Crypto Travel Rule solutions provider CODE obtains ISO 37301 certification

KuCoin resolves lawsuit through settlement and New York market exitKuCoin, one of the largest global cryptocurrency exchanges, has arrived at a comprehensive settlement with the authorities in the state of New York in the United States, agreeing to pay $22 million.Photo by Michael Discenza on UnsplashSubstantial fine and refundsThe settlement not only involves a substantial fine but also includes refunds to New York investors and the cessation of trading activities in the state. This resolution comes amidst an assertive effort by New York authorities to shape and regulate the crypto landscape within the state.According to a statement released by New York Attorney General Letitia James on Tuesday, KuCoin will refund a total of $16.7 million to 177,800 New York investors. In addition to the refunds, KuCoin will pay a $5.3 million fine to the state.The settlement addresses allegations that KuCoin failed to register as a securities and commodities broker-dealer while falsely presenting itself as a cryptocurrency exchange.Taking to social media platform X, James wrote:”My office is making crypto platform @kucoincom pay over $22 million for illegally operating in New York. KuCoin is also banned from doing business in our state. Shady cryptocurrency platforms must play by the same set of rules as everyone else or face the consequences.”At the time of taking action against KuCoin in March, James described the lawsuit as “our eighth action to rein in shadowy cryptocurrency platforms that disregard our laws and put New Yorkers at risk.”Lack of registrationKuCoin, based in the Seychelles, allows investors to trade digital assets through its website and app. However, the state of New York argued that KuCoin could not legitimately claim to be an exchange due to its lack of registration with the U.S. Securities and Exchange Commission (SEC) and the proper designation by the Commodity Futures Trading Commission (CFTC), as mandated by state law.Ranked as the fourth-largest exchange by spot and derivatives trading volume, KuCoin’s KCS token, a profit-sharing token on the platform, has experienced a 39% increase since the start of the week. At the time of writing, it has a unit price of $13.80. This surge is a consequence of the clarity and finality brought about by the settlement, alongside rising expectations for a U.S. exchange-traded fund (ETF) directly investing in Bitcoin, sparking a broader rally in lesser-known cryptocurrencies over the past month.Potential rumorsKuCoin CEO Johnny Lyu took to the X platform on Tuesday to outline details of the settlement. Interestingly, Lyu included this notification:”I also want to give you a heads-up about potential rumors surfacing in the next few weeks. Please stick to the official website of KuCoin for accurate information.”While the settlement may have brought a certain degree of clarity to the KuCoin platform, Lyu’s comment suggests that there may be other issues about to emerge in the short term.The lawsuit against KuCoin is part of a broader regulatory trend in New York, with Attorney General James having previously filed a similar complaint against CoinEx. Additionally, a settlement in January involving crypto companies Nexo Inc. and Nexo Capital Inc. resulted in a financial resolution of up to $24 million for New York and nine other states.

