Blockchain Experts Gather at KBW 2023 Side Event to Discuss Future Prospects of South Korea

Zodia Custody Expands Its Custodial Services to SingaporeDeveloping crypto business hub Singapore has added another player to its list of local crypto sector participants with the arrival of digital asset custodial services provider Zodia Custody.The London-headquartered institution-first digital asset custodian is setting up shop in Singapore. Zodia Custody is backed by Japan’s SBI Holdings, alongside prominent financial services firms Standard Chartered and Northern Trust. Through this move, outlined in an article published by CNBC on Monday, it’s now targeting financial institutions in Singapore for the digital asset custody services it offers to that cohort.Photo by Kin Pastor on PexelsWell-timed expansionIt’s understood that Zodia has ambitious growth plans relative to the Asia-Pacific (APAC) region. In May, the firm entered the Middle Eastern market, establishing a presence in Dubai. The firm’s timing is prescient relative to Singapore, as the custodian is responding via its Singapore expansion to an increasing demand coming from institutions seeking robust digital asset custodianship services.The expansion also coincides with the Monetary Authority of Singapore’s (MAS) recent efforts to foster a well-defined digital asset ecosystem. Of late, the MAS introduced a comprehensive framework that encompasses the use of digital currencies, including central bank digital currencies and stablecoins. Moreover, MAS has proposed draft legislation that outlines the safeguarding of digital assets, signaling the pivotal role custodial services are set to play in Singapore’s evolving digital asset landscape.The firm has established a specific local entity, Zodia Custody (Singapore) Pvt. Limited, appointing Kai Kano, the former Managing Director of rival digital assets custodian Bitgo, as the new company’s CEO.Speaking on the subject of the firm’s Singapore market entry, Julian Sawyer, the CEO of Zodia Custody, stated:“Singapore is no stranger to digital assets, having long been a hub for financial technology innovation. But even in a mature market, challenges remain. Having been created by Standard Chartered Ventures, we have a deep understanding of institutional needs and requirements not just to enter the space but thrive within it. As we engage with the local ecosystem, we’ll be providing market participants with cutting-edge technology, bank-level compliance, and governance to accelerate their digital asset adoption journeys.”Strategic partnershipsIn the past year, Zodia Custody has established strategic partnerships with industry leaders such as LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. These collaborations are driven by Zodia’s market-leading Interchange offering, which equips institutions with enhanced risk management, secure custody, and solvency protection.The expansion into Singapore marks the latest milestone in Zodia Custody’s global growth strategy. Over the past year, the custodian has expanded into Japan through a joint venture with SBI Digital Asset Holdings and into Luxembourg, where it operates as a registered virtual asset service provider (VASP). This move into Singapore follows a successful US$36 million Series A fundraising round.Meanwhile, its sister company Zodia Markets, which is totally segregated from Zodia Custody, made the news in crypto circles earlier this month when it achieved in-principle approval in Abu Dhabi for a broker-dealer license.

