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Belgian Blockchain-Platform-as-a-Service Company Sets Foot in the Indian Market

The Indian blockchain sector is ripe for investment based on the rapid growth witnessed to the tune of at least $20 billion as this technology is being deployed in different industries.

As a result, SettleMint, a Belgian blockchain-platform-as-a-service company, has revealed its penetration into the Indian market.

The primary objective of this firm is to make it easier for organizations to generate business solutions via blockchain. Expressly, it has offices in Singapore, Saudi Arabia, UAE, and Belgium. Some of SettleMint’s notable clients include Standard Chartered, Carrefour Belgium, tZERO, and Islamic Development Bank, among others.

India as a hotbed of blockchain technology

The CEO of SettleMint, Matthew Van Niekerk, noted that India was one of the forces to reckon with in the blockchain space.

He acknowledged: “We are delighted to begin our journey in India, which is currently a hotbed of blockchain technology activity. Keeping in line with the incredible adoption pace of blockchain technology world over, India as well stands to benefit from blockchain as a key technology to realize Honourable Prime Minister’s vision of becoming a $5 trillion economy.”

He also added: “We have reached delivering a solution rather than hype in the blockchain lifecycle. SettleMint drastically reduces the complexity of blockchain technology, making it easy and fast for the organization to turn a business concept into a working blockchain application from 12-18 months to at most a few weeks.”

According to Blockchain Report 2019 by NASSCOM, many Indian State governments, such as Maharashtra, Andhra Pradesh, Kerala Karnataka, and Telangana, are at the forefront of supporting blockchain projects and startups, as well as organizing hackathons and conferences in this field.

Shazad Fatmi, CEO SettleMint India, stipulated: “We are one of the simplest and fastest blockchain solution providers in the world. Our core technology accelerates the path to leveraging the benefits of blockchain technology: whether those enterprises are looking to improve efficiency, to extend their current products to a new client segment, or to completely reinvent an existing business model.”

As reported by Blockchain.News on Nov 21, following concerns raised by the US Embassy that some employees and students were applying for visas using fake academic certificates, the Indian state of Telangana made a broad move of addressing this menace through blockchain technology.

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Belgium’s FSMA Blacklists More Crypto Investment Businesses Following Customer Complaints

Belgium’s Financial Services and Markets Authority (FSMA), a body mandated with the oversight and regulation of the nation’s financial services sector, has opted to add more crypto investment businesses to its blacklist for fraudulent activities. According to an official announcement, this decision was sparked by new cries aired by customers about cryptocurrency investment offers meant to swindle them.

Avoid enticing promises

The FSMA noted that victims of cryptocurrency fraud had risen at an alarming rate in Belgium, and this necessitated amicable measures. Nevertheless, it warned people against falling prey to crypto fraudsters as they usually claim to present offers that are easy, secure, and very lucrative. FSMA stated that this should be the first red-flag to show potential customers that the crypto investment is a scam.

FSMA acknowledged, “They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them. They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed.”

Customers were, therefore, cautioned against joining such enticing offers because the ultimate result is usually the same as victims are not able to recover their money.

Crypto fraud is alarming

According to a report by CipherTrace, a blockchain forensics company, the cryptocurrency sector lost a whopping $4.4 billion in scams and thefts in 2019, up by more than 150 percent from $1.7 billion in 2018.

For instance, in 2019, Corner Up, a Ponzi scheme disguised as a crypto platform in South Korea, had its high-ranking staff indicted for multiple cases of fraud in the market. Corner Up managed to acquire over $380 million for the CEO and other company staff as it was promising estimated returns of up to 200 percent to investors for each investment made.

The FSMA, therefore, ascertains that whenever very lucrative crypto investment offers are presented, there is more than meets the eye because this is a gimmick used by fraudsters.

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First Belgian Elected as European Legislator to Accept Salary in Bitcoin

Following in the footsteps of New York City Mayor Eric Adams, Brussels MP Christophe De Beukelaer intends to convert his salary to Bitcoin, according to local media outlet Bruzz.

De Beukelaer noted:

“I am the first in Europe, but not in the world, who wants to put the spotlight on cryptocurrencies with such a step.”

The legislator also sees the move as ideal in bringing Brussels and Belgium to the crypto limelight.

“New York City Mayor Eric Adams has spent three months collecting his Bitcoin salary to make New York the Bitcoin hub. I think it is not too late for Brussels and Belgium to play a leading role in the cryptocurrency industry,” he added.

As a Humanist Democratic Centre (CdH) party member, De Beukelaer will receive his monthly pay of EUR 5,500 in Bitcoin after being automatically converted by Belgian crypto exchange bit4you.

He sees this move as instrumental in generating interest in cryptocurrencies like Bitcoin among Belgians, including political and economic actors.

Earlier this month, New York’s Eric Adams disclosed that his first paycheck would be converted into Bitcoin and Ethereum via Coinbase Global.

As a major crypto proponent, Adams made a promise last year during his election campaign that he would take his first three paychecks in cryptocurrency and strive to make New York the “centre of the cryptocurrency industry.”

Leaders across the globe are showing crypto-friendly gestures. For instance, Rio de Janeiro’s Mayor, Eduardo Paes, announced that the Brazilian city intended to become “Crypto Rio” by storing part of its reserves in Bitcoin.

Meanwhile, Turkey’s President, Recep Tayyip Erdoğan, plans to host a virtual forum in the metaverse after instructing officials to conduct work on new developments, including metaverse, cryptocurrencies, and social media.