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

$500B firm partners with Polygon 

South Korea’s Mirae Asset Security Token Working Group, with over $500 billion in assets under management (AUM), is collaborating with Ethereum layer-two scaling solution Polygon (MATIC) for security tokenization initiatives. 

According to a Sept. 7 press release, Mirae Asset Securities has signed a memorandum of understanding with Polygon Labs for “helping domestic and international tokenized securities networks.”

“Mirae’s foray into tokenization will undoubtedly help accelerate the mass adoption of web3 among other financial institutions,” commented Polygon Labs’ executive chairman Sandeep Nailwal.

Meanwhile, Ahn In-sung, head of the digital division at Mirae Asset Securities, wrote: “Through technical collaboration with Polygon Labs, Mirae Asset Securities aims to establish global leadership in the field of tokenized securities.”

Previously, Polygon Labs partnered with the Monetary Authority of Singapore (MAS) and key financial institutions in its Project Garden asset tokenization initiative. Last November, Project Guardian executed foreign exchange and sovereign bond transactions via Polygon.



Tencent launches the largest LLM model ever 

Tencent’s new Hunyuan Large Language Model (LLM) has over 2 trillion parameters. Previously, the largest LLMs have contained upwards of 175 billion training data parameters.

During the Chinese IT conglomerate’s Global Digital Ecology Conference on Sept. 7, Tencent unveiled its Hunyuan AI competitor to ChatGPT which is now available through Tencent Cloud. Users are able to directly connect their software APIs to Hunyuan, or use it as a basis for a variety of applications in mechatronics, customer service and enterprise operations.

Tencent’s 2023 Global Digital Ecology Conference (STCN)

Tencent claims that Hunyuan is capable of processing “tens of trillions” of data per day and can reduce risk analysis procedures in automobile manufacturing from four hours to less than 30 minutes. The company has invested a combined $31.4 billion into cloud and AI research and development within the past five years. The firm wrote: 

“In response to the problem that large models are prone to ‘babbling nonsense,’ Tencent has optimized the pre-training algorithm and strategy, reducing the illusion of the mixed-element large model by 30% to 50% compared with mainstream open source large models.”

Coinbase introduces stricter KYC measures for Singaporean customers

Singaporean clients of cryptocurrency exchange Coinbase must now provide know-your-customer information (KYC) when sending crypto to addresses other than Coinbase. 

In accordance with MAS regulations, Coinbase’s Singaporean customers will need to provide info on recipients’ wallet type, counterparty exchange name, full name and country of residence when sending crypto off the exchange. In addition, users who receive external crypto on Coinbase will need to provide similar KYC information on the sender in order to access their deposits.

The new KYC checks will not affect transfers between Coinbase accounts. MAS’ anti-money laundering requirements for digital asset transactions took effect in January 2020 and were last revised in March 2022. It’s not immediately clear as to why the exchange only implemented the regulations just now. 

Coinbase’s new KYC features for Singaporean users {Coinbase)

Government officials in China’s Shangdong Province have set key performance indicators (KPIs) for local bureaucrats to expand the province’s metaverse industry to 15 billion Yuan ($2.05 billion) by 2025, or for a cyclically adjusted growth rate of 15% per annum. In addition, the KPIs include the incubation of 100 metaverse ecosystem projects, 3,000 metaverse-related patents, and at least 30 metaverse experiences at public service centers. The Shangdong People’s Government wrote: 

“[It is necessary to] build a Shandong cultural dedicated network, Shandong cultural big data center and cultural database to form a cultural tourism metaverse big data system. Focus on cultural tourism resources such as A-level tourist attractions, cultural centers, libraries, and museums, and develop a number of immersive tourism service products such as VR [Virtual Reality] cloud tours.”

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80 Chinese crypto influencer accounts banned

Sina Weibo, one of China’s largest social media platforms with over 580 million monthly active users, has banned 80 Chinese crypto influencer accounts with a combined follower count of over 8 million. 

According to a Sept. 5 announcement, the accounts were banned due to “promotion of crypto trading activities” in accordance with eight legislations that together form China’s “Crypto Ban,” which has been in force since August 2021. One user commented:

“Even more [crypto] groups have been removed. A large part of those who were with me six years ago have now removed as well. Those who have not been removed have also been greatly restricted. Please go and promote them on Twitter. Weibo is no longer a good environment.

Though the Crypto Ban has been in effect for some time, China has only taken a harsh stance on enforcement starting this year. It has resulted in the removal of criminal enterprises, legitimate projects, and caused collateral damages to foreign investors alike.  

$83M crypto scam group busted in South Korea

South Korean police have busted a 110 billion Won ($83 million) crypto scam. 

Authorities say that on Sept. 5, 22 individuals were arrested on charges of deception and fraud. The unnamed group, accused of orchestrating a Ponzi scheme, allegedly solicited $83 million from 6,610 individuals based on promises of investment returns in the crypto markets as high as 300%.

