Binance Behind New Hong Kong Crypto Exchange Pursuing License

China Unveils Offline SIM Card Wallet for Digital Yuan PaymentsThe People’s Bank of China (PBoC) has announced a new offline SIM card-based solution for its digital yuan, enabling users to make payments even with their phones switched off.Photo by Sumeet Singh on UnsplashEmbedded hardwareThe innovative initiative was revealed via a social media post on Monday. It aims to reach users with 2G phones who were previously unable to access digital currency.Currently, this feature is only available for Android phone users with NFC functionality, as no details have been given for iOS users or 2G phone owners. This innovation is part of the central bank’s efforts to expand the reach and usage of its digital currency, especially for users with 2G phones who were previously unable to access it.Earlier this year, the PBoC launched a similar solution for smartphone users, using near-field communication (NFC) technology. However, the latest solution relies on hardware embedded in SIM cards, which can act as a “hard” (offline) central bank digital currency (CBDC) wallet.Partnership with telecoms giantsThe central bank’s partners relative to this particular project include major telecom operators China Mobile, China Telecom, and China Unicom, as well as state-owned commercial banks Industrial and Commercial Bank of China and Bank of China, who have also introduced SIM card-based “hard wallet products.” These developments are expected to significantly improve the payment capabilities and network-free functionality of the digital yuan.To use this feature, citizens have to get a “super SIM card” from their carriers. After they have replaced their existing SIM cards and opened the digital yuan app on their phones, they will see an option to “open a SIM card hard wallet.” This will enable them to make touch-based payments to merchants even when their devices are powered off or lack network connectivity.SIM-based wallets are likely to be particularly useful for those using 2G devices or smartphones without NFC capabilities. Considering that about 20% of Chinese mobile users still use 2G phones, it would make sense for the PBoC to continue working in this direction with future updates.Driving adoptionThe ultimate plan of the PBoC regarding SIM-based wallets is not clear yet. However, recent developments, such as the pilot project in Qingdao where CBDC payments were tested on the metro system without electricity or network, indicate a strong push toward increasing the accessibility and adoption of the digital yuan.Frankly, moves to bring about adoption of the e-CNY have been nothing short of relentless. These measures have varied from paying state employees in e-CNY in Changshu, collaborating with French bank BNP Paribas so that its corporate clients start to use the digital yuan and enabling e-CNY bus fare payments on public transport in Jinan.China’s Jiangsu Province has integrated the digital yuan into its education system, while the resort city of Sanya recently introduced e-CNY ATM machines so that foreign tourists have a means through which they can access the digital currency. These developments demonstrate a clear commitment by the Chinese authorities in advancing the rollout of its central bank digital currency.

Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody SolutionAssemble Protocol, a blockchain-based global point integration platform headquartered in Hong Kong, has announced a partnership with Ceffu, previously known as Binance Custody, according to South Korean blockchain news outlet Bonmedia.Ceffu serves as the sole institutional custody partner of Binance Exchange, the world’s largest cryptocurrency exchange based on trading volume. It started as a custodian platform in 2021 and underwent a rebranding from Binance Custody to Ceffu in February. Ceffu offers support for a diverse range of digital assets, including BTC, ETH, BNB, LTC, and XRP.Photo by rc.xyz NFT gallery on Unsplash$1M minimum depositThrough this collaboration, ASM, the native token of Assemble Protocol, has been included in the list of Ceffu’s supported assets, enabling ASM holders to securely store their tokens in the custodian’s cold storage. The custody service imposes a minimum deposit requirement of $1 million worth of digital assets.Reward points to ASM tokenAssemble Protocol offers users the ability to unify their reward points obtained from various debit and credit cards into ASM. By integrating these scattered rewards, users can conveniently manage and utilize their points through a unified digital currency. The platform also rewards participants within its ecosystem with tokens based on their contributions. The more participants contribute, the greater their rewards. Moreover, advertisers can pay fees to Assemble Protocol to promote their products within the ecosystem.Park Kyu-do, CEO of Assemble Protocol, expressed his appreciation for Ceffu’s support of ASM, emphasizing the security and transparency it offers for storing assets. Park also mentioned that the collaboration with the Binance ecosystem will lead to further expansion of the protocol.Meanwhile, Assemble Protocol plans to launch mobile and desktop versions of Assemble 2.0 later this year.

Korean Firms Join Forces to Expand the Security Token MarketSouth Korean tech firm AIITONE announced today that it signed a memorandum of understanding (MOU) with real estate developer Korea Asset Development to expand security token businesses, according to a report by news agency Newsis.Photo by Shubham Dhage on UnsplashVentures into fintechAIITONE is renowned for its expertise in applying extended reality (XR) technology to smart defense and metaverse projects. In their latest strategic move, they have hired a blockchain tech group to venture into fintech sectors, with a specific focus on security tokens.Real estate expertiseKorea Asset Development, a real estate developer engaged in multiple projects nationwide, is currently involved in the development of upscale housing in Seoul and Busan, high-end residences in Songdo, as well as luxury resorts in Chungcheong and Gangwon Provinces.Through their collaborative endeavors, AIITONE and Korea Asset Development seek to capitalize on their respective technological expertise and knowledge. They plan to share their know-how and establish a comprehensive cooperation framework, specifically targeting content development associated with security tokens. Furthermore, both parties have committed to consistently exploring new areas of cooperation.Security token opportunitiesIn particular, the two companies have identified real estate due to its relatively easier valuation compared to other assets. The market for real estate security tokens in Korea is projected to reach 34 trillion KRW ($26 billion) by 2024. It is estimated that financial services, including real estate, account for approximately 70% of the total security token market size.AIITONE CEO Lee Jin-yup underlined the importance of cooperation with a range of players that bring diverse resources, considering that the security token market involves high-value tangible assets such as real estate, music, and artworks. He said the partnership with Korea Asset Development will help the company secure a competitive edge in the burgeoning real estate security token market.Development in JapanNot just South Korea, but other East Asian nations too are experiencing significant strides in the security token market. Japan serves as a case in point, with companies like Mitsui & Co. Digital Asset Management (Mitsui & Co. DAM) exploring the potential of this emerging market.Mitsui & Co. DAM last month introduced a platform that allows retail investors to access security tokens backed by real-world assets. This initiative opens up previously inaccessible investment opportunities to a broader range of participants.Moreover, the Tokyo Metropolitan Government has taken an active role in supporting security token businesses within its jurisdiction. From May 31, 2023, to February 29, 2024, the government runs a subsidy program for security token projects based in the capital city. Under this program, eligible businesses can receive subsidies of up to 5 million yen ($36,000) per project.