Streami Appoints New CEO, Boosting Hopes for Regulatory Crypto Approval in Korea

The U.S. Department of Justice has filed a civil complaint to seize roughly 127,271 Bitcoin linked to an alleged fraud scheme tied to Prince Group, a multinational conglomerate based in Cambodia. That’s according to a press release from the U.S. Attorney’s Office for the Eastern District of New York. The digital assets are currently valued at approximately $14.18 billion and are now in the custody of the U.S. government. Prince Group chairman Chen Zhi, now indicted by U.S. authorities, has been named as the mastermind behind the operation. FBI Assistant Director in Charge Christopher Raia said Chen oversaw an international crypto investment scam connected to a labor trafficking network that defrauded thousands of victims worldwide.Photo by Kanchanara on UnsplashOperations across 30 nationsSince 2015, Chen Zhi has headed the Prince Group, which operates in more than 30 countries. Under his direction, the group allegedly established scam compounds across Cambodia that promoted fraudulent crypto investment scams. The operations targeted victims through social media and messaging platforms with false promises of high returns. According to the allegations, funds were stolen and laundered rather than invested, and perpetrators often built trust over time before carrying out the fraud. Authorities in Vietnam have uncovered a comparable case that did not involve the seizure of cryptocurrency. According to Tech in Asia, Hanoi police confiscated assets worth $34 million from Nguyen Hoa Binh, chairman of the tech company NextTech. The seized property includes 597 gold bars, deeds to 18 properties, and two vehicles. Investigators allege that Binh and nine associates raised funds for the AntEx cryptocurrency project by selling 33.2 billion tokens to 30,000 investors in 2021, collecting around $4.5 million. The defendants are said to have taken part in fraudulent appropriation of assets and accounting violations. Tepid business climate in VietnamThese incidents come as Vietnam’s government works to define its stance on digital assets. According to a Cointelegraph report published earlier this month, the Vietnamese Ministry of Finance said that since the announcement of the country’s five-year digital asset trading pilot plan, no companies have applied to participate. Sharing this update, the vice minister of finance expressed hope that this pilot would launch before 2026. The report points to strict requirements as a likely reason for hesitation. Licensed crypto asset service providers must hold at least 10 trillion dong, about $379 million, in capital. They are also required to back all digital assets with real and tangible assets only, and the framework explicitly prohibits using fiat currencies or securities as backing. These rules leave few options that would attract retail or institutional investors. Gemini eyes Southeast Asia as adoption growsMeanwhile, global firms continue to look to Southeast Asia as activity increases. Dow Jones Newswires reported that Gemini, the American crypto platform founded by the Winklevoss brothers, plans to expand its footprint across the region. In an interview, Saad Ahmed, Gemini’s head of Asia Pacific (APAC), said the company was strengthening its regional operations. A Chainalysis study provides context, showing that the APAC region recorded the fastest growth in on-chain activity compared to other markets in the 12 months ended June. The region saw total crypto transactions rise to $2.36 trillion from $1.4 trillion a year earlier. Although Ahmed did not share investment figures, he said Gemini’s Singapore headquarters has grown to about 65 employees, up from 15 in the final quarter of 2023. He added that the expansion reflects the company’s view of Singapore as a key base for its operations in Asia and globally. Recent criminal discoveries and tightening regulations reveal how Southeast Asia’s crypto scene remains nascent. Governments are stepping up enforcement and shaping new frameworks even as global firms expand across the region, motivated by growing adoption. How policymakers and market players respond to these early tests will define the next phase of digital asset growth in Asia. 

