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Wanxiang and PlatON Join Forces for Blockchain Infrastructure of New Smart City in China

Automotive giant Wanxiang partners with blockchain firm PlatON to handle data for new smart city in China.

Automotive giant China Wanxiang Holding Co., Ltd has partnered with blockchain-based tech firm PlatOn to develop a “smart city” in Hangzhou, according to a report by CryptoNinjas on June 20.

According to the report, the smart city—dubbed “Innova City”—will be built with tech using PlatON’s blockchain infrastructure, for purposes like interfacing with city resident ID cards as well as monitoring driving behavior.

The report includes a statement from Chief Innovation Officer at Wanxiang, Vincent Wang, who goes into more detail on such applications, saying:

“Imagine a smart transit system that tracks and rewards responsible driving behavior, or a renewable power grid that incentivizes energy generation and trading, or even a myriad of urban services that can be validated, built, and offered at ease without the constraints of rigid data silos.”

As per the report, Chief Strategy Officer at PlatON Ada Xiao also commented on how PlatON’s privacy services will be used in the city, saying:

“With our use of Multi-Party Computation (MPC) and other privacy-preserving technologies, we can ensure the privacy of sensitive data including digital identities of residents, smart equipment, and personal devices, as they interact with one another on a shared ledger.”

Innova City is projected to contain 90,000 residents when launched in 2025. The city also plans to include an “International Research and Innovation Park” as well as Wanxiang automotive facilities with electric vehicles. As per the report, Wanxiang has committed $29 billion to support Innova City’s creation.

Wanxiang appears to have deep ties with PlatON.

According to PlatON’s website, PlatON partners with Wanxiang Blockchain on a consortium blockchain for enterprise applications. Additionally, Feng Xiao is listed as co-founder of PlatON, Chairman of Wanxiang Blockchain, and founder of Wanxiang Blockchain Labs.

According to Wanxiang Blockchain’s website, Wanxiang created Wanxiang Blockchain, which contains Wanxiang Blockchain Labs as one of its six groups.

As previously reported by Cointelegraph, the Chinese government announced in April that it would fund the development of a blockchain-based smart city in Malaysia. Project CEO KK Lim commented on the vision for the city, saying that they intended to use blockchain tech to transform Malaysia a “world-class tourist destination.”

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Malaysia Launches Work Visa Program for Blockchain Tech Professionals

Malaysia has rolled out a work visa program targeting tech freelancers that addresses a demand for blockchain capable talents.

Malaysia has launched a work visa program targeting tech freelancers that addresses a demand for blockchain capable talens, local news outlet the Star reported on June 18.

The Malaysia Digital Economy Corporation (MDEC) — a government-owned organization that oversees the tech sector — blockchain organization Nem Foundation and job marketplace Jobbatical have jointly launched the program.

The program aims to attract foreign professionals who will have the right to stay in the country for up to 12 months to provide blockchain-related services or undergo training at a Malaysian company.

MDEC growth ecosystem development vice-president Norhizam Abdul Kadir said, “We will be kicking it [the program] off starting with blockchain jobs. The number of visas to be issued depends on the projects that will be run by blockchain companies in Malaysia.”

As previously reported, the Nem Foundation established NEM’s Blockchain Center in a 10,000-square foot facility in the capital of Kuala Lumpur to serve as an accelerator, incubator and coworking space. The center also houses the NEM Blockchain Innovation Lab, a headquarters for the research and development of the NEM platform.

Last June, a Malaysian government advisory committee, Majlis Perundingan Melayu signed a memorandum of understanding with South Korean blockchain lab IncuBlock for blockchain tech development permissible under Sharia law. The parties aim to develop a blockchain platform and a decentralized application that would meet the social requirements to be considered halal (permissible) by the Sharia Commission.

In September of last year, the government of Hong Kong announced an initiative that seeks to attract professionals in distributed ledger technology by simplifying the immigration policy. The move designated the government’s intention to “support Hong Kong’s development as a high value-added and diversified economy.”

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Malaysian Securities Regulator Registers Three Cryptocurrency Exchanges

The Securities Commission Malaysia has registered crypto exchanges Luno Malaysia, Sinegy Technologies and Tokenize Technology for operation.

