Indonesia’s Financial Regulator Appoints Hasan Fawzi to Oversee Crypto

Animoca Brands, a company focused on Web3 and metaverse projects, has gotten together with the Hong Kong subsidiary of British banking giant Standard Chartered to establish Anchorpoint Financial Limited.In a press release published to its website on Aug. 8, Animoca Brands outlined that the joint venture company has been established with the objective of building a business model that will concern itself with the issuance and advancement of licensed stablecoins. The move follows Hong Kong’s Stablecoins Ordinance, which went live on Aug. 1.Photo by Andres Garcia on UnsplashHKT involvementThe partnership also involves Hong Kong Telecom (HKT), one of the largest telecommunications companies in Hong Kong. This collaboration is not something that has just been formed. The trio had been participants in a regulatory sandbox related to stablecoin issuance established by the Hong Kong Monetary Authority (HKMA) in 2024.  Back in February, it emerged that the three companies had entered into an agreement to establish a joint venture with a view towards applying to the HKMA for a license to cover the issuance of a Hong Kong dollar-pegged stablecoin. By June, the companies had formed that company. Applying for a licenseAnchor Financial has already informed the HKMA of its intention to apply for a stablecoin license. A recent Bloomberg report asserted that somewhere in the region of 50 companies have expressed an interest in obtaining stablecoin licensing in Hong Kong. However, the regulator is likely to issue no more than 10 licenses. Additionally, disclosure by the HKMA of strict customer identification rules related to the city’s new Stablecoins Ordinance has sparked concern among industry stakeholders. Know-your-customer (KYC) rules will put an onus on stablecoin issuers in Hong Kong to verify the identity of every stablecoin holder. Bo Tang, head and assistant director at the HKUST Institute for Financial Research, told Reuters that the rules were “a bit too strict and not good for acquiring users.” Ricky Xie, a crypto trader based in Hong Kong, pointed out that these KYC rules aren’t just for those who would hold accounts with the stablecoin issuer, but instead they will apply to every stablecoin holder. A number of Hong Kong stablecoin-concept stocks, that had been performing well in the market, fell by as much as 20% when these stringent rules were disclosed by the HKMA. Evan Auyang, group president of Animoca Brands, expressed contentment with Animoca’s partnership with HKT and Standard Chartered Bank (Hong Kong), while adding:”Stablecoins represent one of the most compelling use cases within Web3, and we believe we are still at the early frontier of widespread adoption across institutions and retail alike. As assets continue to move on-chain, the HKMA-regulated fiat-referenced stablecoin is important in reinforcing Hong Kong’s position as a leading international financial center.” The first stablecoin licenses are expected to be issued by the HKMA early next year.

