Com2uS Platform celebrates X-PLANET's first anniversary with NFT airdrop

Circle Considers Issuing Stablecoin in JapanCircle, the US-headquartered payment services company and stablecoin issuer, is considering issuing a stablecoin in Japan following the implementation of new regulations on stablecoins.Jeremy Allaire, Co-Founder and CEO of Circle, expressed his interest in exploring partnerships in Japan due to the significant potential of the market under the new rules.Photo by Su San Lee on UnsplashGrowing importance of stablecoinsIn an interview with CoinDesk Japan recently, Allaire highlighted the growing importance of stablecoins in cross-border trade, foreign currency transactions, and global commerce. He believes that Japan, with its recently established framework for the use of overseas stablecoins, has positioned itself as a pioneering country in this regard. Allaire described the stablecoin bill as the Japanese government’s and the Financial Services Agency’s most significant achievement.The revised Payment Services Act in Japan recognizes stablecoins backed by legal tender as an “electronic payment method” and allows for their issuance. However, stringent rules are in place for stablecoin issuers.These include the requirement for stablecoins to be pegged to the yen or other legal tender and the guarantee of redeemability at face value for holders. Only licensed financial institutions, such as banks, registered money transfer agents, and trust companies, will be authorized to issue stablecoins.Breaking into AsiaAllaire emphasized Circle’s interest in establishing partnerships within Japan, a country he recently visited. Circle has already obtained a Major Payment Institution (MPI) license in Singapore, enabling the company to offer various digital payment services, cross-border money transfers, and domestic money transfer services.The Japanese market has witnessed major financial institutions exploring stablecoin initiatives. Mitsubishi UFJ Trust and Banking Corporation (MUFJ), for instance, announced its plans to launch its own stablecoin platform named Progmat last month. MUFJ also entered into a partnership with Japanese blockchain interoperability solutions provider, Datachain, recently. It’s thought that the move will facilitate both parties in undertaking further work on stablecoin-related initiatives.Circle’s consideration of issuing a stablecoin in Japan underscores the company’s recognition of the country’s regulatory advancements and the potential for stablecoin adoption. As stablecoins gain further traction globally, Japan’s new framework positions it as an important market for Circle and other players in the industry.It’s not just Japan that highlights the need for further stablecoin development. A new policy proposal was published in Hong Kong earlier this week that made a point of urging the Hong Kong authorities to issue its own Hong Kong dollar-backed stablecoin.The objective of such an initiative would be to compete on an international basis with leading US dollar stablecoins such as Circle’s USDC and USDT/Tether. By being proactive in the Asia-Pacific (APAC) region, Circle could head off rising potential challenges such as that suggested by these stablecoin researchers in Hong Kong.The partnership opportunities in Japan align with Circle’s mission to facilitate efficient and secure digital transactions, and it will be intriguing to observe how the company navigates this emerging landscape in the months to come.

Korea’s ABB Joins Hands with Vietnam’s DTS Group for Web3 DevelopmentSouth Korean Web3 consulting firm ABB announced Monday that it has signed a comprehensive memorandum of understanding (MOU) with DTS Group, one of the fastest-growing companies in Vietnam.The agreement was signed at the 20th World Web 3.0 NFT META Marvels Bangkok 2023 conference held in the Thai capital last Friday, with ABB’s CEO, Jung Joo-pil, and DTS Group’s Chairman, Truong Gia Bao, in attendance.Photo by Shubham Dhage on UnsplashFostering Web3 innovation and diplomatic tiesThis collaboration is expected to contribute significantly to the development of Web3 in both Korea and Vietnam. They will start by discovering and investing in promising blockchain startups and expand into more diverse business areas, then further enhance their cooperation in Web3 technology development and promotional marketing in the future.About ABB and DTS GroupABB is primarily engaged in consulting, promotional marketing, and fundraising for blockchain-related projects. It is widely known as the publisher of the Korean blockchain monthly magazine Blockchain Today, through which it contributes to the growth of the Korean blockchain industry.DTS Group, on the other hand, is one of the fastest-growing firms in Vietnam and operates via four main subsidiaries, including DTS Foundation, which focuses on the incubation of blockchain startups; DTS Ventures, a venture capital firm that invests in blockchain startups; DTS Media, which engages in marketing and event organization; and Mira Blockchain Center, which focuses on the development and support of blockchain and AI technologies.

Singaporean takes helm at Binance as CZ steps asideIn a significant leadership shift, Richard Teng, a seasoned professional with an extensive background in regulatory affairs, has assumed the role of Chief Executive Officer at Binance.News of the appointment came on Tuesday, in a tumultuous day in the crypto sector that saw Binance Founder and CEO Changpeng Zhao (CZ) step down following criminal charges in the U.S.Photo by Syed Hussaini on UnsplashStarting out at Binance SingaporeTeng, a Singaporean industry veteran, initially joined Binance in 2021 as the CEO of Binance Singapore, demonstrating his efforts at bolstering global compliance for the crypto giant. His trajectory within the organization has been noteworthy, progressing from leading regional markets to ultimately becoming the CEO. Binance’s official statement highlights Teng’s diverse experience, overseeing regions such as the Middle East and North Africa (MENA) and Europe, culminating in his responsibility for all markets outside the U.S.Before joining Binance, Teng held the position of CEO at the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). He had taken up that role following a spell as Chief Regulatory Officer at SGX, a Singapore-based multi-asset exchange, where he showcased his leadership in regulatory divisions, specifically shaping policies related to listing trading and clearing activities.Teng’s career is further distinguished by a 13-year tenure at the Monetary Authority of Singapore (MAS), where he served in various capacities, including Director of Corporate Finance. His involvement in regulatory matters spanning banking, insurance and capital markets, particularly during the late 1990s transformation of Singapore’s financial services sector, underscores his deep understanding of industry dynamics.In a statement, Teng expressed his commitment to leveraging his three decades of financial services and regulatory experience to guide Binance’s innovative team. Taking to the X social media platform, he stated:”We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.”Setting prioritiesWhile the broader crypto community was still digesting the settlement that had been struck by Binance and CZ with the Financial Crimes Enforcement Network (FinCEN), the U.S. Commodities Futures Trading Commission (CFTC) and the Office of Foreign Assets Control (OFAC) in charges related to money laundering, unlicensed money transmission and sanctions violations, Teng was already setting out his objectives going forward.Teng outlined that his focus will turn towards “reassuring users that they can remain confident in the financial strength, security and safety of the company.” Secondly, the industry veteran intends to concentrate efforts on “collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections.” Lastly, Teng highlighted “working with partners to drive growth and adoption of Web3” as another area where he will focus his attention.Analysts from American multinational financial services giant JPMorgan said on Wednesday that they see the Binance settlement as a positive for the crypto space as it removes uncertainty and risk from the company and the sector overall.