OSL Prepares for Fund Launch Following License Approval

Shinhan Bank to issue NFTs at 2023 Blockchain Grand Week in SeoulShinhan Bank, one of South Korea’s leading financial institutions, is set to issue non-fungible tokens (NFTs) and operate a promotional booth in celebration of its participation in the upcoming 2023 Blockchain Grand Week, scheduled for next Wednesday, according to a report by local news outlet Newspim.The Blockchain Grand Week, an annual event since 2018, is hosted by the Ministry of Science and ICT and organized by the Korea Internet and Security Agency (KISA), the National IT Industry Promotion Agency (NIPA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP). Its objectives are to increase public awareness of blockchain technology and to facilitate the broader adoption of its ecosystem.Photo by Pete Linforth on PixabayNFTs to first 2,000 visitorsThe event is set to take place at the Convention and Exhibition Center, better known as COEX, in Seoul over two days. It will feature a conference centered around the theme “Adding Trust to Digital Platforms” and will include several academic seminars. Various blockchain companies will also be showcasing their products and services at their respective booths. For this event, Shinhan Bank is collaborating with Hexlant and Vircle to introduce their NFT project. They also plan to offer NFTs to the first 2,000 visitors to their booth.The NFTs will be distributed through Shinhan Bank’s NFT wallet, SOL Wallet, and will come with practical perks such as tickets for events at the booth and coffee coupons. Furthermore, these NFTs will be transferable to others.A representative from Shinhan Bank expressed hope that visitors will have the opportunity to experience the bank’s NFTs and gather diverse information related to blockchain technology. The official also emphasized the bank’s commitment to continually developing and introducing blockchain services that can be integrated into customers’ daily lives.Shinhan Bank’s endeavors in blockchainShinhan Bank’s efforts in the blockchain sector have been marked by various accomplishments in recent years. In 2021, the bank received the Ecosystem Transformation Award at the Enterprise Blockchain Awards, now known as the Web3 and Blockchain Transformation Awards (W3B Awards). This January, Shinhan integrated the SOL Wallet service into its financial services application. The bank remains dedicated to spearheading client-centric blockchain initiatives, one such effort being the development of NFT technology in collaboration with Hexlant and Vircle for corporate marketing purposes.Prohibition on discussing virtual assetsMeanwhile, there has been some dissatisfaction among industry insiders regarding the event’s restrictions. Those operating booths are prohibited from mentioning virtual assets in their projects. The application form for booth holders explicitly stated that exhibitions related to virtual assets are not allowed. This cautious approach is believed to be a response to recent cryptocurrency scandals, such as the $40 billion Terra-LUNA crash and the controversy surrounding a Korean lawmaker’s crypto holdings.