NEOPLY Receives Support from Abu Dhabi for Blockchain Expansion in UAENEOPLY, the open blockchain platform of South Korean investment holding company Neowiz Holdings, is set to receive support from the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE) through its Innovation Programme, which provides incentives to a wide range of businesses in financial services, technology, and other high-growth areas, according to a press release.Photo by Kamil Rogalinski on UnsplashFinancial & non-financial supportWith the assistance of ADIO, NEOPLY will establish its global headquarters, H-Lab, for blockchain businesses in the Abu Dhabi Global Market (ADGM). H-Lab will benefit from both financial and non-financial support, including incentives, fee exemptions, and regulatory advantages concerning cryptocurrencies and blockchains. Moreover, H-Lab intends to collaborate with local universities to develop education and scholarship programs focused on Web3 and decentralized finance (DeFi).Operations in MENANEOPLY’s inclusion in the Innovation Programme of ADIO demonstrates the competitiveness of the blockchain project, providing it with the opportunity to expand its operations in the Middle East and North Africa (MENA) region. By leveraging the support, infrastructure, and talented workforce available through ADGM, the company will forge partnerships with leading global firms residing in the capital of the UAE to enhance its global presence.Korean firms in Abu DhabiAbu Dhabi has been increasingly attracting Korean companies. ADIO, an affiliate of the Abu Dhabi Department of Economic Development, was established in 2019 as part of the country’s initiative to promote non-oil industries and draw in advanced technology companies. In 2021, ADIO opened an office in Seoul to support the entry of innovative Korean firms into the UAE. Thanks to these efforts, several Korean enterprises, including cloud operations services company Bespin Global, hospitality tech company H2O Hospitality, and smart farm operating group K-BTS Consortium, have established entities or expanded their operations in Abu Dhabi.DeFi regulatory frameworkNEOPLY’s H-Lab will collaborate with ADGM to facilitate its development of a regulatory framework for DeFi, aspiring to become one of the world’s first regulated DeFi providers. The NEOPIN protocol, a centralized decentralized finance (CeDeFi) platform developed by NEOPLY, will work closely with ADGM’s Financial Services Regulatory Authority (FSRA) to establish an efficient and effective regulatory framework.Abdulla Abdul Aziz Al Shamsi, Acting Director General of ADIO, said, “Abu Dhabi’s enabling environment, coupled with the availability of world-class infrastructure and skilled talent, has positioned the UAE capital as a leading destination for investment in the Middle East. NEOPLY joins a wave of other innovative South Korean companies choosing Abu Dhabi as the catalyst for their next growth phase. They are joining a thriving innovation ecosystem and bringing new ideas and solutions to life in the UAE capital.”NEOPLY CEO Park Jin-ho stated, “With ADIO’s support, we are establishing our global headquarter in the heart of Abu Dhabi, which fills us with great anticipation for our financial innovation in the Middle East. With the active support of ADIO, the collaboration with ADGM, and the infrastructure of Abu Dhabi, we are committed to setting new standards in the global blockchain industry.”

While the Web3 sector seemed to be hamstrung by litigation and regulatory scrutiny in 2023 following multiple platform failures, it's going out with a bang in China with news of a $10 billion fund in Shenzhen to support Web3 startups.Photo by 李大毛 没有猫 on UnsplashFueling Web3 startup growthGBA Capital, a Chinese venture capital (VC) firm, made a significant announcement during the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference on Tuesday. The firm, backed by China's state-owned National Engineering Laboratory, unveiled plans to launch a substantial $10 billion Web3 fund. The conference also served as an educational platform, enlightening investors and attendees unfamiliar with the intricacies of the Web3 industry. Luo Jinhai, founder of Huoxun Finance and creator of the "Yuan Asset" concept, elucidated on the unique attributes of specific forms of digital assets, including independence, privacy, security, scarcity and liquidity. Metaverse focusThis initiative aims to fuel the growth of startups specializing in virtual reality, the metaverse and non-fungible tokens (NFTs), ultimately transforming the Guangdong-Hong Kong-Macao economic region into the global "meta-asset capital."  Meta-assets are virtual objects that serve as key components within the make-up of the metaverse. Haolong Li, the chairman of GBA Capital, outlined the ambitious vision, stating that the conference would facilitate "meta-asset global tours" in key international hubs such as Japan, Singapore, Dubai, Silicon Valley and Europe. The objective is to enhance the visibility of meta-assets and position the economic area as a leading force in the emerging Web3 landscape. Previous developments that have played out over the course of 2023 suggest that China is placing a particular focus on embracing metaverse technology, with a view towards integrating the metaverse with existing systems in the country.   The Ministry of Industry and Information Technology of China, in response to a proposal about promoting the development of the Web3 industry, emphasized ongoing research in areas such as the Metaverse, NFTs and decentralized identity management. In September the Ministry set out an action plan for the cultivation of a domestic metaverse. As part of that plan, it aspires to nurture three to five metaverse companies of global significance. GBA Capital, established by China Europe International Financial Group in Hong Kong, boasts strategic partnerships with key financial institutions, including the Asia Pacific Investment Bank and China's state-owned National Engineering Laboratory. The firm's focus on investment and incubation in the digital economy aligns with its goal of integrating industrial clusters, capital resources, corporate resources and policy advantages to offer comprehensive support and services to enterprises. In a related development, GBA Capital's subsidiary Zhongrong Global successfully raised an angel funding round at a valuation of 100 million Chinese yuan ($14 million) back in May. The funds will be allocated to Web3 project incubation and industrial services in the artificial intelligence sector. The Guangdong-Hong Kong-Macao Bay Area has experienced a surge in Web3 startups and overseas corporate relocations since the beginning of the year, setting the stage for GBA Capital's substantial Web3 accelerator fund.