Blockchain Council Exec: Philippines Poised for Crypto Adoption

Asian stocks related to the digital assets sector recorded hefty gains on March 3, in what was a reaction to a social media post published by U.S. President Donald Trump on Sunday.Photo by Markus Winkler on UnsplashCrypto Strategic ReserveThe U.S. president took to Truth Social, a social media platform owned by Trump Media & Technology Group, to state that “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden administration.” Trump added that an Executive Order (EO) that he had issued recently was related to digital assets, directing a recently-formed Presidential Working Group to move forward on the development of a Crypto Strategic Reserve. Trump went on to outline that this reserve would include crypto assets such as XRP, Solana (SOL) and Cardano (ADA).  The post fueled double-digit percentage increases for all three assets. However, it also had an impact on specific stocks listed on Asian markets. Shares in Metaplanet, Japan’s first and as yet only Bitcoin treasury company, closed 21% higher in Tokyo on Monday. The stock surged from its previous trading day close of 3,310 yen to close at 4,010 on Monday. Shares of Japan's Metaplanet closed up 21.15% on Monday, surging to 4,010 yen from the previous close of 3,310 yen within the first hour of trading upon opening. The company also announced on Monday that it had acquired an additional 156 BTC ($13.4 million) to expand its total holdings to 2,391 BTC. Potential U.S. listing for MetaplanetThe company had some developments of its own that may have contributed to the rise in the Metaplanet share price. In a statement published by the company on March 3, it announced that it had purchased an additional 156 Bitcoin. The latest tranche of Bitcoin was purchased at an average price of $85,890. This brings the company’s overall Bitcoin holding to 2,391 Bitcoin. Metaplanet CEO Simon Gerovich posted on X that Metaplanet is “considering the best way to make Metaplanet shares more accessible to investors around the world.” Gerovich made that comment in the context of having explained that the firm was formally invited by the New York Stock Exchange (NYSE) and the Nasdaq to visit so that they could introduce their platforms.   While the Metaplanet CEO is not confirming a U.S. stock listing for the company, it appears that it is something that the firm is considering. Boyaa stock price riseBoyaa Interactive, a Chinese online gaming company that is also the largest publicly listed holder of Bitcoin in Asia, also saw its stock surge on Monday. The company’s stock, which is listed on the Hong Kong Stock Exchange, rose 23%, closing at HK$4.17. The company confirmed that over the weekend, it added an additional 100 Bitcoin to its treasury, bringing its overall Bitcoin holding to 3,350 BTC. Beijing-headquartered OKG Tech, a blockchain technology firm, also experienced a surge in its Hong Kong-listed stock, which rose by over 42% on Monday. Ki Young Ju, CEO of Seoul-headquartered on-chain analytics firm CryptoQuant, warned on X that the crypto market “is increasingly becoming a weapon of the United States.” He added that “coins serving U.S. national interests are likely to work against every country except the United States.”

Korea’s Premier Law Firm to Jointly Hold Seminar on Preventing Crypto ExploitsKim & Chang, a leading law firm in South Korea, has announced its collaboration with crypto exchange operator Dunamu to host a seminar on anti-money laundering (AML) and the prevention of crypto exploits. The event will take place at Korea University on Thursday, as reported by Moneytoday.Photo by David McBee on PexelsInauguration of a digital asset forumThe seminar is being organized by the Digital Assets Policy Forum, an organization dedicated to developing the digital asset market and safeguarding investors. The inauguration ceremony of the forum will also be held at the event.Talks by distinguished figuresThe seminar will commence with a keynote speech by Aaron Bice, Senior Subject Matter Expert at Chainalysis, a blockchain data analysis firm based in New York.Following Bice’s address, several distinguished individuals from South Korea will deliver presentations. Ahn Chang-kook, a high-level official from the Financial Intelligence Unit at the Korean Financial Services Commission, will elucidate the challenges and solutions associated with crypto exploits. Oh Jeong-eun, a prosecutor from the Incheon District Prosecutors’ Office, will provide insight into the investigations of unlawful foreign exchanges in banks and their implications. Advisor Ko Cheol-soo of Kim & Chang will shed light on the evolving global landscape of AML regulations in the crypto sector. In addition, Kim Kwang-hoon, a manager at Dunamu, will explore the topic of crypto AML systems.Panel discussionsA representative from Kim & Chang said that the event will gather a diverse group of experts in digital asset regulation, policy, and law from various sectors, including government, academia, and industries. These experts will not only deliver informative presentations but also actively engage in panel discussions during the event.

Crypto.com unlocks regulated expansion through UK FCA licensing awardSingapore’s Crypto.com has obtained an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the United Kingdom. The approval complements the platform’s existing status as a registered crypto-asset business, a milestone achieved in August 2022.Photo by Robert Tudor on UnsplashSet to expand product offeringIn a press release published to its website on Monday, the company outlined that the EMI license represents a pivotal step for the firm, empowering the exchange to issue and manage electronic money. This expansion goes beyond its initial crypto-asset business focus, which concentrated primarily on compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.The regulatory nod came after Crypto.com underwent a comprehensive examination of its business and compliance practices, ensuring alignment with the stringent AML and CTF requirements in the UK.With this authorization in hand, Crypto.com is poised to introduce a range of e-money products tailored for the UK market. This move aligns the company with other cryptocurrency firms like Coinbase and Gemini, which have previously secured similar licenses.Notwithstanding that, while some other well-known platforms have struggled with recently introduced rules related to the marketing of crypto products and services in the UK, Crypto.com’s UK subsidiary company, FORIS DAX UK LIMITED, had successfully registered with the FCA in October.Building out global expansionWhile a trend has emerged in 2023 for crypto platforms to expand within regional markets around the world beyond the United States, Crypto.com has been following a global strategy for some time already. Last month, CRO DAX Middle East, a subsidiary company of Crypto.com, secured a license from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer regulated virtual asset services.Earlier this year, Patrick Yoon, General Manager of Crypto.com’s Korean business outlined plans for expansion within that market, including the aspiration to obtain the banking relationship required in order to conduct virtual asset trading business in South Korea.Dutch licensing successEarlier in July, Crypto.com received approval from the Dutch central bank, De Nederlandsche Bank (DNB), to extend its cryptocurrency services in the Netherlands.This recognition places Crypto.com among the 36 cryptocurrency-related businesses approved by the Dutch central bank, joining major industry players like Coinbase Europe, eToro and Bitstamp. Notably, this approval followed Binance’s inability to secure registration in the Netherlands, leading to its exit from the country.Expressing enthusiasm about this achievement, Kris Marszalek, CEO of Crypto.com, emphasized the importance of the UK market for their business. He stated:“The UK has and continues to be a hugely important market for our business and the greater industry. We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”Crypto.com’s global expansion strategy includes regulatory approvals in Singapore, France, Italy, Dubai and Australia. However, in a strategic shift, the platform discontinued its institutional exchange service for professional customers in the United States in June. Citing a decline in demand, this move aligns with the broader market conditions in the U.S., influenced by ongoing legal actions against major exchanges such as Binance and Coinbase.