Xangle and CryptoTimes partner to advance Web3 adoption in Korea and Japan

Hong Kong to Issue Digital Asset Licensing Guidelines in MayAccording to Hong Kong’s Securities and Futures Commission (SFC), the Commission will issue new guidelines for virtual asset exchanges within the Chinese autonomous special administrative region (SAR).© Pexels/Jimmy ChanSFC CEO Julia Leung made that announcement while speaking at an event in the city on Thursday, indicating that the guidelines are due to be released next month. Additionally the autonomous region intends to introduce a new licensing system from June 1 onwards, enabling the retail investors among Hong Kong’s populace to trade leading cryptocurrencies like Bitcoin and Ethereum.Hong Kong authorities had provided an insight into this approach back in February, when plans to provide retail access to digital assets were first set out. At the time, they outlined the need for retail customers to pass a knowledge test relative to digital assets or otherwise only being allowed to trade such assets once the customer had completed a certain level of training relative to digital assets, provided by a regulated crypto service provider.This latest announcement has arrived amid a backdrop of a series of recent indications that signify the intent of authorities in Hong Kong to make the autonomous region a major financial hub centered around digital assets.Leung articulated that the further development of this digital assets framework follows a consultation process that attracted more than 150 responses. Although virtual asset service providers (VASPs) will need to await the complete rollout of the licensing system, a handful of crypto businesses such as OSL and Hashkey, under the supervision of the Hong Kong regulator, have already started to offer their services.Crypto as propertyA Hong Kong court recently recognized cryptocurrency as property. The ruling emerged in a bankruptcy hearing pertaining to failed cryptocurrency exchange Gatecoin. In presiding over the case, Justice Linda Chan outlined that the autonomous region takes a broad view of what constitutes property. In finding crypto to meet the definition of property, she went on to clarify that it therefore has the capability of being held in trust.The finding has particular relevance in the crypto world right now given the consequences of an “in trust” custodianship of customer’s digital assets relative to numerous ongoing bankruptcy processes involving failed crypto businesses, and the pecking order of creditors in those instances, in their efforts to recover their digital assets.Positive approachWhile mainland China remains an adverse territory relative to digital assets, Hong Kong has taken to welcoming the sector and with that, enticing crypto firms to relocate to the autonomous region from the mainland. Leadership in the city has been making all the right soundings to demonstrate that it is actively trying to nurture the nascent sector.While recent months have seen the Biden administration in the United States attempt to close off banking from the crypto sector, in contrast, Hong Kong’s largest virtual bank, ZA Bank, was recently given permission to act as a settlement bank for regulated Web3 businesses located within Hong Kong.

Singapore Takes Lead in Regulating StablecoinsSingapore has taken a proactive step by finalizing regulations for stablecoins, solidifying its position as one of the first jurisdictions to do so on a global scale.The Monetary Authority of Singapore (MAS) has established a comprehensive framework that outlines essential prerequisites for stablecoin operations, according to an announcement made by the central bank on Monday.Key highlights include:Reserve Backing: Stablecoins must be backed by reserves consisting of low-risk and highly liquid assets. The value of these reserves should equal or surpass the circulating stablecoin value at all times.Prompt Redemption: Stablecoin issuers are mandated to return the par value of the digital currency to holders within five business days upon redemption requests.Transparency: Issuers must furnish users with “appropriate disclosures,” including audit outcomes of the backing reserves.These regulations will be applicable to stablecoins issued in Singapore that mirror the value of the Singapore dollar or any G10 currency, such as the US dollar. Stablecoins meeting all the requirements outlined by the regulations will receive recognition from the regulator as “MAS-regulated stablecoins.” This distinct categorization will differentiate them from tokens lacking regulation.Photo by CoinWire Japan on UnsplashKey roleWith a market valuation of approximately $125 billion, stablecoins have rapidly emerged as a significant force within the crypto space. Leading the pack are Tether’s USDT and Circle’s USDC, which together command around 90% of the market’s total value.Stablecoins play a key role in the crypto trading market. They allow traders to move in and out of various cryptocurrencies and back into fiat. However, despite their immense influence, stablecoins have largely remained unregulated across the globe. While their primary use has been in trading, stablecoin proponents assert their versatility in various applications, including remittances.Digital currency hubSingapore has been actively positioning itself as a hub for digital currencies, striving to attract foreign companies seeking refuge from the crypto industry’s apprehensions surrounding the current unwelcoming US regulatory approach.Despite their prevalence, stablecoin issuers have faced criticism regarding the transparency of their reserve holdings. Singapore’s regulatory measures aim to bring increased clarity to this sector.Ho Hern Shin, Deputy Managing Director of Financial Supervision at MAS, expressed that the framework’s purpose is to enable stablecoins to serve as a credible digital medium of exchange and bridge the gap between fiat and digital asset ecosystems.Positive industry responseLeading stablecoin firms, Tether and Circle, have applauded Singapore’s new regulations. Yam Ki Chan, Vice President of Strategy and Policy for APAC at Circle, stated that MAS is at the forefront of forward-looking regulators globally, establishing a transparent regulatory framework for stablecoins and digital assets. Paolo Ardoino, CTO of Tether, hailed the framework for providing a clear structure, accountability, and transparency in stablecoin operations within Singapore.The collapse of algorithmic stablecoin UST last year drew regulatory attention to this category of stablecoins. Unlike traditional stablecoins like USDT and USDC, UST was governed by an algorithm and lacked real-world assets as reserves.Singapore’s stablecoin regulations have placed it in a select group of jurisdictions pioneering such rules. Hong Kong is presently undergoing public consultation on stablecoins and plans to introduce regulations in the coming year.

Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody SolutionAssemble Protocol, a blockchain-based global point integration platform headquartered in Hong Kong, has announced a partnership with Ceffu, previously known as Binance Custody, according to South Korean blockchain news outlet Bonmedia.Ceffu serves as the sole institutional custody partner of Binance Exchange, the world’s largest cryptocurrency exchange based on trading volume. It started as a custodian platform in 2021 and underwent a rebranding from Binance Custody to Ceffu in February. Ceffu offers support for a diverse range of digital assets, including BTC, ETH, BNB, LTC, and XRP.Photo by rc.xyz NFT gallery on Unsplash$1M minimum depositThrough this collaboration, ASM, the native token of Assemble Protocol, has been included in the list of Ceffu’s supported assets, enabling ASM holders to securely store their tokens in the custodian’s cold storage. The custody service imposes a minimum deposit requirement of $1 million worth of digital assets.Reward points to ASM tokenAssemble Protocol offers users the ability to unify their reward points obtained from various debit and credit cards into ASM. By integrating these scattered rewards, users can conveniently manage and utilize their points through a unified digital currency. The platform also rewards participants within its ecosystem with tokens based on their contributions. The more participants contribute, the greater their rewards. Moreover, advertisers can pay fees to Assemble Protocol to promote their products within the ecosystem.Park Kyu-do, CEO of Assemble Protocol, expressed his appreciation for Ceffu’s support of ASM, emphasizing the security and transparency it offers for storing assets. Park also mentioned that the collaboration with the Binance ecosystem will lead to further expansion of the protocol.Meanwhile, Assemble Protocol plans to launch mobile and desktop versions of Assemble 2.0 later this year.