Untangled Finance Launches Tokenized RWA Platform

Korean Police Agency Bolsters Crypto Investigation SkillsThe Korea National Police Agency (KNPA) is escalating its efforts to improve its proficiency in probing digital asset-related crimes. As reported by Digital Today, this will be achieved by providing dedicated training to track digital assets and implementing a strategic plan to eradicate such illicit activities.Photo by Pixabay on PexelsTracking digital assetsIn a recently revealed training proposal, the KNPA outlined its intention to launch a specialized training program on tracking digital assets. The program, scheduled to begin in mid-July, will run for three months and include four distinct sessions, with a total of 120 attendees.The rising number of cases involving the illicit use of virtual assets to gain criminal proceeds has underscored the necessity for proficient tracking of these assets during investigations. As part of its commitment to strengthening its cyber investigation capabilities, the KNPA is encouraging its officers to obtain professional certifications. Last year, the agency also organized a training course focusing on tracing virtual assets.Hands-on, case-based approachThis year’s training curriculum will adopt a more hands-on, case-based approach, emphasizing practical experience. There will be two types of courses offered: specialized and advanced. They will cover a range of topics, including the fundamentals of Bitcoin, the differences between Ethereum and Bitcoin, and the concept of crypto mixing and unmixing.Chainalysis certificationsUpon completion of the specialized course, participants will be awarded a Chainalysis Reactor Certification from a reputable crypto data analysis company based in New York. Those completing the advanced courses will receive certifications such as the Chainalysis Ethereum Investigations Certification and the Chainalysis Investigation Specialist Certification.In April, the KNPA initiated a procurement procedure to acquire and install 12 units of crypto tracking software developed by Chainalysis, costing 81.67 million KRW ($61,000) per unit. This software allows for real-time monitoring of crypto address transactions, data visualization, correlation analysis, and supports the tracking of over 100 tokens, including Bitcoin and Ethereum. It also facilitates IP tracking and unmixing, a technique used to disentangle mixed cryptocurrency transactions.Strategic effortsTo further enhance its expertise in investigating virtual assets, the KNPA commissioned a study this month titled “Establishing Strategies to Eradicate Virtual Asset Crimes and Address Investigation Risks.” Through this initiative, the agency aims to examine the policy and legislative approaches adopted by other countries in combating crypto crimes, assess their applicability in Korea, and study investigative techniques and systems tailored to various virtual assets.

In a move to enhance the oversight of cross-border wire transfers involving virtual assets, Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is fortifying the implementation of regulations relative to crypto transfers.Photo by C Bueza on UnsplashTravel rule clarificationsLocal news outlet, the English language newspaper The Philippine Star reported that central bank memorandum 2023-042 provides clarifications on the travel rule for virtual asset service providers (VASPs). The travel rule requires financial institutions to pass on information to the next institution where a transaction takes place. The BSP aims to bring greater clarity to several aspects, including the applicability of the P50,000 transaction threshold and expectations regarding transactions involving jurisdictions without travel rules. Additionally, further interpretation is being provided concerning the extension of the Philippine travel rule to non-custodial VASPs and regulatory expectations surrounding transactions with unhosted wallets or crypto wallets controlled directly by their owners, rather than managed by third-party service providers. FATF compliance ambitionThis regulatory move is in response to the directives from the Paris-based Financial Action Task Force (FATF). In 2021 the Philippines came under greater scrutiny from the intergovernmental organization, when it was included on its "gray list," making it a candidate for increased monitoring. The FATF has called upon the Philippines to establish guidelines for the travel rule to prevent terrorists and criminals from exploiting virtual asset transfers for the unrestricted movement of their assets and to detect and prevent misuse effectively.BSP-supervised financial institutions (BSFIs) are now mandated to scrutinize specific details of virtual asset transfers, including the originator's name, account number used in the transaction, originator's physical address or national identity and the beneficiary's name and account number. International moves towards complianceThis latest move by the Philippine central bank is not unusual. In recent months, a plethora of similarly motivated central banks around the world have tightened up on crypto regulation as it relates to the FATF directives. Being on the FATF's "gray list" is bad for a country’s reputation. It has the potential to result in loss of investor confidence and lead to higher compliance costs and greater monitoring. Additionally, it may have an impact on trade relations and damage a country’s ability to access international finance.  Turkey has also found itself on the organization’s gray list. Working towards repairing that situation, Turkey is in the process of establishing a crypto regulatory framework that will be FATF compliant.In May, Pakistan went a step further in banning cryptocurrency. At the time, its Minister of State for Finance and Revenue, Aisha Ghaus Pasha, stated that the ban had been a requirement for Pakistan’s removal from the FATF gray list. A tightening of crypto regulations has also occurred in the United Arab Emirates (UAE) and in Hong Kong more recently, as those territories work towards ensuring FATF compliance. The BSP emphasizes that transactions not surpassing the P50,000 threshold or its equivalent in foreign currency must include the names and account numbers of both the originator and beneficiary. Both originating and beneficiary VASPs are required to establish and adhere to robust sanction screening procedures, ensuring compliance with sanctions lists and preventing transactions involving sanctioned individuals, entities, or jurisdictions.

