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Korean Crypto Exchange Alliance Reveals Standardized Regulation GuidelinesThe Digital Asset eXchagne Alliance (DAXA), consisting of five leading cryptocurrency exchanges in South Korea, today revealed standardized regulation guidelines, according to a report by news media The Asia Business Daily.Photo by Nick Fewings on UnsplashStandardized guidelinesTwo important documents — the standardized internal control framework and the code of conduct and ethics — were released by DAXA today. These documents were developed based on data provided by financial investment firms and member exchanges. Reviewed by DAXA members and advisors, this documentation represents a significant milestone as it is the first of its kind to address the unique characteristics of the crypto industry. The establishment of unified rules and regulations through the collaborative efforts of the member exchanges stands as a commendable achievement.Internal control frameworkThe internal control framework consists of five parts, encompassing a total of 68 articles. These parts cover general provisions; governance of virtual asset service providers (VASPs); organization and standards for internal control; compliance officers and internal control system management; and compliance details.Code of ethicsThe code of conduct and ethics comprises five chapters with 24 articles. These chapters focus on general provisions, customer ethics, employee ethics, corporate management ethics, and societal ethics.DAXA Vice Chairman Kim Jae-jin expressed optimism that these guidelines will serve as a valuable reference for all VASPs, fostering the development of a fair, trustworthy, and globally competitive crypto market.DAXA’s websiteLast month marked the launch of DAXA’s official website, and their YouTube channel has been active since January. The alliance is made up of five member exchanges: Gopax, Bithumb, Upbit, Korbit, and Coinone. At the helm of the alliance is Chairman Lee Sirgoo, who concurrently serves as CEO of Dunamu — the company operating Upbit, the largest cryptocurrency exchange in the nation.

Taiwan weighs up CBDC following feasibility study completionTaiwan’s central bank, the Central Bank of the Republic of China (Taiwan), recently concluded an in-depth feasibility and technology study on the potential implementation of a wholesale central bank digital currency (CBDC).Photo by Timo Volz on UnsplashGathering feedback and refining designAccording to statements made by Deputy Governor Chu Mei-lie while speaking at an annual event organized for the banking sector by the Financial Information Service Co., an entity that oversees Taiwan’s banking, payment and settlement systems, Chu disclosed that the central bank is now in the process of gathering feedback and refining the design of the CBDC platform.In her keynote speech, Chu underscored the significance of CBDCs in the evolving landscape of digital currencies. She concurred with the Bank for International Settlements’ (BIS) assertion that conventional payment tools and platforms may not always meet the demands of all-day transactions, smart contracts and automatic settlements facilitating simultaneous and irreversible transfers of assets or funds.Supporting asset tokenizationChu emphasized that a nation’s monetary system should be poised to support tokenized assets. CBDCs, she suggested, could potentially offer comprehensive payment and settlement services, integrating tokenization and a unified ledger that harmonizes CBDCs with traditional currencies.The concept of a unified ledger, as explained by Chu, doesn’t imply a single ledger but rather that tokenized ledgers of each economy could coexist and connect through an application interface.This approach aims to ensure interoperability, minimizing the risk of errors in message transmission. Interoperability is also being worked on by financial messaging service SWIFT. It recently collaborated with central banks in Hong Kong and Kazakhstan with a view towards testing a connector that would enable the integration of SWIFT with CBDCs.Additionally, a unified ledger is anticipated to expedite the clearing process, foster a secure trading environment and ensure the safe, reliable and effective execution of currency and asset transactions.International integration of e-CNYChu acknowledged that foreign central banks are actively exploring the feasibility of issuing CBDCs to establish a unified value for all forms of currency. Of the many early-stage CBDC projects that are out there, China’s e-CNY has gathered the greatest momentum.British bank Standard Chartered has been the most recent entity to join the Chinese CBDC international pilot project. Taiwan’s Fubon Bank has enabled its customers to top up e-CNY via mobile banking. The leading CBDC currency has similar collaborations in place with Hong Kong banks, HSBC and Hang Seng Bank.Fubon has also gotten involved alongside Ripple in a pilot program run by the Hong Kong Monetary Authority. Through that collaboration, it is supporting an asset tokenization trial that revolves around Hong Kong’s CBDC, the e-HKD.Chu outlined that in the case of Taiwan, the matter of a CBDC is being pursued cautiously, without a predefined timetable for reaching a conclusion. The monetary policymaker plans to engage in discussions with academic and business sectors to inform its stance on CBDCs.Meanwhile, the central bank is committed to enhancing overall planning related to the CBDC platform, focusing on transaction ease, capacity and innovative functionalities. Chu also highlighted the consideration of offline transaction scenarios in this ongoing process.

Paxos scores licensing approval in Abu DhabiPaxos, a New York-based blockchain and tokenization infrastructure platform, has achieved in-principle licensing approvals from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).Photo by Kent Tupas on UnsplashEnabling stablecoin issuanceIn a press release published on Wednesday, Paxos outlined that these approvals mark a significant step for the company, enabling it to issue USD and other currency-backed stablecoins while also providing crypto-brokerage and custody services through two regulated ADGM entities.This licensing acquisition comes hot on the heels of a similar outcome in Singapore. Earlier this month, Paxos subsidiary Paxos Digital Singapore Pte. Ltd., received in-principle approval from the Monetary Authority of Singapore (MAS). That approval enables it to offer digital payment token services and issue USD-backed stablecoins within the Southeast Asian city-state.The company, while making efforts to focus on transparency and accountability, aims to extend the global reach of its regulated USD-backed stablecoins upon receiving full approval in Abu Dhabi. Walter Hessert, Paxos’ Head of Strategy, emphasized the importance of regulatory compliance and engagement with authorities to shape digital asset rules, maintaining Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.Hessert stated:”Our IPAs [in-principle approvals] from the FSRA [Financial Services Regulatory Authority], on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.”U.S. regulatory difficultiesIn addition to Singapore and now Abu Dhabi, Paxos already holds approvals from the New York State Department of Financial Services (NYDFS), the local state regulator in New York in the United States. The company’s experience in its home market has been problematic more recently, however.In February, the Securities and Exchange Commission (SEC) issued Paxos with a Wells Notice, a letter that informs the receiver that infractions have been uncovered following investigation. The New York regulator, the NYDFS, also took action against Paxos, claiming that the company didn’t administer BUSD in a safe and sound manner.These actions led to Paxos ceasing to mint any further BUSD stablecoin, and existing BUSD tokens will remain redeemable until at least February next year.Focus on Asia and Middle EastIt’s likely that these regulatory difficulties have led to the company concentrating its effort in 2023 on expanding in overseas markets. Licensing accomplishments in Singapore and Abu Dhabi speak to that.Paxos expressed contentment with MAS as its regulator in Singapore, anticipating that the oversight will accelerate global consumer adoption of digital assets. As the first blockchain service provider to obtain licenses in both New York and Singapore, the company is strengthening its regulatory portfolio globally.This is further evidenced by a recent collaboration the company had formed in the Philippines earlier this month. Paxos has forged an alliance with Coins.ph, a leading cryptocurrency exchange in the Southeast Asian country. The goal of the collaboration is to propel the adoption in the Philippines of PayPal USD (PYUSD), a U.S. dollar stablecoin issued by Paxos.