The Securities Commission Malaysia (SC) has registered cryptocurrency exchanges Luno Malaysia, Sinegy Technologies and Tokenize Technology, according to a press release on June 4.

Crypto exchanges are reportedly required by law to register with the SC, and the recently-approved exchanges will have up to nine months to achieve compliance with the SC’s regulation standards.

In a statement shared with Cointelegraph, Luno stated that the aforementioned three exchanges are the only registered digital asset exchanges to operate in Malaysia. Luno General Manager of Southeast Asia David Low said:

“We’ve been working closely with regulators and banks to complete the groundwork for the buying, selling and storing of cryptocurrencies and digital assets, which we believe are the future of money. Regulation will ultimately bring clarity and protection to consumers, and will ensure that all cryptocurrency businesses have adequate standards in place to protect investors and their funds.”

The SC introduced the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 on January 15, followed shortly by its revised Guidelines on Recognized Markets on January 31.

As previously reported on Cointelegraph, the service order on January 15 definitively classified cryptocurrencies as securities, meaning they fall under the SC’s legal purview.

Since January, the SC has published two papers addressed to the public with the intent of gathering feedback on its proposed initial coin offering (ICO) regulations as one of its agenda items.

In Canada, the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada released papers for public feedback on proposed cryptocurrency regulations, to which the major exchange Kraken replied with heavy disagreement and criticism. One of Kraken’s main claims in its reply was that neither cryptocurrencies, nor the agreements between exchanges and users, constituted securities at all.

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Domino’s Pizza Malaysia & Singapore Partners With DLT-Based AI Platform SingularityNET

SingularityNET, a blockchain-based AI firm, has entered into a strategic partnership with Domino’s Pizza Malaysia & Singapore.

The Singapore and Malaysia division of Domino’s Pizza has partnered with SingularityNET to boost its client base with blockchain-powered artificial intelligence (AI), according to a press release shared with Cointelegraph on May 1.

Within the new partnership, SingularityNET’s experts will incorporate AI algorithms and solutions in Domino’s operations to facilitate expansion and growth in terms of supply chains and logistics in Malaysia and Singapore, the press release notes.

Specifically, new AI features are set to be leveraged through the SingularityNET Beta platform, an Ethereum (ETH) blockchain-based decentralized marketplace launched in February 2019.

According to the press release, Domino’s Pizza Malaysia & Singapore has more than 260 stores with a total staff of more than 4,000. As Cointelegraph reported previously, consumer could pay for Domino’s Pizza with bitcoin (BTC) as payment though services such as PizzaForCoins.

And earlier in February, crypto payments startup Fold launched a web-based Domino’s portal to enable clients to buy pizza with bitcoin using the Lightning Network, according to crypto news outlet Coindesk.

Recently, SingularityNET partnered with Chinese insurance giant in order to deliver its AI algorithms focusing on Optical Character Recognition, Computer Vision and model training.

As well, SingularityNET entered into another partnership with agriculture-focused blockchain startup Hara to apply blockchain to provide farmers in Indonesia with data such as grain price, soil quality and land ownership details.

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Malaysia: Domestic Finance Watchdog Seeks Public Feedback on ICO Regulatory Framework

Malaysia’s financial regulator wants feedback from the public about ICOs and crowdfunding regulatory frameworks.

The Securities Commission Malaysia (SC) has issued two consultation papers seeking public feedback on the regulatory frameworks for initial coin offerings (ICOs) and property crowdfunding. The request was noted in a press release published on the SC’s website Wednesday, March 6.

The Malaysian SC, a statutory body responsible for the regulating and systematic developing of the capital markets in Malaysia, has invited the public to leave comments on the consultation papers by March 29, 2019.

The Malaysian finance minister, Lim Guan Eng, had previously noted that the ministry saw digital assets as offering both an alternative fundraising method and a new asset class for investors. The currently issued consultation papers address both ICOs and crowdfunding, and the official announcement states:

“The SC is seeking public feedback on the proposed regulatory framework which will, among others, set the eligibility requirements of first-time homebuyers, criteria of properties which can be listed on the platform, obligations of platform operators and financing limits.”

