Coinbase Signals Interest in UAE Base

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.

Bizplay Improves Payment Experiences for Foreign Tourists in South KoreaBizplay, a cost management solutions provider, is gearing up to introduce a mobile payment service for international visitors to South Korea. This innovative service will empower tourists with the convenience of seamless transactions across a nationwide network of 1.75 million merchants who accept ZeroPay, a QR code-driven mobile payment platform.Photo by Federica Bisso on UnsplashBlockchain involvementOn September 7, Bizplay joined HIVEX Network, the cross-border payment system of blockchain tech company TBCASoft. This collaboration opens up opportunities for Japanese and Taiwanese tourists in South Korea to access the same payment services they are accustomed to in their home countries.Native apps and currenciesBy the first half of next year, these tourists will be able to readily identify ZeroPay-accepting merchants in their native apps without having to install a separate app, and they will have the ability to pay in native currencies such as Japanese yen and New Taiwan dollars without the cumbersome process of currency conversion.Once integrated with the HIVEX Network, Bizplay’s services will be available in all member countries of the HIVEX Network. By strengthening its partnerships with global payment companies, Bizplay aims to facilitate easy payments for the 4.5 million Korean users of its BeplePay, another app similar to ZeroPay, when they travel abroad in the latter half of 2024.Kim Hong-ki, CEO of Bizplay, expressed his excitement that international tourists in Korea will soon be able to enjoy a convenient travel experience by easily making payments with their native apps at ZeroPay-accepting shops. He further emphasized the company’s commitment to leveraging its technology and extensive global network to expand its services, with the aim of meeting the diverse needs of consumers.

Hong Kong is gearing up for the potential approval and implementation of both bitcoin exchange-traded funds (ETFs) and stablecoin regulations in 2024, with further progress achieved through the first filing of a spot bitcoin ETF in the Chinese autonomous territory.Photo by André François McKenzie on UnsplashHarvest Fund filesHarvest Fund (HFM), a major asset manager based in China, has taken the lead by filing for a spot bitcoin ETF with the Hong Kong Securities and Futures Commission (SFA), as reported by Tencent News. While details on the Harvest Fund bitcoin ETF remain limited, the company is hoping for its debut on or after the Lunar New Year holiday, which lands on Feb. 10. Reports suggest that Hong Kong's regulatory body may follow a path similar to the U.S. SEC, approving multiple spot bitcoin ETF applications to ensure fair market access. Although Harvest Fund was the first to apply, other regional financial institutions have expressed interest in launching similar products within the year. Livio Weng, Chief Operating Officer of crypto exchange HashKey, revealed that approximately ten asset management firms are developing spot crypto ETFs for Hong Kong, with applications already submitted to the Hong Kong Securities Regulatory Commission. Earlier this month, Venture Smart Financial Holdings (VSFG) announced its plan to launch a spot bitcoin ETF within the first quarter of this year, contributing to the growing momentum. Stablecoin interestIn tandem with the push for spot crypto ETFs, there is a rising interest in stablecoins. Multiple Hong Kong companies, including Harvest Global Investments, RD Technologies and VSFG, are reportedly engaging in discussions with the Hong Kong Monetary Authority (HKMA) about potential stablecoin trials. These trials aim to explore use cases ahead of anticipated stablecoin regulations in Hong Kong. The HKMA's December consultation paper outlined licensing requirements for fiat-pegged stablecoins, positioning them as a bridge between traditional finance and crypto markets. Sean Lee, senior advisor and head of stablecoin at VSFG, told The Block that it is committed to applying for sandbox inclusion, along with consortium partners, to showcase the potential of programmable digital money while meeting prudential requirements. An HKMA spokesperson confirmed ongoing preparations for the imminent launch of the stablecoin sandbox arrangement. The key criterion for applicants is a demonstrated commitment to a reasonable plan for issuing fiat-reference stablecoins (FRS) in Hong Kong. FRS refers to fiat-reference stablecoins pegged to the value of a fiat currency and backed by a government-issued currency, aligning with the most common stablecoin model. Eddie Yue, CEO of the HKMA, highlighted the potential of stablecoins, stating they could serve as the interface between traditional finance and the virtual asset market. The parallel development of spot crypto ETFs and stablecoin regulations underscores Hong Kong's commitment to fostering digital assets while ensuring investor protection through effective market oversight. Crypto ETFs offer expanded access, while stablecoin trials enable controlled experimentation, establishing gateways between traditional finance and the emerging crypto sectors.