Sumitomo Trade Document Network Partnership Adds Chainlink Involvement

India Offers Suggestions in the Development of G20 Crypto GuidelinesIndia submitted its Presidency Note on Tuesday, contributing to the global framework for cryptocurrency regulation under the auspices of the G20, a forum comprising the world’s 20 largest economies.The document aligns itself with the guidance provided by prominent entities including the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF).Photo by Swapnil Deshpandey on UnsplashKey Summit topicMany months in advance of September’s G20 Summit in New Delhi, it was clear that crypto regulation would be a key subject for discussion. The FSB’s guidelines, released in July, offer a comprehensive framework for regulating various crypto assets, particularly stablecoins, based on existing standards and principles. These guidelines encompass crucial aspects such as governance, risk management, disclosure, supervision, and cross-border collaboration.In May, the FSB’s Regional Consultative Group for Asia met in Cebu, in the Philippines. During that meeting, the FSB highlighted the risks implicated by digital assets.Published in June, the FATF guidelines put forth a universally applicable set of rules to combat money laundering and counter the risks of terrorist financing linked to cryptocurrencies. One of the main provisions is the “travel rule,” compelling crypto service providers to share customer information when conducting fund transfers.While the IMF guidelines are expected to be unveiled in August, they will encompass a synthesis paper that offers a comprehensive roadmap for crypto regulation. This roadmap is designed to reflect input from multiple stakeholders and jurisdictions.India’s supplementary additionsAmidst endorsing these global crypto guidelines, India also proposes supplementary additions, particularly highlighting the challenges faced by developing economies in the crypto realm. The document underlines that these nations may grapple with capacity and resource constraints when implementing effective crypto regulation and supervision.Furthermore, they might require more extensive access to reliable data regarding crypto activities and associated risks. Developing economies are also at a heightened risk of falling victim to illicit crypto use, including money laundering, tax evasion, and cyber-crime.In light of these concerns, India advocates for the inclusion of developing economy-specific considerations in the FSB’s guidelines. The country also urges for technical assistance and capacity-building support to be extended to these nations. Additionally, it proposes a global outreach initiative to raise awareness of the risks, commencing with nations experiencing higher levels of crypto adoption.Broadening the scopeAnother noteworthy suggestion from India is an extension of the regulatory approach beyond the G20’s scope, encompassing the broader digital economy. While recognizing that crypto is merely one facet of the sweeping digital transformation reshaping multiple sectors, India’s document underscores the need for enhanced cooperation and coordination among various stakeholders and authorities at both national and international levels.In this vein, India proposes that the G20 contemplate formulating a comprehensive framework for the digital economy. This framework should encompass a wide array of concerns, including data governance, digital taxation, digital identity, digital inclusion, and fostering digital innovation, according to the document.India’s exploration of diverse aspects related to cryptocurrency — ranging from legal status to taxation implications, central bank digital currency (CBDC) potential, and innovation possibilities — further underlines its desire to see greater international cohesion in relation to the regulation of digital assets.