As Cointelegraph wrote on Dec. 7, Malaysia’s finance regulator jointly with the national central bank announced plans to issue legislation on cryptocurrency  and ICO assets in Q1 2019.

At the beginning of 2019, Lim Guan Eng announced that the cryptocurrency regulation had come into effect, classifying digital currencies, tokens and crypto-assets as securities, which placed them under the domestic SC’s authority, Cointelegraph reported on Jan. 14.

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Malaysian State to Launch Blockchain Solution to Track Agricultural Products, Says Official

Malaysian official reveals that one of the country’s states is eyeing launching a blockchain platform for the needs of the agriculture industry.

The Malaysian state of Penang is considering the use of blockchain technology in food and agricultural products supply chains, local English-language newspaper The Star reports on March 1.

According to the country’s Deputy Minister of Agriculture and Agro-based Industries, Sim Tze Tzin, cited by the newspaper, the technology can be used for various applications in the industry. For instance, consumers would be able to track the origins of a particular product they purchase by scanning codes. Additionally, the industry can quickly warn consumers about the outbreaks of dangerous foodborne diseases.

The minister also stated that the key advantage of using blockchain is that the data stored on a decentralized network cannot be altered. Moreover, Sim believes that blockchain helps to improve security, reduce operational costs and bypass middlemen.

The Malaysian official did not set a specific time frame for launching the supply chain solution, nor did he reveal whether the country is going to collaborate with crypto or blockchain startups to develop the decentralized ecosystem.

Cointelegraph previously reported that both France and China are also considering implementing blockchain in agriculture on the state level.

This week, French president Emmanuel Macron called for unity among European nations in the agricultural industry to counter competition from global markets in China, Russia and the United States. He mentioned blockchain as an innovative tool that would allow traders across the EU to work in a more effective and transparent way.

Meanwhile, the Chinese government has recently issued a paper titled “Guiding Opinions on Rural Service Revitalization of Financial Services,” which, in part, claims that blockchain could help the country “improve the identification, monitoring, early warning, and disposal levels of agricultural credit risks.”

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Malaysia: Finance Regulator, Central Bank Say Cryptocurrency Regulation ‘Being Put in Place’

Authorities are in the process of developing cryptocurrency and ICO rules, which could become law in Q1 2019.

Malaysia’s finance regulator and central bank issued a joint press statement Dec. 6 in which they confirmed they were “putting in place” legislation on cryptocurrency and Initial Coin Offering (ICO) assets.

The statement from the Malaysia’s Securities Commission (SC) and Bank Negara Malaysia (BNM), which follows comments from senior government official that regulation of the sector could appear in Q1 2019, also reiterates the need comply with securities laws where appropriate.

“The SC will regulate issuances of digital assets via initial coin offerings (ICO) and the trading of digital assets at digital asset exchanges in Malaysia,” it confirmed.

“Regulations are currently being put in place to bring digital assets within the remit of securities laws to promote fair and orderly trading and ensure investor protection.”

Malaysia has slowly enacted a formalized stance on cryptocurrency activities this year. Last month, in addition to revealing the potential deadline, the country’s finance minister Lim Guan Eng also stated that anyone wishing to issue a new asset could only do so with BNM’s blessing.

“I advise all parties wishing to introduce Bitcoin (style) cryptocurrency to refer first to Bank Negara Malaysia as it is the authority that will issue the decision on financial mechanism,” he said.

Among those eyeing the developments is a local initiative dubbed “Hope Coin,” the creators of which may have to wait for the process to complete before launching.

The moves come hot on the heels of Thailand, which is around six months into the introductory phase of its own regulation.

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‘Hope Coin’: The Story of Malaysia’s Crypto Political Fundraising Platform

Crypto fundraising might be a great tool to fight corrupt regimes, but what happens when freedom fighters seize power?

The ongoing controversy surrounding Malaysia’s proposed political cryptocurrency, Harapan Coin, is far from letting up. On Nov. 26, the country’s finance minister, Lim Guan Eng, weighed in on the issue by reiterating that any entity looking to issue a cryptocurrency should first refer to Bank Negara Malaysia (BNM) and the Securities Commission:

“Don’t do it without Bank Negara’s guidelines or directive on the matter to avoid doing something wrong and against the law.”

