For blockchain to gain widespread adoption, compliance and regulatory structures should be in place. The Monetary Authority of Singapore (MAS) announced in December 2019, that the Payment Service Act would be formally implemented from January 28, 2020. In the environment where the regulation of blockchain and cryptocurrencies in many countries around the world is not yet clear, Singapore is moving forward to clarify blockchain regulations. Under the guidance of the Singapore government’s principle of “being alert to potential risks, while taking care not to stifle innovation”, the Singapore fintech industry, including blockchain and digital currency, will enable new avenues to boost Singapore’s new economic growth.
However, having a payment license does not necessarily allow the circulation of tokens. For example, a licensed corporation may still be banned from college campuses. Therefore the SmartMesh Foundation began to focus on building a Blockchain Living Lab with the Singapore University of Social Sciences (SUSS) since May, 2019. The Blockchain Living Lab, officially announced on January 15, 2020, got allowance for SMT, MESH and other ecological tokens to be used at University campuses in Singapore. At the same time, SmartMesh has also submitted an Exemption Notification “Notification Form for the Purpose of Exemption from Holding a Licence under the Payment Services Act 2019 for the Specified Period” to MAS on February 26, and started the license application process.
According to the “Payment Services Act Licensing Guide”, the deadline for this Exemption Notification is February 27. All exchanges must submit the Notification before February 27, 2020. MAS has clearly stated that it will not accept any overdue applications for the ” Notification Form for the Purpose of Exemption from Holding a Licence under the Payment Services Act 2019 for the Specified Period “. Applications for a payment license do not have specified deadlines. However, projects that have submitted Exemption Notices must complete their applications for the Payment Services license within 6 months to 1 year depending on the scope of the business.
The Blockchain Living Lab at SUSS and payment license are designed to ensure that SmartMesh ecosystem projects are deployed globally.
Here is the specific work for this week:
- Complete integration of Merkel tree and tendermint based on account model.
- Photon optimization related work.
1.1 Continue to review Photon optimization direction and evaluate the optimization direction of PFS routing HUB support, large transfer split, offline transfer online third-party design, etc., to provide a reference for further improving user payment experience.
1.2 Review the Photon paid Internet scenario and consider the incomplete links such as insufficient on-chain balance, many payment operation steps, and roaming payment to prepare for further improvement in the efficiency of off-chain payment services.
1.3 Follow closely to the next generation Ethereum client Nimbus, understand the performance improvement and scalability and extensive access problem solving of running on the Internet of Things and personal mobile devices, further providing a reference for the further study on the adaptation of Photon to the next generation Ethereum.
1.4 Understand the use of Whisper broadcast protocol for end-to-end message encryption and decryption; analyze the necessity of Photon using related mechanisms to ensure communication privacy, providing them as a reference for the expansion of subsequent transaction types.
1. Atmosphere interoperability and preparation of Living Lab.
1.1 Review the implementation of mainstream cross-chain technologies, compare and consider T-Bridge, IBC communication, PegZone and other frameworks, providing a reference for subsequent cross-chain technology improvement.
1.2 Understand the Pundix interoperability architecture of the LivingLab application project, analyze the corresponding public chain functions and cross-chain models, and providing support for subsequent cooperation.
1.3 Analyze the introduction of payment functionality support for Tahoe-LAFS’s proposed project in the Blockchain Living Lab; using Meshbox, Spectrum, and Photon functions to classify the data storage and download payment models, and provide a reference for the interoperability of subsequent projects.
- Review and study the development of SmartMesh application ecosystem, including the division of functionaltiy in various scenarios and design to simplify operations as much as possible.
- Analyze the interoperability schemes of multiple blockchain partners and conceptualize ecosystem cooperation products.
SmartMesh CEO and founder Henry, advisor Peter, and Singapore intern Fiona had a follow-up conference call with a former MAS deputy director on the MAS Payment Services License application. Even though utility tokens are not regulated in Singapore currently, SmartMesh would like to apply for the License for our business activities. After the conference call, SmartMesh advisor Peter has filed for the Notification for Exemption under digital payment token services based on the ICO event which occurred from October to December, 2017. Upon the filing of this Notification for Exemption, the Payment Service License application is to be filed within 6 months.
Moving on, we will be preparing the documents for application of MAS Payment Services License under digital payment token services before the stipulated deadline of 28 July 2020.
- SmartMesh founder Henry Wang was invited by Dr. Raid, partner of Xona Partners, to participate online in the “Space Intersects Internet” workshop: Into the Low Earth Orbit (LEO) Constellation” on February 27, 2020 in Barcelona, Spain.
Participants also emphasized the importance of a Mesh network in the Space-Ground Integration Network. Undoubtedly, the combination of blockchain technology and Mesh networking is a good solution to satellite communications and a key technology in the convergence with 5G and 6G.
- The SmartMesh Foundation has officially become a member of the Singapore Blockchain Association this week. The Blockchain Enterprises and Scalable Technologies Association (BEST) initiated by Professor David Lee will be merged with the Singapore Blockchain Association in the near future. The Singapore Blockchain Week, planned for July 20, 2020, will be jointly organized by the merged SBA. This will be Singapore’s largest government-backed blockchain event. SmartMesh, MeshBox, and the Blockchain Living Lab will work together to showcase the SmartMesh application ecosystem at the Singapore Blockchain Week.