South Korean cryptocurrency-only exchange Cashierest to close its doors

Global crypto exchange platform Binance has launched “Sharia Earn,” a crypto staking product that has been certified as being Sharia-compliant. Sharia-compliant financial products adhere to Islamic law, with sharia law being Islamic canonical law based upon the teachings of the Koran. The product incorporates multi-token staking featuring BNB, Ether (ETH) and Solana (SOL). The product has been built on top of existing infrastructure which Binance had already used to offer “Simple Earn Locked Products” relative to BNB and liquid staking in the case of ETH and SOL. Users of the product can earn staking rewards on crypto assets, while secure in the knowledge that they are investing in compliance with Islamic finance principles.Photo by Kanchanara on Unsplash‘Most meaningful product yet’The new product was announced by the company during a Binance Square Webinar. Binance CEO Richard Teng described it as the firm’s “most meaningful product yet.” He referred to the launch of the product as a defining moment both for Binance and the broader crypto sector. Teng said that “a truly inclusive financial system must respect the values and needs of every community, and that’s the vision behind Sharia Earn.” He added that “Islamic finance’s core tenets—transparency and shared prosperity—are universal,” asserting that these same values are at play in driving Binance. The platform contracted Amanie Advisors, a Dubai-based global Islamic finance advisory service, in order to obtain Sharia-compliant certification for its latest product. Bader Al Kalooti, Binance’s Head of Operations, Marketing & Growth for the Middle East & North Africa (MENA) region, said that “crypto adoption has surged in many Muslim-majority countries, but yield-generating products have remained largely inaccessible due to compliance concerns.” He claimed that the arrival of “Sharia Earn” addresses this issue. While this is Binance’s first Sharia-compliant product, it’s not the first major exchange to enter this market. Last year, Bybit, a Dubai-headquartered global crypto exchange, engaged with ZICO Shariah Advisory Services in order to obtain certification for the trading of Sharia-compliant digital assets. At the time, Bybit claimed to have launched the world’s first crypto Islamic account. Growing Islamic finance sectorIslamic law prohibits interest-based transactions. Crypto staking can be structured in such a way as to avoid interest. Staking is considered to be acceptable as rewards are not fixed. Staking rewards are seen as profit-sharing, with the staker retaining ownership of the asset and being open to the risk of potential losses. Some forecasts suggest that the overarching Islamic finance sector could reach $4 trillion in the years ahead. That represents a market opportunity for crypto platforms to cater to this market by taking the time to acquire Sharia-compliant certification for their crypto products. Binance and Bitget are not the only entities to spot this market opportunity. A new crypto trading platform called BurjX, founded by Canadian entrepreneurs Adam Ferris and Omar Abbas, has been established in the United Arab Emirates (UAE) with a vision of developing Sharia-compliant and regulatory-compliant crypto products.  While no definitive timeline has been established, Abbas told the UAE English language daily newspaper, the Khaleej Times, that his company “will partner with the appropriate Sharia boards, and when we do launch, it’s going to be approved by the appropriate regulators.”

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.

With the Chinese autonomous territory of Hong Kong having introduced its new Stablecoins Ordinance on August 1 and local taxi operators required to facilitate two forms of digital payment from April 1, 2026, a case is being made that this eventuality lends itself to an ideal test case for stablecoin payments.Photo by The Transport Enthusiast DC on UnsplashA perfect test caseIn an opinion piece published by Bloomberg on Aug. 3, columnist Andy Mukherjee asserted that Hong Kong taxis would be “a perfect stablecoin test case,” suggesting that the timing is ideal for stablecoins, given that a new licensing regime has come into effect via the city’s Stablecoins Ordinance.  In an interview, Franz Bergmueller, CEO of Switzerland-headquartered crypto bank AMINA Bank, said that “stablecoins for me are a killer use case.” On social media, AMINA Bank claimed that it would be “a major step in the right direction” if Hong Kong taxis start to accept stablecoin payments from customers. It emerged last December that the city’s taxi drivers would be required to install both electronic payment facilities and navigation systems, based on a filing made to Hong Kong’s Legislative Council. The filing outlined that while some taxi drivers currently offer electronic payment options, many insist on cash payment. The city’s Transport and Logistics Bureau suggested that “drivers offer at least two electronic payment options, including both QR code and non-QR code methods.” Stablecoin payments overseasThere has been some limited use of stablecoins as a payment method by taxi services in places with unstable currencies such as Argentina and Venezuela. The world’s most popular ride-hailing service, Uber, is understood to be studying the feasibility of offering stablecoin-based payments. In 2024, Asian rival Grab commenced accepting crypto, including the USDT and USDC stablecoins, as a means of payment for ride-sharing and food delivery services in Singapore. Last month, it extended that facility to its platform users in the Philippines.In June it emerged that Tawasul Transport, a taxi service in Abu Dhabi in the United Arab Emirates (UAE), had partnered with Al Maryah Community Bank (Mbank) and Abu Dhabi’s Department of Municipalities and Transport to launch a pilot program implicating the use of AE Coin, a UAE dirham-pegged stablecoin, as a means of payment. Bloomberg’s Mukherjee suggests that for entities now applying for stablecoin licensing, this new digital payment requirement for Hong Kong’s taxi services could provide an immediate segue to onboard users and make a new stablecoin product popular. Mukherjee places specific emphasis in this regard on what actions Ant Group may take. It emerged recently that Ant Group, an affiliate of the Alibaba Group, intends to apply for stablecoin licensing across Asian markets, including Hong Kong. The company is already a leader in Asia in digital payments through Alipay, which serves 1.3 billion users.Although Ant Group is based in mainland China, Hong Kong would offer the company the opportunity to test the establishment of a stablecoin for retail payments.