During the same press conference, Lim Guan Eng also said that he had asked a government official — who has recently made a series of statements in support of the project — to tone down the promotional campaign until the financial authorities comes up with a coherent regulatory framework. The turbulence around the proposed asset, which is touted by its creators as “the world’s first political fundraising platform,” has been heightening throughout the last few weeks, as many of Malaysia’s prominent political actors voiced their doubts and concerns with regard to the project. Meanwhile, many aspects of Harapan Coin’s provenance and functionality remain opaque to the public.

Backstory

Since the proclamation of Malaya’s independence in 1957 and until May 2018, a single political power — a coalition called Barisan Nasional (BN) — has been at the helm of the country’s government. Its three major member organizations represent Malaysia’s dominant ethnic groups: UMNO (United Malays National Organisation) is a party of the Malay majority, while Malaysian Indian Congress (MIC) and Malaysian Chinese Association (MCA) are the political bodies of the country’s Indian and Chinese communities, respectively.

The last decade saw BN’s political dominance erode, due in no small way to a series of devastating financial and political scandals that shook the highest tiers of the government.

Perhaps the most notorious of those is the still ongoing 1Malaysia Development Berhad (1MDB) scandal. In 2015, it was revealed that, as a result of a large-scale, multi-year embezzlement scheme, hundreds of millions of dollars have been siphoned off from the state-owned investment fund 1MBD into bank accounts associated with Prime Minister Najib Razak of Barisan Nasional.

Egregious as it is, this embarrassing episode of high-ranking officials abusing public funds is anything but unusual for Malaysia’s recent history. Before 1MDB, there was the Bank Negara Malaysia (BNM) forex scandal, in which the lack of oversight over the central bank’s adventurous trading activities resulted in the nation’s loss of billions of dollars.

Before the BNM forex wreck, there was the Bumiputera Malaysia Finance (BMF) flop, which involved a Hong Kong subsidiary of a Malaysian state-owned bank generously handing out impressive amounts of money in bad credits to Hong Kong-based property speculators. Long story short, there appears to be pattern indicating a persistent problem with the way Malaysian officials handle public funds — a problem big enough for blockchain-minded people to start thinking of a solution.

Taking on the unjust power of ill-gotten money in Malaysian politics has become the central idea behind the new Harapan Coin (literally, “Hope Coin”), conceived sometime in early 2017. Setting their sights on the 14th Malaysian General Election, scheduled for May 2018, the coin’s creators proclaimed it “The World’s First Crypto-Politic ICO” and marketed it as a means of funding the united opposition to Barisan Nasional.

The manifesto — found on the coin’s website — presented the group behind the project as “patriotic and concerned Malaysian citizens, within and outside of Malaysia.” Several personal accounts by backers from outside of the country featured stories of them not being able to contribute to previous campaigns due to the obstacles created by the allegedly BN-controlled Malaysian financial authorities.

The identities of the people working on Harapan Coin have been concealed all along, citing “the Draconian laws of limiting and non-respecting [sic] individual rights to freedom of expression of the current BN government,” the website contains only their first names, blurred pictures and locations in countries outside Malaysia.

The project’s website offers a mix of inspirational language, suggesting its role in advancing a much-needed political change — “a beacon of hope to supporters seeking a better future” — with some more pragmatic and profit-minded considerations — “Coin[s] collected are expected to rise in price. […] Buy into a new change, invest in a new era of democracy.” The website also explicitly stated that the coin had the “potential to become an official currency if Harapan wins [the] election.”

Post-GE14

May 9, 2018, marked the first regime change in Malaysian history: Following the general election, the Pakatan Harapan (PH) coalition managed to secure 121 out of 222 seats in the Dewan Rakyat — the lower house of the nation’s parliament — keeping Barisan Nasional down to just 79 seats. It is unclear how much of this triumph was due to successful crypto fundraising.

Harapan Coin’s roadmap stated the ambitious goal of collecting $257 million in two rounds of an ICO before the election. While some reports suggest that coin sellers claim to have raised as much as $123 million in the presale and first round, this information is nowhere to be found in the project’s public-facing communications. The only figure available on the website as of late November appears to indicate that the amount of funds raised so far barely exceeds $800.