An investigation subsequently revealed that business entities created by the group advocating token listings and entry into digital asset exchanges were falsified. Local news reported that assets linked to the unnamed group have been seized in criminal proceedings. A police official wrote: 

“We will strictly respond to various financial crimes that infringe upon the people’s livelihood by exploiting the desperate psychology of ordinary people who want to improve economic conditions and the virtual asset investment craze.”

OKX in final stages of licensing in Hong Kong 

According to local news reports on Sept. 3, cryptocurrency exchange OKX is in the advanced stages of receiving its virtual asset provider license from Hong Kong regulators. Zhikai Lai, the firm’s CCO, said that he expects OKX to receive the regulatory license by June 2024 and hopes to attract anywhere between 100,000 to 200,000 retail Hong Kong crypto investors within the first year. The executive noted:

“Banks have held a conservative attitude towards the virtual currency industry for many years. It was not until the government promoted Hong Kong as a global virtual asset center last year, and the Securities and Future Commission and the Hong Kong Monetary Authority gave a clear message that banks were required to prepare resources to focus on the industry. After that, their attitude became positive.”

OKX’s Chief Commercial Officer Zhikai (Lennix) Lai (Zhihu)

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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Starmer and Macron agree need for ‘new deterrent’ to stop small boat crossings

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Starmer and Macron agree need for 'new deterrent' to stop small boat crossings

Sir Keir Starmer and Emmanuel Macron have agreed the need for a “new deterrent” to deter small boats crossings in the Channel, Downing Street has said.

The prime minister met Mr Macron this afternoon as part of the French president’s state visit to the UK, which began on Tuesday.

High up the agenda for the two leaders is the need to tackle small boat crossings in the Channel, which Mr Macron said yesterday was a “burden” for both the UK and France.

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The small boats crisis is a pressing issue for the prime minister, given that more than 20,000 migrants crossed the English Channel to the UK in the first six months of this year – a rise of almost 50% on the number crossing in 2024.

Sir Keir is hoping he can reach a deal for a one-in one-out return treaty with France, ahead of the UK-France summit on Thursday, which will involve ministerial teams from both nations.

The deal would see those crossing the Channel illegally sent back to France in exchange for Britain taking in any asylum seeker with a family connection in the UK.

More on Emmanuel Macron

However, it is understood the deal is still in the balance, with some EU countries unhappy about France and the UK agreeing on a bilateral deal.

French newspaper Le Monde reports that up to 50 small boat migrants could be sent back to France each week, starting from August, as part of an agreement between Sir Keir and Mr Macron.

A statement from Downing Street said: “The prime minister met the French President Emmanuel Macron in Downing Street this afternoon.

“They reflected on the state visit of the president so far, agreeing that it had been an important representation of the deep ties between our two countries.

“Moving on to discuss joint working, they shared their desire to deepen our partnership further – from joint leadership in support of Ukraine to strengthening our defence collaboration and increasing bilateral trade and investment.”

It added: “The leaders agreed tackling the threat of irregular migration and small boat crossings is a shared priority that requires shared solutions.

“The prime minister spoke of his government’s toughening of the system in the past year to ensure rules are respected and enforced, including a massive surge in illegal working arrests to end the false promise of jobs that are used to sell spaces on boats.

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“The two leaders agreed on the need to go further and make progress on new and innovative solutions, including a new deterrent to break the business model of these gangs.”

Chris Philp, the shadow home secretary, seized on the statement to criticise Labour for scrapping the Conservatives’ Rwanda plan, which the Tories claim would have sent asylum seekers “entering the UK illegally” to Rwanda.

He said in an online post: “We had a deterrent ready to go, where every single illegal immigrant arriving over the Channel would be sent to Rwanda.

“But Starmer cancelled this before it had a chance to start.

“Now, a year later, he’s realised he made a massive mistake. That’s why numbers have surged and this year so far has been the worst in history for illegal channel crossings.

“Starmer is weak and incompetent and he’s lost control of our borders.”

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Ex-Tory chairman Sir Jake Berry defects to Reform

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Ex-Tory chairman Sir Jake Berry defects to Reform

Ex-Tory chairman Sir Jake Berry has defected to Reform, in the latest blow to the Conservatives.

The former MP for Rossendale and Darwen, who served as Northern Powerhouse minister under Boris Johnson and lost his seat last year, said he had defected to Nigel Farage’s party because the Tories had “lost their way”.

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Reform UK confirmed the defection to Sky News, which was first broken by The Sun.

Speaking to the paper, Sir Jake said Mr Farage’s party was the “last chance to pull Britain back from terminal decline”.

“Our streets are completely lawless,” he said.

“Migration is out of control. Taxes are going through the roof.

More on Reform Uk

“And day after day, I hear from people in my community and beyond who say the same thing: ‘This isn’t the Britain I grew up in’.”

Sir Jake accused his former party of “abandoning the British people” but said he was not “giving up”.

“I’m staying. And I’m fighting.

“Fighting for the Britain I want my kids, and one day, my grandkids, to grow up in.”

Mr Farage welcomed what he said was “a very brave decision” by Sir Jake.

