Samsung is taking its commitment to security up a notch by expanding its blockchain technology to cover a wider range of AI-powered home appliances. The South Korean tech giant announced that its Knox Matrix framework, originally designed for mobile devices and televisions, will now protect home devices using a ‘Trust Chain.’ This private blockchain system enables connected devices to monitor each other for potential security issues, keeping users informed in case of any threats.
In addition to blockchain-based security, Samsung is introducing ‘Cross Platform’ technology, ensuring consistent protection across devices, regardless of the operating system. The company also aims to improve privacy with its ‘Credential Sync,’ which encrypts and synchronises user data for enhanced safety.
Expected to roll out these new features next year, Samsung will integrate biometric authentication, allowing users to log into apps with fingerprints instead of passwords. The move builds on the company’s previous blockchain ventures, including its Samsung Blockchain Wallet and Blockchain Keystore.
A recent paper from the European Central Bank has sparked controversy by claiming that Bitcoin should either be heavily regulated or banned altogether to prevent older holders from profiting at the expense of new investors. Published on 12 October 2024, the report suggests that those who purchased Bitcoin early are exploiting newer buyers, a practice common to all financial markets. The authors argue that without intervention, the rising price of Bitcoin could lead to social unrest.
The paper also attempts to link Bitcoin to criminal activity, despite a US Treasury report from May 2024 confirming that fiat cash remains the primary tool for illicit transactions. Moreover, the authors neglect the fact that Bitcoin was created as a response to government-induced inflation, which continues to erode the value of fiat currencies globally.
Bitcoin’s pseudonymous creator, Satoshi Nakamoto, designed the digital asset as a decentralised method of payment and a hedge against monetary mismanagement. With rising public sector debt in both the UK and the US, critics argue that Bitcoin’s growing popularity is a direct reaction to the failings of traditional financial systems.
A new report from Aspen Digital reveals that 76% of Asia’s private wealth sector has already ventured into digital assets, with an additional 18% planning future investments. Interest in digital assets has surged since 2022, when just 58% of respondents had explored the space. The survey covered 80 family offices and high-net-worth individuals and found that most manage assets ranging from $10 million to $500 million.
Among those invested, 70% have allocated less than 5% of their portfolios to digital assets, although some increased their holdings to over 10% in 2024. Interest in decentralised finance (DeFi) and blockchain applications continues to grow, with two-thirds expressing a desire to explore DeFi, while 61% are keen on AI and decentralised physical infrastructure.
The approval of spot Bitcoin ETFs, particularly in the US and Hong Kong, has driven increased demand for digital assets. The report highlighted that 53% of investors have gained exposure through funds or ETFs, with optimism remaining high as 31% predict Bitcoin could reach $100,000 by the end of 2024.
TokenPocket, a global crypto wallet, has partnered with Swiss-regulated Web3 banking platform Fiat24 to simplify the use of digital currencies in everyday transactions. While over 600 million people worldwide own crypto, spending it on daily purchases remains complicated due to conversion processes and fees. The collaboration aims to bridge this gap by making crypto spending easier.
TokenPocket supports various blockchain networks, including Bitcoin, Ethereum, and Solana, allowing users to securely manage their assets. Fiat24 brings decentralised banking to the table, using blockchain technology to manage operations via smart contracts. The integration enables users to seamlessly convert and spend their crypto.
The TP Card, born from this collaboration, allows users to spend their crypto just like traditional currency. Available across 32 European countries, it can be linked with Apple Pay and Google Pay, making crypto transactions as easy as regular card payments. The partnership is poised to reshape global finance by merging digital assets with everyday spending.
The Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the UAE is preparing to launch a new legal framework for decentralised autonomous organisations (DAOs), marking a significant step in enhancing the country’s digital asset sector. The framework, set to be discussed on 25 October, aims to clarify how DAOs can remain compliant with legal and governance requirements while providing protections for founders and members.
DAOs in the UAE will benefit from clear tax obligations and will be able to own both onchain and offchain assets. Additionally, the framework offers the ability to engage in legally binding contracts, as well as guidance on resolving disputes. The new structure is expected to attract global participants, as DAOs can be established remotely without the need for a physical presence in the UAE.