The cryptocurrency market has come under renewed pressure as escalating global tariff tensions converge with growing stress in the private credit sector, though a South Korean analyst suggests that prospects for a rebound remain intact. According to Etoday, Yang Hyun-kyung, a researcher at iM Securities, noted that risk assets staged a brief rally after the U.S. Supreme Court ruled that President Donald Trump’s reciprocal tariffs, imposed under the International Emergency Economic Powers Act (IEEPA), were unlawful. However, the relief proved short-lived as tariff fears reignited following the announcement of a 10% levy and a subsequent proposal to increase it to 15%.Photo by Markus Winkler on UnsplashLiquidations surge amid private credit jittersYang observed that market volatility intensified as concerns in the private credit market resurfaced after Blue Owl Capital halted redemptions for its Blue Owl Capital Corporation II (OBDC II) fund and initiated a $1.4 billion asset sale. Yang highlighted that $420 million in liquidations hit the crypto market as Asian trading opened on Feb. 23. This included $386 million in long positions and $34 million in shorts, signaling a swift deleveraging. These pressures are reflected in current price levels. According to CoinMarketCap, Bitcoin, the world’s largest cryptocurrency, is trading just below $65,000, down 1.13% over the past 24 hours. The token remains approximately 49% below the all-time high recorded in October. Bitcoin’s decline has widened valuation losses among digital asset treasury (DAT) firms. Yang estimated that Strategy, which holds 717,131 BTC, is sitting on roughly $7.89 billion in unrealized losses. Yang added that a potential shift toward monetary easing ahead of the U.S. midterm elections, combined with reduced regulatory uncertainty from the crypto market structure bill known as the Clarity Act, could serve as short-term catalysts for a rebound. Binance focuses on regulatory alignment in KoreaDespite the market slump, crypto firms are deepening their presence in South Korea. In an interview with ZDNet Korea, Binance Head of APAC SB Seker stated that the company’s focus is not on increasing its ownership stake, but on establishing a compliant, trusted, and sustainable operation in the country. Binance currently holds a 67.45% stake in Gopax, operated by Streami, after securing regulatory approval to become its largest shareholder. Addressing the issue regarding GoFi—Gopax’s DeFi product designed to generate returns for users—Seker said any repayments of unpaid customer funds must comply with Korean commercial law and satisfy relevant legal and administrative procedures. He added that discussions with regulators are ongoing and the company cannot unilaterally set a repayment schedule. Seker also noted that Binance plans to work closely with authorities to advance its business in areas such as institutional investment and stablecoins. Regulators reiterate exchange ownership capsAs the digital asset sector evolves, South Korea is moving to tighten oversight. MoneyToday reported that financial authorities have notified the heads of the country’s five largest crypto exchanges—Upbit, Bithumb, Korbit, Coinone, and Gopax—of their intention to introduce caps on the ownership stakes of controlling shareholders. The notification is widely viewed as a precursor to the government’s release of the Digital Asset Basic Act, often described as the second phase of the country’s crypto regulatory framework. The Financial Services Commission has maintained that a single largest shareholder’s stake in a crypto exchange should be limited to between 15% and 20%. At the meeting, officials outlined key elements of the forthcoming bill and reaffirmed their intention to enshrine the ownership cap in law. Representatives from the five exchanges and the Digital Asset eXchange Alliance (DAXA), the industry body to which the platforms belong, reportedly raised concerns about the proposal. 

Gate.io Threatens Legal Action Against SpeculatorsGate.io, the erstwhile legacy Chinese cryptocurrency exchange currently headquartered in the Cayman Islands, has issued a stern warning to individuals spreading rumors of imminent bankruptcy.The exchange intends to take legal action against those responsible for causing panic among investors by disseminating baseless rumors without any concrete source of information. This announcement, originally written in Turkish, was posted on Gate.io’s official Twitter account on June 4.Photo by Kai Pilger on UnsplashInsolvency rumorsThe insolvency rumors surrounding Gate.io emerged following a series of events involving Multichain, a troubled cross-chain protocol. Multichain has been facing technical difficulties since May 24, when a node issue resulted in transaction delays. Several days later, the Multichain team revealed that they were unable to contact their CEO to access the servers and resolve the problem.These circumstances fueled speculation that the protocol’s leadership had been arrested and that Chinese authorities had seized over $1.5 billion in smart contract funds.On May 24, data from blockchain analytics firm Arkham Intelligence indicated a significant inflow of Multichain tokens ($MULTI) from Gate.io’s platform. In response to mounting concerns, Gate.io categorically denied any liquidity issues on May 31. The exchange asserted that its operations were running smoothly and that withdrawals were not a problem. Despite reports on Twitter and Telegram channels of traders withdrawing funds, Gate.io’s trading volume has remained relatively stable in recent days.As of now, Gate.io’s native token, GateToken ($GT), is trading at $4.01, representing a 18% decline over the past week, according to CoinGecko data. Gate.io, which although headquartered in the Cayman Islands, has recently expanded its presence to Hong Kong, Turkey, and Dubai.Multichain falloutThe ongoing issues faced by Multichain have prompted other cryptocurrency exchanges to take action. Binance, for example, suspended deposits for 10 bridged tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks on May 25. Furthermore, transaction downtime compelled the Fantom Foundation to remove 449,740 $MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap.Gate.io’s firm denial of insolvency rumors coupled with its threat of legal action underscores the exchange’s determination to combat the spread of this speculation. The exchange is seeking to protect the interests of its investors and maintain the stability of its operations.All stakeholders need to rely on continued vigilance in the crypto space. However, if Gate.io is to be afforded the benefit of the doubt in this instance, then it could be interpreted that it is demonstrating a commitment to transparency and swift action in the face of seemingly baseless rumors. On that basis, the firm’s response could be perceived as a demonstration of its resolve to navigate the challenges presented by the Multichain situation and uphold its reputation as a reliable cryptocurrency exchange.