India’s RBI Cites Stablecoin Risks With Call for Global Regulation

Grab Holdings, the Singapore-based operator of the Grab super app, has extended its facility for crypto payments to its customer base in the Philippines. The company, which offers ride-hailing, food and grocery delivery and digital payments within a range of services to customers throughout Southeast Asia, introduced the option of crypto payments to service users within its home market of Singapore last year. Photo by Kiko Ferranco on UnsplashAt the time, the company expressed the view that enabling crypto payments “added flexibility and convenience” for platform users, providing them with “a seamless and efficient way to access the company’s wide range of services.” Philippine online news portal Philstar.com reported that Filipino users of the platform can now top up their GrabPay digital wallets with a range of cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), as well as U.S. dollar stablecoins USDC and USDT. In Singapore, Grab rolled out the offering in partnership with Triple-A, a company that enables businesses to pay and get paid in digital currencies. Singapore-based Crypto.com also partnered with the firm last year to enable direct crypto payments. Financial inclusionIn extending the service to the Philippines, Grab has again partnered with Triple-A, alongside Philippine crypto exchange platform PDAX. CJ Lacsican, Grab Philippines’ vice president for cities, said that “integrating cryptocurrency as a cash-in option for GrabPay reflects [Grab’s] commitment to advancing financial inclusion in the Philippines.”  She added that the move aims to empower a broader spectrum of Filipinos, particularly those who prefer the convenience of digital currencies and others who have limited access to traditional banking. Triple-A CEO Eric Barbier said that the launch of GrabPay crypto top-ups went well in Singapore, with a fantastic response from Singaporean platform users. Following that rollout, Barbier believes that the Philippines is a market that’s ready for digital currencies. “This is a big step in making digital currencies easier to use in everyday life across Southeast Asia,” he added. Driving crypto adoptionPDAX CEO Nichel Gaba suggested that the Philippines “has one of the largest crypto user bases globally,” adding that through this partnership, accessible use cases are being offered “that will both support the existing crypto community and drive greater adoption of cryptocurrency.”  Grab first pivoted to Web3 with the integration of a Polygon-based crypto wallet in September 2023, with a view towards making crypto more accessible and usable for ordinary people. The super app, which is considered by many to be the “Uber of Southeast Asia,” has 42 million monthly transacting users (MTUs) across Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.  The development of the Grab Web3 Wallet came about as a consequence of a collaboration with USDC stablecoin issuer Circle. As part of a strategic partnership, Circle’s Web3 services platform was integrated into the Grab app. More recently, Grab partnered with NATIX Network, a Solana ecosystem decentralized physical infrastructure network (DePIN) project, in an effort to collaborate on autonomous driving technology and mapping. 

