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Author: Wei Xiang

  • [Law Commission] Digital assets as personal property: Supplemental report and draft Bill

    [Law Commission] Digital assets as personal property: Supplemental report and draft Bill

    Wei Xiang

    Digital assets are increasingly important in modern society. They are used for an expanding variety of purposes — including as valuable things in themselves, as a means of payment, or to represent or be linked to other things or rights — and in growing volumes. Electronic signatures, cryptography, smart contracts, distributed ledgers and associated technology… Read more

  • [elven] Deep Dive into Singapore Crypto Financial Reporting

    [elven] Deep Dive into Singapore Crypto Financial Reporting

    Wei Xiang

    Accounting for cryptocurrency has been a challenge. The discussion of accounting for holdings of cryptocurrencies under IFRS started from Dec 2016 and concluded with the release of an agenda decision by IFRS Interpretations Committee (IFRIC) in June 2019. ISCA released a Financial Reporting Guidance in March 2020 to further guide preparers of financial statements with… Read more

  • [VISA] Stablecoins: The Emerging Market Story

    [VISA] Stablecoins: The Emerging Market Story

    Wei Xiang

    Stablecoins – tokenized representations of fiat currencies circulating on blockchains – are unambiguously the “killer app” of crypto so far. There are over $160 billion worth of stablecoins in circulation today, up from single digit billions as recently as 2020. Over 20 million addresses make a stablecoin transaction on public blockchains every month. And in… Read more

  • [HSBC] Asset tokenisation in the Quantum Age: Future-proofing gold tokens with post-quantum security

    [HSBC] Asset tokenisation in the Quantum Age: Future-proofing gold tokens with post-quantum security

    Wei Xiang

    Despite the robust security offered by distributed ledgers and blockchain through encryption and decentralised consensus mechanisms, the rapid advancement of the quantum computing cyber threats necessitates a proactive approach to future-proofing these systems. It is crucial to not only maintain but also continue to enhance the security measures surrounding distributed ledgers, ensuring that they remain… Read more

  • BitGo Introduces A New Standard for Stablecoins: Meet USDS

    BitGo Introduces A New Standard for Stablecoins: Meet USDS

    Wei Xiang

    USDS is designed to challenge the existing stablecoin market dynamics, specifically targeting the dominance of single-issuers like Circle and Tether. Unlike traditional stablecoins that funnel significant rewards back to issuers or a select group of partners, USDS introduces a novel reward system that deploys up to 98% of earnings to participants who support the ecosystem.… Read more

  • CMA Kenya Regulatory Sandbox Regulator James Hillary // Web3 Accountant Radio Ep9 Transcript

    Wei Xiang

    CMA Kenya Regulatory Sandbox Regulator James Hillary // Web3 Accountant Radio Ep9 Transcript James Hillary is the founder of James Hillary Consult and also a Regulatory Sandbox regulator at Capital Markets Authority Kenya James Hillary Consult is a leading consultancy firm at the intersection of financial technology, innovation, and regulatory sandboxes in Kenya. He assisted… Read more

  • [SoDA] Bridging GAAP: A New Standard for Reporting On-Chain Assets

    [SoDA] Bridging GAAP: A New Standard for Reporting On-Chain Assets

    Wei Xiang

    The ultimate goal of SoDA is to provide a lasting and transparent bridge between accurate GAAP reporting of digital assets and the details from multiple wallets, centralized exchanges, and other cryptographically-based ownership and/or custody arrangements. The first use case was delivering a full liquidity picture for managers of and investors in growth stage businesses with… Read more

  • [LDU] Navigating Web3: A Legal Handbook for Innovators

    [LDU] Navigating Web3: A Legal Handbook for Innovators

    Wei Xiang

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    The goal of this eBook is to equip Web3 innovators, startups, and entrepreneurs with practical legal guidance specific to decentralized ecosystems. We aim to help you understand the key regulatory frameworks, avoid common legal pitfalls, and make informed decisions about compliance, fundraising, and offshore structuring. Regulations such as AML (Anti-Money Laundering) and KYC (Know Your… Read more

  • SCA and VARA set regulatory framework for the UAE’s virtual assets sector

    SCA and VARA set regulatory framework for the UAE’s virtual assets sector

    Wei Xiang

    The Securities and Commodities Authority (SCA) signed a cooperation agreement with Dubai’s Virtual Assets Regulatory Authority (VARA) to bolster the UAE’s position as a leading global hub for virtual assets, in alignment with the ‘The Principles of the 50’ and the government’s visionary aspirations to build the world’s best and most dynamic economy. “We strive… Read more

  • [ISCA] Critical Role Of Crypto Subledger

    [ISCA] Critical Role Of Crypto Subledger

    Wei Xiang

    A crypto subledger is an essential component of the accounting system.Maintaining crypto records on a spreadsheet is highly error-prone and mentally taxing, particularly regarding cost basis and valuation.A crypto subledger significantly reduces the risk of human error and streamlines the accounting process, despite being slightly more costly. Crypto subledger checklist: Read more