Coinone Hires Former FSS Official as Head Auditor

Bitgamo Set to Launch 150 Crypto ATMs in AsiaIn a press release published on Monday, Luxembourg-registered crypto startup Bitgamo outlined its intention to roll out crypto ATMs across Asia.Photo by Monstera Production on PexelsAsian network rolloutDescribing itself as a no KYC (Know Your Customer) exchange for crypto-to-fiat transactions, the firm has the intention of embarking on a crypto expansion initiative that will see it deploy 150 crypto ATMs across key Asian markets.The press release quotes “official sources” as having confirmed that these crypto ATMs will be operational across the region by February 2024. The firm intends to locate the machines within markets such as Australia, Japan, Hong Kong, and Indonesia.European expansionIn alignment with its growth strategy, Bitgamo has also unveiled plans to introduce an additional 75 cryptocurrency ATMs across Europe over the course of 2024.Founded in 2020, Bitgamo claims that its objective is to address privacy concerns while promoting the adoption of cryptocurrencies in regions where acquiring and holding digital assets can be challenging.Gabriel Weber, the company’s Director of Communications, expressed his excitement about the expansion initiative. He stated:“We are thrilled to be able to offer this innovative service in Australia, Japan, Hong Kong, and Indonesia. The addition of our ATMs will make it super easy for users to sell crypto, and we are confident that they will be valuable resources for the thriving crypto communities in these countries.”No KYCThe crypto exchange and ATM business claims to offer a no KYC exchange policy, which sets it apart in an increasingly regulated landscape. As a Luxembourg-registered entity, Bitgamo classifies cryptocurrencies as commodities, adhering it says, to the legal framework of its home country.While the convenience of a no KYC approach is evident, it appears to be going against the current trend and recent regulatory pressures. Earlier this year Seychelles-based cryptocurrency exchange KuCoin implemented mandatory KYC. Bitget, another Seychelles-based exchange, followed suit earlier this month, while another Asia-centric exchange, OKX, has tightened its KYC policy.Online concernBitgamo isn’t well known and with that, this recent announcement has sparked some in the crypto community to express doubt. One individual on crypto-Twitter wrote: “This is a scam…don’t fall for it!” . . . “Raising awareness as their paid press releases are currently doing the rounds, trying to lure in victims.”Meanwhile, a YouTuber called “Negocios TV” urged caution relative to what it described as a possible scam. It’s certainly true to say that there’s very little information in the public sphere relative to Bitgamo and with that, market participants will need to do their own due diligence. Equally, we are not aware if these concerns are real or misplaced.If the offering is in fact legitimate, then it’s a very positive development. Crypto ATMs have often acted as the first touch-point for many individuals in accessing digital currency. Recent years have seen a considerable increase in the global network of crypto ATMs, offering those who want to onboard into the crypto sphere easy access to doing so and possibly purchasing their first digital currency.

MANTRA, a real-world asset (RWA) tokenization blockchain project headquartered in Hong Kong, has announced that it has been awarded a Virtual Asset Service Provider (VASP) license in the United Arab Emirates (UAE). In a community update published on its website, MANTRA co-founder and CEO John Patrick Mullin outlined that Dubai regulator, the Virtual Assets Regulatory Authority (VARA), had awarded the company the VASP license, meaning that the project is now entitled to act as a virtual asset exchange. Additionally, it is authorized to offer broker-dealer and investment management services. Photo by Aleksandar Pasaric on PexelsMullin claimed that the milestone is huge for both the company and the broader industry. He stated:”It’s a major step in our objective to bring the world’s financial ecosystem onchain by being the preferred ledger of record for real world assets. It’s a validation of our purpose,which is to provide developers and institutions with a purpose-built RWA Layer 1 Blockchain, that’s capable of adhering to real world regulatory requirements.” Scaling operations in the Middle EastThe project sees the license as a key step in broadening MANTRA’s global footprint and scaling its operations within the Middle East. Mullin outlined that both the UAE and broader Middle East & North Africa (MENA) have become “a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks.” Mullin added that the license not only strengthens the project’s presence regionally, but it also “positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance.”  Shorooq Partners, a Dubai-based venture capital firm and investor in the project, commented on the announcement on X. It said that the license would mean that MANTRA would set a new standard for compliant and secure DeFi solutions. It emphasized the importance of regulatory compliance in enabling institutional DeFi adoption on a global scale. The venture capital firm was the lead investor in an $11 million funding round completed by MANTRA in March 2024. At the time, Shane Shin, founding partner at Shorooq, said that he liked MANTRA’s strategic focus on key markets like Hong Kong and Dubai, adding that the investment implicated a future where digital and traditional assets converge seamlessly. The project intends to launch DeFi-based products that have been formulated to meet investors' needs by combining the benefits of DeFi with the structure and security provided by conventional finance. Token's price performanceThe OM token is a utility and governance token within the MANTRA decentralized autonomous organization (DAO). It was the best-performing layer-1 token as of Feb. 17. At the time of writing, it’s trading at $7.59, according to CoinMarketCap data. The project also announced a $1 billion deal with UAE-based DAMAC Group, a property development company, last month.

