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Our weekly roundup of news from East Asia curates the industry’s most important developments.

Token 2049, one of the largest crypto conferences of the year, attracted a record 10,000 attendees, 300 speakers and 5,000 companies during the two-day event in Singapore.

From Sept. 13–14, attendees entering the majestic Marina Bay Sands Convention Expo and Center were greeted by the energetic beats from the Polyhedra DJ, then to a hall of booths showcasing the latest innovation in the blockchain industry. Aside from the main show, over 400 side events took place this year.

Among the biggest announcements during the event, KXVC, a subsidiary of Kasikornbank, the largest bank in Thailand with 20 million customers, launched a $100 million fund dedicated to Web3, AI and deep tech firms based in Southeast Asia. KXVC wrote:

“For Web3, KXVC targets Web3 infrastructures, nodes validators, RPC providers, middlewares, modularity technologies, privacy, ZKP, wallets, alternative L1/L2s, shared securities, LsdFi and consumerization of NFTs.”

As for AI, the firm said it would prioritize investing in “consumer-focused AI, cybersecurity, AI/ML tools (e.g., deployment platforms, data annotation, model optimization), and problem-specific AI startups.”

The fund will be led by Krating Poonpol group chairman of Kasikorn Business Technology Group, and Jom Vimolnoht, managing director of KXVC. According to KXVC, Poonpol has over 100 investments, four unicorns, and 10 exits across five funds as a venture capitalist. Meanwhile, Vimolnoht has managed $400 million in startup investments and has backed 35 startups in the region.

Token2049 Main Event in Singapore (Cointelegraph)

On Sept. 15, Ethereum layer-two scaling solution Mantle Network,launcheda $200 million development fund for ecosystem acceleration. Among the first recipients are LiquidX, an application layer-focused venture studio building Web3 companies; Valent, a decentralized money market exploring liquid staking derivatives finance (LSDFi); and Range Protocol, an all-in-one on-chain asset management platform and ecosystem.

Previously known as BitDAO, the Mantle Network has been a maverick in reinvigorating blockchain communities, with the launch of a $500 million blockchain gaming fund in November 2021.

In May 2023, BitDAO (BIT) passed a “One brand, One token” unity governance proposal rebranding the network to Mantle with 235 million BIT tokens voting yes and 988 BIT voting no.

Token2049’s OKX Main Stage (Cointelegraph)


CoffeeDAO tokenizes marketing potential of cafes

A new decentralized autonomous organization, dubbed CoffeeDAO, is partnering with cafes around the world to unravel their market potential in exchange for free coffee.

In a live demonstration at Chye Seng Huat Hardware coffee store in Singapore, Cheney Cheng, co-founder of CoffeeDAO, showed Cointelegraph how to receive up to four free coffees at the store with a simple scan of a bar code, yielding four COFFEE tokens minted on Polygon, which could then be directly exchanged for coffee. Not only do customers receive airdrop tokens per visit, but the “loyalty points” can then be spent at other cafes.

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According to Cheney, the concept is all about the neighborhood, which would allow community-based mom-and-pop stores to compete with the likes of Starbucks and McDonald’s. Customers aside, a referral program exists where individuals can receive up to 200 COFFEE tokens (200 cups of espresso) for onboarding cafes to the program. So far, over 15 cafes have partnered with CoffeeDAO throughout Singapore and Hong Kong.

CoffeeDAO at the Chye Seng Huat Hardware coffee store in Singapore (Cointelegraph)

Huobi Global changes name to… HTX? 

Cryptocurrency exchange Huobi Global is changing its name to a word where “H” represents the first letter of Huobi, “T” represents Justin Sun’s blockchain project Tron, and “X” represents the exchange’s 10th anniversary; the new name also happens to be eerily similar to the now bankrupt crypto exchange FTX.

According to the Sept. 13announcement, the rebranding coincides with the exchange’s goals in its new era to further “global expansion, thriving ecosystem, wealth effect and security and compliance.”

Justin Sun, de facto owner of HTX, said during a Token2049 press conference that the new name is also designed for non-Chinese users of the exchange, citing the difficulty of pronouncing “Huobi” for foreigners.

HTX has been in turmoil since the beginning of the year, shortly after Sun acquired the exchange and reportedly crushed an employee revolt. Despite touting stellar revenue and profit figures, Edward Chen, managing director of HTX Ventures, revealed that the exchange had cut its staff count down to 900 from 2,500 at the beginning of the year. Last month, the exchange denied it was close to insolvency and that Chinese police had arrested its senior executives. 

Justice’s late arrival for 3AC

It seems that some mild justice has finally arrived for Zhu Su and Kyle Davies, both co-founders of Singaporean crypto hedge fund Three Arrows Capital (3AC), who blew up the $3.5 billion firm in 2022 and then embarked on a game of catch-me-if-you-can with creditors.

