Korean Financial Authority Installs Report Center to Counter Crypto Scams

GSR Gets on Path Towards Full Regulatory Approval in SingaporeGSR Markets Pte. Ltd., the Singaporean subsidiary of the global crypto trading firm GSR, has reached a significant milestone in its quest to become a fully licensed entity within the city-state. On Monday, the Monetary Authority of Singapore (MAS) granted GSR in-principle approval for a Major Payment Institution (MPI) license.Photo by Mike Enerio on UnsplashTrading licenses filtering throughThis development mirrors similar approvals granted to other crypto firms in the region, solidifying Singapore’s status as a hub for crypto and Web3 innovations. The approval of GSR’s MPI license follows hot on the heels of Coinbase Singapore’s announcement of securing a full Major Payment Institution license from MAS.Other companies such as Circle, Blockchain.com, and Crypto.com have also obtained MPI licenses this year. These developments underscore the competitive yet regulated landscape of the cryptocurrency market in Singapore.In-principle approvalThe in-principle approval from MAS empowers GSR to provide crypto and fiat-related services to Singaporean residents and entities. This includes the ability to conduct payment services without the limitations of single transaction thresholds (SGD 3 million) and monthly limits (SGD 6 million). GSR’s CEO, Jakob Palmstierna, expressed gratitude for MAS’s constructive oversight, which has played a pivotal role in shaping the evolving digital asset landscape in Singapore. Palmstierna stated:“We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.”Meanwhile, GSR’s COO Xin Song, emphasized the importance of this approval, stating that it enables them to “deepen our local client partnerships and continue in our critical role as a liquidity provider within the ecosystem.”GSR’s presence in Singapore aligns with the country’s burgeoning crypto-friendly environment. Recent surveys indicate that 25% of Singaporeans view cryptocurrency as the future of finance, with 32% having some involvement in crypto ownership. Moreover, Singapore boasts over 700 Web3 companies, positioning itself as a pivotal market for the expansion of the crypto and Web3 economy.Company ambitionsGSR, established in 2013 in New Jersey, offers a diverse range of services, including over-the-counter crypto trading, derivatives trading, market making, and venture capital investments. The firm is no stranger to regulatory compliance, holding Money Service Business licenses across several US states.The company was founded by former Goldman Sachs Executives Rich Rosenblum and Cristian Gil. At the height of the last crypto bull run, the crypto market maker had plans “to add 100 hires every six months for the next few years.” No doubt that ambition has been scaled back since then, given the protracted bear market which has followed.Last month, Gil became embroiled in a spat with Andrei Grachev of rival market making firm, Singapore-based DWF Labs.GSR’s recent attainment of in-principle approval for a Major Payment Institution license from MAS reinforces Singapore’s position as a leader in the crypto space. The firm’s interest in pursuing a compliant route forward and its role as a liquidity provider bode well for both GSR and the broader crypto community in the Asia-Pacific region.

XRP, the native asset of the XRP Ledger (XRPL), a blockchain network developed by Ripple Labs, is destined for further institutional adoption in Asia due to the launch of the region’s first XRP tracker fund. Crypto-focused institutional asset manager HashKey Capital recently announced the launch of its HashKey XRP Tracker Fund, which has been devised to track the performance of what is the world’s fourth-largest crypto asset by market cap, after Bitcoin (BTC), Ether (ETH) and U.S. dollar stablecoin Tether (USDT).Photo by Kanchanara on UnsplashEnabling institutional accessThe fund enables investors to gain exposure to XRP without having to take direct ownership and custody of the digital asset. Bitcoin and Ethereum exchange-traded funds (ETFs) have become popular in a number of markets, including the United States, as they allow institutional investors to gain exposure to these digital assets where they may have been uncomfortable with direct ownership due to concerns around custody and counterparty risk or regulatory concerns. According to HashKey’s press release, investors can buy into the fund through cash or in-kind subscription and subscribe or redeem shares monthly. The fund will be measured and compared against a benchmark index provided by CF Benchmarks, a provider of crypto-related indices. HashKey Partner Vivien Wong acknowledged the potential that XRP has in the market, stating:“XRP stands out as one of the most innovative cryptocurrencies in today’s market, attracting global enterprises who use it to transact, tokenize, and store value.”She added that the new fund simplifies access to XRP within the region, while catering to a growing demand for investment opportunities related to digital assets.Potential ETF fund conversionThis marks HashKey’s third product that tracks digital asset pricing, with the company having launched both Bitcoin and Ethereum exchange-traded funds (ETFs) previously. On X, HashKey Capital outlined that the XRP Tracker Fund could potentially evolve into a fully fledged ETF, subject to regulatory approval, within the next 1-2 years. The new fund, which was launched on April 18, also incorporates a strategic partnership with XRP developer Ripple Labs. In what is understood to be the first of a number of collaborations, Ripple will fulfill the role of being the fund’s anchor investor. Ripple’s Managing Director for the Asia-Pacific (APAC) region, Fiona Murray, cited the development as proof that institutional adoption of digital assets continues to go from strength to strength.  Ripple CEO Brad Garlinghouse stated last month that he expects a number of spot XRP ETFs to be approved in the United States later this year. Earlier in March, analysts at American investment bank JPMorgan had estimated that spot XRP ETF approval in the U.S. could result in net inflows of $8 billion into such products.At the time of writing, XRP was trading at $2.09. The asset has increased in price by 300% over the course of the past 12 months, largely due to a changing regulatory environment in the United States and optimism that a settlement can be reached to end its multi-year legal battle with the Securities and Exchange Commission (SEC).

Korea’s Internet Agency Encourages More Blockchain Tech Adoption to Overcome Crypto WinterVirtual asset and blockchain technology needs to be more broadly adopted to overcome crypto winter, an official from the Korea Internet and Security Agency (KISA) said at the 2023 Blockchain Meetup Conference on Wednesday.©Pexels/Helena LopesUser-friendly apps and regulatory supportPark Sang-hwan, the leader of the blockchain technology promotion group at KISA, encouraged the blockchain industry to develop user-friendly applications to give positive impressions, adding that blockchain-based apps should be faster and efficient to meet users’ expectations.He also said the blockchain industry needs regulatory support, explaining that regulatory issues can hinder the growth of the industry’s growth.KISA’s support for blockchain industryAccording to Park, the quasi-government internet agency introduced a business quality control system to offer advice on legal, technological, and business issues to companies, as well as to provide them with business problem-solving support. KISA will continue driving the development of key blockchain technologies, create new business plans for Web 3.0, and devise a mid- to long-term roadmap for research and development, he said.Blockchain projects in KoreaDuring his speech at the conference, Park presented several KISA-led public sector projects that will unfold this year, as reported by the Korean economics newspaper Hankyung. They include blockchain-based online voting systems, the establishment of digitally formed national licenses, and the verification of personal identification.Endeavors in the private sector were also revealed, including NFT-based concert tickets, oil waste disposal systems, and identification using soulbound tokens.