Bitmain Planning Mining Equipment Support For Aleo Blockchain

In a press release published by Business Wire on Nov. 20, American crypto custodian BitGo announced the launch of its Singaporean subsidiary company, BitGo Singapore Pte. Ltd. The company has set out the key features that the BitGo Singapore platform intends to offer going forward. These include secure, regulated cold storage. The platform is offering digital asset custody support in respect of over 1,100 digital assets. BitGo claims that the range of assets supported far exceeds that offered by competitors in the digital asset custodian space. Photo by Joshua Ang on UnsplashRegulatory complianceIn January, the company achieved in-principle approval (IPA) relative to a Major Payment Institution (MPI) license from local regulator the Monetary Authority of Singapore (MAS). By August the company had satisfied regulatory requirements sufficiently to be awarded a full MPI license. The company will also offer clients electronic and voice trading, allowing them to access deep liquidity directly through the digital assets held in cold storage. BitGo had deployed its Go Network to effect automated settlement. It claims that the Go Network mitigates counterparty risk through the use of delivery versus payment (DVP) settlement processes, while enabling access to exchange liquidity. Token management is another area that the firm identified in its press release as a feature of its overall service. Back in September, the company rolled out a streamlined token management service for crypto foundations. Broadening APAC service offeringThe crypto asset custodian has launched this separate subsidiary in Singapore with the purpose of broadening its service offering within the Asia-Pacific (APAC) region. BitGo Singapore CEO Youngro Lee stated that BitGo is “thrilled to launch BitGo Singapore and offer the APAC region a best-in-class suite of digital assets solutions and regulated infrastructure services.”  Lee added that the new regional entity is committed to providing its clients “with the highest quality products and services while maintaining strict regulatory standards,” while also looking forward to “further strengthening the APAC digital assets ecosystem.” In expanding the reach of its service offering, BitGo has engaged in a collaborative approach. It has partnered with companies such as Vancouver-headquartered Lightning Network infrastructure provider Neutron Pay, and crypto market maker Wintermute, who announced in July 2023 the planned establishment of a base in Singapore. Taking to X on Nov. 21, Neutron Pay stated: “We're excited to announce a strategic partnership with @BitGo Singapore, paving the way for expansion of our #Bitcoin and #LightningNetwork services across Asia-Pacific (APAC).” The firm’s CEO Albert Buu said that “by leveraging BitGo's robust custodial infrastructure, we aim to enhance our ability to serve businesses throughout Southeast Asia.”  Wintermute Co-Founder Yoann Turpin offered his own thoughts on the BitGo Singapore announcement, stating: “Having recently expanded our own footprint in the region, we see strong potential for collaboration in addressing the sophisticated needs of institutional players. By working together, we aim to build a more robust environment for institutions and drive meaningful growth across APAC’s digital asset markets.” At the time of writing, 29 crypto-sector firms, including the likes of Circle, Coinbase and Blockchain.com, have acquired full MPI licenses to trade in the city-state of Singapore. 

Kyrgyzstan and Malaysia are advancing separate stablecoin initiatives, signaling a regional shift toward digital assets backed by tangible state reserves. While the projects differ in their underlying assets, gold in Kyrgyzstan and sovereign debt in Malaysia, both employ a hybrid model that combines public-sector oversight with private operational management.Photo by Zlaťáky.cz on UnsplashKyrgyzstan introduces gold-backed stablecoinOn Dec. 9, the Kyrgyz Republic’s state-owned OJSC Virtual Asset Issuer launched USDKG, a stablecoin pegged 1:1 to the U.S. dollar, according to a press release. The initial issuance comprises 50 million tokens, which the issuer says are fully backed by physical gold reserves. The project structure separates regulatory authority from asset management. While the issuer operates under the Ministry of Finance, management of the gold reserves has been contracted to a private company registered in the Central Asian nation. Officials say this arrangement distinguishes USDKG from a central bank digital currency (CBDC) and that the stablecoin is intended to operate alongside the national monetary system rather than compete with it. According to the statement, the token is currently issued on the Tron blockchain, with future support planned for Ethereum. The project cites an audit by ConsenSys Diligence and says it complies with Financial Action Task Force (FATF) standards, including identity verification for redemptions. The private operator aims to raise the reserves to $500 million in the next phase and later to $2 billion. Malaysia develops bond-backed tokenIn a parallel development, a Malaysian infrastructure firm with ties to the monarchy is preparing a ringgit-pegged stablecoin. According to Bloomberg, Bullish Aim is introducing the RMJDT token, which will be backed by Malaysian ringgit deposits and short-term government bonds. The company is owned by Ismail Ibrahim, son of Malaysia’s king. The token is designed to operate on Zetrix, a layer-1 blockchain developed by Malaysian firm Zetrix AI Bhd. The network currently supports the Malaysian Blockchain Infrastructure, a government-endorsed platform for digital public services and part of the country’s National Blockchain Roadmap. This places the stablecoin on the same technical foundation used for state-level digital identification and trade facilitation. Bullish Aim also intends to establish a digital-asset treasury (DAT), beginning with an investment of 500 million ringgit ($121 million) in Zetrix tokens. A DAT is a type of company that purchases and holds cryptocurrencies on its balance sheet. The initiatives in Kyrgyzstan and Malaysia suggest that stablecoin development in Asia may continue to evolve through state-anchored, asset-backed models. As each country tests its own approach to reserve management, issuance, and compliance, the next phases of both projects will offer early indications of how such frameworks perform in practice. 

