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Paxos gets green light from Singapore regulator for USD stablecoinPaxos, a regulated crypto infrastructure company, has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its new subsidiary, Paxos Digital Singapore Pte. Ltd.The company outlined in a press release that it published on Thursday that the new entity will be able to offer digital payment token services and issue a USD-backed stablecoin in compliance with Singapore’s upcoming stablecoin laws. Stablecoins are digital tokens that are pegged to the value of fiat currencies or other assets and are designed to minimize price volatility.Photo by Carlos Alberto Gómez Iñiguez on UnsplashRegulatory framework for stablecoinsThe MAS moved to finalize its regulation of stablecoins within the city-state in August. That regulation insists on stablecoin issuers holding reserve backing for a stablecoin in low risk, highly liquid assets. The regulator also puts an onus on the issuer to provide appropriate disclosures including audit results and to process redemption requests within five business days.According to Paxos, there is a strong global demand for the U.S. dollar, but it remains challenging for consumers outside the U.S. to access dollars securely, reliably and under regulatory protections. The in-principle approval from the MAS will enable Paxos to bring its regulated platform to more users around the world.The recently finalized stablecoin regulatory framework will apply to non-bank issued tokens that are linked to the Singapore dollar or G10 currencies, such as the euro, British pound and U.S. dollar. Additionally, it applies to stablecoins whose circulation exceeds five million Singapore dollars ($3.7 million). The framework aims to ensure that stablecoins are subject to appropriate governance, risk management, disclosure and consumer protection standards.Partnering with enterprise clientsPaxos said that once it receives full approval from the MAS, it will be able to partner with enterprise clients to issue the USD stablecoin in Singapore. Paxos already has experience in issuing stablecoins, such as the Paxos Standard (PAX) and the PayPal USD Coin (PYUSD), which are both backed by the U.S. dollar and cash equivalents. Paxos also issues monthly attestations and reserve reports to verify its compliance and transparency.Responding to this latest development, Paxos Head of Strategy, Walter Hessert, stated:“Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably and under regulatory protections. This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world. Because Paxos upholds the highest standards of compliance and oversight, global enterprises partner with us to power stablecoin solutions that drive their businesses and respond to their customers’ needs.”Paxos previously issued the Binance USD (BUSD) stablecoin, but was ordered by the New York Department of Financial Services (NYDFS) to stop issuing the token after the agency declared the stablecoin an unregistered security.The partnership between Paxos and the MAS is a significant step in bridging the gap between traditional finance and the emerging crypto industry. As more institutional clients seek exposure to digital assets, it becomes essential to provide them with secure and reliable solutions that meet their specific requirements.

Compliance and Cooperation — A Necessary Formula for Combatting Crypto CrimesFrom common scams like voice phishing to threats of violence, the involvement of cryptocurrencies in crimes against the general public is steadily on the rise both in South Korea and abroad.Photo by Bermix Studio on UnsplashAccording to blockchain data analysis firm Chainalysis, the scale of cryptocurrency-related crimes and hacking on a global scale has decreased by 45.2% and 23.5%, respectively, compared to last year. However, financial losses resulting from smaller ransomware attacks, including phishing scams, are showing an upward trend.Authorities and industry figures alike are increasingly emphasizing the need for close cooperation to combat this growing issue, as existing regulations and legal frameworks remain insufficient to do so.Chainalysis and crypto exchange Binance co-hosted a policy summit in Seoul on Tuesday called “Securing the Future of Crypto,” where experts gathered at the Courtyard Marriott hotel to discuss compliance and cooperation between the public and private sectors in fighting crypto crimes.Challenges and complexities in crypto investigations“The Korean National Police Agency receives dozens of reports of financial losses and urgent requests for account freezes every day, with 80% of them pertaining to Binance,” said Kim Min-jae, an investigator at the National Police Agency’s International Cyber Cooperation Division.Citing a recent case of a voice phishing scam targeting a woman in her 60s, Kim said that authorities were able to proceed with the investigation within 30 minutes after receiving information from the exchange. However, addressing crimes beyond large cryptocurrency exchanges like Binance, such as those involving decentralized finance (DeFi) systems or foreign exchanges, poses a more difficult challenge due to the lack of proper measures to deal with them.Lee Soo-pyeong, a cybercrime investigator at the Korean National Police Agency’s Cyber Investigation Division, also noted that although domestic cases are relatively easier to investigate, there have been many cases — such as the appalling Nth Room case that caused an uproar throughout Korea in 2020 — that involved overseas accounts and exchanges.Steps for effective crime controlWhat measures, then, should authorities and corporations take