China and Singapore collaborate on cross-border digital yuan transactionsTaking yet another stride toward globalizing the e-CNY currency, China’s central bank has unveiled a pilot program in collaboration with its Singaporean counterpart, enabling tourists from both countries to use the digital yuan for transactions when traveling.Photo by Eric Prouzet on UnsplashSeries of initiativesThis move is part of a series of initiatives unveiled by the two governments during a Joint Council for Bilateral Cooperation event which was held in Tianjin, China, last week. Among the announced measures is a mutual 30-day visa-free travel arrangement, one of 24 deals signed to strengthen bilateral ties between China and Singapore.The Monetary Authority of Singapore (MAS) disclosed in a statement that it had collaborated with the Digital Currency Institute of the People’s Bank of China (PBOC) for this initiative. The program aims to facilitate the use of the digital version of the Chinese currency for tourist spending, enhancing convenience for travelers during their overseas trips. While specific details about the scheme were not disclosed, it represents a collaborative effort to promote cross-border transactions using the digital yuan.Internationalizing the digital yuanIn its reporting on the announcement, the South China Morning Post (SCMP) pointed to the views of Richard Turrin, an independent financial technology consultant and author of “Cashless: China’s Digital Currency Revolution.” Turrin sees the digital yuan collaboration as a promising opportunity for cross-border retail use. He suggests that starting with small transactions, such as those by tourists, could pave the way for broader applications in trade and other high-value scenarios.In an editorial back in November, the SCMP referred to the birth of the Petro-Yuan, speculating that the era of the Petro-Dollar is coming to an end. “In a global political economy long dominated by the petrodollar, this could be the beginning of a seismic shift,” the editorial stated. The internationalization of the e-CNY will likely be a key aspect of that overall monetary sea change.Over 5 years in developmentChina initiated digital yuan testing in 2019, and although an official launch timetable has not been confirmed, adoption has accelerated recently. Former PBOC governor Yi Gang reported that total e-CNY transactions reached 950 million yuan ($133 million) in June, with a cumulative value of 1.8 trillion yuan compared to 100 billion yuan in August 2022. This indicates a substantial increase in digital yuan transactions.The momentum extends beyond mainland China, with Beijing exploring CBDC usage internationally. The mBridge trial, completed last year, involved multiple countries using central bank digital currencies to settle trades, including Hong Kong, Thailand and the United Arab Emirates.In June, authorities in China’s resort city of Sanya introduced e-CNY ATMs so that foreign visitors could buy the digital yuan and use it during their time in China. Another initiative aims to encourage further use of the digital currency within the Chinese autonomous territory of Hong Kong. In July, the Hong Kong arm of the Bank of China rolled out a digital yuan shopping festival in Hong Kong, allowing visitors to Hong Kong from mainland China to make purchases using the digital yuan.

Gemini Announces Singapore Expansion PlansGemini, the US-based cryptocurrency exchange and custodian, has announced its plans to expand its team in Singapore over the course of the next 12 months.Photo by Pixabay on Pexels100 new hiresGemini made the announcement by way of a blog post published to its website on Monday. In that post, the company outlined that it intends to add over one hundred new hires over the course of the next year. Gemini aims to focus on the Asia-Pacific (APAC) market, which it believes will play a crucial role in its next phase of growth.Indian engineering hubIn addition to its Singapore expansion, Gemini is actively working on setting up an engineering center in Gurgaon, India. Back in April, the firm’s newly appointed Chief Technology Officer and APAC region CEO, Pravit Tiwana, announced the intention of establishing the India-based engineering center. An intention to expand the Singapore base was also suggested at that time, with the company now following up with firm expansion plans.This engineering hub in Gurgaon is expected to become the second largest for Gemini, after its operations in the United States. By expanding its engineering capabilities, Gemini aims to bolster and support its global operations effectively.APAC to drive crypto growthGemini sees the APAC region as the driving force behind what it termed “the next wave of growth for crypto.” The exchange plans to use its Singapore office as a hub from which to run broader operations in APAC.This strategic move follows Gemini’s addition of support for the Singapore dollar (SGD) three years ago, enabling local residents to access cryptocurrencies directly using their native currency. The expansion plan provides Gemini with the potential to capitalize on the growing opportunities within the APAC market, further establishing a foothold in a significant regional market.Gemini’s decision to focus on international expansion aligns with the growing trend among cryptocurrency companies. Regulatory pressures in the US crypto market have escalated, exemplified by recent lawsuits filed by the US Securities and Exchange Commission (SEC) against major exchanges like Binance and Coinbase.These circumstances have prompted many companies to seek opportunities beyond the United States. In particular, exchanges are looking for markets with clearer regulatory landscapes and significant growth potential. Hong Kong, Singapore, and several European countries have emerged as attractive options.Coinbase, one of the largest cryptocurrency exchanges globally, has also followed a similar path to Gemini by expanding its services in Singapore. Singapore’s reputation as a crypto-friendly financial hub makes it an attractive location for such expansion efforts.Gemini’s decision to expand its team in Singapore and its focus on the APAC market reflects a strategic approach to capitalize on the increasing global demand for cryptocurrencies. By establishing a strong presence in key international markets, the company has found a workaround for the current impasse in the United States with regard to the lack of sane, workable regulation.The company has identified a region that is taking a more accommodating approach, while recognizing the APAC region’s potential as a significant driver of growth and is proactively positioning itself to tap into the region’s expanding crypto market.