Philippines Delays Crypto Framework Publication

The 38th Young Architects Forum, which will explore the integration of metaverse technology into architecture, is set to take place next Thursday at the Weple NFT Gallery building in Yongsan-gu, Seoul, according to an official announcement on Friday (KST). Co-hosted by STELSI, a Build-to-Earn (B2E) decentralized metaverse project, and the Young Architects Forum Korea, the event will revolve around the theme “Beyond Realms: Architectural Odyssey in the Metaverse Era,” hosting experts from the architecture industry and anyone interested in the topic. Photo by Redd F on UnsplashArchitectural imperatives in the era of Web3In particular, the forum will delve into the impact of the Fourth Industrial Revolution and blockchain technology on AI architecture and the metaverse. A crucial consideration in this topic is the role that architects must play in an unprecedented era of Web3, namely promoting creativity while determining ethical boundaries through collaboration and sharing of ideas. Another point for discussion will be expanding diversity and the possibilities in architecture by tapping into advancements in digital technologies. STELSI is a decentralized metaverse island that provides a realistic and intuitive extended reality (XR) experience where users can design, construct and manage buildings. Built with the 3D creation tool Unreal Engine, it aims to support the seamless application of blockchain technology across different sectors of the construction industry, including architectural planning and design, construction and real estate. The platform also runs on a native token called STELSI, which users can earn by staking building NFTs. The event’s other organizer, the Young Architects Forum Korea, was established in 2011 with a mission to boost the presence of young architectural visionaries in South Korea. The forum provides opportunities for them to leverage their talents and expertise to contribute to societal advancement. In addition to the Young Architects Forum, it also hosts other events like exhibitions, cooperative projects and seminars. Professionals uniteSpeakers set to attend include STELSI CEO Ryan Shim, CSO and Co-Founder of IoTrust Yoo Min-ho, CCO of jpa. JUNGLIM Architecture Kim Kyung-hoon and more. Firms like blockchain news outlet Tokenpost, LandFi metaverse OrbCity and Wepin Wallet are also sponsoring the event. STELSI stated in its announcement that the forum aims to “provide a unique space for architects who perceive the world differently, transcending dimensions.”

NBC and AliPay collaborate to enable enhanced cross-border paymentsThe National Bank of Cambodia (NBC) and Ant Group, the parent company of AliPay+, the borderless payment and marketing solutions provider for merchants, have inked a memorandum of understanding (MOU) on “Cross-Border QR Code Payment Cooperation.”The deal was announced at last week’s Singapore FinTech Festival. The collaboration aims to boost the use of KHQR codes through Alipay+. KHQR codes provide for a standardization of QR codes which have been created for retail transfers and payments within Cambodia.Chea Serey, the Governor of NBC, and Douglas Feagin, Senior Vice President of Ant Group, formally signed the MOU to facilitate efficient and secure cross-border QR code payment transactions. The agreement focuses on bridging Bakong’s network through KHQR codes and Alipay+’s extensive global QR code acceptance network, as outlined in an NBC press release.Photo by Paul Szewczyk on UnsplashBakong CBDCBakong is Cambodia’s central bank digital currency (CBDC) based upon the Cambodian riel. Japanese fintech developer Soramitsu has collaborated with the Cambodian authorities in developing it.This latest development unfolded as Chea Serey took the stage as a keynote speaker at the Singapore Fintech Festival, addressing the theme, “The Intersection of Policy, Finance, and Technology.”According to a statement from Chea Serey’s official Facebook account, this collaboration opens doors for Cambodia Bakong users to access Alipay+ and engage with over 83 million merchants worldwide. Additionally, it allows international tourists to seamlessly make payments to KHQR merchants in Cambodia. Serey stated:“Today I am glad to announce the MoU signing between Alipay Plus and NBC, hence I encourage local banks to inform their merchants to open KHR accounts and start accepting KHR payments otherwise they won’t be able to benefit from this arrangement.”Greater interoperabilitySerey highlighted that this collaboration marks a significant step in enhancing Cambodia’s payment connectivity on a global scale, creating a more convenient and inclusive experience for tourists and contributing to the growth of the national economy.In an interview with CNBC at last week’s event, Serey said that the initiative will enable greater interoperability. In China, Cambodian merchants and visitors can use the Cambodian payment system to make payments to Chinese vendors. Likewise, Chinese visitors can use Alipay+, a platform they are familiar with, to make payments for goods and services in Cambodia. Serey believes this to be important, given that Cambodia depends heavily on tourism.The Alipay+ platform facilitates payments through various digital wallets, including Korea’s KakaoPay, Malaysia’s TouchnGo, Thailand’s TrueMoney and the Philippines’ GCash. Ant Group has been attempting to extend the regional utility of its payment system for some time.As far back as 2017, Ant Group signed an MOU with British bank Standard Chartered with a view towards increasing financial services access to clients located along China’s “Belt and Road” initiative route. In 2019, Alipay inked a deal with Cambodia’s DaraPay to allow Alipay wallet holders to pay for goods and services at DaraPay POS terminal points.Alipay and WeChat Pay are recognized as two of the most preferred payment methods among Chinese consumers. Together, they dominate the Chinese mobile payments landscape, boasting a market share of over 92 percent and a user base exceeding 2 billion.

