Infinite Block Selected For Tech Startup Incubator Program

Foblgate adds Bithumb Burrito Wallet as newest registrable external walletSouth Korean cryptocurrency exchange Foblgate announced on Tuesday (local time) that it now allows users to register Bithumb Burrito Wallet — a Web3 digital wallet operated by Bithumb subsidiary Rotonda — as one of the external wallets that can be used for managing and trading crypto assets on their Foblgate account.Photo by Shubham’s Web3 on UnsplashRegulatory requirementsIn accordance with the Travel Rule under the Act on Reporting and Using Specified Financial Transaction Information, any given user who wants to transfer cryptocurrencies worth more than KRW 1 million (approximately $775) via a personal wallet must register that wallet beforehand. The Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount. This is aimed at preventing money laundering and other illicit activities.Broadening external wallet supportFoblgate currently supports a number of other external wallets including MetaMask, Blockchain.com, MyEtherWallet and Klip. With the addition of Burrito Wallet, users now have a wider range of options for storing and trading their assets.“We will continue to support external wallets to enhance user convenience,” said Foblgate CEO Ahn Hyun-joon. “We vow to continue our efforts to meet the various needs of our users and provide a safe and convenient environment for carrying out transactions.”The exchange has published a guide for how to register and authenticate external wallets — including Burrito Wallet — on its official website.

KuCoin Ups Compliance via Mandatory KYCKuCoin, the Seychelles-headquartered global cryptocurrency exchange, has unveiled plans to strengthen its Know Your Customer (KYC) system by introducing mandatory identity checks.In an official announcement on Wednesday, KuCoin stated that this upgrade aims to ensure compliance with global anti-money laundering (AML) regulations. Effective from July 15, KuCoin will require all new users to undergo KYC authentication as part of the registration process. Those who fail to complete the KYC process will be unable to access KuCoin’s wide range of products and services, according to the exchange.Photo by Markus Winkler on UnsplashExisting and new usersFurthermore, existing users who registered prior to July 15, 2023, will also be required to complete the KYC process to access certain features on KuCoin. Withdrawals will remain unaffected for these users. However, they will no longer be able to deposit new funds, the announcement outlines.Despite the introduction of mandatory KYC, KuCoin’s existing non-KYC users will still be able to utilize services such as spot trading sell orders, futures trading deleveraging, and margin trading deleveraging. Additionally, other available services for existing non-KYC users include redemptions at KuCoin’s staking and lending hub, KuCoin Earn, and exchange-traded funds’ redemption.Johnny Lyu, the CEO of KuCoin, explained the KYC process, stating: “A complete KYC process requires users to provide their name, identification number, and identification photo, and undergo facial recognition.” Lyu emphasized that KuCoin carefully verifies customer identification and collects the necessary data in compliance with the laws and regulations of applicable jurisdictions.He added: “Typically, we require customer identification information including information on the customer’s name and further identifiers such as a physical address, date of birth, and national ID number.”Risk profile data collectionIn accordance with regulatory requirements, KuCoin also collects additional information regarding a customer’s business and risk profile. This includes details about the nature and volume of trading activity and the origin of virtual funds deposited, according to Lyu.Lyu underscored that KYC has always been a principle adhered to by KuCoin and that identity recognition is an established part of its process. He further highlighted that KuCoin’s KYC policy is designed to align with regulations in applicable jurisdictions, as there is no unified global KYC regulation at present.KuCoin has also made it clear that the exchange does not support the United States KYC requirements based on their current or updated KYC rules. This new mandatory KYC update will impact a significant number of cryptocurrency users globally. As of July 2022, KuCoin reported over 20 million registered accounts on its platform.Leading global exchangeKuCoin is also recognized as one of the world’s largest cryptocurrency exchanges in terms of trading volumes. At the time of writing, KuCoin’s daily trading volumes exceed $540 million, with more than 8 million monthly visits, according to data from CoinGecko. For comparison, major United States-based exchange Kraken receives approximately 5 million visits per month, with a daily trading volume of around $380 million.This move by KuCoin follows a trend of increasing KYC policies among cryptocurrency exchanges. In May, Dubai-based Bybit restricted non-KYC users from withdrawing more than 20,000 Tether (USDT) monthly. It has been reported that cybercriminals have taken advantage of KYC requirements, selling hacked and verified crypto accounts on the darknet for as low as $30 as of April 2023.

Regulated blockchain and digital asset solutions provider Paxos has announced the launch of its latest digital asset, the Global Dollar (USDG), a U.S. dollar-backed stablecoin. The company outlined in a press release published to its website on Nov. 31 that the USDG stablecoin is being issued by its local Singaporean corporate entity, Paxos Digital Singapore Pte. Ltd., with the product being regulated by the Monetary Authority of Singapore (MAS).Photo by Alexander Grey on UnsplashMAS compliant offeringThe company claims that the offering is “substantively compliant” with the stablecoin regulatory framework that MAS intends to roll out imminently. Paxos paved the way for this latest product offering back in July when it obtained a Digital Payment Token license from MAS, enabling it to issue U.S. dollar-backed stablecoins within the city-state. In terms of distribution, Paxos intends to partner with global crypto exchanges, wallets and platforms in an effort to get this new product out into the market.  DBS Bank partnershipIts first partnership with regard to the Global Dollar has already been struck with DBS Bank, Singapore and Southeast Asia’s largest bank based on assets held. DBS will play a role in the custody of USDG reserves and in cash management relative to the project.  Ronak Daya, Head of Product at Paxos, said that “USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.” This latest product launch appears to be similar to the approach the company has taken in the Middle East. Back in June a United Arab Emirates (UAE)-based affiliate company launched the Lift Dollar (USDL), a yield-generating U.S. dollar-backed stablecoin under the regulatory oversight of the Financial Services Regulatory Authority (FSRA), the regulator within the Abu Dhabi Global Market (ADGM) free zone and international financial center. Running on EthereumThe USDL stablecoin started out on the Ethereum network, with it launching on the Arbitrum network in October. A similar roadmap has been set for USDG, with it launching on Ethereum while Paxos maintains that it “will be issued on more blockchains in the near term.” The Stellar network is likely to be one that it expands to in the future. In October the firm announced an integration with the Stellar Development Foundation, with a view towards expanding stablecoin adoption. Daya said that “enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises.” The company has developed an expertise in the issuance of digital assets, with USDG being its sixth such issuance. Last week Paxos outlined that it had launched a stablecoin payments platform with the objective of simplifying global transactions for payments providers and merchants. Paxos has also partnered with the Trump family venture, World Liberty Financial, which plans on launching a U.S. dollar stablecoin with the help of Paxos. The firm’s CEO, Charles Cascarilla, also encouraged both U.S. presidential candidates recently to embrace stablecoins as a mechanism through which to safeguard the continuing influence of the U.S. dollar on a global basis.