UAE researchers introduce carbon trading platform on blockchain

Singapore Gets with Banks to Provide Guidance on Crypto BusinessesIn a move to provide clarity and guidance to financial institutions dealing with cryptocurrencies, the Monetary Authority of Singapore (MAS) is reportedly working with banks to develop new vetting procedures for crypto clients.According to a recent Bloomberg report, the MAS plans to provide more detailed guidance to banks on how to properly screen and monitor customers involved in cryptocurrency transactions.©Pexels/PixabayRegulatory clarityThe decision to provide guidance on crypto businesses comes as regulators around the world struggle to keep up with the rapidly-evolving digital currency industry. Many governments have been grappling with how to regulate cryptocurrencies in the face of concerns over money laundering, fraud, and other illicit activities.Singapore, however, has taken a more progressive stance on digital currencies, with the MAS recently announcing plans to create a regulatory framework for crypto derivatives trading. The country’s financial watchdog has also been working to improve AML (anti-money laundering) and CFT (combating the financing of terrorism) measures relative to crypto transactions.The MAS’s efforts to provide guidance to banks on crypto businesses are part of this broader push to promote responsible use of digital currencies in Singapore. By providing clear and detailed guidance to financial institutions, the regulator hopes to prevent illegal activities from taking place while also promoting the growth of the crypto industry.The MAS’s approach is seen as a positive development for the crypto industry, as it provides a clear framework for financial institutions to work within. This could help to boost confidence in the crypto market, potentially leading to increased investment and adoption.Striking the right balanceAt the same time, however, some industry observers have expressed concerns that overly strict regulations could stifle innovation and limit the potential of cryptocurrencies. They argue that a balance must be struck between protecting consumers and promoting innovation in the digital currency industry.Despite these concerns, the MAS’s efforts to provide guidance on crypto businesses are likely to be welcomed by financial institutions and industry participants alike. As the use of digital currencies continues to grow, it is becoming increasingly important for regulators to provide clear and comprehensive guidance on how to operate within this rapidly-evolving industry.Previous failuresSingapore hasn’t always gotten its approach to cryptocurrency right. In 2021, the MAS put global crypto exchange Binance on its investor alert list. Binance felt compelled to curb its service offering in the city state. The consequence of that action was that a disproportionate number of Singaporeans proceeded to open accounts with FTX only later to get caught up in the collapse of the exchange.The Monetary Authority of Singapore’s decision to provide guidance on crypto businesses is bullish for the digital currency industry. By providing clear and detailed guidance to financial institutions, the regulator is promoting responsible use of cryptocurrencies in Singapore while also boosting confidence in the market. However, there is a need to strike a balance between protecting consumers and promoting innovation in the industry, as overly strict regulations could stifle growth and limit the potential of cryptocurrencies.

Animoca Indicates Fund Interest From Console MakersThe head of Animoca Ventures has said that Web3 gaming is attracting the interest of veterans of the gaming world as well as that of “key Japanese console makers.”Animoca Ventures is a subsidiary company of Hong Kong-headquartered Web3 gaming and NFT firm, Animoca Brands. In a conversation with The Block recently, James Ho explained that although Web3 gaming has seen a short to medium-term downtrend when using the pricing of gaming-related tokens as the metric, the Animoca Ventures lead is seeing interest coming from “some of the best, most profound veterans in gaming.”Photo by Albie Patacsil on UnsplashProof of interestHo elaborated that there are a host of examples that back up his claim. He referred to FunPlus’s investment in global cross-platform play-and-earn games developer and publisher, Xterio. FunPlus itself is a Switzerland-headquartered independent games developer and publisher with offices and operations in China, Singapore, Canada, Spain, and the United States. Xterio raised $40 million in a funding round led by FunPlus in August of last year, with funding going towards building out its platform alongside further game development.Ho also cited Square Enix, a Japanese gaming conglomerate that has shown an interest in blockchain-based gaming in recent years. In April, it announced that it was tripling down on blockchain by partnering with Web3 platform Elixir. The objective of the collaboration is to generate visibility and adoption of Web3 gaming among traditional gamers.It’s also understood that Chinese tech giant Tencent has had a games studio under its group of companies which is believed to be building a blockchain-based first-person shooter game. Meanwhile, French video game publishing behemoth Ubisoft is an investor in Animoca Brands while also participating in a crypto-focused fund run by multi-stage technology investment platform, White Star Capital.Console-maker intentMost notable from Ho’s interview, though, is his claim that “key Japanese console makers” have an interest right now in pursuing Web3 gaming. That’s incredibly significant because if Web3 can conquer the consoles, it will truly be a mass-market affair at that point.Ho elaborated: “Console makers never cared about free-to-play until it grew into multi-million users, what we’re seeing here now is some of the console makers with their deep pockets want to get involved in potentially a fund to stay on top of innovation… And that to me is a signal that they want to build something in this space in the near future, or not too distant future.”The Animoca Ventures lead talked about “key Japanese console makers,” specifically in the context of interest expressed by them in investing in a second early-stage venture fund that Animoca is considering. The expression of interest has become evident to the company as it’s a response it received having touted the prospect of establishing the fund.It’s interesting to hear that Animoca is actively pitching the notion of raising another fund, as it had been speculated that the firm has scaled down some of its existing funds. It’s understood that the firm was working on the new fund in November of last year, initially proposing a target of $2 billion. Once January came around, Animoca took the decision to scale that target back by half to $1 billion.The company denies that reporting on the subject, suggesting instead that the original target of the fund was $1 billion from the outset.

Korea’s KFTC launches blockchain-powered loan service for public servantsThe Korea Financial Telecommunications and Clearings Institute (KFTC) today launched a new blockchain-based loan service tailored specifically for public servants. This initiative is a collaborative effort with the Government Employees Pension Service (GEPS) and involves five banks: BNK Kyongnam Bank, Busan Bank, Woori Bank, Kwangju Bank and Jeonbuk Bank.Photo by REDioACTIVE on PixabaySimplified loan processAdministered by GEPS, this loan program offers loans up to KRW 50 million (approximately $38,600) to government employees based on their projected retirement benefits and years of service. Leveraging the joint financial blockchain system, KFTC has established an infrastructure to issue and verify digital loan recommendation letters, simplifying the loan application process for public servants.Up until now, the loan application process has been cumbersome, requiring government employees to obtain a recommendation letter from GEPS and physically submit it at a bank branch. The new service streamlines this process by allowing them to apply for loans at bank branches or through mobile banking using digitized recommendation letters.More banks to joinKFTC and GEPS are set to increase the number of participating banks, allowing government employees to access loan services at a total of 10 banks. Furthermore, KFTC and GEPS intend to introduce additional financial products that utilize recommendation letters and verification processes underpinned by blockchain technology.The plan indicates that starting early next year, five additional banks will participate in this initiative. These banks are KB Kookmin Bank, Nonghyup Bank, Daegu Bank, Hana Bank and Korea Post.In a statement, KFTC stated its plans to further expand identification verification services within the financial sector, aiming to streamline the application processes for various financial products, including deposits and loans.