Thailand’s Securities and Exchange Commission (SEC), in conjunction with the Ministry of Digital Economy and Society and other relevant agencies, has initiated measures to block unauthorised access to digital asset service providers’ platforms. This move aims to enhance law enforcement efficiency and prevent the laundering of money obtained through illegal activities. During a recent meeting on 19 April 2024, the Technology Crime Prevention and Suppression Committee mandated the SEC to identify and report unauthorised digital asset service providers to the ministry. The ministry will then proc ..read more

The Bank for International Settlements (BIS) has released a report, “Stablecoins: Regulatory Responses to Their Promise of Stability,” analysing the regulatory environments for stablecoins across seven distinct jurisdictions. Authored by Juan Carlos Crisanto, Johannes Ehrentraud, and Denise Garcia Ocampo, this report underscores the increasing prominence of stablecoins in the financial landscape, pointing out their potential to mirror the value of fiat currencies. However, it also acknowledges the challenges in maintaining a stable value, a concern that regulatory bodies around the globe are d ..read more

Ripple, a provider of enterprise blockchain and crypto solutions, plans to introduce a stablecoin tied directly to the US dollar (USD), pending regulatory approvals. This forthcoming stablecoin is set to be fully backed by a mix of US dollar deposits, short-term US government securities, and similar cash equivalents, with a rigorous auditing process in place by an independent accounting firm. Ripple also plans to issue monthly attestations to maintain transparency. The company’s new stablecoin will be integrated into the XRP Ledger (XRPL) and the Ethereum blockchain at launch, with future expa ..read more

Xoom, a subsidiary of PayPal specialising in cross-border money transfers, has enabled U.S. customers to utilise PayPal USD (PYUSD), a stablecoin pegged to the U.S. dollar, for international remittances. This addition enables users to convert PYUSD into U.S. dollars within their PayPal Cryptocurrency Hub and send it to recipients in about 160 countries without incurring Xoom‘s transaction fees. This service is aimed at providing a more cost-effective method for cross-border transactions, responding to the high transfer costs highlighted by the World Bank’s Q3 2023 report, which pegs the global ..read more

GSR, a global cryptocurrency trading firm and liquidity provider, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This license allows its subsidiary, GSR Markets Pte. Ltd., located in Singapore, to provide digital payment token services. The firm first received in-principle approval for the MPI license from MAS in September 2023. The acquisition of this license allows the company to bring its range of services, including spot over-the-counter (OTC) trading, market making, and programmatic execution. GSR shared that it will be “collaborat ..read more

The Monetary Authority of Singapore (MAS) has announced revisions to the Payment Services Act (PS Act) and related regulations, marking a significant expansion in the regulation of payment services within the country. The amendments, which are set to be implemented in phases starting from 4 April 2024, aim to encompass a broader range of payment services under MAS oversight and introduce new user protection and financial stability requirements for providers of digital payment tokens (DPTs). Under the revised PS Act, the regulation will now extend to include custodial services for DPTs, facilit ..read more

Alchemy Pay, a global crypto payment service provider, has invested in UK-based fintech LaPay to expand its global Web 3.o payment solutions. The financial details of the investment were not disclosed. LaPay, which operates under the regulatory oversight of the UK Financial Conduct Authority (FCA) with the license number 914920, represents a key piece in Alchemy Pay‘s global strategy. The UK fintech firm’s Authorised Payment Institution (API) license will bolster Alchemy Pay’s reach into regulated markets, supporting its goal to secure over 20 licenses in key regions including the U.S., UK, Ho ..read more

Sumsub, a global verification and compliance provider, announced its partnership with crypto exchange Binance to integrate its Travel Rule solution through the Global Travel Rule (GTR) Alliance. This collaboration aims to facilitate secure cryptocurrency transactions by connecting Binance’s extensive user base of over 183 million with Sumsub’s network of Virtual Asset Service Providers (VASPs), financial institutions, and fintech companies. The Travel Rule requires VASPs to share the personal information of a transaction’s sender and recipient with other financial businesses or VASPs. The init ..read more

Swift, the global financial messaging cooperative, revealed that the latest round of experiments conducted within a collaborative Central Bank Digital Currency (CBDC) sandbox has shown promising results for the application of CBDCs and digital tokens. Over the last six months, 38 global institutions participated in Swift’s CBDC sandbox, marking it as one of the most extensive CBDC experiments to date. Swift’s CBDC sandbox is aimed at testing the interlinking solutions for CBDCs, focusing on more sophisticated use cases like digital trade, tokenised assets, FX networks, and payment systems. Thr ..read more

Tokenize Xchange, a digital asset exchange based in Singapore, has received an additional investment of US$11.5 million in the second phase of its Series A funding round from venture capital firm TRIVE and various high-net-worth individuals. This brings its total amount raised in Series A to US$23 million, with the company aiming for a US$33 million total by the end of the year. TRIVE, led by serial entrepreneur Christopher Quek, is known for its investments in technology startups across Southeast Asia that promise high growth and positive social impacts. The firm had previously spearheaded th ..read more