“His admission that the Conservative government he was part of broke the country is unprecedented and principled,” he added.

A Conservative Party spokesman said: “Reform support increasing the benefits bill by removing the two-child cap, and nationalising British industry. By contrast the Conservatives, under new leadership, will keep making the case for sound money, lower taxes and bringing the welfare bill under control.

“We wish Jake well in his new high spend, high tax party.”

Sir Jake’s defection to Reform comes just days after former Conservative cabinet minister David Jones joined Reform UK, which continues to lead in the polls.

European Research Group (ERG) chair Mark Francois (left), and deputy chair David Jones, speak to the media outside Portcullis House, Westminster
Image:
Former Welsh secretary David Jones (R) alongside Tory MP Mark Francois. Pic: PA

Mr Jones, who was MP for Clwyd West from 2005 until standing down in 2024, said he had quit the Tories after “more than 50 years of continuous membership”.

Sir Jake was the MP Rossendale and Darwen in Lancashire between 2010 and 2024, when he was defeated by Labour’s Andy MacNae.

He held several ministerial posts including in the Department for Housing, Communities and Local Government, Energy and Climate Change and the Cabinet Office.

Nigel Farage holds up six fingers to indicate the six votes his party's candidate won by in the Runcorn and Helsby by-election.
Pic: Reuters
Image:
Nigel Farage after winning the Runcorn and Helsby by-election.
Pic: Reuters

He was also chairman of the Conservative Party from September to October 2022, under Liz Truss.

Announcing his defection – which comes a year after the Tories suffered their worst ever election defeat – Sir Jake said “Britain was broken” and “the Conservative governments I was part of share the blame”.

“We now have a tax system that punishes hard work and ambition,” he said.

“Just this week, we saw record numbers of our brightest and best people leaving Britain because they can’t see a future here. At the same time, our benefits system is pulling in the world’s poor with no plan for integration and no control over who comes in.

“If you were deliberately trying to wreck the country, you’d be hard-pressed to do a better job than the last two decades of Labour and Tory rule.

“Millions of people, just like me, want a country they can be proud of again. The only way we get that is with Reform in government. That’s why I’ve resigned from the Conservative Party. I’m now backing Reform UK and working to make them the next party of government.”

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He added: “And with Nigel Farage leading Reform, we’ve got someone the country can actually trust. He doesn’t change his views to fit the mood of the day. And people respect that. So do I. That’s why I believe he should be our next prime minister.”

A Labour Party spokesperson said: “Not content with taking advice from Liz Truss, Nigel Farage has now tempted her Tory Party chairman into his ranks.

“It’s clear Farage wants Liz Truss’s reckless economics, which crashed our economy and sent mortgages spiralling, to be Reform’s blueprint for Britain. It’s a recipe for disaster and working people would be left paying the price.”

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Controversial welfare bill passes final Commons stage – but only after another concession

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Controversial welfare bill passes final Commons stage - but only after another concession

Sir Keir Starmer’s watered down welfare bill has passed its final stage in the Commons, after another concession was made to MPs.

The Universal Credit and Personal Independence Payments Bill passed by 336 votes to 242 on Wednesday night – a majority of 94.

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In a bid to thwart further opposition to the bill following last week’s climbdown, the government said it would not try to introduce any more reforms to personal independence payments (PIP) until a review by work and pensions minister Sir Stephen Timms on the assessment process has concluded.

Sir Stephen said he wanted to finish his review by next autumn, but that the government would not agree to complete the review in 12 months as some MPs wanted.

Marie Tidball, the Labour MP who had called for the 12-month limit, later signalled she was happy with the government’s compromise.

Ministers also agreed to her calls to have a majority of the taskforce looking at PIP to be disabled or from disability organisations, and for the outcome of the review to come before any PIP changes. It will also be voted on by MPs.

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A total of 47 Labour MPs have rebelled against the government to vote against its welfare reforms.

Mother of the House Diane Abbott, former minister Dawn Butler, Andy McDonald, Stella Creasy and Jonathan Brash were among those in the “no” lobby.

Meanwhile, MPs rejected a separate amendment by Green MP Sian Berry, which called for the basic rate of universal credit to increase by 4.8% above inflation each year until 2030.

A total of 39 Labour MPs voted for scrapping the clauses that halved Universal Credit for new claimants – the only major cut left in the bill after the government made its concessions.

The passing of the bill will come as a relief to Sir Keir Starmer, who last week was forced into a humiliating climbdown over his flagship welfare package in the face of significant opposition from his own MPs.

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Prior to the vote last Tuesday, the government offered significant concessions including exempting existing personal independence payment claimants (PIP) from stricter new criteria and only freezing and cutting the universal credit health top-up for new applications.

As the vote last week unfolded, it offered further confessions amid concerns the bill could be voted down – notably, that changes in eligibility for PIP would not take place until a review he is carrying out into the benefit is published in autumn 2026.

They ended up voting for only one part of the plan: a cut to Universal Credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

A total of 49 Labour MPs voted against the bill – the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s Lone Parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

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