Turkey leads in stablecoin purchases relative to GDP

OSL Prepares for Fund Launch Following License ApprovalIn a press release published on Tuesday, Hong Kong-based digital asset platform OSL announced that its asset management business, OSL Asset Management (OSLAM), has been granted a license to trade by the autonomous territory’s securities regulator.Photo by Eliobed Suarez on UnsplashType 1,4 & 9 approvalHong Kong’s Securities and Futures Commission (SFC) has issued the firm with a license which permits it to carry out trading activities encompassing Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 activities. The latter category enables OSLAM to carry on a business involved in asset management.Upcoming fund launchWith licensing secured, OSLAM is now building up to its first fund launch which it envisages will happen within the next few months. According to the statement the company released, “OSLASM’s inaugural product offering will concentrate on unlocking new opportunities in the rapidly growing sectors of blockchain solutions, artificial intelligence (AI), and Web 3.0 technologies.”The firm claims that it has access to unique deal flow, together with the experience to operate in the asset management arena relative to the digital asset sector. OSL thinks that it is well placed in this regard as it is one of only two companies in Hong Kong who are currently licensed to facilitate security token offerings, trading and dealing.”OSL is an offshoot of the BC Technology Group, a company that provides staffing services to clients in the telecommunications sector. Ken Lo, the Deputy Chairman of BC Technology Group said that this milestone would empower the company “to explore new frontiers in blockchain and AI, creating value for our clients and shaping the future of the industry.” He added that the firm “can unlock unprecedented opportunities for growth, collaboration, and value creation” relative to these sectors.Licensing going live in JuneHong Kong has been pulling out all the stops to enable crypto business in recent months. It recently called on the banks to make an additional effort in catering to the needs of crypto businesses. It has been working on a regulatory framework culminating in this licensing regime. Licensing goes live on June 1.Speaking at the Bloomberg Wealth Asia Summit on Tuesday, Eddie Yue, the CEO of Hong Kong’s other regulatory body, the Hong Kong Monetary Authority (HKMA), said that the autonomous territory had very high guardrails over the past number of years that impeded the development of digital asset-related business. Yue believes that Hong Kong now has the right level of regulation and investor protection in place to enable the development of the sector.According to Yue, Hong Kong sees a greater opportunity in the overarching digital assets space as it develops. “Virtual assets or crypto is actually a very broad term. It’s not really about crypto, you’re talking about stablecoins or tokenized assets in the future.,” he stated.Many commentators have suggested that all illiquid real world assets will ultimately be tokenized in the future. As it stands today, a mere $0.3 trillion of illiquid real world assets have been tokenized. Some researchers anticipate that this level of real world asset tokenization will climb to $16 trillion by 2030.

