1. Singapore’s Weekly Summary
1.1 Singapore’s New President: Cryptocurrency is Purely Speculative and Somewhat Wild link
On September 4th, the newly appointed President of Singapore and former Minister of Finance and Chairman of the Central Bank, Tharman Shanmugaratnam, characterized cryptocurrencies as purely speculative and somewhat eccentric. His extensive financial experience may influence his stance on related policies. Singapore has transitioned from being an early adopter of cryptocurrencies to becoming a jurisdiction that seeks to strike the right regulatory balance, especially in the wake of the collapses of Terraform Labs and 3AC. From 2011 to 2023, Shang Daman also served as the Chairman of the Monetary Authority of Singapore (MAS). However, in the early days, his position on cryptocurrencies was more laissez-faire. In 2023, during the World Economic Forum, he described cryptocurrencies as essentially speculative and somewhat unconventional, suggesting that authorities should provide ‘hyper-clarity’ regarding the risks associated with cryptocurrencies.
1.2 MAS: No ‘Cryptocurrency Sandbox’ in Singapore link
On September 8th, the Monetary Authority of Singapore (MAS) responded to criticism in the Financial Times regarding the ‘cryptocurrency sandbox,’ clarifying that there is no such ‘cryptocurrency sandbox.’ The FinTech Regulatory Sandbox introduced in 2016 does not cover cryptocurrency payments. The recent cases of malicious software scams in Singapore have no connection to cryptocurrencies. MAS acknowledges the money laundering (ML) and retail customer risks associated with cryptocurrencies. Licenses are only granted to cryptocurrency participants who have robust controls, and most applicants have not been successful. MAS has also consulted the public on a series of regulatory measures. As these measures are gradually implemented from the end of this year, Singapore will have one of the world’s most stringent regulatory systems for managing retail access to cryptocurrencies.
1.3 Singapore Financial Institution DCS Deploys and Issues Payment Token DUS on PlatON link
On September 5th, as reported by @PlatON_Network, Singaporean financial institution DCS Card Centre (DCS) announced the launch of their payment token, DCS Tokens (DUS). This token will initially be deployed and issued on the PlatON network. The DUS token is pegged to the US dollar and tokenizes credit card transactions processed by DCS. It can only be converted back to card spending limits by returning it to DCS.
2. Hong Kong’s weekly summary
2.1 Hong Kong Web 3.0 Association Proposes Four Recommendations for Policy Address link
On September 8th, the President of the Hong Kong Web 3.0 Association, Norman Chan Tak-Lam, on behalf of the association, submitted a policy proposal. The proposal includes four recommendations: Establishing a sovereign, controllable, and publicly trusted open permissioned blockchain in Hong Kong; Elevating the professional and technical standards of Web 3.0 in Hong Kong; Accelerating the implementation of stablecoins in Hong Kong; Forming a cross-departmental working group within the government to review existing laws, policies, and measures and make specific recommendations to promote Hong Kong as a hub for Real World Assets (RWA).
2.2 Hong Kong Legislative Council Member: Wrongdoers Exploiting Hong Kong Government’s Drive for Web3 Development in Recent Months link
On September 8th, Hong Kong Legislative Council member, Chiu Duncan, wrote an article highlighting that in recent months, there have been individuals with malicious intent taking advantage of the Hong Kong SAR Government’s push for Web3 development to engage in illegal activities. This includes fraudulent schemes promoting worthless tokens and operating illegal fundraising platforms. Regulatory authorities should closely cooperate with law enforcement agencies to prevent criminals from exploiting the name of Web3 for illicit gains. Furthermore, he pointed out that the concept of digital assets goes beyond pure virtual assets or cryptocurrencies, and should be accurately referred to as ‘digital assets.’
3. South Korea’s Hong Kong’s weekly summary
3.1 South Korea to Propose Bill for Tracking and Freezing North Korean Cryptocurrencies and Virtual Assets link
On September 5th, according to the Chosun Ilbo, the South Korean government is in the process of drafting legislation aimed at tracking and freezing cryptocurrency and virtual assets used by North Korea for illegal weapons programs. This bill has undergone multiple revisions and interdepartmental consultations and is intended to strengthen existing sanctions against North Korea. North Korean hackers have stolen over $3 billion in cryptocurrency over the past five years.
3.2 South Korean Financial Giant Mirae Asset Securities Partners with Polygon Labs to Advance Tokenization of Securities Networks link
On September 7th, as reported by Blockworks, South Korean financial giant Mirae Asset Securities is collaborating with Polygon Labs to support the development of tokenized securities networks. Polygon Labs will serve as the ‘technical advisor’ to Mirae Asset Securities’ tokenized asset token working group. Mirae Asset Securities is a subsidiary of the Mirae Asset Financial Group, which manages assets worth $565 billion as of June.