Hong Kong Adapts Crypto Regulations to Broaden Market AccessHong Kong’s financial regulator has taken a further regulatory step in its evolving stance on cryptocurrency trading, widening the scope of retail access to digital assets through intermediaries.Photo by Chapman Chow on UnsplashResponding to growing demandThe move follows a surge in interest in spot Bitcoin exchange-traded funds (ETFs) and recent investigations into the unlicensed operations of the JPEX exchange. In a circular published by the Securities and Futures Commission (SFC) on Friday, the regulator explained that the policy shift was prompted by changing market dynamics and growing inquiries from the industry.The new guidelines aim to extend access to a broader clientele and facilitate the direct deposit and withdrawal of virtual assets through intermediaries, all while maintaining stringent safeguards. The circular states:”The policy is updated in light of the latest market developments and enquiries from the industry seeking to further expand retail access through intermediaries and to allow investors to directly deposit and withdraw virtual assets to/from intermediaries with appropriate safeguards.”Cautionary notesDespite this welcome expansion, there are a couple of cautionary notes included within the circular. Hong Kong remains circumspect about overseas virtual asset (VA) products, deeming them “complex” and, as a result, riskier. The circular emphasizes that “VA-related products considered complex should only be offered to professional investors.” For instance, an overseas VA non-derivative ETF is likely to fall into this category.The other condition pertains to potential clients, who will be required to undergo a one-off test to assess their knowledge of investing and ensure they possess the financial wherewithal to manage the risks associated with virtual asset trading. Furthermore, intermediaries must furnish clients with comprehensive risk disclosure statements.The regulator also places an onus on the intermediary to set a limit for each retail client, to ensure that a retail client’s exposure to virtual assets is reasonable. The circular outlines that deposit and withdrawal of client funds should only happen through the use of segregated funding accounts on an SFC-licensed platform.Crypto sector aspirationsThis shift in regulation underscores Hong Kong’s ongoing aspirations to solidify its position as a hub for virtual assets. The territory embarked on a new regulatory regime in June, enabling applications for crypto trading platform licenses. By August, the first batch of licenses was granted, allowing exchanges to cater to retail customers. This marked a notable turnaround from Hong Kong’s prior 18 months of skepticism and hostility toward the cryptocurrency sector.The timing of these regulatory changes coincides with surging interest in spot Bitcoin ETFs, with JPMorgan even suggesting that approval in the US could materialize within months. This shift in regulatory perspective in Hong Kong also follows the investigation and accusations made against the JPEX exchange for conducting unlicensed operations, leading to arrests and the promise to disclose details of licensed applicants. The JPEX scandal has also dampened public confidence in crypto in Hong Kong more recently.Hong Kong is adapting its crypto regulations to be more inclusive while maintaining a cautious approach toward complex overseas virtual asset products. This regulatory shift underscores the region’s determination to foster its status as a leading hub for virtual assets, following a change of heart from its previous stance of skepticism and reluctance towards the crypto industry.