Welcome Savings Bank Implements Blockchain-based Bank ID for Enhanced Customer Convenience

Alchemy Pay, a Singapore-based platform that supports fiat to crypto purchases across 173 countries using Visa, Mastercard, regional mobile wallets and domestic transfers, has announced that it now provides a rupee-denominated on-ramp using India’s UPI real-time payments system.Photo by rupixen.com on UnsplashIn a recent blog post, the fiat to crypto payments solutions provider outlined that it now has the capacity to more effectively on-ramp India’s 1.4 billion citizens by enabling domestic transfer payments to effect crypto purchases through the Unified Payments Interface (UPI), a popular instant payments system in India. Processing domestic transactionsThe move means that Indian citizens can interact with the platform by way of simple, real-time domestic transfers, with a minimum purchase value of 1250 INR. First introduced in 2016, UPI has been wildly successful. In September 2022, the system recorded a monthly transaction volume of 6.7 billion transactions, representing a movement of $140 billion.The platform has partnered with 358 banks and continues to grow and expand its network. In Alchemy Pay’s home territory of Singapore, UPI has recently secured an integration with PayNow, a Singaporean secure funds transfer service. Referring to the PayNow/UPI integration in its blog post, Alchemy Pay is likely to be extending its UPI-based transfer service as a direct consequence.The payments facilitator claims that its plugin is “now being used by many wallets, DeFi, gaming and NFT marketplaces, as well as exchanges like OKX and LBank.”The Alchemy Pay platform has focused in particular on emerging regional real-time payments platforms. Within emerging markets it supports similar systems such as Pix, SPEI, GCash, Dana and OVO. As the Singaporean start-up puts it, ”simplifying the on-boarding process is crucial for the widespread adoption of cryptocurrencies and by enabling local payment options, Alchemy Pay makes the adoption by a growing number of users possible.”Off the back of this expanded service offering, the company is currently inviting developers of Web3 platforms and dApps to get in touch so as to enable them in adding its plugin and integrating its API. Importance of bridging crypto with fiatIn another blog post on Monday, Alchemy Pay underscored the importance of an ability to on/off ramp to and from the crypto ecosystem. The company points out that in its recent history, the crypto space has been a complex and intimidating environment to enter or exit to/from the conventional world. It claims to be playing its part in changing this.According to the firm, its available options of transferring fiat currency to a user’s credit card, savings card or bank account via SWIFT, IBAN or local bank transfer is far more seamless than what has been offered to crypto space participants up until now. These transfers can be effected in minutes, with the platform supporting 22 currencies and payouts facilitated in over 60 countries.The digital assets space doesn’t exist in a vacuum. Current generations were all born into fiat-based monetary systems and naturally enough, the overwhelming majority of wealth is tied up within traditional systems.While digital assets have garnered quite a bit of attention over the course of the past few years, the overall market capitalization of crypto, which stands at $1.2 trillion at the time of publication according to cryptocurrency data aggregator CoinGecko, is only a drop in the bucket by comparison with the wealth that exists within the conventional system. More seamless bridging in line with what Alchemy Pay is offering will be necessary for this space to have a realistic chance of conquering mass market adoption.

Regulatory Approval Sees Crypto.com Expand Services to SpainSingapore-based cryptocurrency exchange service provider Crypto.com has achieved a significant milestone by obtaining a virtual asset service provider registration from Spain’s central bank, the Bank of Spain.The company announced the achievement via a statement published to its website on Friday. This regulatory approval grants Crypto.com the opportunity to offer a wide range of crypto-focused services to customers in Spain, a country that has recently shown a positive approach towards cryptocurrencies.Photo by Pixabay on PexelsCompliance reviewIn order to secure this approval, Crypto.com underwent a thorough review of its compliance with the Anti-Money Laundering Directive and ensured adherence to other financial crime laws. This recent regulatory success in Spain comes shortly after Crypto.com acquired a major payment institution license for digital payment token services from the Monetary Authority of Singapore, further cementing its position as a trusted and compliant player in the crypto industry.Kris Marszalek, the CEO of Crypto.com, hailed the entry into the Spanish crypto market as a testament to the company’s commitment to compliance. He expressed enthusiasm about collaborating with the Bank of Spain and emphasized Crypto.com’s dedication to providing users with a comprehensive, safe, and secure crypto experience.Global licensing accumulationWith the latest regulatory approval, Crypto.com establishes itself as a regulated platform in nearly a dozen countries. In addition to Spain, the company has obtained regulatory nods in prominent jurisdictions such as Singapore, France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece, and the Cayman Islands.The journey of Crypto.com mirrors the growth trajectory of the crypto industry during the bull market of 2021–2022. Like many other crypto businesses, Crypto.com experienced remarkable expansion, forming strategic partnerships with mainstream entities and gaining regulatory approvals across multiple jurisdictions. One notable achievement was Crypto.com securing the naming rights to the renowned Staples Center in Los Angeles, a multipurpose arena that hosts a wide range of public events, including boxing and basketball competitions.Market challengesHowever, the recent bear market presented challenges for the platform. Decreased demand resulted in business difficulties, leading Crypto.com to make the strategic decision to close its institutional platform in the United States in early June.Earlier this week, the company garnered adverse publicity when it was found that it has been using an internal market maker to trade against its own customers. Despite this setback, Crypto.com remains resolute in its mission to expand its presence and offer crypto services in new markets.The regulatory approval in Spain marks a significant step forward for Crypto.com’s global expansion plans. As the crypto industry continues to evolve, regulatory compliance plays a pivotal role in building trust.The development of digital assets has proven to be imperfect. Crypto.com’s experience appears to mirror that reality. Notwithstanding the market difficulties that the firm has experienced and some occurrences that serve to blemish its record, successfully obtaining regulatory approval in Spain is still a positive step for the company in further establishing itself as a global player in the retail crypto domain.

Reports from South Korea indicate that the nation is considering transforming its temporary crypto investigative unit into a permanent fixture to tackle the escalating cases of crimes and fraud related to cryptocurrencies. Government deliberations to elevate investigative unitAccording to local publication Segye Ilbo, the South Korean Justice Ministry and the Ministry of the Interior and Safety are gearing up to commence discussions in early May regarding the elevation of the Joint Virtual Asset Crime Investigation Unit to an official department.Photo by Daniel Bernard on UnsplashAims of the promotionThe proposed elevation seeks to formalize the status of the unit, which currently operates as a temporary body under the Seoul Southern District Prosecutor’s Office and faces the possibility of disbandment. The transition aims to enhance operational efficiency by facilitating the appointment of new prosecutors and allocating dedicated budgetary resources, as outlined by Segye. Background of the investigative unitEstablished in July 2023, the unit comprises approximately 30 experts drawn from seven financial and tax regulatory authorities. It represents South Korea's inaugural investigative body specializing in digital asset crimes, a response to the surge in crypto-related criminal activities witnessed in the country. Rising incidents of crypto-related crimesThe urgency to establish a permanent investigative unit stems from the notable increase in crypto-related criminal incidents. According to a February report from South Korea’s Financial Intelligence Unit, local crypto firms reported a total of 16,076 suspicious transactions in 2023, reflecting a significant 49% surge compared to the previous year. Upcoming crypto regulationsIn tandem with efforts to strengthen investigative capabilities, South Korea is preparing to implement its first comprehensive crypto regulation on July 19. The new regulatory framework aims to safeguard investors by imposing stricter penalties for market manipulation, including the possibility of life sentences in certain cases.