in order to deal with such issues? Lee stressed the importance of cooperation among international judicial bodies and adherence from businesses to enhance the response to increasingly sophisticated crypto crimes.Know Your Customer (KYC) standards — the guidelines used in investment and financial services to verify customers’ identities and assess their risk and financial profiles — play an important role in this regard. However, “There are no platforms yet, including major exchanges like Binance, that provide us with personal information through KYC measures when funds are laundered,” Kim explained. He expressed hopes for a system jointly established by relevant entities, including local exchanges, that will enable swift criminal investigation.Lee also highlighted the importance of compliance from foreign companies, stating, “While it’s possible to request mutual legal assistance in criminal matters from the International Criminal Police Organization (Interpol), active cooperation from foreign companies is essential.”From an international point of view, Jarek Jakubcek, Head of Intelligence and Investigations APAC at Binance, pointed out that upholding international standards and standardized processes is important, given the fact that crypto crimes transcend borders. While some countries excel in compliance and enforcing anti-money laundering (AML) policies, others fall short, leading criminals to exploit these disparities.Recently, there have been criminals who move their funds through blockchain networks. The development of bridge technology, which facilitates cross-chain asset transfers, has led to laundering techniques becoming more and more sophisticated. However, he assured that tracing funds is still possible, although doing so has become harder than before.The amalgamation of these circumstances has thereby ushered in the era of Know Your Transaction (KYT). While exchanges have traditionally been obligated to perform Know Your Customer (KYC) procedures to prevent money laundering, they must now go beyond verifying user information and analyze customer transaction data in order to understand where money is coming from and how it flows, Jakubcek said. To achieve this, he argued, they must request information from users and work with on-chain data analysis solution companies like Chainalysis to secure real transaction data. Alec Zebrick, Manager of Investigations in the Asia-Pacific region at Chainalysis, added that leveraging on-chain data allows the verification of most transactions.In the rapidly evolving crypto landscape where crimes are still a force to deal with, experts agree that reinforcing compliance and cooperation between exchanges and authorities is imperative.

Param Labs, a modular gaming ecosystem, has announced the successful completion of a $7 million investment round, with Animoca Brands, a prominent crypto venture capital firm, leading the charge.Photo by Precondo CA on UnsplashOversubscribed funding roundJoining Hong Kong-headquartered Animoca Brands in this oversubscribed round were Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group and MH Ventures. Anthony Anderson, CEO of Param Labs and Kiraverse, highlighted the significance of modular gaming ecosystems like Param in laying the groundwork for the next era of Web3 games. In an exchange with Cointelegraph, Anderson stated: “Unlike most Web3 studios that focus on developing single game titles, modular ecosystems offer a variety of products and components. This allows developers to build their own games from these modules and provides essential tools for other developers to utilize and integrate into their projects.” The timing of this funding round coincides with significant growth milestones for the Param Gaming Platform, which recently surpassed 300,000 daily active users. Additionally, the platform's X page boasts over 2.5 million followers, underscoring its growing popularity. Strategic investments from luminaries such as Yat Siu, co-founder of Animoca Labs, and Banks, founder of Face Clan, further underscore the potential of Param Labs, which is based in the United Arab Emirates (UAE), in realizing the vision of an open metaverse. In a statement published to the Animoca Brands website, Yat Siu expressed enthusiasm about the collaboration, stating: "This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets." Focusing on infrastructureThis injection of capital is poised to address a critical deficiency in the realm of Web3 gaming: the lack of foundational infrastructure. Addressing precisely that challenge which is hindering mainstream adoption, Anderson emphasized the pivotal role of infrastructure: “Focusing on infrastructure is crucial, as it not only addresses the challenges in the games we’re developing but also has the potential to be applied to hundreds, if not thousands, of other experiences. This will significantly contribute to the adoption of blockchain gaming.” The UAE-based company is currently working on producing a number of products. These include its Game Launcher and Pixel to Poly, an offering that converts 2D images into 3D assets within games. While those are in the product pipeline, it has already launched Kiraverse, an online multiplayer game where the gameplay incorporates players competing to earn digital assets.  Param Labs has also sought to broaden the technical expertise available to it, with the hiring of Steve Young, a former head of consumer products at renowned American video gaming firm Activision Blizzard. Young has come in as a strategic advisor at Param. The company plans to launch its native token, PARAM, shortly to enable governance of the ecosystem that it is putting together.