japanese global financial services group Nomura, has successfully obtained an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA).This significant development, announced via a statement published to Laser Digital’s website on Tuesday, comes as part of Nomura’s strategic efforts to make a strong presence in the digital asset space.Photo by Paul MARSAN on UnsplashOpportunity to expand servicesThe newly acquired Virtual Asset Service Provider (VASP) license empowers Laser Digital to offer broker-dealer services and provide virtual asset management and investment solutions within the emirate. Additionally, the license will enable the company to carry out trading and asset management operations in the near future. This could potentially include the provision of over-the-counter (OTC) services, together with a diverse range of digital asset investment products.Jez Mohideen, the CEO of Laser Digital, expressed his confidence in VARA’s meticulous and collaborative process, which assures institutional investors looking to get involved in this emerging asset class. “We are very grateful to VARA for approving our Operating License. VARA’s thorough and consultative process provides institutional investors with the assurance they require to engage in this asset class. With the license now in place, we are looking forward to Laser’s growth over the coming years,” he stated.Established in September 2022 under the guidance of Nomura, Laser Digital was the brainchild of Steven Ashley, the former head of Nomura’s wholesale division, alongside Mohideen, who served as the firm’s former Chief Digital Officer and Co-Head of Global Markets for Europe, Middle East, and Africa (MENA). The company is headquartered in Switzerland, with sub-offices located in Dubai and London.Dubai’s rapidly growing crypto ecosystem has garnered global attention, especially after the establishment of its own virtual asset rules and the formation of VARA in March 2022. In February, the regulatory body issued the “Full Market Product Regulations,” comprising four compulsory rulebooks and activity-specific guidelines that delineate the framework for Virtual Asset Service Providers (VASPs).Following in Binance’s footstepsLaser Digital’s recent achievement coincides with Binance’s continuous efforts to solidify its presence in the United Arab Emirates. Its license award comes hot on the heels of Binance having achieved the same milestone. On Monday, Binance’s Dubai subsidiary, Binance FZE, received an operational Minimum Viable Product (MVP) from VARA, granting it permission to operate cryptocurrency exchange and virtual asset broker-dealer services locally.Apart from Binance, only two other entities, digital asset custodians Komainu MEA and Hex Trust MENA FZE, currently hold operational MVP permits in the region. Notably, crypto exchange BitOasis also secured a conditional license but it has faced a suspension from VARA for non-compliance with mandated conditions.Laser Digital’s successful licensing and entry into Dubai’s crypto landscape further enrich the diversity of players in the region’s digital asset market. The involvement of reputable financial institutions like Nomura contributes to the establishment of a robust and well-regulated ecosystem in the United Arab Emirates. The license paves the way for Laser Digital to serve institutional investors and individual clients alike, offering innovative digital asset solutions while complying with the region’s regulatory standards.

The Current Status of Crypto in AsiaWith the United States having taken a very harsh line relative to cryptocurrency of late, there has been a lot of chatter surrounding the likelihood of Asia driving crypto forward. With that in mind, we’ve taken a look at the state of crypto in a number of Asian countries.©Pexels/RODNAE ProductionsJapanJapan is among the most crypto-friendly developed nations globally, having acknowledged Bitcoin as a legal payment mode and regulated crypto exchanges in 2017. Bitflyer and Bitbank are among the crypto exchanges operating in Japan, which currently has over 23 authorized crypto exchanges.The country aims to balance consumer protection and innovation by requiring crypto exchanges to register with the FSA, comply with stringent rules on security, anti-money laundering, and reporting, undergo regular FSA audits and inspections, and be part of the Japan Virtual Currency Exchange Association (JVCEA) for self-regulation.Despite being regulated, Japan’s crypto market is lively, with the Yen ranking second for Bitcoin trading volume by currency. The country has a flourishing crypto community, including blockchain firm LayerX, which requires ChatGPT expertise. Japan is also exploring the potential of central bank digital currencies (CBDCs) and plans to launch a pilot program with private sector partners in 2023 to test their feasibility for various use cases, aligning with the country’s strict approach to crypto.Japan’s crypto taxation is unfavorable, with crypto gains taxed at the same rates as regular income, potentially reaching up to 55% for higher income brackets. However, Japan is one of the few countries with comprehensive guidelines on crypto taxation, with the NTA providing a detailed document that explains different types of transactions and their corresponding tax calculations.ChinaChina’s ban on crypto mining led to many miners moving their operations overseas or selling their equipment at a loss. However, China’s crypto-mining industry bounced back, with a 21% share of the global hash rate. While China has a competitive advantage in cheap electricity, regulatory risks remain.China’s digital yuan is a legal tender fully backed by the People’s Bank of China (PBOC) and pegged to the renminbi. Unlike most cryptocurrencies, it is not decentralized or anonymous but is monitored by the PBOC. Adoption has been slow despite various partnerships and pilot tests, including with WeChat Pay.China is working with other countries on the Multiple CBDC Bridge project to explore the feasibility of cross-border fund transfers among different currencies. Launching its own CBDC may allow China to reduce its reliance on the US dollar and increase its influence over global trade and monetary policy. However, the success of that endeavor is questionable.Hong KongHong Kong is a crypto-friendly jurisdiction that faces banking access and mainland influence challenges. Despite difficulties opening local bank accounts after the closure of two crypto-friendly banks, Hong Kong remains committed to fostering its fintech hub status.The government proposed allowing retail investors to trade cryptocurrencies and ETFs and reviewing property rights for tokenized assets while considering legalizing smart contracts. Crypto purchases for all citizens are due to be legalized in June 2023. These measures should attract more investors and businesses to the city’s crypto industry.Nonetheless, Hong Kong must overcome hurdles regarding banking access and regulatory uncertainty from mainland China to maintain its attractive status for crypto businesses and investors.SingaporeSingapore has a supportive crypto ecosystem and regulations with low tax rates, favorable policies, strong financial center reputation, and proximity to other Asian markets. Notable international crypto players with offices in Singapore include Coinbase, Crypto.com and Kraken.However, Singapore imposes strict rules on crypto service providers to prevent illicit activities, requiring digital payment token (DPT) services to obtain a license under the Payment Services Act or face fines and jail time. Singapore’s crypto industry also faces competition from other jurisdictions, such as Hong Kong and the UAE, offering tax incentives and favorable legal frameworks.IndiaIndia’s crypto industry faces uncertainties due to the lack of a clear regulatory framework and frequent changes in the government’s stance. Despite having a large tech-savvy population and an active crypto community, the industry struggles with regulatory compliance and legal risks. In 2018, the Reserve Bank of India’s ban on banking channels cut off many crypto businesses and users.The Supreme Court of India later overturned the ban, but draft bills to ban or regulate crypto have since been proposed without official introduction or passage. India recently imposed a preemptive ban on crypto advertising and sponsorships and is exploring the integration of a CBDC. India’s position on crypto leans toward the anti-crypto side, just short of an outright ban.For brevity, we’ve confined discussion to these five Asian venues. However, it would be remiss of us not to mention that Vietnam has one of the highest levels of crypto adoption in the world while having a crypto trading ban in place. Not so in South Korea where crypto trading is legal, with strict regulation having been put in place. Meanwhile, Thailand’s Securities and Exchange Commission (SEC) has approved four cryptocurrencies as tradable assets, with crypto trading in the country having a legal status.It’s difficult to figure out precisely how crypto will develop geographically but it seems certain that its future will be molded to some extent in Asia.