24/09/2018: Biggest Stories in the Cryptosphere

1. Major Thai Bank To Test Visa’s Blockchain Payment System

Kasikornbank, the biggest Thai bank by capitalisation, is the first one in the country to join the Visa B2B Connect platform. Thanks to the integration of blockchain in cross-border payments, businesses will benefit from faster and safer transactions. The Visa B2B Connect platform will also offer more transparency throughout the whole process. The financial services corporation Visa is the one managing the permissioned private blockchain on which the system operates. Visa Thailand Country Manager Suripong Tantiyanon affirmed that “the B2B Connect platform makes extensive use of the core capabilities of the global financial services company in governance, security and distributed ledger technology”.

2. Smart Dubai Launches Blockchain System

We first mentioned the government-backed Smart Dubai in July, when it was announced that Dubai would integrate blockchain into its legal system. The Smart Dubai Office (SDO) has now launched the ‘Payment Reconciliation and Settlement’ System. The project was created in collaboration with the Dubai Department of Finance. The integration of blockchain led to more accurate and fast transactions, along with a cut in time processing time. The current system employed by the Department of Finance requires employees to physically take care of the transactions, making the process last up to 45 days. Finally, Smart Dubai Government Establishment (SDG) CEO Wesam Lootah said that the system reduces “friction from financial processes through automation and minimisation of human intervention […] and (brings) immutability of financial records.”

3. French MPs To Call For Crypto Regulatory Framework

A French news agency has reported that local MPs want to call for a regulatory framework for digital assets providers. Three members of President Emmanuel Macron’s party La République En Marche (LREM) are proposing a reform to include regulations for crypto providers operating in the country. The MPs in question are Valeria Faure-Muntian, Christine Hennion, and Eric Bothorel. The National Assembly might discuss the amendment by the end of this month. This might not come as a surprise to some considering that in March we reported former Central Bank Official Jean-Pierre Landau being tasked by the Finance Minister Bruno Le Maire with the drafting of a crypto regulatory framework. At the time, Le Maire said that it wanted to transform France into an ICO hub.

4. Singapore Might Be Crypto’s Fan Number 1

During the Singapore Blockchain Week, the Monetary Authority of Singapore (MAS) discussed the potential uses of cryptocurrencies and blockchain. In the past, Singapore was the financial hub of Southeast Asia. However, it could now become the crypto hub of Asia. The sentiment is due to the fact that Singaporean regulators took the time to gain knowledge on the matter as well as to shared their position with the public in a transparent manner. Unlike neighbouring countries such as South Korea and Japan, Singapore has already taken several steps towards the regulation of the emerging industry. MAS has even published “A Guide to Digital Token Offering” last year. Singapore is becoming the first choice for foreign companies operating in the crypto sphere. Its open approach is what led to this trend. In fact, Singapore and Thailand are the only Asian countries with detailed regulations. The former even made a distinction among “utility tokens, payments tokens, and securities”.