China to update AML rules with a focus on crypto transactions

dtcpay, a regulated and licensed digital payment services provider headquartered in Singapore, has announced that it is changing direction, and adopting a stablecoin-only digital payments model. Phasing out Bitcoin, EtherThe company set out details of its new stablecoin-only approach in a series of posts on X on Dec. 3. dtcpay will phase out support for other cryptocurrencies such as Bitcoin and Ether by the end of 2024. It will then transition to the exclusive use of stablecoins, starting with Tether (USDT) and Circle’s USD Coin (USDC). Additionally, FDUSD, a U.S. dollar stablecoin issued by Hong Kong’s First Digital, and Worldwide USD (WUSD), a stablecoin which was developed by the Worldwide Stablecoin Payment Network (WSPN), a Singapore-based project, will be supported.Photo by CoinWire Japan on UnsplashVolatility issuesdtcpay cited the volatility of non-stablecoin cryptos as being an issue for payments. Volatility is driving the company’s plan to concentrate solely on stablecoins. Outlining its rationale further, the company stated: “By transitioning to focus dtcpay’s #DPT services purely on #stablecoins, we are setting the stage for the future of global, digital payments. This move is designed to provide our customers with a more reliable, scalable, & secure payment experience.” A significant portion of the firm’s transaction volume is already stablecoin-based. On that basis, the move can be viewed as aligning with the preferences of its current user base to a large extent. Originally established in 2019 by Alice Liu, Band Zhao and Sam Lin as Digital Treasures Center Pte. Ltd., the company later rebranded as dtcpay. In August 2022, the firm was awarded a full Major Payment Institution (MPI) license by the Monetary Authority of Singapore. In 2023, the company collaborated with Singaporean data-sharing platform PlatON and Chinese payments firm Allinpay, to launch a payments system using point-of-sale terminals which accepted Bitcoin, Ethereum and USDT. Asian expansiondtcpay has set out its objective as aiming to unify payment methods across Asia for the benefit of merchants and consumers alike. Last year, it identified Hong Kong and Dubai as locations of particular interest relative to the company’s expansion plans. In October, it furthered its international presence with the opening of an office in Kuala Lumpur. In an effort to make further in-roads into the payments sector, dtcpay announced a strategic partnership with Visa in September. The integration allows dtcpay to gain access to Visa’s global network of 130 million merchants across 200 countries. As part of the partnership, the company is rolling out its dtcpay Visa Infinite card, enabling users to convert digital currencies to fiat at competitive rates. In 2023, the company raised $16.5 million in a pre-series A funding round led by real estate development company Pontiac Land Group, which is controlled by Singaporean billionaire Kwee Liong Tek.

Web3 Cybersecurity Firm Zyber 365 Raises $100M in FundingZyber 365, a pioneering Web3 startup that combines AI, Web3, and cybersecurity, has recently secured $100 million in funding from the UK-based SRAM & MRAM Group.Photo by micheile henderson on Unsplash$1.2 billion valuationThe substantial investment places Zyber 365’s valuation at an impressive $1.2 billion, while marking a significant milestone for the company, underscoring its promising trajectory.Although now headquartered in London, the company’s origins stem from India with a set of Indian founders, while the firm continues to maintain its strategic operational base in India.The company was founded earlier this year by Pearl Kapur and ethical hacker Sunny Vaghela. The startup stands out for its groundbreaking approach to cybersecurity, offering a decentralized and cyber-secured operating system that upholds the core tenets of environmental sustainability.Indian nucleus of operationsNotably, Zyber 365 has earmarked India as the nucleus of its operations, aiming to harness the nation’s tech talent and vibrant ecosystem to fuel its growth. The recent injection of capital will likely play a pivotal role in amplifying Zyber 365’s expansion initiatives, bolstering its technological capabilities, and cementing its global market presence.The SRAM & MRAM Group, no stranger to the tech investment landscape, has previously demonstrated its confidence in innovative startups. In a similar vein, the group invested $100 million in another India-centric blockchain startup, 5ire, in July of the previous year, valuing it at an impressive $1.5 billion.Broad Web3-based product rangeZyber 365’s portfolio spans a wide spectrum of Web3 products, including Layer-0, Layer-1, and Layer-2 blockchains, decentralized identities, data analytics, a software development kit, a web browser, and even non-fungible token (NFT) marketplaces and initial coin offering (ICO) capabilities.These offerings can be seamlessly integrated as part of a comprehensive Web3 ecosystem or employed as standalone applications tailored to specific user requirements.Sunny Vaghela, the Co-Founder and Chief Product Officer (CPO) of Zyber 365, expressed his enthusiasm about the infusion of capital. He emphasized that this financial boost positions the company to expedite the development of its Web3 and AI products, thereby enhancing its presence in the dynamic tech landscape.Vaghela underscored how Zyber 365’s inventive approach to cybersecurity and its commitment to pioneering technologies set it on a remarkable path toward industry leadership.Mahendra Joshi, Director of the SRAM & MRAM Group, echoed Vaghela’s sentiments, lauding Zyber 365’s exceptional team and disruptive technology. Joshi’s confidence in the investment’s potential to drive outstanding growth and success in the coming years reflects the industry’s anticipation of the startup’s continued evolution.In an era where cybersecurity and innovation are paramount, Zyber 365’s substantial funding from the SRAM & MRAM Group heralds a new phase of growth and advancement. Venture capital investment in the digital assets space has contracted significantly since the last bull market. However, as this deal demonstrates, there are signs of green shoots emerging.With its cutting-edge technology and strategic focus on Web3 and AI, the startup has an opportunity to reshape the landscape of cybersecurity while solidifying its status as an industry trailblazer.

Upbit Reassures Investors Following False APT Token DepositsFollowing a recent situation where false Aptos (APT) tokens were mistakenly accepted as authentic deposits, Upbit, South Korea’s leading cryptocurrency exchange, has reassured investors that such problems will not recur.Photo by Markus Spiske on UnsplashIrregular Aptos token depositsAn Upbit representative informed local news outlet Digital Asset that the platform had detected irregular deposit activities related to Aptos-based tokens of the same type on September 24. In response, the platform addressed the coding anomalies during the suspension of APT deposits and withdrawals.Software correctionThe representative said that, as the resumption of APT deposits and withdrawals took place at 23:00 KST on September 24 after the software correction, no virtual assets on the exchange, including APT, should face similar issues in the future.Asset monitoringThe official highlighted that the trading platform employs a real-time process that monitors and compares customer assets with on-chain assets, a step that contributed to the mitigation of the fallout from the incident.