BSN Foundation launches in Singapore with five global members

U.S.-based crypto startup Ondo Finance, a financial infrastructure firm that concerns itself with the tokenization of real-world assets (RWAs), has officially revealed its intention to expand into the Asia Pacific (APAC) area, with the inauguration of its first office in the region. In a press release published by the company on Sunday, Ondo clarified that the expansion is a direct response to the escalating interest in digital assets throughout Asia. That interest the company attributes to factors such as a flourishing crypto community, shifting regulatory environments and a growing appetite for exposure to U.S. assets.Photo by Florian Wehde on Unsplash40% market shareAt present, Ondo Finance holds a 40% share of the global market where tokenized RWAs are concerned. That market share has been driven by its three main tokenized product offerings: OUSG, designed for exposure to U.S. Treasuries; OMMF, facilitating exposure to U.S. money market funds; and USDY, positioned as a yield-bearing alternative to traditional stablecoins. These products serve as a conduit for global investors to access U.S.-based asset classes in tokenized form, aligning with the rising trend of digital asset adoption. To spearhead its APAC expansion initiative, Ondo Finance has appointed Ashwin Khosa as the vice president of business development in the region. Khosa brings nearly a decade of experience in Hong Kong-based institutional business development, having worked with multinational financial services company Citi, alongside key crypto firms such as Tether and its sister company, Bitfinex. His expertise encompasses both on-chain finance and a profound understanding of the APAC market. Khosa stated: “The team is top-notch and the mission of bringing real world assets onchain is extremely important. I look forward to working closely with partners in the region to help investors gain access to this next generation of high-quality assets.” Founded in 2021 with roots tied to the Goldman Sachs Digital Assets team and supported by leading venture capitalists including Founders Fund, Pantera Capital and Coinbase Ventures, Ondo Finance is looking to solidify its position as a dominant force in this newly emerging market on the back of nearly 40% of the global market share in tokenized securities. Nathan Allman, the founder and CEO of Ondo, expressed his excitement about the expansion, stating:“We’re very excited about our expansion into APAC. There is an active and rapidly growing crypto community and an appreciation for the type of high-quality exposure to US assets that our tokens provide.” Suspected token dumpIn a related development on Monday, on-chain sleuths have presented data that may indicate a sell-off of $11 million worth of ONDO tokens, the project’s native token. 20 million tokens were sold, with the suggestion that the token unit price fell in tandem with that market activity. Earlier on Monday, the token traded at $0.3062. At the time of writing, it's trading at $0.25. This expansion into the APAC region follows a string of pivotal developments for Ondo, including the revelation of its strategic roadmap and partnerships within the Ondo ecosystem. Additionally, the Ondo Foundation has introduced a points program and a proposed unlocking of its ONDO token, marking an integral part of the company's ongoing growth and development.   

Crypto exchange platform Crypto.com and Triple-A, a company that enables businesses to pay and get paid in digital currencies, both Singapore-headquartered entities, have entered into a partnership to enable direct crypto payments. Simplifying crypto paymentsCrypto.com set out details of the partnership in a press release published to its website on Nov. 21. The firm stated that its partnership with Triple-A will give its global customer base “access to a diverse range of new global merchants.” The duo have set out to simplify crypto payments for both merchants and users alike. Crypto.com users will shortly be enabled in making purchases from a range of e-commerce brands directly, using crypto held in their Crypto.com wallets. Through Triple-A’s input, Crypto.com users will be spared the need to manually convert digital assets to fiat currency before making purchases. Furthermore, users won’t incur a fee for any conversion that takes place behind the scenes.Photo by David McBee on PexelsCashback rewardsOnce launched, with the service initially planned to launch in Singapore before further rollout elsewhere, Crypto.com users will also be in a position to benefit from rewards. Eric Anziani, the company’s president and chief operating officer (COO), spoke to this element of the offering, stating: “Partnering with Triple-A enables us to do this by expanding crypto payments to a range of popular brands, creating a seamless shopping experience and providing an opportunity to earn cashback rewards to make spending crypto even more rewarding.” Volatility protectionAs part of the solution that has been put in place, Triple-A will ensure that merchants aren’t exposed to cryptocurrency volatility in accepting crypto as a payment method. The payments they receive from customers are instantly converted to their local fiat currency, with settlement occurring one day following the transaction. This approach also means that merchants don’t have added difficulties in terms of the tax treatment of cryptocurrencies, their management or related reporting requirements. With that in mind, Eric Barbier, CEO at Triple-A, said that the approach “allows merchants to provide Crypto.com users with an optimized digital currency payment user journey.” Anziani said that Crypto.com is trying to “push boundaries when it comes to integrating crypto payments into real-world scenarios and enhance shopping experiences for [its] users.”  In recent weeks, Crypto.com has been active in pursuing a number of initiatives in order to expand its reach. Earlier this week, the company launched a visa card in Latin America, enabling users within the region to earn rewards on purchases made via the card. On Nov. 14, it emerged that the company had acquired Australia-regulated brokerage firm Fintek Securities. It’s understood the acquisition was made in order to expand the range of financial products that Crypto.com can offer to its customer base. At the end of October, Watchdog Capital, a U.S. Securities and Exchange Commission (SEC)-registered broker-dealer, was acquired by the company.  Like many high profile crypto firms, Crypto.com has had its difficulties with regulators. Following the receipt of a Wells notice from the SEC earlier this year, the company responded by filing a lawsuit against the commission, alleging that the SEC had engaged in regulatory overreach in classifying crypto assets as securities. 

