UAE Forges Partnership to Develop Blockchain-Based Carbon Credit System

Barunson Labs and EQBR forge partnership to develop film-based security tokensBarunson Labs, a Korean blockchain-based platform for culture and arts, has joined forces with Web3 firm EQBR Holdings to offer film-based security tokens, aiming to bridge the realms of finance and cinema both in Korea and overseas.Photo by Felix Mooneeram on UnsplashBarunson’s diversified endeavorsBarunson Group, the parent company of Barunson Labs, has been a major leader in various cultural ventures involving film, drama, virtual reality, games and the metaverse. Notably, its production subsidiary Barunson E&A is known for its investment in “Parasite,” the critically acclaimed movie that won four Oscars at the 92nd Academy Awards.Earlier this year, Barunson Labs applied for a financial regulatory sandbox — a program under Korea’s Financial Services Commission that offers a special and provisional regulatory exemption for financial services that have been recognized for their innovativeness — to launch security tokens based on films. To gain approval, the firm also released the beta version of CRADE, a blockchain-based service that manages the flow of funds during the film production process.EQBR’s strategic expansionMeanwhile, EQBR has been developing a security token offering (STO) platform called Apanda Partners — a joint venture established with Shinhan Securities and Aegis Asset Management that received approval as a financial regulatory sandbox in December of last year. Apanda Partners’ Singaporean branch has since established a localized platform catered to the country’s securities firms and prepared for listing on the country’s regulated investment and trading platform SDAX. Barunson Labs and EQBR plan to list their first security token based on Korean content on SDAX in the first half of next year.“Starting with our collaboration with Barunson Labs, we are developing a process to make diverse assets available as products on various security token platforms built on EQBR’s technology,” explained Lee Hyun-ki, CEO of EQBR. “We will not simply talk about our technological possibilities but also demonstrate them through real-life cases, proving that investments can be diversified through the use of blockchain technology and smart contracts.”Lee is also set to participate in the STO Summit hosted by local news outlet Edaily from Thursday to Saturday (local time), where he will deliver a presentation on the application of STO solutions to actual financial services and the future trajectory of this trend. He will also introduce EQBR’s STO platform.“We are taking a dual-track strategy by simultaneously launching security token products in Korea and in overseas markets like Singapore, which is one step closer to institutionalization,” said Kang Shin-beom, CEO of Barunson Labs. He added that the company would launch more innovative investment products in the future that are poised to boost the status of Korean cultural and entertainment content on the global stage.

Nod to Gender Diversity as ZORIXchange Appoints Female CEOIn an industry historically dominated by men, Dilys Cheng’s recent appointment as the CEO of Dubai-based ZORIXchange’s digital assets platform marks a progressive step in achieving gender diversity in the cryptocurrency space.The Middle Eastern crypto exchange business announced the appointment via a press release which was published on Monday.Photo by JÉSHOOTS on PexelsBanking backgroundThe firm articulated that Cheng, who hails from Nantou in Taiwan, gained experience in the banking world, igniting a fervent passion for streamlining financial ecosystems. Her eagerness to simplify these processes dovetailed with the potential of blockchain technology, propelling her on a mission of transformation.Leveraging her extensive background in finance, Cheng has merged her expertise in fiat exchanges with the emerging capabilities of blockchain technology. Her tenure as the former Director of Asia Blockchain Accelerator showcased her acumen, propelling startups toward global expansion by harnessing the power of blockchain.Addressing a gender imbalanceThe company also outlined the importance of the appointment from the perspective of gender equality, in an industry that is not well represented by women. The press release goes on to state that Cheng herself “places a strong emphasis on gender equality.” Cognizant of the formidable challenges women encounter in what is very much a male-dominated sector, it appears that Cheng has made the subject a cornerstone of her agenda.Cheng stated: “As we evolve technologically, it’s equally imperative that our culture evolves.”DiversificationThe gender diversity problem in crypto has long been recognized. When it comes to venture capital-backed crypto startups, less than 20% implicate female startup founders.Her rise through the ranks is more than just a professional achievement; it symbolizes the dismantling of merit-based glass ceilings and underscores the ongoing progress in society. Cheng’s ascendancy signifies a profound shift in the crypto realm, one that champions innovation and inclusiveness.From the perspective of investors, a study carried out by Gemini in 2021 found that only 26% of crypto investors were women. The issue isn’t confined to crypto and extends across the broader finance and technology spaces in general. A McKinsey study highlighted that 64% of C-suite executives in financial services were men, with 23% being women.ZORIXchange was founded in 2022 by David Pan. Pan previously worked for KPMG in Taiwan as its COO for Startups and Innovation. In 2018 he left KPMG to establish the ACE crypto exchange in Taiwan. ZORIXchange builds on his experience in the exchange business, within the Middle Eastern market and beyond. ZORIX has offices not only in Dubai, but also in Malaysia and Singapore. The firm has plans to extend its geographical offering further, with a proposed expansion into Hong Kong and Australia in the works.According to a press release published earlier this year, the company is focusing on getting compliance right. With that, it is in the process of acquiring licensing in Dubai, having previously obtained crypto trading licenses in Lithuania and Slovakia.The exchange is expected to launch fully in September, with plans to offer fiat withdrawal and deposit options, together with a debit card product.