Japan is taking steps to approve exchange-traded funds (ETFs) tracking spot cryptocurrency prices, a regulatory shift that could take effect as early as 2028, according to a CoinPost report citing a Jan. 25 article by Nikkei.Photo by Jezael Melgoza on UnsplashThe timeline reflects the legislative steps required before retail investors can access digital assets through traditional brokerage accounts. Japan’s financial regulator, the Financial Services Agency (FSA), plans to amend investment regulations to permit cryptocurrencies as eligible assets for investment trusts. SBI, Nomura prepare crypto productsAccording to the report, major financial heavyweights, including SBI Holdings and Nomura Holdings, are already developing products in anticipation of regulatory approval. If cleared by the Tokyo Stock Exchange, the listings would allow Japanese investors to trade Bitcoin products alongside standard stock or gold ETFs. Institutional interest appears robust. A Nikkei survey conducted in November identified six major firms weighing the development of crypto investment trusts: Nomura Asset Management, SBI Global Asset Management, Daiwa, Asset Management One, Amova, and Mitsubishi UFJ. These companies are reportedly exploring products tailored for both retail and institutional clients. However, the 2028 target is largely dictated by the pace of tax reform. Government plans call for crypto profits to be taxed at a uniform 20%, replacing the current progressive system and putting digital assets on the same footing as equities and foreign exchange. The revised tax treatment would also apply to crypto ETFs and derivatives. At present, crypto gains are treated as miscellaneous income, leaving investors subject to progressive tax rates that can climb to roughly 55% once local levies are included. Crypto market slides amid volatility As Japan maps out its long-term regulatory course, recent market activity has been volatile, tied to potential currency interventions and U.S. political uncertainty. Bitcoin briefly surged to $91,000 over the weekend, a move CoinDesk reports some traders attribute to suspected Japanese intervention in the foreign exchange market. The theory suggests a transient reversal in the yen’s recent weakness forced an unwinding of leveraged carry trades, temporarily boosting the world’s largest cryptocurrency. However, the momentum was short-lived. Bitcoin is currently trading near $87,500, down 1.45% over the previous 24 hours. Market sentiment has been dampened by fears of a U.S. government shutdown and renewed trade tensions. On the prediction market platform Polymarket, participants have priced in a 78% chance of another government shutdown by Jan. 31. Compounding investor anxiety are President Donald Trump’s tariff threats. Trump recently warned he would impose 100% tariffs on Canada should the U.S. neighbor sign a trade deal with China. Canadian Prime Minister Mark Carney has since announced that Ottawa has no plans to forge such an agreement, according to CNBC. Monetary policy remains a headwind for risk assets. Ahead of the Federal Reserve’s interest rate decision this week, the CME FedWatch Tool indicates traders expect the central bank to hold rates steady in the 3.5% to 3.75% range at the Jan. 28 meeting. Markets are pricing in only a 2.8% chance of a 0.5% cut. The prospect of rates remaining unchanged offers little incentive for investors to pivot aggressively toward riskier assets like crypto. Gold, silver reach record levels This risk-averse environment has funneled capital into precious metals, driving prices to record levels. Both gold and silver have hit all-time highs, surpassing $5,000 per ounce and $106 per ounce, respectively. Amid the uncertainty, retail investors in neighboring markets are showing caution. In South Korea, a weekly survey by CoinNess and Cratos of 2,000 respondents found that 43.2% of investors are holding existing crypto positions without making additional purchases. Another 22.7% said they are actively trading, while 21.4% reported having no current position and waiting for a more favorable entry point. The remaining 12.7% said they are staying out of the market entirely.