46% residents in Asia-Pacific markets have invested in crypto, compared with 16% in the U.S. | #25
[BlockchainAsia #25] Key words: India/Paxos in Singapore/South Korea's new president/Taiwan and MaiCoin/Bitmain/Binance and the Gulf Countries
Coco again. Spring is here. Welcome back to Blockchain Asia.
In this issue:
India’s crypto bill
Singapore’s two new digital asset licenses
South Korea anticipating a new era of crypto with a new pro-crypto President
Taiwan’s largest exchange pushing for Nasdaq listing
Bitmain finds its foothold in North America
Binance finds its luck in some Gulf countries
India’s crypto industry is hoping to get clarity from the Parliament on multiple fronts. In the near future, it is unlikely for India’s parliament to pass the crypto bill.
Singapore’s Minister of Finance said income tax will apply to NFT transactions. Its central bank and lawmakers are not in a rush to regulate NFTs. Singapore recently issued two more digital token payment services licenses, one to Paxos, the other to Digital Treasures Center. Independent Reserve (an Australian cryptocurrency exchange with operations in Singapore), DBS Vickers (Singapore brokerage arm of DBS), Hex Trust (Hong Kong custodian), TripleA (Singapore end-to-end crypto payment company), FOMO Pay (Singapore digital payment solution provider) and CoinHako (Singapore crypto exchange) have also received in-principle approval previously.
Japan’s Nomura is to set up a crypto-focused unit within the group to focus on the adoption of digital assets, e.g. cryptocurrencies, security tokens, non-fungible tokens and the underlying technology.
South Korea’s largest bank KB Bank is looking to launch the country’s first bitcoin and crypto fund for retail investors. It considers outsourcing the CIO role to Grayscale and Fidelity. Its crypto market size reached $49.5 billion by the end of 2021. South Korea’s President-elect Yoon Suk-yeol is pro-crypto and vows big push.
Taiwan’s largest exchange MaiCoin is to launch a stablecoin backed by New Taiwan Dollar at a 1:1 ratio. MaiCoin is planning for an IPO on Nasdaq in two years.
Bitmain is partnering with Allrise Capital to convert a paper mill in Washington State into a crypto mining center. Bitmain launched a new model of liquid-cooled miner “Antminer S19 XP Hyd” (255 TH/s and 20.8 J/T), which is considered the most efficient mining rig so far.
Binance was given a crypto-asset service provider license by Bahrain's central bank; almost simultaneously, it received a virtual asset license from Dubai. Binance promised to the regulator in Ontario, Canada, to cease operations for real this time.
Australian federal government hinted favorable tax treatment for cryptocurrency businesses, an effort to turn the country into a crypto hub in APAC.
Major investment and funds in Asia include a $200 million metaverse fund launched by Spartan Group; Asia’s leading digital asset custodian Hex Trust raised $88 million B Round.
Market data:
According to research by Toluna, 46% of residents in emerging Asia-Pacific markets have already invested in crypto, 39% in Latin America and 27% in EMEA.
Asia’s crypto landscape continues to thrive, in spite of China’s continuous crackdown on the industry.
In the innovative blockchain/crypto & digital asset ecosystem, Asia is the other side of the coin. Blockchain Asia helps you stay on top of what is going on in the Far East.
Blockchain Asia covers exclusively blockchain and crypto & digital asset developments in Asia, including regulation, investments, new deals and company highlights. Content is selective and curated.
I am the co-founder of Kee Global Advisors. Please email insight@keeglobaladvisors.com with any ideas or thoughts. Would love to hear from you!