In a September 14 statement, the Monetary Authority of Singapore (MAS) reprimanded both Zhu and Davies, barring the two from enterprise activities in the city-state’s regulated capital markets for nine years. As told by the MAS, the misconduct includes:

“(i) Providing false information to MAS [on 3AC]; (ii) failing to notify MAS about changes to Mr Zhu’s and Mr Davies’ directorship and shareholdings; and (iii) exceeding the assets under management threshold allowed for a registered fund management company.”

More than a year later, 3AC’s bankruptcy is still ongoing, and no criminal complaints have been filed against either Davies or Zhu in any jurisdiction. Last month, an embarrassing mistake that assumed Davies was a U.S. instead of a Singaporean citizen invalidated Davies’ court service in U.S. bankruptcy courts, which have cost over $30 million to date. Both Davies and Zhu have now been served in Singaporean courts.

3AC co-founders Kyle Davies (first from left) and Zhu Su (second from left) (Twitter)

Zhiyuan Sun

Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.

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Peers back assisted dying bill – but battles lie ahead

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Peers back assisted dying bill - but battles lie ahead

The controversial assisted dying bill is still very much alive, having received a second reading in the House of Lords without a vote.

But that doesn’t tell the whole story. Day two of debate on the bill in the Lords was just as passionate and emotional as the first, a week earlier.

And now comes the hard part for supporters of Labour MP Kim Leadbeater’s Terminally Ill Adults (End of Life) Bill, as opponents attempt to make major changes in the months ahead.

The Lords’ chamber was again packed for the debate, which this time began at 10am and lasted nearly six hours. In all, during 13 hours of debate over two days, nearly 200 peers spoke.

According to one estimate, over both days of the debate only around 50 peers spoke in favour of the bill and considerably more than 100 against, with only a handful neutral.

The bill proposes allowing terminally ill adults in England and Wales with fewer than six months to live to apply for an assisted death. Scotland’s parliament has already passed a similar law.

Pro-assisted dying campaigners outside parliament earlier this month. Pic: PA
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Pro-assisted dying campaigners outside parliament earlier this month. Pic: PA

In a safeguard introduced in the Commons, an application would have to be approved by two doctors and a panel featuring a social worker, senior lawyer and psychiatrist.

The bill’s sponsor in the Lords, Charlie Falconer, said while peers have “a job of work to do”, elected MPs in the Commons should have the final decision on the bill, not unelected peers.

One of the most contentious moments in the first day of debate last Friday was a powerful speech by former Tory prime minister Theresa May, who said the legislation was a “licence to kill” bill.

That claim prompted angry attacks on the former PM when the debate resumed from Labour peers, who said it had left them dismayed and caused distress to many terminally ill people.

The former PM, daughter of a church of England vicar, had claimed in her speech that the proposed law was an “assisted suicide bill” and “effectively says suicide is OK”.

But opening the second day’s debate, Baroness Thornton, a lay preacher and health minister in Tony Blair’s government, said: “People have written to me in the last week, very distressed.

“They say things such as: ‘We are not suicidal – we want to live – but we are dying, and we do not have the choice or ability to change that. Assisted dying is not suicide’.”

Throughout the criticism of her strong opposition to the bill, the former PM sat rooted to her seat, not reacting visibly but looking furious as her critics attacked her.

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Assisted Dying: Reflections at the end of life

There was opposition to the bill, too, from grandees of the Thatcher and Major cabinets. Lord Deben, formerly John Gummer and an ex-member of the Church of England synod, said the bill “empowers the state to kill”.

And Lord Chris Patten, former Tory chairman, Hong Kong governor and Oxford University chancellor, said it was an “unholy legislative mess” and could lead to death becoming the “default solution to perceived suffering”.

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The assisted dying debate has been politics – but not as we know it

Day two of the debate also saw an unholy clash between Church of England bishops past and present, with former Archbishop of Canterbury George Carey claiming opponents led by Archbishop of York Stephen Cottrell were out of touch with public opinion.

While a large group of bishops sat in their full robes on their benches, Lord Carey suggested both the Church and the Lords would “risk our legitimacy by claiming that we know better than both the public” and the Commons.

“Do we really want to stand in the way of this bill?” he challenged peers. “It will pass, whether in this session or the next. It has commanding support from the British public and passed the elected House after an unprecedented period of scrutiny.”

But Archbishop Cottrell hit back, declaring he was confident he represented “views held by many, not just Christian leaders, but faith leaders across our nation in whom I’ve been in discussion and written to me”.

And he said the bill was wrong “because it ruptures relationships” and would “turbocharge” the agonising choices facing poor and vulnerable people.

A campaigner in opposition of the bill. Pic: PA
Image:
A campaigner in opposition of the bill. Pic: PA

One of the most powerful speeches came from former Tory MP Craig Mackinlay, awarded a peerage by Rishi Sunak after a dramatic Commons comeback after losing his arms and legs after a bout of sepsis.