The UAE’s approach offers a cost-effective alternative to Switzerland, where setting up a DAO can cost up to $46,000. In comparison, the UAE’s framework starts at just $3,000, making it accessible to even smaller DAOs.
The US Securities and Exchange Commission (SEC) has filed an appeal in its case against Ripple, though it does not challenge the court’s decision that XRP is not a security. Instead, the SEC’s appeal, submitted on 16 October, questions Ripple’s XRP sales on exchanges and personal sales by its executives, Brad Garlinghouse and Chris Larsen.
Ripple’s chief legal officer, Stuart Alderoty, clarified that the ruling regarding XRP’s status as a non-security remains unchanged. Ripple is set to file its own Form C in response within seven days, and both parties will agree on a briefing schedule for the ongoing case.
The legal process is expected to take up to 90 days, with the SEC required to file its first brief within that period. Ripple’s legal team remains confident as the case progresses.
The European Union is set to enforce new common regulations for crypto asset service providers (CASPs) under the Markets in Crypto-Assets (MiCA) framework by 30 December, replacing national laws. The Cyprus Securities and Exchange Commission (CySEC) has already begun freezing CASP applications under Cypriot law as of 17 October, advising market participants to prepare for the upcoming changes.
CASPs that register under national regulations before the December deadline can continue to operate until July 2026, unless they receive or are denied MiCA authorisation before then. The transition will bring new regulatory standards, and CASPs must comply with the European Commission’s guidelines, which are still pending final publication. In the meantime, the European Securities and Markets Authority (ESMA) has issued draft standards for CASPs to follow.
Other European regulators, such as the Dutch Authority for the Financial Markets, are already investigating potential fraud and manipulation schemes before MiCA takes full effect. The new regulations aim to bring greater transparency and stricter oversight to the crypto market across the EU.
The Central Bank of the UAE has given preliminary approval to AED Stablecoin, positioning it to be the first regulated stablecoin pegged to the dirham in the country. The move follows the bank’s recent licensing framework, which restricts crypto payments to licensed dirham-pegged tokens, easing previous concerns over potential restrictions on crypto use.
If fully licensed, AED Stablecoin’s AE Coin could become a local trading pair for cryptocurrencies and be used by merchants for payments. Issuers of the stablecoin must back it with cash reserves held in UAE banks or a combination of cash and government bonds.
The UAE’s favourable regulatory environment has been attracting major players in the crypto space. While AED Stablecoin faces competition from Tether, OKX has launched a new trading platform, and M2 has introduced a system allowing direct dirham conversions to Bitcoin and Ether.
Siam Commercial Bank has launched Thailand’s first cross-border payment system powered by stablecoins, aiming to revolutionise international transactions. Partnering with SCB 10X and Lightnet, the system uses stablecoins pegged to gold or the US dollar to offer faster, more cost-effective transfers, allowing users to transact in local currencies.
The innovative payment network runs on a public blockchain, with Fireblocks ensuring the highest level of asset security. By eliminating the need for pre-funded accounts with foreign banks, SCB’s new system reduces operational costs and enhances capital efficiency.
Having completed testing in Thailand’s regulatory sandbox, the project is now fully operational, setting a new benchmark for blockchain-driven financial services and solidifying SCB’s leadership in the digital banking sector.
A 25-year-old man from Alabama has been arrested for hacking the US Securities and Exchange Commission’s X account in a scheme to manipulate Bitcoin prices. The incident, which occurred in January, involved a false post on the SEC’s account claiming the approval of Bitcoin exchange-traded funds, briefly causing Bitcoin’s price to rise by $1,000. The SEC swiftly deleted the post and denied the message, but the hack sparked criticism over security vulnerabilities on X.
The suspect, Eric Council Jr., used a SIM-swapping technique to access the account and later received Bitcoin as payment for his involvement in the hack. Following the incident, he reportedly searched online for information on how to avoid FBI detection. Council now faces charges of conspiracy to commit aggravated identity theft and access device fraud.
The SEC expressed its gratitude to law enforcement for their prompt action in the case, while the incident reignited concerns over the security of social media platforms, particularly since X’s acquisition by Elon Musk.