Harapan Coin was designed to provide the infrastructure to financially support the united opposition to BN in the May 2018 general election. Months after the electoral victory, the project’s website still features headshots of the Pakatan Harapan (PH) coalition’s politicians, accompanied by their campaign statements. It also mentions that the new digital currency is co-founded and supported by Khalid Samad, the Malaysian Minister of Federal Territories. Samad — who has been an MP since 2008 but became minister only with the advent of the new Pakatan Harapan government in July 2018 — is now the main driving force in promoting Harapan Coin post-election.

Now that the anti-BN coalition has prevailed, it looks like Samad is working to repurpose the Harapan Coin infrastructure to serve the fundraising needs of his coalition in the new political environment, where they are the incumbent political power rather than the opposition aspiring to topple a longstanding regime.

While the project’s objectives prior to the election were straightforward, they are now much murkier. Is it now going to be a single political party’s own coin? What about the vague promises of the possibility for the coin to become legal tender if the election was won? The fact that both the white paper and website haven’t been updated since before the May election doesn’t help to illuminate the matter.

Nevertheless, Khalid Samad keeps pushing for the coin to be officially recognized. On Nov. 13, he announced that paperwork for Harapan Coin’s presentation before Bank Negara Malaysia (BNM) and Prime Minister Tun Dr Mahathir Mohamad. A week later, Samad mentioned that the project was under review by a Bank Negara Malaysia taskforce. The minister’s advocacy campaign, however, was met with criticism from all across the Malaysian political landscape.

Pushback

It should come as little surprise that one of the biggest issues that critics take in regard to the design of Harapan Coin is the proposed distribution of the funds raised. The current breakdown stipulates that as much as 30 percent of the money will go to the system’s administrators — who, as mentioned above, remain effectively anonymous. Another 30 percent is meant for Amanah, Khalid Samad’s own political party. Given that the coin is proposed to be state-backed — and possibly even used for paying state fees and fines — this would clearly grant one of the political groups an upper hand over all others at the expense of the government.

This was just one of the concerns raised by the nonprofit Centre for a Better Tomorrow (Cenbet) in a recent statement that warned all the parties involved of the project going “against the principles of good governance.” The group’s representative also stressed that the way the coin’s design facilitates political donations from overseas may open up the Malaysian political system to influence from abroad.

While it is hardly unexpected that recently deposed Prime Minister Najib Razak has spoken out against Harapan Coin, the sources of criticism are not confined to Samad’s political opponents. Fahmi Fadzil, a member of parliament who represents one of the parties that constitute the Pakatan Harapan coalition was among those politicians who admitted to having reservations with regard to a lack of mature regulation of cryptocurrencies, as well as potential issues associated with anonymity.  

One more blow to Harapan Coin’s prospects came from a somewhat unexpected direction. Dr. Zulkifli Mohamad Al-Bakri, mufti of the federal territories and one of Malaysia’s most authoritative experts on Islamic law, has recently stated that Bitcoin (and, by extension, other cryptocurrencies) should be considered haram, or forbidden. This could mean a lot in a country where over 60 percent of population practices Islam. Minister Samad hopes to address the mufti’s concerns by establishing a governing body to oversee Harapan Coin’s operations and ensuring its compliance with the religious authority’s vision.

Dim prospects

Overall, Harapan Coin in its current shape does not particularly look like an endeavor that is bound to succeed in the near future. Although it is aggressively promoted by a resourceful co-founder who happened to find himself in a high office, it is decried by civil society groups and religious authorities, while the financial arm of the government examines it with great caution. Neither does it enjoy political support from the national leader or members of the governing coalition outside of Khalid Samad’s own party.

Whereas the idea looked appealing at the time when the unified opposition forces were bracing themselves to overturn the incumbent regime, the subsequent victory has made the divides within the triumphant Pakatan Harapan coalition even more pronounced, and at the same time obscuring the need for an alternative political fundraising infrastructure.

