The CoinGeek Pulse Episode 43: Multi-million RegTech grant in Singapore, Thailand’s dip-chip ID requirements, creating NFTs on Bitcoin and ‘Tappy Taco’

The latest vertical that has emerged from the inception of technological advancements is getting multimillion financial attention in Singapore.

The Monetary Authority of Singapore (MAS) has pledged US$31.6 million to promote the adoption of tech and digital solutions within the financial sector. The funds will benefit two schemes—the existing Digital Acceleration Grant and a new Regulatory Technology grant, where Singapore-based financial institutions (FI) are eligible to apply.

According to MAS Chief Fintech Officer Sopnendu Mohanty, FIs and Fintech firms are encouraged to avail of the grants to embed technology into the firms’ DNA.

Meanwhile, in a bid to curb illegal practices with stricter regulations, countries Thailand and Turkey roll out new rules.

The Anti-Money Laundering Office (AMLO) in Thailand has announced that local digital exchanges must verify their customers’ identities through in-person based KYC protocol. Users need to use a “dip-chip” machine that will scan the embedded chip in their national identification card. This ensures that only locals could buy and sell digital currencies. A customer application with fake documents or residing in a country where digital currency trading is banned will be rejected.

The new rule will take effect in September.

Effective immediately, Turkey requires digital currency asset providers to abide by money laundering and terrorism-financing regulations. The move allows the country’s financial watchdog to investigate digital-currency holdings easily. The country has also banned the use of digital currencies for payments.

In more exciting news, there is now an easy way to create NFTs on Bitcoin.

BlockPress is the first 100% on-chain layer 1 NFT solution in the world, on any blockchain. This means that data is stored fully on-chain indefinitely. 

According to its creator Attila Aros, BlockPress has an extremely efficient and flexible smart contract that frees the developers and wallets to build on top of it, without being forced into a specific way of doing things.

Lastly, in its series of never-ending updates for its users, Twetch released its first arcade game, “Tappy Taco.”

The Flappy Bird-inspired game can make the top of the leaderboard earn BSV. As of this writing, the score to beat is 124. Check it out at Twetch.app.

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