4. Japan’s Liberal Democratic Party Web3 Project Team Releases Cryptocurrency Accounting and Audit Guidelines link
On September 7th, as reported by Coinpost, Japan’s ruling party, the web3 project team (web3PT), released a new guide for accounting and auditing of enterprise crypto assets. This guide is aimed at lowering the auditing barriers for businesses entering the web3 industry. Prior to its release, web3PT held a seminar in collaboration with the Japan Cryptocurrency Business Association (JCBA) and the Japan Institute of Certified Public Accountants (JICPA), highlighting that accounting and auditing issues have been a hindrance for businesses looking to enter the web3 industry.
5. Taiwan Anticipates Releasing Virtual Asset Platform and VASP Guidance Principles by Month-End link
On September 7th, according to CNA, the Financial Supervisory Commission (FSC) of Taiwan has conducted a public hearing with industry participants, and it is expected to officially release the ‘Guidelines for the Regulation of Virtual Asset Service Providers (VASPs)’ by the end of this month. These guidelines will cover ten main aspects, including strengthening the management of virtual asset issuance, establishing a review mechanism for listing and delisting virtual assets, and enhancing the segregation and custody of platform and customer assets. In addition, the FSC will work with industry associations to further develop self-regulatory rules.
6. The Mainland of China’s Weekly Summary
6.1 AntChain Launches New Web3 Brand ‘ZAN’ at the Shanghai Bund Summit link
On September 8th, AntChain unveiled its new brand, ZAN, during the Shanghai Bund Summit. ZAN will provide web3-focused technical solutions, primarily in secure and compliant technology products, for Hong Kong and international markets. The former CTO of AntChain, Zhang Hui, is now serving as the CEO of ZAN. He mentioned that ZAN is geared towards regulatory institutions and innovative companies in Hong Kong and overseas markets. It offers a range of technical services to support web3 innovation, including web3 full-stack secure and trusted technology products and comprehensive solutions, which will contribute to the innovation and industrial-scale development of web3 applications. ZAN is built on the foundation of AntChain TrustBase, part of the open-source technology matrix of AntChain OpenLabs.
6.2 Illegal Acquisition of Virtual Currency: Anqing ‘Hacker’ Case Reported link
On September 7th, according to Anqing Voice, the police in Anqing City, Anhui Province, successfully cracked a case involving Huang and others illegally obtaining computer system data. The cyber security department of the Anqing Public Security Bureau found that the suspects, including Huang, purchased personal account passwords and other personal information of citizens from overseas platforms. They used hacking techniques to obtain the victims’ virtual currency wallet addresses and private keys, illegally transferring virtual currency from the wallets, resulting in illegal profits of more than 400,000 CNY.
7. Uzbekistan President Signs Legislation Amendment Permitting Cryptocurrency Mining link
On September 10th, according to Forklog, the President of Uzbekistan has signed legislative amendments, including licenses for cryptocurrency mining. The statement mentions that the law is being supplemented and modified to establish new types and subtypes of licensed activities, including cryptocurrency exchanges, mining pools, cryptocurrency storage, and mining activities. The National Agency for Project Management (NAPP) will be responsible for licensing related to cryptocurrency activities. Upon obtaining a license, legal entities must pay taxes. Unauthorized cryptocurrency service providers will face fines of 300 BRV (approximately $8,150 USD). Unauthorized mining activities will be subject to fines of 150 BRV (approximately $4,075 USD).
8. Southeast Asia’s Largest Ride-Hailing App Grab’s Latest Version Indicates Addition of Web3 Wallet in Singapore Region link
On September 8th, Grab, the largest ride-hailing app in Southeast Asia, released its latest version in the Singapore region, featuring a Web3 wallet. This wallet currently supports Polygon and includes guides on cryptocurrency wallets and NFTs. Grab boasts a user base of over 180 million individuals.
It’s worth noting that Grab’s offering may resemble a custodial wallet similar to centralized exchanges. It lacks private keys, relying on PIN passwords and security questions for account recovery. Currently, it only supports the Polygon blockchain.
9. Trading Service Provider Legend Trading Announces Digital Dollar Services Launch in the Asia-Pacific and Latin American Markets in Collaboration with Circle link
On September 6th, trading services provider Legend Trading announced a partnership with Circle to launch digital dollar services in the Asia-Pacific and Latin American markets. This move aims to improve the accessibility of USDC for institutional clients in these regions. Legend Trading highlighted that their settlement system is tightly integrated with the underlying banking networks, ensuring seamless automatic conversion between USDC and fiat currencies.
10. SBI Remit Partners with Ripple to Establish SBI Ripple Asia, Introducing XRP Remittance Solution in Southeast Asia link
On September 6th, SBI Group’s international remittance branch, SBI Remit, and Ripple announced the formation of a joint venture called SBI Ripple Asia. The primary objective of this venture is to introduce Ripple’s XRP-powered remittance solution to bank accounts in the Philippines, Vietnam, and Indonesia, with implementation starting this month. SBI Group, formerly SoftBank Group’s financial investment division, was founded in 1999 and is currently one of the world’s largest comprehensive internet financial groups and one of Asia’s largest risk investment and private equity asset management firms.