Singapore regulator adds imToken crypto wallet to Investor Alert List

Singaporean Researchers Devise More Effective DAO VotingResearchers at the Singapore University of Social Sciences have come up with a more efficient governance model for decentralized autonomous organizations (DAOs).Photo by Shubham Dhage on UnsplashDAO governance reviewThe scientists presented their work via a paper titled “Voting Schemes in DAO Governance,” which was published earlier this week. The paper is due to appear in the Annual Review of Fintech in due course.The research paper initially sets out with a review of the different forms of voting currently used to affect DAO governance in the various early stage projects that are already up and running. Having taken a deep dive into existing approaches, the research team of Qinxu Ding, Weibiao Xu, Zhiguo Wang and David Kuo Chuen Lee decided that they could go one better themselves.Their review encompassed eight current approaches including the following: token-based quorum voting, knowledge-extractable voting, conviction voting and reputation-based voting. Each voting scheme was then evaluated based on the following factors:Efficiency: An assessment of the speed at which proposals are selected and approved.Fairness: Each voter should have equal rights to vote.Scalability: The degree to which storage, computation and communication needs can be adjusted relative to the number of voters.Robustness: An assessment of the relative resistance of the voting scheme to attacks and collusion.Incentive Schemes: The extent to which DAO members are motivated to vote.Following on from that analysis, the scientists put forward a hypothetical voting mechanism with design considerations relative to fully decentralized and permissionless DAO governance. When it came to ratings, the holographic consensus approach scored highest, with a “high” rating in the categories of efficiency, fairness and robustness, dropping down to medium when it came to scalability. None of the other approaches came close.In trying to go one better, the team took the holographic consensus approach and set out to create their own hypothetical voting mechanism based on this model. As evidenced from the paper, they tried to effect improvements to this approach:“We know that the downside of the conviction voting mechanism is that it takes time to approve an urgent proposal. To address this concern, we introduce a blind betting mechanism: each member could choose whether to bet on any proposals with a certain number of their tokens.”The researcher’s hypothetical model allows stakeholders to gamble their tokens on the likelihood of a proposal passing or failing. The logic with this approach, they claim, is that it would speed up the governance process, while making it more robust at the same time.In concluding remarks, the researchers acknowledged that all approaches were not without their pros and cons. They point out that the further development of DAOs shouldn’t be confined to a static organizational future. While they believe that their own hypothetical scheme is in theory superior, they acknowledge that it too has flaws. With that, the realities of implementing it in the real world may be a challenge.

UAE Forges Partnership to Develop Blockchain-Based Carbon Credit SystemIn an endeavor to combat climate change, the UAE Ministry of Climate Change and Environment (MOCCAE) has joined forces in an initial collaboration with the Industrial Innovation Group and the Venom Foundation to pioneer a groundbreaking blockchain-based carbon credit system.Photo by Daniel Zacatenco on UnsplashThis is the latest commitment by the Middle Eastern country to combat climate change after announcing an ambitious target to slash carbon emissions by a substantial 40% before 2030, a significant escalation from its prior commitments.According to local news sources, a memorandum of understanding (MoU) outlining the partnership was signed by the three entities at MCCE offices in Dubai recently.Carbon credits on blockchainAt the heart of this innovative endeavor lies blockchain technology, heralded as a pivotal tool for both organizations and nations to meticulously trace carbon credits. By virtue of its immutability, data enshrined within the blockchain ensures ironclad security, enabling the seamless sale or exchange of credits while upholding complete transparency among stakeholders.Functioning as crucial intermediaries, government entities such as the UAE’s MOCCAE are poised to either allocate or sell dual-purpose credits to businesses. Beneficiaries can deploy the credits, authorizing the emission of a predetermined quantum of carbon within specific timeframes, or they can be lucratively traded, thereby aiding other establishments in mitigating their ecological footprint.Venom blockchainVenom blockchain is a network developed by the Abu Dhabi-based Venom Foundation. As an asynchronous blockchain, its design implements dynamic sharding with flexible nodes that adapt to traffic changes, rendering it infinitely scalable. The project has established itself within the Abu Dhabi Global Market (ADGM), an international finance center and fintech hub.Revised environmental goalsThe UAE leadership recently orchestrated a sweeping recalibration of the nation’s environmental goals and carbon offset strategies. Envisioning a sustainable horizon, their overarching aspiration revolves around achieving carbon neutrality by 2050.Mariam Al Mheiri, UAE Minister of Climate Change and Environment, articulated how these shifts have cast a positive impact on the nation’s emissions reduction roadmaps:“The UAE believes in its ability to make a difference in this field and has pledged, through the third update of its second Nationally Determined Contributions (NDCs), to reduce its emissions by 40% compared to a business-as-usual scenario, an increase of 9% over its previous pledge.”Even though the UAE ranks 31st on a global scale in terms of total carbon emissions as of 2023, there stands a more sobering reality — the nation ranked sixth worldwide in terms of per capita emissions according to 2021 data. It also emitted a staggering 21.79 tonnes of carbon per capita in the same year.Concurrently with its overarching national push towards emissions reduction, each of the UAE’s seven emirates has unveiled localized initiatives to align with the bold “net zero by 2050” target.Among these, a comprehensive program championed by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has recently gained approval in Abu Dhabi, emblematic of a collective commitment to fostering a sustainable future.