Indonesian Food Industry Conglomerate Embraces Blockchain TechIndonesia’s ID Food, a prominent state-owned food industry holding company, is embracing blockchain technology to revolutionize its fisheries operations.Photo by R Eris Prayatama on UnsplashD3 Labs CollaborationIn a strategic collaboration with Singapore-headquartered D3 Labs, a blockchain-based fintech startup, ID Food is set to usher in a new digitized fish trading process. The move leverages the power of blockchain to enhance traceability and transparency throughout the value chain while adhering to stringent fishing standards.With the backing and support of PT Perikanan Indonesia, a subsidiary specializing in the fisheries sector, ID Food will harness D3 Labs’ innovative blockchain-based solution to create a real-time fish exchange platform known as the Indonesia Fishery eXchange (IFX).Indonesia Fishery eXchange (IFX)IFX promises an array of advantages, including transparent stock monitoring and auctions, the facilitation of digital payments for seamless transactions, robust Know Your Customer (KYC) measures, and stringent account management protocols to safeguard against fictitious buyers.Furthermore, it will integrate seamlessly with digital sales markets abroad. The recent collaboration was signed by ID Food and D3 Labs in the presence of fisheries industry stakeholders from 29 countries earlier this month.Dirgayuza Setiawan, the Director of Development and Business Control at ID Food, expressed enthusiasm for the collaboration, noting the positive implications it holds for fishermen, producers, and consumers. He stated:“We recognize the importance of sustainability in the fisheries industry, especially in Indonesia, which is one of the world’s largest fish producers. In addition to improving efficiency and transparency, the use of blockchain technology can enhance productivity, the well-being of our fishing partners, and sustainability in the fisheries sector.”He added that the collaboration with D3 Labs is a commitment to drive innovation in the fisheries industry, with the goal of improving efficiency, productivity, well-being, and sustainability in this sector.Trian Yunanda, Indonesia’s Secretary of the Directorate General of Wild-Catch Fisheries at the Ministry of Maritime Affairs and Fisheries, praised the partnership as a pivotal step towards building a robust fisheries ecosystem for the future. With blockchain technology at its core, this collaboration is aiming to revolutionize Indonesia’s fisheries industry, fortifying its position as a global leader in responsible and efficient fish trade.ID Food, the corporate brand of the state-owned food giant PT Rajawali Nusantara Indonesia (Persero), boasts a diversified portfolio spanning agriculture, livestock, fisheries, and trade and logistics.Indonesia’s digital rupiahThis is not D3 Labs’ first Indonesian blockchain-related collaboration. In August, the Singaporean blockchain technology firm partnered with the Indonesian Blockchain Association with the objective of supporting the first phase of development of Indonesia’s digital rupiah.The initiative, titled Project Garuda, is being overseen by Bank Indonesia, the Southeast Asian country’s central bank. While cryptocurrency is not deemed to be legal tender in Indonesia and is not permitted for use when it comes to payments for goods and services, the Indonesian authorities permit trading of digital assets. In June, the Indonesian government published a document that set out a list of cryptocurrencies which are eligible for trading within the country.

The CEO of Japanese hotel operator turned Bitcoin treasury company, Metaplanet, has suggested that the firm may consider acquiring a digital bank in the future. Simon Gerovich, the firm’s CEO and a former Goldman Sachs banker, told the Financial Times that part of the second stage of its overall strategy may involve “acquiring a digital bank in Japan and providing digital banking services that are superior to the services which retail now is getting.”Photo by Kanchanara on UnsplashBitcoin gold rushGerovich explained that phase one of Metaplanet’s plan involves participating in what he considers to be “a bitcoin gold rush.” He added: “We need to accumulate as much bitcoin as we can . . . to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up.” Other firms are jumping on the bandwagon, as within a very short timeframe, 140 companies around the world have adopted a Bitcoin treasury strategy. Metaplanet currently weighs in as the fifth-largest corporate holder of Bitcoin globally. Right now, the company holds 15,555 BTC. Its target is a holding of 210,000 BTC, which equates to around 1% of the total Bitcoin supply. Based on current pricing, such a holding would be worth in the region of $23 billion. Acquiring cash-generating businessesOnce the company has accomplished its Bitcoin accumulation goals, it plans to move on to phase two, acquiring cash-generating businesses while leveraging its Bitcoin holdings in order to do so. Using Bitcoin as collateral, Gerovich said that Metaplanet will “get cash that we can use to buy profitable businesses.”  While inroads are being made with regard to the acceptance of Bitcoin as a corporate reserve asset, it is earlier days still for its acceptance as collateral. Last month, the Federal Housing Finance Agency (FHFA) in the United States, ordered Fannie Mae and Freddie Mac, key government-sponsored players in the American mortgage market, to explore the treatment of Bitcoin as eligible collateral for mortgages. Standard Chartered and crypto exchange OKX launched a pilot program earlier this year geared towards the use of crypto for collateral purposes. Gerovich talks in terms of Metaplanet’s phase two plan playing out at a time “when bitcoin, like securities or government bonds, can be deposited with banks and then they’ll provide very attractive financing against that asset.” The Metaplanet CEO stated that he expects the Bitcoin accumulation phase of the plan to play out over a period of between four and six years. The Tokyo-listed firm started accumulating Bitcoin in 2024. Some market participants are backing Metaplanet’s strategy with their own money. Global investment management firm Capital Group recently became Metaplanet’s second-largest investor. Bitcoin treasury criticsHowever, the emergence of Bitcoin treasury firms has also drawn quite a few detractors. Some critics point out that many of these companies have a negative operating income. Market analyst Caleb Franzen asserted that even after buying Bitcoin, they’re still junk companies. Others point out that too many firms have jumped on the Bitcoin treasury bandwagon, making the prospect no longer attractive. Fakhul Miah, managing director of GoMining Institutional, is also concerned about copycats. He told Cointelegraph that ”if these smaller firms crash, we could see a ripple effect that hurts Bitcoin’s image.”