Singapore launches BLOOM initiative to advance digital finance infrastructure

Palau proceeds with Ripple to Phase 2 of PSC currency program launchThe Ministry of Finance of Palau has officially initiated the second phase of its Palau Stablecoin (PSC) program, a move aimed at expanding the digital ecosystem and enhancing user engagement.The launch was confirmed by Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance. Taking to the X social media platform on Friday, Anson outlined that “the Republic of Palau Ministry of #Finance seeks to expand accessibility and user participation, reaching a wider audience through educational initiatives.”PSC is a digital currency issued and managed by the Palau Ministry of Finance. It’s pegged to the United States dollar and operates on Ripple’s XRP Ledger. It first emerged that the authorities in Palau were collaborating with Ripple on this project back in July.Photo by Kurt Cotoaga on UnsplashBuilding on phase 1 successIn this next phase, Palau seeks to extend its collaboration with Ripple, leveraging Ripple’s central bank digital currency (CBDC) platform and technical expertise.The Ministry of Finance in Palau had previously announced the success of the first phase of the PSC program earlier this month. This initial three-month phase involved 168 volunteers from government employees who received 100 PSC each to use at local retailers participating in the program. Payments were made through mobile phones by scanning a QR code, and both retailers and volunteers provided positive feedback about their experience with the digital currency.Anson highlighted that the focus of the second phase of the PSC pilot program includes establishing new collaborations for marketing and sustainable development goals. Furthermore, the program prioritizes the development of a digital ecosystem and increased user engagement, with a strong emphasis on regulatory compliance.Anthony Welfare, CBDC Strategic Adviser at Ripple, shared his insights on the launch of the PSC pilot program’s second phase via social media. He underscored the advantages of blockchain-based digital currency, citing reduced transaction fees and the potential to address the environmental impact of money circulation. However, Welfare also acknowledged specific challenges, including the complexity of moving traditional currencies across Palau’s 340 islands and the high mobile data costs in the country.Welfare pointed out a notable feature of PSC, emphasizing that Palau residents can conduct offline transactions using this blockchain-based digital currency, even during power outages.Agile technological adoptionEarlier this month Ripple President Monica Long was featured by the New York Times in an article where she set out expectations for 2024. Long articulated that she believes that “people cannot maintain their faith in a financial system that relies on systems built decades ago to move money.”With the rise of cryptocurrency and blockchain technologies, it’s clear that our financial rails can and will be internet-native, in turn bringing greater accessibility and affordability to financial services for everyone,” Long added.Smaller nations like the Micronesian Republic of Palau have been more nimble in adjusting to the changes that Long refers to. This PSC stablecoin project demonstrates that reality.Palau is not alone. It emerged a few weeks ago that the Solomon Islands had entered into a collaboration with Japanese blockchain technology firm Soramitsu. As part of that project, a CBDC named Bokolo Cash has been unveiled as a proof of concept.

GRVT, a hybrid cryptocurrency exchange platform that bases its operations in Singapore, has secured a trading license in Bermuda which the project claims, makes it the first regulated decentralized exchange (DEX).  In a press release published on the project’s behalf by PR Newswire on Dec. 6, the project, which aspires to be “Goldman Sachs on blockchain,” announced the acquisition of a Class M Digital Asset Business License from the Bermuda Monetary Authority (BMA). Photo by GuerrillaBuzz on UnsplashAiming for further licensingThe license puts the firm on a path to operate as a fully regulated DEX. Securing this Class M license isn’t the end of the project’s regulatory compliant endeavors, however. Class M confers a “modified” exchange license under the Bermuda Digital Asset Business Act (DABA). Class M covers pre-operational activities while the service remains within a sandbox environment. The company hopes to have acquired Class F or “Full” licensing designation by mid-2025. At that point, GRVT will be in a position to take its service from a sandbox environment to full launch of its institutional-grade perps DEX in a regulatory compliant manner. On X GRVT suggested that this licensing is pivotal in the movement of decentralized finance (DeFi) towards mainstream adoption. “With this milestone, DeFi evolves - safer for users and institutions alike,” the project wrote. Hybrid approachAs a hybrid DEX, GRVT combines the decentralization of DeFi with the structure and compliance required for the participation of institutional investors. Commenting on this latest development, GRVT CEO Hong Yea stated:”We've always believed compliance should be the foundation for crypto and DeFi, not an afterthought. Without it, earning institutional trust—and bringing revolutionary technologies to the mainstream—becomes nearly impossible." Yea told Cointelegraph that in two weeks time, the project will officially launch its mainnet to all users. “Our trading volume will then be available through major external data providers,” he added. In preparation for that mainnet launch, the project announced in September that it had partnered with 16 market makers including Galaxy Trading, Amber Group, QCP and others, in order to ensure that the platform has sufficient liquidity in place to enable a smooth launch. Users have been testing the platform following its Open Beta Testnet launch in August. The GRVT CEO believes that the project can “unify cryptocurrency and mainstream finance, creating a system where assets move freely and all forms of value coexist in one integrated ecosystem.”   A regulated yet decentralized offeringReferring to the two main components baked into the GRVT offering, he said that “decentralization distributes control away from central authorities, promoting transparency, security, and user empowerment.” Meanwhile, “regulation establishes standards to protect users, ensure market integrity and promote fair practices.” In successfully pursuing licensing in Bermuda, GRVT joins a list of more than 30 firms in the digital assets sector who have obtained licensing in the British overseas territory. In October global cryptocurrency exchange platform Kraken launched a Bermuda-based derivatives trading business having obtained licensing from the BMA. USDM stablecoin issuer Mountain Protocol received a Class F license from the BMA in July. Other entities successfully licensed by the BMA include Coinbase, HashKey, Circle, Bittrex and Zero Hash.

Korea Information Certificate Authority Dives into NFT Domain with New Platform LaunchKorea Information Certificate Authority (KICA), a South Korean certification service provider, has recently ventured into the NFT domain through its new platform, Web3id.kr.Photo by Choong Deng Xiang on UnsplashNFT domainsNFT domains function as user-friendly addresses that simplify the cumbersome 42-character cryptocurrency wallet address. As part of this new initiative, KICA partnered with the Web3 identity platform, Unstoppable Domains, in February to facilitate the creation of NFT domains specifically for the South Korean market.An official from KICA emphasized the versatility of NFT domains, noting that a single domain can act as a distinctive username across various dApp platforms. To celebrate the debut of Web3id.kr, KICA is conducting a promotional event between August 17 and September 16. At the end of this event, 100 lucky participants, chosen randomly from those who promote Web3id on their social media accounts, will be awarded credits. These credits can then be redeemed at Unstoppable Domains for an NFT domain.From Web2 to Web3KICA, with its 24-year legacy, has been a frontrunner in offering Web2 authentication services such as public key infrastructure (PKI) and biometric solutions, emphasizing its prominence in the Know Your Customer (KYC) authentication sector. The firm is currently ramping up its efforts to stay ahead in the evolving Web3 space. A testament to this is its recent acquisition in August of Digitalzone, a digital certificate solution provider that holds a market share of over 50% in the domestic certificate sector for universities and hospitals.