As Asia continues to emerge as a hub for crypto innovation, significant developments are taking place across the region. Worldcoin is establishing a strong foothold in Malaysia through strategic partnerships, while Singapore’s DBS Bank is pioneering new solutions in financial management with its pilot launch of Treasury Tokens.
These advancements, alongside others in the region, highlight Asia’s growing influence in the global crypto arena.
DBS Bank Revolutionizes Liquidity Management with Treasury Tokens
On August 13, DBS, Singapore’s largest private bank, introduced DBS Treasury Tokens, a treasury and liquidity management solution developed in collaboration with Ant International. This initiative allows Ant International to manage multi-currency treasury operations on DBS’ permissioned blockchain. Moreover, it enables instant settlement and enhanced liquidity management across various markets.
Integrated with Ant International’s Whale platform, DBS’ blockchain facilitates 24/7 intragroup liquidity management, streamlining workflows and improving visibility. The platform uses blockchain technology, encryption, and AI to optimize fund movements between bank accounts, reducing settlement times from days to seconds.
“We have already seen successful use cases on our Whale platform in areas such as instant tax refund services and SME cross-border payments, and we will continue working together with industry partners and leveraging blockchain technology to enable more open and inclusive cross-border payments,” Kelvin Li, Head of Platform Tech at Ant International, explained.
Read more: What is Tokenization on Blockchain?
DBS Treasury Tokens are part of the bank’s broader strategy to leverage blockchain for financial innovation. This move draws on insights from its participation in the Monetary Authority of Singapore’s Project Orchid and Project Guardian.
Worldcoin Expands to Malaysia, Advancing Digital Credentialing
On August 16, Worldcoin and its developer, Tools for Humanity (TFH), announced a partnership with Malaysia’s MIMOS Berhad, the government’s research and development arm, and MyEG, a leading e-government services provider. This partnership aims to incorporate iris imaging technology into Malaysia’s digital infrastructure. This will enable secure and private verification of individuals, streamlining the country’s approach to digital credentials.
The announcement also outlines plans for joint orb manufacturing and the integration of World Chain with Malaysia’s National Blockchain Infrastructure. TFH will provide technical expertise to support the Orb and World App, with MYEG facilitating technical integrations and hardware deployment.
This development comes as Worldcoin continues to face scrutiny over its biometric data collection in several countries, including Hong Kong and Portugal. Additionally, some industry analysts have raised concerns about WLD, Worldcoin’s native token, particularly regarding price manipulation and questionable token unlock mechanisms.
Binance Marks Regulatory Milestone with Re-Entry into India
On August 15, Binance officially re-entered the Indian market, celebrating its successful registration with India’s Financial Intelligence Unit (FIU-IND). Binance’s re-entry into India includes implementing comprehensive anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. It will also ensure enhanced security and compliance within the Virtual Digital Assets (VDA) ecosystem.
“Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services for Indian users,” Richard Teng, CEO of Binance, expressed his commitment to the Indian market.
Despite this achievement, Binance might still face challenges in the region. Recently, the company received a show-cause notice from India’s Directorate General of GST Intelligence (DGGI), demanding a Goods and Services Tax payment of approximately $86 million.
South Korea’s NPS Invests in MicroStrategy Amid Bitcoin Craze
South Korea’s National Pension Service (NPS), the world’s second-largest public pension fund, recently made headlines with its $34 million investment in MicroStrategy’s shares. MicroStrategy is a company renowned for its substantial Bitcoin holdings.
MicroStrategy began aggressively acquiring Bitcoin in 2020 and has seen its stock become a favored choice for investors seeking indirect exposure to the cryptocurrency. This investment follows NPS’s purchase of 282,673 Coinbase shares in Q3 2023. The acquisition, valued at approximately $27.7 million, demonstrates NPS’s cautious but deliberate interest in gaining exposure to the crypto market.
Hong Kong’s Crypto ETFs Continue Struggling to Gain Traction
Hong Kong’s spot crypto exchange-traded funds (ETFs) have experienced varied performance. According to SoSo Value data, the Hong Kong spot Bitcoin ETF saw an outflow of 248.66 BTC on August 13, followed by a modest inflow of 8.02 BTC, with no significant movements for the rest of the week.
Read more: Why do Hong Kong Spot Crypto ETFs Matter?
The spot Ethereum ETF, on the other hand, recorded no inflows or outflows during the same period. As of August 16, the total net assets of Hong Kong’s spot Bitcoin ETFs stand at $245.78 million, while spot Ethereum ETFs have accumulated $38.13 million since their launch.
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Source: https://beincrypto.com/asia-crypto-news-august-12-18/