Singapore High Court Embraces NFTs for Financial InvestigationsA recent decision by the Singapore High Court has seen it embrace non-fungible tokens (NFTs) in financial investigations. Financial investigation firm Intelligent Sanctuary, also known as iSanctuary, has been granted permission to attach NFTs containing legal documents to cold wallets linked to a hacking incident.This innovative approach, similar to the one used in Italy and the United States to deliver court summonses recently, signals a new departure in the application of NFT technology in the legal and financial world.Photo by Choong Deng Xiang on UnsplashMoving towards tokenized legal ordersLondon-based iSanctuary set out details of the court decision in a blog post published to its website recently. A pivotal moment in this scenario was the court’s issuance of a global freezing order encapsulated within soulbound NFTs, securely linked to the specified wallets. Soulbound NFTs are special types of NFTs which are tied to a user’s account. They cannot be transferred or traded.Although these NFTs do not halt transactions, they serve as powerful deterrents, notifying counterparties and exchanges about the wallets’ dubious past involvement in a hacking event.Monitoring fund movementsFurthermore, iSanctuary has unveiled an ingenious strategy to actively monitor funds leaving these wallets through the NFTs. This innovative method ensures a permanent and unbreakable connection between the NFTs and the wallets.iSanctuary recounted on its website that it was employed by a businessperson who had lost $3 million in crypto assets and was able to track the stolen funds successfully. Their method, which combines both on-chain and off-chain evidence, was presented by an iSanctuary senior investigator to the Singapore High Court. This led to the issuance of a worldwide injunction.iSanctuary’s financial and crypto investigators identified a series of cold wallets holding the proceeds of the crime, and the court approved their use of NFTs for service delivery.Mintable collaborationiSanctuary accredited Singaporean NFT marketplace Mintable as the creator of the NFTs. As reported by local news media outlet The Straits Times last week, this case revolved around a stolen private key and the alleged involvement of Singapore-based crypto exchanges in laundering the stolen assets. The fraudsters, purportedly from Singapore, are alleged to have orchestrated this saga that spans countries from Singapore to Spain, Ireland, Britain, and other European territories.Taking to X (formerly Twitter) to comment on the saga, Mintable founder Zach Burks stated:”Happy to help clean up the crypto space and move the NFT ecosystem into a realm of utility and away from the speculation of jpegs!”In a subsequent post, Burks highlighted further NFT-related innovation when pointing to a central bank digital currency (CBDC) pilot program led by Mastercard that implicated the use of NFTs to stamp out fraud. Mintable supported that particular use of the technology within that project.iSanctuary’s founder, Jonathan Benton, emphasized the impact of the recent initiative, calling it a “game changer.” The approach enables swift action, allowing for the identification of illicit asset holders and expediting the issuance of civil or criminal orders, even red flags, within hours if necessary. It also demonstrates that NFTs can be put to good use, above and beyond speculative trading.