Singaporean fintech Alchemy Pay, specializing in crypto payments, has inked a partnership with Worldpay, a well-known payment processor based in the United Kingdom.Photo by Markus Winkler on Unsplash More seamless crypto transactionsThe collaboration, announced on Tuesday, enables Alchemy Pay users to leverage Worldpay’s extensive Visa and Mastercard payment rails, facilitating more seamless cryptocurrency transactions via credit and debit cards. In addition, the parties have agreed that at some stage in the future, Worldpay’s payment channels will add support for Alchemy Pay’s NFT Checkout.Robert McCracken, the Ecosystem Lead at Alchemy, expressed the strategic advantage of the partnership, stating:“Alchemy Pay is now better positioned to assist our business partners and users in seamless cryptocurrency transactions worldwide.”This move aligns with Alchemy Pay’s broader mission of promoting global adoption of digital assets by connecting fiat to the Web3 economy.Nabil Manji, Head of Crypto and Web3 at Worldpay, emphasized the alignment of goals between the two entities. He stated: “Alchemy Pay’s mission to promote global adoption of digital assets by connecting fiat to the Web3 economy is aligned with Worldpay’s role in bridging the gap between traditional and digital finance.”Founded in 2018, Alchemy has established itself as a fiat-to-crypto onboard processor, supporting over 50 fiat currencies through platforms like Google Pay, Apple Pay and various mobile wallets. Licensing driveThe announcement follows Alchemy’s recent acquisition of a money service license in the U.S. state of Iowa on Nov. 23, building on its approval for a similar license in Arkansas in September. The firm has indicated that not only does it have other state licensing applications in the works but that it expects to be in a position to announce further approvals over the coming weeks.The Singaporean company has also been paying attention to licensing requirements elsewhere. In February Alchemy, alongside fintech firm PT Berkah Digital, jointly obtained licensing from the Central Bank of Indonesia. Pursuing collaborationsAlchemy Pay has had a steady stream of announcements relating to industry partnerships in 2023. In July it inked a deal with Checkout.com, allowing the firm to integrate Checkout.com’s Visa and Mastercard channels into its on and off-ramps.In recent weeks, the company introduced new payment options, linking in with Single Euro Payments Area (SEPA) Instant in Europe and the Faster Payments platform in the United Kingdom. Alchemy Pay also struck up a deal with self-custody crypto wallet Trust Wallet. It meant that Trust Wallet’s 70 million users could execute crypto transactions directly with fiat payments.Back in May, the payments gateway announced the provision of a rupee-denominated on-ramp via India’s UPI real-time payments system. Worldpay integrationsWorldpay, owned by Fidelity National Information Services (FIS), has been actively integrating with Web3 technologies. In July 2021, the firm partnered with OKCoin to provide infrastructure for the exchange’s fiat-to-crypto onboarding.Additionally, in October 2022, the digital asset custody platform Fireblocks launched a new payment engine for merchants, with Worldpay serving as one of the pilot partners alongside Checkout.com.

At the 16th Mint Annual BFSI Summit and Awards in Mumbai, Reserve Bank of India (RBI) governor Shaktikanta Das reiterated the central bank's cautious stance on cryptocurrencies, regardless of recent global developments. During the event, which was held on Thursday, Das took to the stage. He was asked if the approval of spot bitcoin exchange-traded funds (ETFs) in the United States gives legitimacy to cryptocurrency.Photo by rupixen.com on UnsplashUnwavering responseDas was unwavering in his response, maintaining that the RBI remains steadfast in its approach and opposition to cryptocurrencies. He stated: "The way we look at crypto remains unchanged, irrespective of who does what."  He emphasized that the RBI does not intend to emulate regulatory decisions made by other countries. Despite this global development, Das maintained the RBI's reservations, expressing concerns about the potential risks associated with venturing further into the cryptocurrency space. Favoring a crypto banLast month, officials from the Indian central bank told the Hindustan Times that the RBI believes that the Indian government should impose an outright ban on cryptocurrencies in India. One unnamed official stated:"The government cannot sidestep the RBI’s concerns while deciding on cryptocurrencies, as it is responsible for monetary stability in India and maintains price stability." Das acknowledged the potential of blockchain technology, the foundation of cryptocurrencies, highlighting its versatility for various applications. Both the central bank and the Indian government have encouraged the development of blockchain rather than crypto. Last year, an RBI-led initiative, the National Payments Corporation of India (NPCI), recruited blockchain expertise to further develop that project. However, he made it clear that the RBI's focus remains on strengthening governance and assurance in regulated entities, with an emphasis on early identification, close monitoring and effective management of risks. Citing ‘Tulipmania’Das cautioned against a “crypto mania,” drawing parallels to the historical tulipmania of the 17th century. He underscored the RBI's position that embracing cryptocurrencies could pose significant risks, echoing his previous warnings about the macroeconomic and financial stability risks associated with these digital assets. The governor emphasized the importance of instilling an appropriate risk culture within organizations, with active involvement from the board and senior management. Das stated that the RBI expects top officials and board members to play a more proactive role in risk management. India’s crypto community responded critically to the RBI governor’s comments. Ajeet Khurana, a Web3 growth investor, responded on social media, stating:”Dear RBI governor, I respect you a lot, and I don’t mind that you don’t like Crypto. Diverse points of view are healthy. Yet, using words like 'tulip mania' only gives the impression that you are out of touch with what is happening in Web3. My request, Sir, is that you update yourself.” Vivek Sen, the founder of Bitgrow Lab, wrote:”Dear RBI, First, don't club Bitcoin with ‘Crypto’. Secondly, Tulips did not experience an 80% drop on four occasions, and they recovered each time.”Despite opposition to cryptocurrencies in official circles in India, a report last year produced by Chainalysis found that India is leading the way in Asia in terms of grassroots adoption of cryptocurrencies.