Singaporean VC Pledges Funding for Web3 AcceleratorSingaporean crypto investment venture capital firm, Foresight Ventures, has committed to doubling down on funding a Web3 Accelerator.Back in November, the firm launched Foresight X, a Web3-focused incubator program. At the time, it committed to allocating $10 million to be divided between three categories of Web3-centric projects and collaborations. Fast forward six months and the firm is now committing to stump up an additional $10 million in funding for the project.Categories include ecosystem projects, research grants, and an eight-week incubator program which was initially offered to thirty early-stage projects. In that initial funding round, start-ups were being supported with funding of $50,000, up to a maximum of $200,000.Photo by Shubham Dhage on UnsplashSecond phaseThe project is now entering its second phase, accepting applications once again from a new round of start-up applicants. In this instance, the focus will move towards Web3 projects with an emphasis on artificial intelligence (AI), zero-knowledge cryptography, bitcoin, non-fungible tokens (NFTs), machine learning, and liquid staking derivative products.With second-round funding, each selected project will be funded to the tune of $200,000 rather than the funding range of $50,000 to $200,000 employed on the first phase. Additionally, up to three mentors will be assigned to each successful applicant project. On top of that, one fund partner from Foresight Ventures will be assigned to each start-up in order to provide them with a steer towards growth and development. The program will culminate with a Demo Day, facilitating each project to showcase their service or product offering.Bitget partnershipFounded in 2020, Foresight Ventures has progressed in a short space of time, from having $80 million assets under management (AUM) to an AUM of $400 million today. The venture capital outfit is led by seasoned venture professionals with backgrounds in companies like Google, Bitmain and Sequoia Capital.Among its leading investments is SEI, the layer one blockchain project that is optimized for transaction speed and throughput. In April, the company committed $50 million towards SEIs $120 million ecosystem fund. In January, it invested $15 million in Singapore-based digital asset infrastructure and market making firm, CyberX.Last month the firm partnered with crypto derivatives trading platform Bitget in contributing towards its Asia-focused Web3 fund. Focused on funding outstanding Web3 projects in the region, Bitget has put together a $100 million fund. Foresight Ventures joined Dragonfly Capital, SevenX Ventures, DAO Maker and ABCDE Capital in expressing interest in investing in the fund, ultimately investing and partnering with Biget on the initiative.The firm has come a long way in a short space of time, signaling its intent in March 2022 when it committed to investing up to $200 million in Web3 start-ups and blockchain projects over the course of three years. Other key Foresight Ventures portfolio companies include Singapore-based digital assets financial services firm, Matrixport, and metaverse developer Everyrealm. Aside from its headquarters in Singapore, the firm also maintains a presence in Shanghai, allowing it the reach to cover crypto-related projects throughout the Asian region.