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DMM Crypto, the crypto exchange, blockchain gaming and NFT arm of Japanese e-commerce and internet firm DMM, has taken the decision to shut down the Seamoon Protocol. Economic zone concept projectTaking to X on Nov. 15, the project outlined that it has decided to cancel the economic zone concept project, Seamoon Protocol. The project added:”We would like to express our deepest gratitude to the business operators who have provided us with so much support thus far, as well as to all those who have placed their hopes in this project and shown us their kind support, and we would like to offer our heartfelt apologies.” The move suggests a sudden change in the fortunes of the project. As recently as last August, DMM Group had announced a collaboration with Progmat, a distributed ledger technology (DLT) platform for tokenization and stablecoins, with a view towards looking into the issuance of a stablecoin. The stablecoin was intended to act as a reserve currency, providing backing for Seamoon Protocol’s treasury pool while also acting as a price stabilization mechanism. At the time, DMM Crypto CEO Nagato Kasaki had said that the Seamoon Protocol had been launched in order to create a space “where a global community could experience DMM’s cultural universe and co-create new experiences together.” Notwithstanding that goal, no new services are planned to replace the Seamoon Protocol.Photo by Shubham Dhage on UnsplashLaunched in 2023, Seamoon Protocol ran on the DM2 Verse, a layer-2 network associated with the Oasys blockchain. DM2 Verse was designed to act as a community hub for the Seamoon Protocol, hosting NFT drops, games, tournaments and collaborations. Activity on Seamoon was powered by its own native SMP token. Changing business environmentNorbert Gehrke, a commentator on the Japanese fintech sector, outlined in a Medium blog post that Seamoon was abruptly terminated “due to recent rapid changes in the business environment that have created challenges for the project’s sustainability.” The company didn’t provide detail on the nature of the challenges encountered which impacted on the sustainability of the project. With the shutdown, issuance of the SMP token will be discontinued. Furthermore, new service applications for the Seamoon Protocol platform have been suspended. It’s unclear what will now happen with existing services which have been built on the platform. The company has suggested that this matter is under discussion.  One exception is the Kanpani Girls RE:BLOOM project, a Web3 game that was the first of five games that had been envisaged for the protocol. The company has confirmed that this project will be terminated.  In-game notices will be provided at a later stage to provide users with advice regarding refunds and compensation for game items. The game will be wound down by the end of January. Once decisions have been made relative to other services and projects, the company will make announcements on the social media channels of those affected services. DMM Crypto received investment from Neoclassic Capital last month, with a view towards pursuing a global expansion strategy.

Blockchain.com Secures License to Expand Operations in SingaporeBlockchain.com, the London-headquartered crypto financial services company, has achieved a significant milestone by obtaining a payment license in Singapore.Photo by Mike Enerio on UnsplashAsian expansionThe move signifies the platform’s expansion not only within Asia but also on a global scale. In a press release issued on Monday, Blockchain.com proudly announced its acquisition of a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on August 1.The development follows an in-principle approval granted to Blockchain.com by the Singaporean central bank back in September 2022. With the newly acquired MPI license, the platform is now authorized to provide “digital payment token” (DPT) services to both institutional clients and investors in Singapore.Removal of transaction volume limitsUnder the regulatory framework of MAS’s Payment Service Act, the license grants Blockchain.com the authority to operate as a platform facilitating the exchange of various DPTs while also conducting DPT transactions themselves. An interesting facet of the license is that it liberates the crypto exchange from certain transaction volume limitations set within Singapore, as outlined on MAS’s official website.Expressing enthusiasm about this accomplishment, the Co-Founder and CEO of Blockchain.com, Peter Smith, lauded the crypto-friendly environment in Singapore. Smith commended the Monetary Authority of Singapore for its transparent regulatory process, on the basis that it strikes a balance between overseeing the crypto industry and fostering innovation. He stated:“We are thrilled to receive this license that will allow Blockchain.com to bring our industry-leading products and services to Singapore. We commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”Over a decade in operationHaving been established in 2011, Blockchain.com boasts a reputable standing as one of the crypto industry’s pioneers. It’s most well known for its Bitcoin blockchain explorer and its wallet service. With a user base of 87 million active wallets and 37 million verified customers, the exchange business claims that it accounts for a large chunk of all Bitcoin network transactions.Singapore, heralded for its emergence as a crypto hub, has welcomed other crypto entities holding Major Payment Institution (MPI) licenses, including prominent stablecoin issuers Circle and Paxos. The city-state has drawn a significant influx of crypto businesses in recent years, supported by its well-defined regulatory framework and the government’s commitment to nurturing the burgeoning crypto landscape within its borders.Fostering Web3 innovationMAS has demonstrated that it is aligning itself with a dedication to fostering innovation, with its recently announced plans to allocate $112 million over a span of three years for the development of cutting-edge financial technologies. This initiative will encompass fintech solutions grounded in Web3 principles.Nevertheless, Singapore remains cautious about the potential risks associated with the crypto space. In July, MAS directed all crypto businesses within its jurisdiction to transfer user assets to statutory trust accounts before the end of 2023. This precautionary measure is likely to be a reaction to crypto failures such as that of crypto-lender Hodlnaut and crypto exchange FTX, which affected Singaporeans disproportionately. It aims to minimize the risk of asset loss or misappropriation.MAS also has moved to permit crypto firms to offer staking and lending services solely to institutional clients, imposing a ban on the retail market for these services.

