Ozys Expands into Japanese Web3 Ecosystem Through Partnership with GensoKishi

Crypto.com’s Dubai-based subsidiary secures crypto licenseCRO DAX Middle East, the Dubai-based subsidiary of Singapore-headquartered cryptocurrency exchange platform Crypto.com, has achieved a significant milestone by obtaining a license from the emirate’s Virtual Assets Regulatory Authority (VARA) to provide specified virtual asset services.Photo by Timo Volz on UnsplashExpanding product offering in DubaiThe approval, announced by the firm via a press release published to its website on Tuesday, marks a pivotal moment for the Singapore-based Crypto.com, allowing it to offer regulated virtual asset services in Dubai, including exchange services, broker-dealer services, management and investment services as well as lending and borrowing services.The virtual assets service provider (VASP) license is contingent upon CRO DAX Middle East meeting specific conditions and localization requirements outlined by VARA. Once these conditions are satisfied and the operational approval notice is received from the regulator, the company will be poised to commence operations. These services will be made accessible to both retail and institutional users through Crypto.com’s app and exchange platform.Kris Marszalek, CEO of Crypto.com, expressed his enthusiasm for Dubai’s regulatory approach, stating: “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation.”Dubai’s virtual asset sector developmentThe regulatory framework for virtual assets in Dubai was established under the Dubai Virtual Asset Regulation Law in March 2022, leading to the creation of VARA. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, founded VARA with the aim of developing an advanced legal framework to safeguard investors. Furthermore, the objective was to set international standards for the governance of the virtual asset industry, while fostering responsible business growth.VARA issued regulations in February to provide clarity and certainty on the expected level of operator responsibility and to mitigate market risks. This move aligns with the broader context of global cryptocurrency regulations, aiming to create a safe environment for investors in the wake of recent collapses of major platforms.Crypto.com is working to become one of the first virtual asset exchanges to implement its VASP license in accordance with VARA’s specialized regulations issued earlier this year. The company had previously received its minimum viable product provisional license in June 2022 and the MVP preparatory license in March of the current year. The operational license, which follows the preparatory and provisional stages, grants virtual asset service providers permission to conduct activities in seven specified categories.Adapting to the marketThe company has also been working on licensing in other markets. In Singapore, where it is headquartered, the company received a Major Payment Institution (MPI) trading license from the Monetary Authority of Singapore (MAS) in June. The company has also re-calibrated its offering based on market shifts. Earlier this year, it halted its institutional exchange service in the United States due to a downturn in institutional demand stateside.In March 2022, Crypto.com declared Dubai as its regional hub for the Middle East and North Africa (MENA), solidifying its commitment to expanding its presence and contributing to the growth of the cryptocurrency ecosystem in the region.

Solomon Islands partners with Soramitsu on CBDC pilotCentral bank digital currency (CBDC) development has been ongoing globally at a brisk pace in 2023 and smaller nations, like the Solomon Islands with a population of over 700,000, are no exception when it comes to that process with the introduction of Bokolo Cash.Photo by Gilly Tanabose on UnsplashIntroducing Bokolo CashSolomon Islands Central Bank (CBSI) has officially unveiled the proof-of-concept for its CBDC named Bokolo Cash, with support from Japanese blockchain firm Soramitsu. Bokolo Cash is pegged to the value of one Solomon Islands dollar.The proof-of-concept pilot was launched on Tuesday by way of a keynote speech given by Manasseh Sogavare, the prime minister of the archipelago. In that speech, Sogavare highlighted that the CBDC would lead to reduced transaction costs for citizens and businesses. Users can rely on transactions to be both secure and transparent, given that the network will be blockchain-based.The prime minister also articulated that the CBDC pilot project would be a catalyst for financial inclusion relative to the Island nation’s remotest communities.Pilot scheme use casesParticipants in the project will have the opportunity to use it in various scenarios. From retail transactions in the capital city, Honiara, to person-to-person transfers, the CBDC aims to demonstrate its versatility. The proof-of-concept will also assess wholesale transfers between commercial banks, simulate cross-border payments and examine remittances. To ensure security and compliance, users will undergo a “two-step” Know Your Customer (KYC) verification process, as outlined by Soramitsu.Operating on a customized blockchain based on Hyperledger’s Iroha, Bokolo Cash is designed for local use. However, it will also integrate with Soramitsu’s public Sora blockchain. This connectivity will enable users to engage in transfers using QR codes and the self-custody Fearless Wallet, a creation of Soramitsu.Legislative changeAlthough the project commenced at the beginning of November, the official announcement was made earlier this week. The legislation required to enable the CBSI to issue the CBDC — CBSI (Amendment) Act 2023 — was enacted on Nov. 3.The Solomon Islands, a collection of over 900 islands situated west of Papua New Guinea, now joins a group of island nations, including the Marshall Islands and Mauritius, actively experimenting with CBDC. Palau collaborated with Ripple Labs back in July to introduce the Palau Stablecoin (PSC). Interestingly, Tonga has contemplated adopting Bitcoin as legal tender, while Vanuatu hosts Satoshi Island, known for its Bitcoin-friendly environment. Meanwhile, Eastern Caribbean countries have already implemented an official CBDC called DCash.Soramitsu has been active in collaborating with central banks relative to the introduction of CBDCs, particularly in Asia. It has played a key role in facilitating the issuance of the Cambodian Bakong and the Lao DLak in Laos. Furthermore, it has initiated a project for regional cross-border payments using the Bakong and a stablecoin.In 2022, Soramitsu completed CBDC-related feasibility studies in conjunction with the relevant authorities in Vietnam and the Philippines. The Japanese fintech company has also participated with the Asian Development Bank and Tokyo-based global information technology solutions firm Fujitsu on a Web3 development project.