Regulatory Caution Among Asian Nations Amid Reports of Illicit FinancingWith a plethora of reports of crypto-related terrorist financing having been published in recent weeks, it’s understood that Asian nations may be looking to exercise caution when it comes to the current ongoing process of establishing regulatory guidelines for crypto.That’s according to a report published by the South China Morning Post (SCMP) on Thursday. The use of cryptocurrency by Hamas to fund its attack on Israel is being seen as the catalyst that may drive authorities in various Asian nations to take a more cautious approach to regulating digital currencies, according to analysts cited by the publication.Raj Kapoor, the founder of India Blockchain Alliance (IBA), commented on these recent developments, stating:”It is a kick on the backside for most governments. All regulatory bodies will take a closer look at crypto regulation. Governments will need to start implementing new rules and regulations.”At the recent G20 summit held in New Delhi, a joint declaration called for the regulation, supervision, and oversight of crypto assets, among other measures. The declaration emphasized the importance of supporting “a coordinated and comprehensive policy and regulatory framework.”Kapoor stressed the importance of revisiting the declaration and developing solutions to implement its objectives.Photo by Adolfo Félix on UnsplashRenewed scrutinyEvents in Palestine in recent weeks have led to renewed scrutiny when it comes to monitoring illicit financing activity via cryptocurrency. Only days following the recent Hamas attack, Israeli authorities moved to freeze specified crypto accounts.That scrutiny has continued in recent days, with more accounts having been frozen on crypto platforms such as Binance, while more still have been identified as suspicious, with requests for further information having been submitted in respect of over 200 additional accounts.On Wednesday it emerged that the United States Treasury’s Office of Foreign Assets Control (OFAC) had sanctioned a Gaza-based crypto platform.Potential over-reactionWhile crypto-related terrorist financing has been widely publicized, blockchain analytics firm Chainalysis warned on Wednesday that crypto’s role in this illicit activity has likely been overstated. In its blog post on the subject, the firm stated:“Although terrorism financing is a very small portion of the already very small portion of cryptocurrency transaction volume that is illicit, some terrorist organizations raise, store, and transfer funds using cryptocurrency.”Additionally, Chainalysis stated that it had seen “overstated metrics and flawed analyses of these terrorist groups’ use of cryptocurrency.” Peter Van Valkenburgh, Director of Research at non-profit crypto advocacy group Coin Center, also believes that reporting on the matter is not balanced. Taking to X, he stated:“Sensational early reporting on the scale of Hamas crypto fundraising significantly misstated the amounts involved.”Coin Center’s Director of Communications, Neeraj Agrawal, highlighted an article which claimed that crypto “fueled Hamas’ terror attack on Israel” in its title, only to reveal within the body of the article that “cryptocurrency is still far from the largest funding source for terrorism.”Anndy Lian, a Singapore-based author and inter-governmental blockchain adviser, noted that while some countries may consider banning cryptocurrencies as a solution, this could merely drive illicit financing underground and make it more challenging to trace and halt. Lian argued that cryptocurrencies are traceable and trackable, unlike traditional fiat currencies like US dollars.