BPMG to Showcase Blockchain Gaming Platform ‘GemHUB’ at G-STAR 2023

India Looks to Boost CBDC With 1 Million Users in 3 MonthsThe project team responsible for India’s retail central bank digital currency (CBDC) is aiming to increase its user base to one million users, while also prioritizing the challenge of creating an offline version.©Pexels/Sohel PatelAlthough the Reserve Bank of India (RBI), India’s central bank, publicly stated in March that they were aiming for 500,000 users by July, they are privately looking to double that amount. According to sources familiar with the matter cited by CoinDesk, the architects behind the centralized digital currency are confident that India’s population, being the world’s largest, will enable them to reach one million users easily. Tentatively the project team is aiming to achieve this within three months.Retail and Wholesale CBDCsThe RBI is currently conducting both retail and wholesale CBDC pilot programs. The retail CBDC pilot is active in at least 15 cities, with more than 13 banks participating. The digital rupee pilot began on December 1, 2022, and has seen over 100,000 customers participate in the four months since.India’s digital rupee gained significant attention at a recent meeting of the Group of 20 (G-20), which was hosted by India in Bengaluru, according to RBI Governor Shaktikanta Das. The central bank received positive feedback, with praise received for the design of the CBDC.Multiple challengesThe RBI initiated a Hackathon in 2023 to find solutions to some of the challenges around retail CBDC, including improving scalability, increasing transactions per second, and enabling offline transactions. However, achieving all three technical objectives at once is nearly impossible at present. Experts believe that it is only possible to achieve two out of the three objectives, but the hope is that technological innovation will address this in the future.Offline transactionsFacilitating offline transactions is crucial to improve financial inclusion in emerging economies such as India. The RBI is testing various methods to enable offline transactions, including wearables, debit and credit cards, Bluetooth technology, and smartphones. The central bank is also looking to address the risk of double-spending.More than 50 proposals were submitted to the RBI to solve the problem of offline transactions. The RBI has also been interacting with private companies to consider solutions to improving scalability, even though no partnership has been initiated with any prominent blockchain-related entities.News of India’s ambitious CBDC project fast-tracking has led some to speculate as to what technology lies behind it. Some have suggested Ripple as a possible partner but the suggestion is entirely speculative at this point.The RBI has not announced a timeline for rolling out a full-scale retail CBDC but has indicated previously that it was aiming for the end of the year. The development of a digital rupee has the potential to transform India’s economy by providing greater financial inclusion to its population, which is why the RBI is taking the time to ensure that the CBDC is as robust as possible.

Binance, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development, has officially opened its joint venture crypto exchange, Binance Thailand, for public trading. Challenging the market incumbentThis move had been eight months in the making, signaling Binance's entry into the Thai crypto exchange market, following an announcement in 2023 that it intended to extend its offering to Thailand. While Binance is the largest global crypto exchange platform, in Thailand it will be challenging the dominance of an incumbent exchange. Bitkub is based in Bangkok, currently holding around 77% of the market share, with a daily volume of approximately $30 million, primarily trading the Thai baht and Tether USDT pair.Photo by Sara Dubler on UnsplashRegulatory approvalThe launch comes after Binance received regulatory approval from the local Securities and Exchange Commission (SEC) in 2023. Initially introduced on an "invitation-only" basis, the exchange is now accessible to all eligible users, with Binance having followed through on its plans to expand its presence in the region. In a statement released on Tuesday, Binance TH announced the implementation of a dedicated order book tailored for Thai baht trading pairs. Users can seamlessly deposit and withdraw local currency through integration with domestic banking systems. Binance has managed to push its service offering forward in Thailand despite regulatory concerns. In the aftermath of the company’s $4.3 billion settlement in relation to securities law violations with the authorities in the United States in November, concerns had been expressed that the charges brought against the firm in the U.S. would challenge the feasibility of the Binance TH venture. At present, the platform focuses solely on spot trading, with a Binance spokesperson revealing ambitious long-term plans for additional services pending regulatory approvals. Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude, stating:"We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning." Binance TH facilitates digital asset exchange services, collaborating with local banks in Thailand in enabling its service offering. The exchange has also partnered with Binance Kazakhstan for brokerage services, operating under the supervision of Thailand’s SEC. Richard Teng, CEO of Binance, emphasized the strategic significance of the venture, stating:“This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.” No access for foreignersOne limitation of the service pertains to foreign nationals. There is a restriction on access for foreigners residing in Thailand, as Binance TH requires a Thai National Digital ID to complete Know Your Customer procedures. Despite regulatory challenges and tax implications on overseas income from stock and crypto traders announced by the government in September 2023, Binance remains optimistic about the future of crypto trading in Thailand. The exchange released its themes for 2024 report on Jan. 15, outlining key growth areas such as the Bitcoin ecosystem, ownership economy applications, artificial intelligence, real-world assets, on-chain liquidity and institutional adoption.