He shocked peers by revealing that in Belgium, terminally ill children as young as nine had been euthanised. “I’m concerned we want to embed an option for death in the NHS when its modus operandi should be for life,” he said.

And appearing via video link, a self-confessed “severely disabled” Tory peer, Kevin Shinkwin, was listened to in a stunned silence as he said the legislation amounted to the “stuff of nightmares”.

He said it would give the state “a licence to kill the wrong type of people”, adding: “I’m the wrong type. This bill effectively puts a price on my head.”

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Assisted Dying vote: Both sides react

After the debate, Labour peer and former MP Baroness Luciana Berger, an opponent of the bill, claimed a victory after peers accepted her proposal to introduce a special committee to examine the bill and report by 7 November.

“The introduction of a select committee is a victory for those of us that want proper scrutiny of how these new laws would work, the massive changes they could make to the NHS and how we treat people at the end of their lives,” she told Sky News.

“It’s essential that as we look at these new laws we get a chance to hear from those government ministers and professionals that would be in charge of creating and running any new assisted dying system.”

After the select committee reports, at least four sitting Fridays in the Lords have been set aside for all peers – a Committee of the whole house – to debate the bill and propose amendments.

Report stage and third reading will follow early next year, then the bill goes back to the Commons for debate on any Lords amendments. There’s then every chance of parliamentary ping pong between the two Houses.

Kim Leadbeater’s bill may have cleared an important hurdle in the Lords. But there’s still a long way to go – and no doubt a fierce battle ahead – before it becomes law.

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UK and Ireland agree deal to address ‘unfinished business’ of the Troubles

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UK and Ireland agree deal to address 'unfinished business' of the Troubles

The UK and Irish governments have agreed a new framework to address the legacy of the Northern Ireland Troubles.

The framework, announced by Northern Ireland Secretary Hilary Benn and the Irish deputy prime minister, Simon Harris, at Hillsborough Castle on Friday, replaces the controversial Legacy Act, introduced by the Conservative government.

“I believe that this framework, underpinned by new co-operation from both our governments, represents the best way forward to finally make progress on the unfinished business of the Good Friday Agreement,” said Mr Benn.

He added that it would allow the families of victims killed during violence in Northern Ireland between the 1960s and 1990s, to “find the answers they have long been seeking”.

The proposed framework includes a dedicated Legacy Commission to investigate deaths during the Troubles, a resumption of inquests regarding cases from the conflict which were halted by the Legacy Act.

There will also be a separate truth recovery mechanism, the Independent Commission on Information Retrieval, jointly funded by London and Dublin.

“Dealing with the legacy of the Troubles is hard, and that is why it has been for so long the unfinished business of the Good Friday Agreement,” said Mr Benn.

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Mr Harris described the framework as a “night and day improvement” on the previous act. Scrapping the Legacy Act, introduced in 2023, was a Labour government pledge.

What this means

A section of the Legacy Act offered immunity from prosecution for ex-soldiers and militants who cooperate with a new investigative body. This provision was ruled incompatible with human rights law.

The 2023 law was opposed by all political parties in Northern Ireland, including pro-British and Irish nationalist groups.

The agreement replaces a controversial law. (Pic: PA)
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The agreement replaces a controversial law. (Pic: PA)

The Irish government, which brought a legal challenge against Britain at the European Court of Human Rights, also opposed it.

Both governments said the new plans will ensure it is possible to refer cases for potential prosecutions.

Sir Keir Starmer's Labour government had pledged to improve relations with Ireland. (Pic: PA)
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Sir Keir Starmer’s Labour government had pledged to improve relations with Ireland. (Pic: PA)

It will ‘take time’ to win families’ confidence

Irish Foreign Minister, Simon Harris, said in a statement that the framework could deliver on Ireland’s two tests of being human rights-compliant and securing the support of victims’ families, if implemented in good faith.

He added that winning the confidence of victims’ families would take time.

Dublin will revisit its legal challenge against Britain if the tests are met, it said.

Restoring strained relations

The UK’s Labour government had sought to reset relations with Ireland, after they were damaged by the process of Britain leaving the European Union.

The Conservative government had defended its previous approach, arguing prosecutions were unlikely to lead to convictions, and that it wanted to draw a line under the conflict.

A number of trials have collapsed in recent years, but the first former British soldier to be convicted of an offence since the peace deal was given a suspended sentenced in 2023.

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Gary Gensler doubles down on crypto approach amid SEC sea change

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Gary Gensler doubles down on crypto approach amid SEC sea change

Gary Gensler doubles down on crypto approach amid SEC sea change

The former SEC chair and Paul Atkins, the current head of the agency, both made media appearance this week to address significant policies proposed by US President Donald Trump.

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