Hong Kong licensing success sees SEBA Bank expand APAC crypto presence

South Korean cryptocurrency-only exchange Cashierest to close its doorsCashierest, a cryptocurrency-only exchange based in South Korea, announced on Monday (local time) that it will be closing its doors. A cryptocurrency-only exchange is a type of trading platform that supports trading of tokens but not fiat currencies. In South Korea, there are only five exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — that provide trading with the Korean won.As of 11 a.m. KST on Nov. 6, the services for token deposits and new sign-ups have been discontinued. Trading activities on the platform will cease at 11 a.m. on Nov. 13. Additionally, the ability to transfer tokens from Cashierest to other exchanges will end at 1 p.m. on Dec. 22.Photo by Lisa Bresler on UnsplashEarlier layoffs and CEO resignationSpeculation about the potential sale of Cashierest has been circulating since earlier this year, following layoffs and the resignation of its former CEO, Park Won-joon, in July. These events are largely seen as a result of low trading volumes on the platform, which many attribute to its lack of support for trading in Korean won.Lack of fiat support leading to low trading volumeA detailed study by the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) revealed that, out of 21 Korean crypto-only exchanges, 18 are experiencing a deficit in shareholders’ equity as of the first half of this year. Furthermore, 10 did not generate any revenue from transaction fees.During the same period, the five exchanges that support fiat-to-crypto transactions had an average daily trading volume of KRW 2.9 trillion (approximately $2.2 billion), while the collective daily trading volume for all crypto-only exchanges was just KRW 1 billion. This indicates that the market size of crypto-only exchanges is merely 0.03% of that of their fiat-supporting counterparts.

Bhutan’s Gelephu Mindfulness City (GMC), a special administrative region (SAR) within the Kingdom of Bhutan, plans to establish a strategic cryptocurrency reserve.Photo by Ameya Sawant on UnsplashBitcoin, Ether & BNBThat’s according to an announcement published by the new administrative region on Jan. 8. In that statement the GMC SAR outlined that it has the intention to “recognise digital assets such as Bitcoin (BTC), Ether (ETH) and BNB as part of its strategic reserves.” The SAR acknowledged that the move would result in it becoming one of the first jurisdictions to officially put in place the holding of digital assets as part of strategic reserves. While it cited Bitcoin, Ether and BNB, the SAR outlined that it has the intention to recognize digital assets with large market capitalizations and deep liquidity. That requirement has been set out so that it can easily trade in and out of these assets without impacting asset prices on the open market. The Kingdom of Bhutan is no stranger to cryptocurrency. It emerged in 2023, through court filings in the bankruptcies of crypto lenders Celsius and BlockFi, that Bhutan had cryptocurrency holdings managed by Druk Holding and Investments, the commercial arm of the Royal Government of Bhutan.  An evolution of Bitcoin mining activityShortly afterwards, it was revealed that Bhutan had been mining Bitcoin since it was priced at $5,000. Crypto mining was deemed to be a good fit for the Kingdom, given its considerable hydroelectric resources. Bhutan has entered into partnerships with Singapore-headquartered crypto mining firm Bitdeer to jointly develop green digital asset mining operations. Given this background, the SAR stated that adding crypto as part of a strategic reserve would be “an evolution of the jurisdiction’s involvement in bitcoin mining.” Crypto rather than Bitcoin-onlyTaking to the X social media platform, the BNB network project described the move as “a major milestone for blockchain adoption.” It added that the SAR’s inclusion of BNB suggests the existence of global trust in the BNB Chain ecosystem and belief in its utility. Binance founder Changpeng Zhao (CZ) also chimed in, pointing out that the Bhutan GMC SAR isn’t just considering a Bitcoin reserve but one which includes crypto more broadly. CZ added that this demonstrates that Bhutan is open-minded and open to the consideration of cryptocurrencies beyond Bitcoin. The Binance founder said that this development “opens the door for BNB (and other crypto) to be included in other countries' National Strategic Reserves.” He believes that this will be the first of many strategic crypto reserves to be established. “This is a smart move by the country to attract crypto companies, investments, and innovation,” he added. The GMC SAR covers an area of 1,000 square kilometers, making it larger geographically than the city-state of Singapore. Its objective is to become a global leader in sustainable development, with a specific emphasis on holistic living, mindfulness and economic development.  The Bhutanese authorities intend for GMC to become a gateway for tourists visiting the area and Bhutan more broadly. It’s also seen as an initiative which can garner further foreign direct investment. According to data published by on-chain analytics firm Arkham Intelligence, the Kingdom of Bhutan holds 11,688 BTC ($1.1 billion) and 656 ETH ($2.18 million). 

Metaplanet, the Tokyo-headquartered Bitcoin corporate treasury firm, has purchased an additional 696 BTC, following a stock split, bringing its total Bitcoin holding to 4,046 BTC.Photo by Kanchanara on Unsplash$341 million in BitcoinThe company publicized details of its latest Bitcoin purchase on X on April 1. It outlined that funding of this purchase was enabled through the allocation of cash held by the firm as a consequence of the sale of put options.  The average purchase price of the 696 BTC was 14,586,230 yen ($97,694). The average price the firm has paid per Bitcoin in relation to its entire holding of the leading digital asset is 12,943,181 yen ($86,689). Its overall Bitcoin holding has a total value of approximately $341 million. Taking to X, the firm’s CEO, Simon Gerovich, said that Metaplanet’s Bitcoin Income Generation business achieved 770 million yen ($5.2 million) in Q1 revenue, while year-to-date its Bitcoin yield has reached 95.6%. Stock split & bond issuanceThis purchase follows both a stock split and the issuance of bonds worth 2 billion yen ($13.3 million). On March 31, Metaplanet filed a disclosure outlining details of the bond issuance. The company issued the zero interest bonds via its Evo Fund. Buyers will be permitted to redeem the newly issued bonds at face value by Sept. 30. In an X post, Gerovich suggested that the bond issuance was being implemented in order to facilitate the company “buying the dip,” taking advantage of a downturn in the Bitcoin unit price over recent weeks. In a notice filed on Feb. 18, Metaplanet outlined details of its 10-to-1 stock split. The company described how it executed a reverse 10-to-1 stock split last August. This has created a problem for investors as in the interim, the stock price has increased significantly. Consequently, the share price is unwieldy, placing a substantial financial burden on investors. On that basis, the latest stock split will enable greater investor accessibility and improved liquidity. Arising from that, Metaplanet expects that it will gain a broader investor base. On March 30, Gerovich reported that Metaplanet stock is now a component within Betashares’ Crypto Innovators ETF. Betashares is an Australian asset manager with over $50 billion in assets under management.  The Metaplanet CEO suggested that the development pointed towards “growing interest from institutional investors,” while expressing his satisfaction with Australians now having access to Metaplanet’s Bitcoin First Strategy via the Australian Securities Exchange (ASX). The ‘Asian MicroStrategy’Metaplanet is being regarded by many industry commentators as the “Asian MicroStrategy,” referring to the American Bitcoin treasury firm that recently rebranded to Strategy, having pioneered a particular approach to building a position in Bitcoin within a corporate treasury. Metaplanet appears to have adopted the same Bitcoin playbook. In an appearance on the Coin Stories Podcast recently, Metaplanet’s Gerovich said that he encourages his friends to put “100% of their net worth into Bitcoin.” Last month, the company confirmed that it was pursuing a strategy to accumulate 10,000 Bitcoin in 2025 and 21,000 Bitcoin by 2026. The firm is now ranked ninth in the world as a corporate Bitcoin holder. Within Asia, it is the leading corporate holder of the world's largest digital asset.