Upbit procures ISO 22301 certification

Singapore High Court Recognizes Cryptocurrency as Personal PropertyIn a significant ruling on July 25, Judge Philip Jeyaretnam of the High Court of Singapore declared that cryptocurrency is capable of being held in trust and should be recognized as property.The judge’s decision came in response to a case brought by Dubai-headquartered crypto exchange Bybit against its former employee, Ho Kai Xin, who was accused of transferring approximately 4.2 million Tether (USDT) from the crypto exchange to her private accounts without authorization.Photo by Tingey Injury Law Firm on UnsplashNo fundamental differenceIn his ruling, Judge Jeyaretnam emphasized that there is no fundamental difference between cryptocurrencies, fiat money, or even physical objects like shells when it comes to their status as property. He argued that as long as these objects hold value and are based on mutual faith, they can be considered property. The judge’s verdict is seen as a crucial step in establishing the legal status of digital assets within the Singaporean jurisdiction.Addressing the argument that cryptocurrencies lack physical presence and therefore cannot be considered property, Judge Jeyaretnam drew an analogy, stating: “We identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.” By equating cryptocurrencies to named entities, the judge made it clear that physical tangibility is not a prerequisite for something to be classified as property.Cryptocurrencies have valueFurthermore, the ruling challenges the perception that cryptocurrencies have no “real” value. Judge Jeyaretnam firmly refuted this notion, highlighting that the value of any asset, whether physical or digital, is ultimately determined by collective human belief and judgment.One critical classification made by the judge is grouping cryptocurrencies under the category of “things in action” within British common law. This categorization means that cryptocurrencies are considered a form of property, over which personal rights can be claimed and enforced through legal actions, rather than requiring physical possession.The judge’s decision also referenced the Monetary Authority of Singapore’s (MAS) consultation paper, which proposes implementing segregation and custody requirements for digital payment tokens. By taking cues from the MAS’s stance on digital assets, the court emphasized the legality of holding cryptocurrencies on trust, as long as practical methods for identification and segregation are in place.Cues taken from existing lawSingapore’s legal framework for property also played a crucial role in the ruling. Judge Jeyaretnam pointed to Order 22 of Singapore’s Rules of Court 2021, which defines “movable property” to include various assets, such as cash, debts, bonds, shares, and cryptocurrency or other digital currency. This inclusion reinforces the recognition of cryptocurrencies as a valid form of property within Singaporean law.In April of this year, a Hong Kong court reached a similar conclusion, recognizing cryptocurrency as property. In the High Court of Justice in London the following month, non-fungible tokens (NFTs) were recognized as “private property.”Overall, Judge Jeyaretnam’s ruling represents a significant milestone in the legal recognition of cryptocurrencies in Singapore. By acknowledging cryptocurrencies as property, the court provides greater clarity and certainty for crypto users and investors while affirming the importance of embracing digital assets within the nation’s legal framework.

CeDeFi protocol NEOPIN has agreed to work with GREEVER, the developer of an eco-friendly Drive-to-Earn (D2E) app that rewards users for their efforts towards sustainable driving, marking an accelerated move towards forging a greener economy, according to an official Medium post on Wednesday (KST).Photo by why kei on UnsplashFostering green innovation“NEOPIN is actively collaborating with the government of Abu Dhabi to establish a DeFi regulatory framework. It is also recognized as a pioneer in Permissioned DeFi. On the other hand, GREEVER is distinguished by its strong commitment to public interest initiatives like promoting eco-friendly and safe driving,” said Ethan Kim, CEO of NEOPIN. “Through this partnership, our goal is to demonstrate our achievements in the blockchain space, emphasizing key themes such as compliance, eco-friendliness, and sustainability.” NEOPIN and GREEVER plan to integrate their platforms to expand their respective user bases. Specifically, the NEOPIN digital wallet will be integrated into the GREEVER app. They also intend to introduce NEOPIN’s DeFi products by linking them with GVL, GREEVER’s governance token. Through their collaboration, both companies aim to popularize blockchain on a global scale, especially by leveraging Busan’s technological expertise in the technology.  Driving towards sustainabilityGREEVER resides at the Blockchain Innovation Technology Center at the Busan International Finance Center. The GREEVER D2E platform was launched last September as South Korea’s first blockchain service for eco-friendly driving. It rewards drivers based on their safe and eco-friendly driving habits while promoting the adoption of blockchain technology in different areas of daily life. The team responsible for developing and operating the app is led by CEO Yun In-kyu, a Director of the Busan IT Partners Association and a General Manager who spearheaded various blockchain education initiatives tailored for Busan in 2021. “GREEVER is actively engaged in socially responsible projects with government organizations. Our alliance with NEOPIN is a pivotal move towards sustainability that aligns perfectly with GREEVER’s mission of enhancing accessibility and public interest,” said Yun In Kyu, CEO of GREEVER.

The global cryptocurrency market is poised for unprecedented growth, potentially reaching $200 trillion within a decade, according to Yat Siu, co-founder of Animoca Brands, a prominent Hong Kong-based Web3 game software company and venture capital firm. 2-3x within 18 monthsCurrently valued at approximately $2.7 trillion according to data from crypto aggregator CoinGecko, the cryptocurrency market is set to double or triple in the near term, Siu predicted on The Valr Podcast on May 28. “In the near term — within 12 to 18 months — we can conceive of a doubling or tripling of the space,” he stated, expressing strong confidence in the industry's future milestones. Siu elaborated on his bold forecast, suggesting that over a five to ten-year period, the market could accelerate by 100 to 200 times, potentially reaching a valuation of $200 trillion or even higher. In conversation with Farzam Ehsani, the co-founder of Valr, a platform that allows users to buy, sell, store and transfer crypto assets, Siu said:“I think we could reach that kind of number within a decade.” This explosive growth, according to Siu, will be driven by billions of people becoming digital property owners within the Web3 ecosystem. Siu stated: “It is entirely conceivable that we’re going to have a billion property owners because we’re going to have a billion token holders. This is not possible in the physical world.”Photo by Pierre Borthiry - Peiobty on UnsplashAsia fastest growing marketSiu also pointed out the regional dynamics within the Web3 space, noting that Asia has emerged as the fastest-growing market. “Right now, the leading force in Web3 is clearly Asia,” he argued, citing robust adoption rates in regions such as Southeast Asia, Hong Kong and Japan. In contrast, jurisdictions like the United States are lagging behind, primarily due to regulatory uncertainties. Siu pointed out that historically, the United States has tended to take a leadership role where new technology is concerned. Web3 is turning out to be the exception to that rule. With that, he thinks that it is Asia that will lead the way and that it will continue to lead for the foreseeable future where Web3 is concerned. Bullish on BitcoinHis optimism about the Web3 market's potential aligns with his bullish stance on Bitcoin, currently standing at a market capitalization of $1.3 trillion. Siu made another bold prediction recently, expressing confidence that Bitcoin would eventually reach $1 million. At the time of writing, Bitcoin is trading at $68,346. While that’s far from his $1 million unit price prediction, he did state at Web Summit Rio in April that it would do so “over time.”  That bullishness from the Animoca founder has also manifested itself within the company itself. In early May, the company announced its entry into the Bitcoin ecosystem by endorsing the Opal Foundation, a Bitcoin-centric protocol. At the time, Siu suggested that Bitcoin is now primed for Web3. Siu's projections reflect a broader optimism in the cryptocurrency industry, where rapid technological advancements and increasing adoption rates are expected to drive significant growth. As more individuals and institutions embrace digital assets, the potential for exponential market expansion becomes increasingly plausible.