Siam Commercial Bank (SCB), Thailand’s oldest bank and fourth-largest lender, has launched a cross-border payments service which depends upon the use of stablecoins.  The project is the culmination of a collaboration between SCB, SCB 10X, the disruptive technology investment arm of the SCBX Group, payment solutions provider Lightnet and blockchain development platform Fireblocks. It has successfully completed its testing phase within the Bank of Thailand’s regulatory sandbox, moving forward to the commercialization phase. According to Indian news portal Business News This Week, SCB launched the cross-border payments solution on October 16 in an effort to get out ahead of its TradFi peers relative to banking and financial services innovation.Photo by allPhoto Bangkok on PexelsFaster with lower costsThe service will enable 24/7 transfers on an international basis for the bank’s retail users. In accessing the service, users may use local currency to make transactions. Ordinarily cross-border payments implicate a number of steps in order to complete clearance, including the need to effect a currency conversion. Furthermore, banks need to maintain nostro/vostro accounts with foreign banks to complete such transfers.  In this instance, the bank is claiming that transactions using the service will be much faster than existing cross-border transfer options. The clearance and settlement process will be far more efficient in terms of the time required and the liquidity requirements. Pre-funding required in the legacy process has been eliminated, reducing capital requirements, while operational costs have also been reduced. SCB’s First Executive Vice President and Head of Digital Juristic and Payment, Thanawatn Kittisuwan, commented on the development, stating: “By integrating blockchain technology, the project promises a more efficient, reliable, and accessible solution for cross-border transactions. By leveraging blockchain technology and stablecoins, we are making cross-border remittances more efficient, reliable, and accessible for everyone. SCB has a long-standing tradition of embracing innovative technologies to enhance our financial services. This latest collaboration with Lightnet and Fireblocks builds upon SCB’s history of pioneering fintech solutions. ” Improved customer experienceLightnet CEO Tribodi Arunanondchai suggested that the new service will provide significant improvements to customers’ experience in cross-border money transfer. He added that the service “promotes financial inclusion as there is a lower capital requirement per transaction,” while strengthening Thailand’s position as an ASEAN (Association of Southeast Asian Nations) financial hub.  SCB and Lightnet first partnered in 2020. At that point, the duo envisaged that there was scope to cooperate in order to facilitate payment processing and frictionless real-time remittances to Thailand from any point overseas with low fees. Lightnet relies upon the Velo Protocol to enable its remittance services. Back in 2022 the firm received a $50 million commitment from LDA Capital, with Lightnet earmarking the funding to boost cross-border payments over the Velo protocol. For its part SCB has demonstrated its interest in crypto beyond this Lightnet collaboration. In 2023 the bank struck a deal with South Korean crypto venture capital firm Hashed, with the objective of pooling resources and researching and exploring how best to deploy any research outcomes relative to the company’s affiliates. The bank has also been involved in developing an application for Thailand’s central bank digital currency, the digital baht.