New York Bans CoinEx While Seizing Crypto AssetsCoinEx, a Hong Kong-based cryptocurrency exchange, has been banned from operating in the US state of New York by Attorney General Letitia James. The ban comes after the exchange allegedly failed to register as a securities and commodities brokerage and falsely represented itself as an exchange.Photo by Jan van der Wolf on Pexels$1.7 million seizureThat’s according to a statement published by the Office of the New York State Attorney General on Thursday. As part of an agreement reached between the parties, over $1.7 million worth of CoinEx’s funds have been seized.Under the terms of the agreement, approximately $1.1 million will be returned to 4,691 investors from New York, and an additional $600,000 will be paid in penalties to the state. To prevent access by New York IP addresses, CoinEx must implement geo-blocking. Moreover, the exchange is forbidden from creating new accounts for customers based in the United States.Trade prohibitionThis recent development resolves a lawsuit filed against CoinEx in February by the New York state. The state accused the exchange of misleading investors and failing to register with local authorities. In accordance with the consent order, CoinEx is now prohibited from offering, selling, or purchasing securities and commodities in New York and cannot make its platform available in the state.James emphasized the consequences for crypto companies that disregard New York’s laws and put investors at risk. The agreement serves as a warning that her office will continue to crack down on such companies. CoinEx users have a 90-day period to recover their crypto funds directly from the exchange.After this period, eligible investors can request fiat currency refunds by emailing coinexrefund@ag.ny.gov. Refunds will be provided in cryptocurrency or cash equivalents held in accounts as of April 25.CoinEx faced a lawsuit in the New York Supreme Court on February 22, where Attorney General James alleged that the exchange engaged in fraudulent practices and violated the state’s Martin Act, known for its strict anti-fraud provisions. The complaint included tokens such as Amp, LBRY Credits (LBC), Rally (RLY), and Terra.Harsh stanceThe banning of CoinEx in New York highlights the regulatory scrutiny surrounding cryptocurrency exchanges and the importance of compliance with local laws and regulations. On the one hand, the enforcement actions taken by authorities aim to protect investors and ensure the integrity of the financial system.However, the state of New York has been particularly harsh in its dealings with crypto companies. As today’s statement reveals, the New York Attorney General has taken action previously against crypto exchange Kucoin, crypto lending platform Nexo, and USDT stablecoin issuer Tether.These actions tie in with the current anti-crypto regulatory pushback that prevails in the United States right now. Other state agencies, including the Securities and Exchange Commission (SEC) who last week sued global crypto exchanges Coinbase and Binance, the Federal Reserve, the Department of the Treasury, and the Federal Deposit Insurance Corporation (FDIC), have all conspired to crack down on the industry in the US in recent months.