It would help if Harapan Coin’s backers could clearly articulate their renewed plans and objectives, yet no such information seems to be publicly available. From what could be inferred about the project now, it is designed to blur the boundaries between the state and political parties, while lacking a clear definition of the mechanics of the proposed system, information about its developers and any particular checks on power abuse embedded into its design. For a country with a long history of financial wrongdoings at the hands of the powerful, this combination hardly makes for a strong pitch.

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Malaysia’s Watchdog Orders Immediate Stop to Beauty Guru Lavidacoin Promotion

The Securities Commission (SC) of Malaysia has ordered an immediate halt to all promotional activities for the recently-launched Lavidacoin (LVC) pending further review, according to a September 5 notice on the SC’s website.

According to local news outlet The Star, Lavidacoin was created by Malaysian cosmetics mogul and beauty guru Datuk Seri Hasmiza Othman, aka Dato’ Vida. The beauty guru reportedly hoped to use an Initial Coin Offering (ICO) to raise as much as $1.5 billion to create an “entrepreneur-focused” online entertainment channel, an LVC payment gateway, and even a “non-profit” mosque, as outlined in the project’s white paper.

The Lavidacoin first drew scrutiny from Malaysia’s SC in August over concerns the sales of the altcoin were in breach of local securities laws. The watchdog’s public notice at the time gave a generic warning, writing that:

“The SC advises investors to exercise due diligence and to be cautious of the risks of participating in any investment schemes, in particular schemes involving cryptocurrencies and digital tokens.”

In a fresh statement issued Wednesday, the SC identified DSV Crypto Club, LUX Galaxies, and VI Profit Galaxy as among the business entities promoting Lavidacoin, saying it was adding all three to its investor alert list, as well as reiterating its prior warnings. As The Star notes, all three entities were blacklisted by Bank Negara Malaysia in August.

As a Cointelegraph analysis piece has outlined, celebrities globally have capitalized on their fame to bolster crypto-related initiatives. While some, like Snoop Dogg, have backed already high-profile cryptos such as Ripple (XRP) through promotional events, others — including the renowned boxer Floyd Mayweather — have become mired in controversies surrounding their involvement in lesser known — and in Mayweather’s case — ultimately discredited crypto projects.

Among those who have taken the plunge and launched their own branded coins are former Liverpool soccer star Michael Owen, who this spring issued his own name-backed crypto dubbed OWN.

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Largest Blockchain Center In Asia Launched By NEM (XEM)

So many hardly talked about cryptocurrencies are doing fantastic in areas of blockchain orientation and re-orientation. One of these digital coins is NEM (XEM).

Yesterday, NEM Malaysia kickstarted its largest blockchain Center in Asia, stating afterward that it has said set aside roughly RMS500,000 (around $120,000) for blockchain projects in the country.

The center is going to be a base for incubating and accelerating startups and firms who needs information and expertise on blockchain technology and NEM integration in the region.

According to The Malaysian Reserve, who spoke with the country director, Stephen Chia, it was reported not many people understand everything about blockchain technology in the country, let alone of the world.

According to Stephen, “There is not enough understanding and (not enough) people who know how to use the technology to build up solutions for companies to solve some of the world’s problems.”

The country lead inferred that there is no adequate awareness on blockchain technology in universities and other schools where young people can have detailed understanding of the trend.

“I think the mindset still remains the biggest challenge. For example, people may think it is complicated because of the buzzwords or more specific terms that are used.

“Today, more and more corporate companies are beginning to venture into this technology, simply because they have clients who request for it,” Chia maintained.

He also stated that the country section has set aside about RM500,000 for the continuous education for university students, with future plan of conducting an entrepreneurial incubation programme for companies that want guidance on the use of blockchain technology in the country.

Over RM2,000,000 was invested into the center, which has 12 incubator offices, with companies coming in for training on blockchain. What began NEM’s success in Malaysia was its partnership with Malaysia Digital Economy Corp (MDEC).

NEM In the Market

Today, NEM has seen green light, increasing by 2.28% according to coinmarketcap, and a market capitalization of $1,752,696,000. XEM has a price worth of $0.194744 with a 24 hours market supply of $24,772,300. The cryptocoin is ranked 16th in the market staying atop of coins like VeCHain, Omisego, Qtum and many others.

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