OSL Group, a Hong Kong-based publicly listed digital asset exchange platform, has raised $300 million to finance further expansion of the business.Photo by Towfiqu barbhuiya on UnsplashLargest publicly disclosed crypto equity raise in AsiaIn a press release published on July 25, the company claimed that it has completed the largest publicly disclosed equity raise to date within Asia’s digital asset sector. It suggested the funding signaled market confidence in the digital asset business model that the firm is pursuing.  OSL intends to allocate the funding across three primary areas. Acquisition opportunities are one core area the company plans to home in on. It says that it will continue its “aggressive global expansion drive” through a combination of licensing, partnerships and acquisitions.  As part of its global expansion strategy, last month the company acquired a 90% stake in Evergreen Crest Holdings, an Indonesian crypto exchange operator. In February, it rebranded CoinBest, a Japanese crypto exchange, as OSL Japan after acquiring it late last year. Stablecoin initiativesOSL plans to pursue new global business initiatives, including initiatives related to stablecoins and payments. It stated that it will accelerate its “build-out of global business and payment networks, integrating fiat currencies, stablecoins, and major digital assets.” The company feels that investment in infrastructure of this nature will facilitate its institutional and enterprise clients, giving them access to “secure, efficient, and seamless cross-border payment solutions.” The third core area it will allocate funding to is working capital. OSL believes that enhancing the strength and depth of its working capital will give the firm a competitive advantage over its rivals in terms of reach, coverage, scale and volume. The company’s Chief Financial Officer (CFO), Ian Wong, commented on this latest development, stating: "This US$300 million equity raise marks a major milestone in our journey and reflects strong conviction in OSL's digital asset strategy and execution.” OSL is already well established as a key player in the digital assets space in Hong Kong. Founded in 2003 as BC Technology Group, it later rebranded and in 2018 the company expanded its services to cater to the digital assets sector. In 2023, OSL, alongside rival HashKey, became the first digital assets companies in the Chinese autonomous territory to be licensed by the Securities and Futures Commission (SFC). Supporting spot crypto ETF issuersOSL supports asset management firms that have listed Bitcoin and Ether exchange-traded funds (ETFs) on the Hong Kong Stock Exchange (HKEX), through its staking and digital asset custody infrastructure. In April, the company was approved by the SFC to offer Ethereum staking services. In July 2024, the company claimed that 88% of spot digital asset ETF trading in Hong Kong had been carried out by firms that it has partnerships with. The timing of the announcement of this latest development is interesting, given that one of the focuses for the funds raised is to develop stablecoin-related business, against a backdrop of Hong Kong’s new Stablecoins Ordinance coming into effect in less than a week from now.Bloomberg reported last week that around fifty companies have expressed interest in obtaining stablecoin licensing in the city, with the local regulator and central banking institution, the Hong Kong Monetary Authority (HKMA), likely to issue ten licenses.