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Bitcoin's global merchant acceptance witnessed a substantial surge, growing by 174% throughout 2023, with the Philippines proving itself in leading the way within the Asian region.Photo by rc.xyz NFT gallery on UnsplashRegion facing regulatory restrictionsThat’s according to BTC Map, a provider of bitcoin merchant mapping services. The data, derived from BTC Map's open-source mapping data via OpenStreetMap, revealed that the number of venues accepting bitcoin payments surged from 2,207 at the beginning of the year to 6,126 by the year's end. This diverse array of businesses included restaurants, bars, shops and various services. The expansion of bitcoin vendors is a global phenomenon, with concentrations notably observed in Europe, the United States and Latin America. The Philippines stands out in Asia with hundreds of vendors, while regulatory restrictions in East Asia, especially China, have limited adoption. While it's great to see a high level of direct adoption among Filipino merchants, it's easy to understand why this level of adoption hasn’t been matched within Asia’s largest market. China has had a long-standing ban on cryptocurrency trading, mining or its use as a means of payment. Despite the ban, it appears that crypto trading is still alive and well in China, although beneath the surface. With mining too, while the sector shrank considerably once a ban was imposed, there is believed to be a significant ongoing level of bitcoin mining occurring still within China’s borders. However, when it comes to vendors, this is likely to be an activity that is far too visible to the authorities and with that, China’s 1.4 billion citizens are not getting the opportunity to buy goods and services with the world’s leading cryptocurrency. Compounding matters, the Chinese authorities have been working diligently on a myriad of projects to bring about day-to-day retail use of the country’s central bank digital currency, the digital yuan. Those efforts are not likely to be aligned with an accommodation of or tolerance of bitcoin payments. The increase in merchant listings showcased a slight decline from the peak in September, which reached 6,590 merchants. BTC Map's platform allows businesses and users to tag locations accepting bitcoin payments, with the rise in numbers potentially attributed to increased user contributions to the database. This surge in bitcoin adoption globally occurred against the backdrop of the cryptocurrency's price volatility throughout the year. Despite potential limitations in data collection due to its reliance on volunteer contributions, the overall trend indicates a growing acceptance of bitcoin. Ongoing challenges to adoptionA panel of bitcoin leaders at the Plan B conference in October discussed the challenges and opportunities of global bitcoin adoption. Notably, they highlighted the difficulty of onboarding new users and merchants, particularly in diverse cultural contexts. In El Salvador, where bitcoin is legal tender, obstacles persist in convincing merchants to accept bitcoin payments. Geographically, concentrations of bitcoin-accepting vendors were more prevalent in Central and South America, while Africa and Asia demonstrated fewer such establishments. The United States and Europe led in the global count of crypto-friendly merchants. The panel stressed the importance of education in overcoming these challenges, emphasizing the need for user-friendly applications to facilitate mainstream adoption, moving away from complex technologies. As bitcoin continues its global expansion, the industry recognizes the vital role education and user-friendly solutions play in fostering broader acceptance. 

South Korea’s second-largest cryptocurrency exchange Bithumb held a ceremony on Monday at the Bithumb Customer Center in Seoul to celebrate the commencement of the exchange’s supporter group, Thumbs Up, according to an article published by local news site Digital Daily on Tuesday (KST). The group consists of 20 university students interested in crypto and crypto exchanges who were recruited after a two-week application period starting on Dec. 13.Photo by charlesdeluvio on UnsplashPushing towards advancements in crypto"The open-mindedness and unconventional outlook of Bithumb's college student supporters will have a positive impact on Bithumb and the blockchain industry," said Kim Young-jin, Head of Business Support at Bithumb. "We look forward to the Thumbs Up supporters and Bithumb working together to create great projects." Cultivating young innovative mindsThe supporters will have a total of three months until the deadline on April 29 to propose ideas for improving Bithumb and create social media content related to the exchange's services and companies. Bithumb stated that it would award prizes of KRW 5 million and KRW 2 million to one team and five individuals, respectively, based on their dedication and performance. The winners will also get the opportunity to become interns or official Bithumb ambassadors.

Binance and Gulf Energy launch digital asset exchange in ThailandThe world’s largest cryptocurrency exchange, Binance, has teamed up with Gulf Energy Development, a leading energy company in Thailand, to operate a digital asset exchange in the country.Photo by Than Diep on UnsplashInvitation-only launchThe new platform, Binance.th, aims to capture the growing demand for crypto services in Southeast Asia. Binance.th, which is currently in its beta testing phase, is expected to open to the public in early 2024. A filing on Wednesday by Gulf to the Thai stock exchange demonstrates that the platform has received approval from the Thai Securities and Exchange Commission to offer exchange and brokerage services for cryptocurrencies and digital tokens. The filing states:“Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.”The platform is initially available by invitation only, and the plan is to eventually open the exchange to the general public. It’s understood that the platform will strive to provide a “globally standardized” service that will enhance the level of service in Thailand and promote the development of the country’s blockchain ecosystem.Market opportunityBinance.th enters the Thai crypto market at a time when the local leader, Bitkub, holds a dominant share of 75.4%. Bitkub benefited from the global crypto market downturn in 2022, which affected its competitors such as FTX and Zipmex.Although it has extended market share during the downturn and as a consequence of the demise of other platforms, Bitkub has also struggled with market conditions. In July its parent company Bitkub Capital Group, reduced headcount by six percent. Bitkub recorded $28.6 billion in trading volume last year, out of the total $37.94 billion generated by the top four Thai exchanges.Binance.th hopes to challenge Bitkub’s position by leveraging Binance’s global reputation and expertise in the crypto industry.Legal woesThe launch of Binance.th comes amid Binance’s legal and regulatory troubles in the U.S. and Europe. In September, the U.S. Securities and Exchange Commission (SEC) sued Binance, its U.S. subsidiary, and its founder Changpeng Zhao (CZ) for allegedly listing unregistered securities in the form of cryptocurrencies.In June, the SEC also accused CZ and Binance of illegally marketing its international platform to U.S. customers.Binance has been trying to improve its compliance and governance standards in response to regulatory scrutiny. The company has hired former regulators and executives from the traditional finance sector to lead its operations in various regions. Binance has also applied for licenses and registrations in several jurisdictions, such as the U.K., Singapore and Japan.The origins of this deal stem from a memorandum of understanding (MOU) signed between Binance and Gulf Energy in January 2022. The joint venture business which emerged acquired a digital operator license in Thailand in May of this year.By expanding its presence in Southeast Asia, Binance hopes to tap into the potential of the emerging crypto markets and diversify its revenue streams. Binance.th also marks the first bank-backed crypto exchange in Thailand, as Gulf Energy Development is partly owned by the state-owned Krung Thai Bank.