U.S. authorities seize crypto tied to Asian ‘pig butchering’ scamThe United States government has taken control of digital currency valued at approximately half a million dollars from an account linked to a Chinese individual implicated in a Reuters investigation into a crypto-investment fraud originating from Southeast Asia.Photo by Growtika on Unsplash‘Pig butchering’According to Reuters, U.S. officials have disclosed that the seized assets are connected to a crypto-investment scam known as “pig butchering,” where fraudsters manipulate unsuspecting individuals they encounter online, convincing them to invest in fraudulent crypto schemes.The unsuspecting scam victim (the pig) is conned by scammers into handing over money with the promise of an outsized return. Once funds have been handed over, the vast majority of victims are unable to recover their money.According to a document filed by U.S. authorities in federal court in Massachusetts, the U.S. Secret Service confiscated the crypto in June from an account registered to Wang Yicheng. At the time of the seizure, the digital currency was valued at around $500,000. The funds were traced back to a victim in Massachusetts who had initially fallen prey to the scam.In a recent Reuters article, Wang was identified as a businessman who cultivated relationships with members of Thailand’s law enforcement and political elite while serving as the vice president of a Chinese trade group based in Bangkok. The report outlined that a crypto account in Wang’s name had received over $90 million in recent years, with at least $9.1 million linked to a crypto wallet associated with pig-butchering scams, as reported by U.S. blockchain analysis firm TRM Labs.Multi-million dollar scamsOne case highlighted in the report involved a California man who was scammed out of approximately $2.7 million, funds that were channeled into the account in Wang’s name. Another example cited in the U.S. court filing detailed a resident of Cambridge, Massachusetts, who was allegedly defrauded of about $478,000 worth of crypto, which ended up in two crypto accounts, one of which belonged to Wang.The U.S. court filing, part of a civil forfeiture action, seeks court approval to take possession of assets linked to the alleged crime. While no criminal charges have been filed, Acting U.S. Attorney Joshua Levy emphasized the use of civil forfeitures to recover funds stolen through crypto fraud schemes, highlighting law enforcement’s adaptability in the face of cryptocurrency transactions’ seemingly elusive nature.Crypto scammers sanctionedIn a related development, authorities in the United Kingdom reported on Friday that individuals operating pig butchering crypto scams in Myanmar, Cambodia and Laos had been sanctioned, in a move coordinated with their counterparts in the U.S. and Canada, alongside the United Nations Human Rights Organization.Many of these cases are understood to involve human trafficking, where individuals are illegally detained and forced to work on pig butchering crypto scams.

China introduces identity verification through RealDID on blockchainThe Chinese government, in collaboration with the Blockchain-based Service Network (BSN), has unveiled plans for the introduction of RealDID, a new digital identity service.Integrating blockchain into public systemsThis platform is set to bring blockchain-based digital identity verification processes into broader use, verifying the digital identities of China’s 1.4 billion people. Such an eventuality would represent a pivotal moment in China’s ongoing efforts to integrate advanced technologies into governance and public administration.The platform is being geared to deliver a spectrum of services, encompassing personal real-name confirmation, encrypted personal data protection and certification. Notably, it will enable private logins, establish business identities and offer personal identification certificate services, coupled with information vouchers on personal identity.Photo by Tamara Gak on UnsplashAnonymous online identityA standout feature of RealDID is its provision for Chinese citizens to register and access online portals anonymously through a Decentralized Identity (DID) address. This feature ensures the privacy of transactions and personal data, addressing global concerns over data security. The introduction of RealDID underscores China’s commitment to harmonizing technological advancement while at the same time, preserving the privacy of the individual.Although the specific roll-out date for RealDID across China’s vast population remains undisclosed, the potential impact of this initiative is monumental. The platform is poised to significantly enhance the security and efficiency of identity verification processes, a critical element in the realm of digital transactions and interactions.RealDID is a strategic component of China’s broader technological vision, aimed at solidifying its position as a global leader in emerging technologies. The nation has been actively investing in and regulating emerging innovations such as artificial intelligence, central bank digital currencies (CBDCs) and cryptocurrencies. In tandem with these endeavors, China is actively working to reduce its reliance on foreign semiconductor chips by boosting domestic production.BSN FoundationBSN, operated by China’s National Information Center, has forged partnerships with major tech players like China Mobile and China UnionPay, illustrating the collaborative nature of this national initiative. The network was co-founded by Hong Kong’s Red Date Technology. With the network originating in China, last month, the BSN Foundation was established in Singapore, featuring five global members.These included Blockdaemon; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; Germany’s GFT Technologies; and Red Date Technology. The five will act as a governing body for the BSN Spartan Network.The unveiling of RealDID by the Chinese government signifies a significant stride in integrating blockchain technology into everyday governance and public services. Leveraging blockchain’s inherent decentralization and security features, RealDID aims to provide a more secure and efficient method of identity verification while upholding user privacy.This move aligns with the global trend of governments exploring blockchain technology for diverse public services, highlighting China’s interest in spearheading technological innovation. As the global landscape evolves, China’s strides in the realm of blockchain-based identity verification serve as a testament to its ongoing interest in the future of digital governance.