Fujitsu Launches Blockchain Collaboration With Asian Development Bank

Komainu Partners with Copper to Enable Off-Exchange SettlementsKomainu, a well-established and regulated custody service provider and subsidiary of Japanese financial services conglomerate Nomura, has recently unveiled a new partnership with Copper, a digital asset solutions firm.This collaboration offers institutional clients of Komainu a means through which they can access off-exchange settlements. At a broader level, it is another significant development in progressing digital assets infrastructure.Photo by Gerd Altmann on PixabayClearLoop network accessKomainu, which was originally launched by Nomura in conjunction with Ledger and CoinShares, will be accessing Copper’s ClearLoop network as part of this collaboration. This partnership brings a host of possibilities for institutional clients of Komainu.What makes this collaboration particularly noteworthy is its ability to merge Komainu’s regulated, on-chain custody with the advanced off-exchange settlement capabilities of ClearLoop. As the institutional adoption of digital assets continues to gain momentum, the focus on managing custody and counterparty risk has never been more critical. Recent events, such as the collapse of the crypto exchange FTX alongside a plethora of crypto lending platforms, have served as stark reminders of the significance of robust custody solutions in this space.ClearLoop network growthClearLoop, with its distinctive feature of holding assets until just before a trade execution, effectively mitigates counterparty risk by seamlessly connecting multiple exchanges within a single trading network. This innovative approach eliminates the need to transfer assets to an exchange-based wallet, streamlining and fortifying the institutional trading process.UK-based Copper has been making market in-roads with its off-exchange settlement tool which it first launched in 2020. In March crypto exchange platform Huobi signed a memorandum of understanding (MOU) with Copper with the intention of joining the ClearLoop Network. Bitstamp, the world’s oldest crypto exchange, followed in April with its intention to integrate with ClearLoop.Singapore’s Matrixport was next to join in May, followed by Seychelles-headquartered crypto exchange Bitget in August.The leaders of both companies, Nicolas Bertrand, CEO of Komainu, and Dmitry Tokarev, CEO of Copper, expressed their enthusiasm for this partnership. Bertrand highlighted the importance of diversifying counterparty risk and commended the partnership’s ability to offer clients the best of both worlds. He emphasized that by combining Copper’s proven processes and connectivity with Komainu’s on-chain, segregated, and regulated custody platform, this partnership is set to raise the industry’s standards significantly.UK regulatory approvalEarlier this month, Komainu achieved a further milestone when it received regulatory approval from the UK’s Financial Conduct Authority (FCA) to operate as a custodian wallet provider. This achievement aligns with the regulatory framework established to combat money laundering, terrorist financing, and fund transfers.In a landscape where institutions are increasingly embracing digital assets, the partnership between Komainu and Copper demonstrates that the industry is moving towards ushering in a new era of more secure, efficient, and trustworthy financial markets. With the FCA’s regulatory approval, Komainu is solidifying its attempts towards adhering to the industry’s most rigorous security and compliance standards.

Taiwan to Restrict Offshore Non-Complaint ExchangesTaiwan’s Financial Supervisory Commission (FSC) has been working towards taking proactive steps to regulate the cryptocurrency industry within its borders recently. One key guiding principle it has developed is to impose strict regulation on offshore crypto exchanges operating in Taiwan.Photo by Vas on UnsplashTen guiding principlesTaiwan’s Central News Agency reported on Thursday that in an effort to ensure compliance and protect consumers, the FSC has developed ten guiding principles for virtual asset service providers (VASPs). These principles are set to be officially released by the end of this month, according to a government official.The guiding principles will encompass several important aspects of the crypto industry. They will emphasize the need for enhanced information disclosure, requiring businesses to establish clear review standards for the listing and delisting of virtual assets. Additionally, there will be a focus on ensuring the separation and proper custody of assets belonging to both companies and customers.Focusing on offshore complianceThe FSC intends to make it clear that offshore crypto exchanges must adhere to proper compliance registration if they want to conduct business onshore. The move is in line with what appears to be a commitment by the Taiwanese authorities to promote responsible and secure cryptocurrency operations.One particularly significant restriction is the prohibition of illegal solicitation of business by foreign crypto firms. The FSC is determined to enforce this rule strictly. Foreign VASPs that fail to register according to company law and declare their compliance with anti-money laundering regulations to the FSC will be barred from soliciting business in Taiwan or catering to domestic residents.It’s worth noting that Taiwan has been proactive in implementing anti-money laundering laws for VASPs since July 2021. Although this particular measure has been in place, the cryptocurrency industry in Taiwan has largely operated in a regulatory vacuum. However, recent developments suggest a shift towards greater oversight and accountability.One notable example is Binance, the world’s largest cryptocurrency exchange, which has initiated the process of registering for anti-money laundering compliance in Taiwan. Despite not being fully regulated in the country, Binance has established a local entity, “Binance International Limited Taiwan Branch (Seychelles),” and received government approval for company registration.Building a regulatory frameworkIn addition to these regulatory efforts, the Ministry of Economic Affairs has proposed the creation of a new business category within relevant regulations. This move aims to facilitate the formation of cryptocurrency-related industry associations, encouraging the development of self-regulatory guidelines.The forthcoming guiding principles for VASPs are expected to provide much-needed clarity and structure to the rapidly evolving world of cryptocurrencies within Taiwan’s borders.Many leading jurisdictions have been behind the curve in developing a clear, workable regulatory framework for crypto. That has led to many exchanges establishing themselves in offshore locations where light touch regulation is applied. It’s highly likely that the Taiwanese have examined the fallout from this development, best exemplified by the spectacular collapse of Bahamas-based FTX last November.

Blockchain gaming platform Intella X has partnered with Galxe, a Web3 protocol that allows users to own, manage and share their digital credentials, according to an official announcement by Intella X’s operator Neowiz on Tuesday (KST). The two companies vowed to leverage Galxe's community network and expertise to create an Intella X channel on the Galxe platform, revitalizing the Intella X ecosystem.Photo by GuerrillaBuzz on Unsplash"Through this partnership, we look forward to exchanging our knowledge with Galxe and effectively growing the Intella X community, which will help revitalize the Intella X ecosystem and strengthen our global competitiveness," said Jose Ko, CEO of Intella X. Leading the way in Web3 communitiesWith over 14 million on-chain users, Galxe is a pioneer in Web3 community building. Its vast network supports 26 blockchains and various social networking websites, including X, Discord and more. In particular, the protocol also operates a rewards-based Loyalty Points system with over 3,300 partners, including Optimism, Polygon and Arbitrum, which distributes points rewards based on participation in project campaigns. "We will strive to leverage the Galxe community and introduce Web3 technology that serves to expand the Intella X ecosystem. Through our collaboration, we will bring innovations, developers and gamers to the Web3 market,” said Galxe CEO Charles Wayn. Revolutionizing blockchain gamingIntella X, which is built on the Polygon Network, is a Web3 gaming platform that emphasizes contribution and rewards. Services include a decentralized exchange (DEX), NFT marketplace and digital wallet, as well as a service protocol that rewards platform participants. In December last year, the platform also beta-launched a service last month dubbed Space Candy Store, an innovative platform service designed to reward gameplay.