Solomon Islands partners with Soramitsu on CBDC pilotCentral bank digital currency (CBDC) development has been ongoing globally at a brisk pace in 2023 and smaller nations, like the Solomon Islands with a population of over 700,000, are no exception when it comes to that process with the introduction of Bokolo Cash.Photo by Gilly Tanabose on UnsplashIntroducing Bokolo CashSolomon Islands Central Bank (CBSI) has officially unveiled the proof-of-concept for its CBDC named Bokolo Cash, with support from Japanese blockchain firm Soramitsu. Bokolo Cash is pegged to the value of one Solomon Islands dollar.The proof-of-concept pilot was launched on Tuesday by way of a keynote speech given by Manasseh Sogavare, the prime minister of the archipelago. In that speech, Sogavare highlighted that the CBDC would lead to reduced transaction costs for citizens and businesses. Users can rely on transactions to be both secure and transparent, given that the network will be blockchain-based.The prime minister also articulated that the CBDC pilot project would be a catalyst for financial inclusion relative to the Island nation’s remotest communities.Pilot scheme use casesParticipants in the project will have the opportunity to use it in various scenarios. From retail transactions in the capital city, Honiara, to person-to-person transfers, the CBDC aims to demonstrate its versatility. The proof-of-concept will also assess wholesale transfers between commercial banks, simulate cross-border payments and examine remittances. To ensure security and compliance, users will undergo a “two-step” Know Your Customer (KYC) verification process, as outlined by Soramitsu.Operating on a customized blockchain based on Hyperledger’s Iroha, Bokolo Cash is designed for local use. However, it will also integrate with Soramitsu’s public Sora blockchain. This connectivity will enable users to engage in transfers using QR codes and the self-custody Fearless Wallet, a creation of Soramitsu.Legislative changeAlthough the project commenced at the beginning of November, the official announcement was made earlier this week. The legislation required to enable the CBSI to issue the CBDC — CBSI (Amendment) Act 2023 — was enacted on Nov. 3.The Solomon Islands, a collection of over 900 islands situated west of Papua New Guinea, now joins a group of island nations, including the Marshall Islands and Mauritius, actively experimenting with CBDC. Palau collaborated with Ripple Labs back in July to introduce the Palau Stablecoin (PSC). Interestingly, Tonga has contemplated adopting Bitcoin as legal tender, while Vanuatu hosts Satoshi Island, known for its Bitcoin-friendly environment. Meanwhile, Eastern Caribbean countries have already implemented an official CBDC called DCash.Soramitsu has been active in collaborating with central banks relative to the introduction of CBDCs, particularly in Asia. It has played a key role in facilitating the issuance of the Cambodian Bakong and the Lao DLak in Laos. Furthermore, it has initiated a project for regional cross-border payments using the Bakong and a stablecoin.In 2022, Soramitsu completed CBDC-related feasibility studies in conjunction with the relevant authorities in Vietnam and the Philippines. The Japanese fintech company has also participated with the Asian Development Bank and Tokyo-based global information technology solutions firm Fujitsu on a Web3 development project.