Singapore Takes Lead in Regulating StablecoinsSingapore has taken a proactive step by finalizing regulations for stablecoins, solidifying its position as one of the first jurisdictions to do so on a global scale.The Monetary Authority of Singapore (MAS) has established a comprehensive framework that outlines essential prerequisites for stablecoin operations, according to an announcement made by the central bank on Monday.Key highlights include:Reserve Backing: Stablecoins must be backed by reserves consisting of low-risk and highly liquid assets. The value of these reserves should equal or surpass the circulating stablecoin value at all times.Prompt Redemption: Stablecoin issuers are mandated to return the par value of the digital currency to holders within five business days upon redemption requests.Transparency: Issuers must furnish users with “appropriate disclosures,” including audit outcomes of the backing reserves.These regulations will be applicable to stablecoins issued in Singapore that mirror the value of the Singapore dollar or any G10 currency, such as the US dollar. Stablecoins meeting all the requirements outlined by the regulations will receive recognition from the regulator as “MAS-regulated stablecoins.” This distinct categorization will differentiate them from tokens lacking regulation.Photo by CoinWire Japan on UnsplashKey roleWith a market valuation of approximately $125 billion, stablecoins have rapidly emerged as a significant force within the crypto space. Leading the pack are Tether’s USDT and Circle’s USDC, which together command around 90% of the market’s total value.Stablecoins play a key role in the crypto trading market. They allow traders to move in and out of various cryptocurrencies and back into fiat. However, despite their immense influence, stablecoins have largely remained unregulated across the globe. While their primary use has been in trading, stablecoin proponents assert their versatility in various applications, including remittances.Digital currency hubSingapore has been actively positioning itself as a hub for digital currencies, striving to attract foreign companies seeking refuge from the crypto industry’s apprehensions surrounding the current unwelcoming US regulatory approach.Despite their prevalence, stablecoin issuers have faced criticism regarding the transparency of their reserve holdings. Singapore’s regulatory measures aim to bring increased clarity to this sector.Ho Hern Shin, Deputy Managing Director of Financial Supervision at MAS, expressed that the framework’s purpose is to enable stablecoins to serve as a credible digital medium of exchange and bridge the gap between fiat and digital asset ecosystems.Positive industry responseLeading stablecoin firms, Tether and Circle, have applauded Singapore’s new regulations. Yam Ki Chan, Vice President of Strategy and Policy for APAC at Circle, stated that MAS is at the forefront of forward-looking regulators globally, establishing a transparent regulatory framework for stablecoins and digital assets. Paolo Ardoino, CTO of Tether, hailed the framework for providing a clear structure, accountability, and transparency in stablecoin operations within Singapore.The collapse of algorithmic stablecoin UST last year drew regulatory attention to this category of stablecoins. Unlike traditional stablecoins like USDT and USDC, UST was governed by an algorithm and lacked real-world assets as reserves.Singapore’s stablecoin regulations have placed it in a select group of jurisdictions pioneering such rules. Hong Kong is presently undergoing public consultation on stablecoins and plans to introduce regulations in the coming year.