Cryptocurrency exchanges operating in the Dubai International Financial Centre (DIFC), a financial hub in the United Arab Emirates (UAE), entered a new compliance environment on Jan. 12 as updated Crypto Token rules issued by the Dubai Financial Services Authority (DFSA) came into force. The revised framework bars exchanges from offering certain digital assets.Photo by Christoph Schulz on UnsplashPrivacy tokens restricted to private walletsThe affected assets are privacy tokens like Zcash (ZEC) and Monero (XMR), although the restriction does not prevent Dubai residents from holding those coins in private wallets. The move is aimed at addressing anti-money laundering (AML) and sanctions compliance risks. The exclusion of privacy tokens reflects alignment with global compliance standards, according to Elisabeth Wallace, Associate Director of Policy & Legal at the DFSA. She told CoinDesk that bans of this kind are effectively inevitable if crypto businesses want to align with standards set by the Financial Action Task Force (FATF), given that privacy tokens are designed to obscure transaction histories and the identities of holders. The revised rules extend beyond token classifications, preventing regulated firms from deploying or providing tools designed to mask blockchain activity. These include mixers, tumblers, and other technologies that obscure transaction information. At the same time, the DFSA refined its classification of what it terms “Fiat Crypto Tokens,” limiting the category to tokens pegged to fiat currencies and backed by high-quality, liquid assets capable of meeting redemption requests under market stress. Under this definition, algorithmic stablecoins such as Ethena (ENA) would not qualify as stablecoins, though they would still be treated as cryptocurrencies. The update also alters how token eligibility is determined. Rather than maintaining a centralized list of approved assets, the DFSA now requires licensed firms to carry out their own assessments of the crypto assets they offer, document those judgments, and keep them under ongoing review. Thailand enforces crypto travel ruleComparable regulatory tightening is unfolding elsewhere in Asia. In Thailand, during a high-level meeting on Jan. 9, Prime Minister Anutin Charnvirakul said the Securities and Exchange Commission had been instructed to strictly enforce the travel rule, according to The Nation Thailand. The international standard requires crypto service providers to verify both senders and recipients in wallet-to-wallet transfers. The directive forms part of a broader government initiative to establish a national data bureau, envisioned as a centralized platform for real-time monitoring of suspicious transactions and the development of detailed financial risk profiles. In South Korea, enforcement actions have similarly intensified. According to Dailian, Korbit, the country’s fourth-largest crypto exchange, paid a 2.73 billion won ($1.9 million) fine imposed by the Financial Information Unit (FIU) under the Financial Services Commission (FSC) for violations of anti-money laundering (AML) rules. The payment followed a board decision and was made within a reduced-penalty period, allowing Korbit to receive a 20% discount. Crypto firms comprise 77% of Korean finesA broader review of penalties issued by the FIU since the disclosure of its sanctions guidelines shows that 77% of total fines were levied against virtual asset service providers (VASPs). While an analysis by Digital Asset found that only four of 95 fine cases issued since August 2023 involved VASPs, those cases accounted for a disproportionately large total of 41.8 billion won ($28.4 million). Exchanges fined to date include Delio, Hanbitco Korea, Dunamu—the operator of Upbit—and Korbit, with Dunamu receiving the largest penalty imposed by the FIU to date. The sanctions were linked to alleged know-your-customer (KYC) failures, unreported transactions involving individuals subject to warrants, and shortcomings in systems designed to detect suspicious activity. Separately, the FIU had issued disciplinary measures against Dunamu, including a warning to its chief executive and a three-month partial suspension of operations, which the company is contesting in court. The next hearing is scheduled for February. In overall fine totals, casinos ranked behind crypto firms, underscoring how enforcement against crypto intermediaries has been particularly robust, as oversight patterns continue to evolve. 

LINE NEXT, the NFT business arm of Tokyo-based Internet giant LINE Corporation, has officially launched DOSI, a digital commerce platform that allows the trading of digital products like collectible NFTs, according to an official announcement on Wednesday (KST). During its beta period that started in September last year, DOSI was able to attract some 5.5 million users worldwide in more than 180 countries who conducted over 560,000 cumulative transactions.Photo by Jonas Leupe on UnsplashDigital products for everyoneThe company revealed plans to add more than 20 million digital products from over 150 brands including special app memberships, in-game items that are directly verified by game developers, and digital tickets to entertainment performances. There will also be limited-edition products like LINE stamps, digital art and special video playback rights.  Products from popular Japanese brands such as Japan Airlines and CryptoNinja Partners – a 22,222-piece NFT collection – will be available on the service during this month as part of a merging with Line NFT, a comprehensive marketplace for NFTs that has been operating in Japan for a while.  By March, the company will also sell app membership products from more than 20 promising startups, including content community-based social media platform SuperPlat, stock investment platform Quantrack, AI-based music platform inDJ and K-pop fandom community service FL DA. Exclusive membershipIn particular, DOSI also has a special membership called “DOSI Citizen,” which offers points called DON that can be earned by checking app attendance, purchasing products and playing mini-games. DON can be traded for Citizen Items or used to participate in events for a chance to win crypto rewards. Users can easily sign up and log in using their social media accounts and purchase digital products with simple payment methods such as Line Pay, Naver Pay, Apple Pay and Google Pay. Payments can also be made with the digital assets Finsia (FNSA) and Ethereum (ETH). Investment boostLast year, LINE NEXT made headlines for securing the largest investment made in the Asian Web3 industry worth $140 million from a consortium led by Seoul-based private equity firm Crescendo Equity Partners. At the time, the company had divulged that it would use part of the funds to launch DOSI.