In a first for Bolivia, Japanese automaker Toyota saw one of its vehicles purchased with the stablecoin USDT, according to a recent X post by digital asset trust company BitGo. The transaction underscores growing cryptocurrency adoption in the Latin American country, which is grappling with soaring inflation and a shortage of U.S. dollars. The transaction was facilitated by a partnership between Toyosa (the official Toyota distributor in Bolivia), BitGo, and Tether, the issuer of the USDT stablecoin. The sale highlights the increasing use of digital assets for commercial and retail payments, as the global stablecoin market cap recently reached an all-time high of $293 billion at the time of publication. Confirming the milestone, Tether CEO Paolo Ardoino stated on the social media platform X that, in addition to Toyota, the USDT stablecoin is now also accepted by distributors of BYD and Yamaha vehicles in Bolivia.Photo by Christina Telep on UnsplashCrypto use surges amid inflation and dollar shortage The development comes as Bolivia faces 25% inflation, the highest in 34 years. With the local economy under pressure, many Bolivians are moving their money into cryptocurrencies in an effort to protect their savings, according to Bloomberg. U.S. dollars have become increasingly scarce. Unofficial exchange rates have jumped to 14 bolivianos per dollar, nearly twice the government's rate. That gap is pushing people toward stablecoins like USDT, which are easier to access and hold their value. The shift is already showing up in payment trends. Digital transactions surged more than fivefold in the first half of 2025, reaching nearly $300 million. Regional adoption and Toyota’s blockchain pushThe rise in crypto use in Bolivia is part of a broader shift across Latin America. According to a recent report from analytics firm Chainalysis, crypto adoption in the region jumped from 53% to 63% in the 12 months ending June 2025. The only region to outpace this growth was Asia-Pacific, which saw a 69% year-over-year increase. El Salvador stands as another prominent example in the region, having adopted Bitcoin (BTC) as legal tender in September 2021 and currently holding over 6,300 BTC in its treasury. Separately, Toyota Motor Corporation has been actively exploring applications for blockchain technology. In March, its subsidiary Toyota Financial Services, in collaboration with Daiwa Securities and MUFG Bank, launched its first security token bonds on Progmat, a platform founded by MUFG with backing from other big banks like Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho. The initiative is aimed at strengthening the Toyota Group’s ties with individual investors and supporting the growth of the digital bond market. 

Zipmex Thailand halts crypto trading citing SEC complianceTroubled cryptocurrency exchange Zipmex Thailand has recently announced the temporary suspension of digital asset trading until early next year.Photo by Anh Tuan To on UnsplashTrading and deposits suspendedThe decision, outlined by the firm in a Facebook post on Saturday, is attributed to the platform’s efforts in ensuring full compliance with the standards set by Thailand’s Securities and Exchange Commission (SEC).In the Facebook post, Zipmex Limited addressed its customers, stating:“Dear customers, Zipmex Limited would like to ensure the proper and compliant conduct of the company’s business operations in accordance with the criteria set by Thailand’s Securities and Exchange Commission (SEC).”The suspension of digital asset trading and deposits of all types became effective from Nov. 25.Withdrawals remain openDespite the suspension, customers will retain the ability to withdraw Thai baht and digital assets from their Trade Wallet through the website and mobile application until Jan. 31, 2024. However, for digital assets categorized as “Trade Only,” customers are instructed to contact Customer Support for withdrawal. Beyond Jan. 31, 2024, when the withdrawal feature through the website and mobile application is suspended, customers will need to seek assistance from Customer Support.Zipmex Thailand also emphasized that the withdrawal process for digital assets may take between seven to 14 days, requiring customers to provide supporting documents for identity and account ownership verification.As a cryptocurrency exchange headquartered in Singapore and operating in multiple countries, including Thailand, Australia and Indonesia, Zipmex has already fallen foul of Thailand’s SEC. Earlier this year, it was hit with penalties related to allegations of improper use of a digital asset custodian service and the redirection of customers to the Singapore-based exchange, Zipmex Pte, creating a conflict of interest.Financial difficultiesThe exchange has faced financial challenges, including difficulties in repaying creditors after losses incurred from exposure to crypto lenders Babel Finance and Genesis in 2022. A planned $100 million buyout earlier in the year fell through when the buyer, reportedly V Ventures, withdrew from the purchase.Zipmex’s troubles date back to last summer when the exchange halted withdrawals due to volatile market conditions and a liquidity crunch resulting from exposure to the troubled crypto lender Babel Finance. Despite facing financial difficulties, the exchange expressed its commitment to maintaining the integrity of its platform.In August of the same year, Bloomberg reported that Zipmex intended to meet with potential investors and Thailand’s financial regulator to discuss a recovery plan. By November, the platform was in advanced discussions with venture capital fund V Ventures for the sale of a majority stake.Earlier this year, the Thai Securities and Exchange Commission announced an investigation into whether Zipmex breached local rules in its offering of certain digital-asset products. In April, the company filed a request to extend the moratorium period to enable the firm to work towards restructuring. Later that month, it appeared that the V Ventures investment deal had fallen through. By July, the beleaguered firm had sued the investor for breach of contract.The ongoing challenges faced by Zipmex underscore the complex landscape and regulatory scrutiny surrounding cryptocurrency exchanges in various jurisdictions.