Korean Assembly Mandates Crypto Disclosure Amidst Lawmaker’s Scandal

Sumitomo Mitsui Financial Group (SMFG), a leading Japanese multinational financial services corporation and holding company, has outlined plans to launch a stablecoin.Photo by JJ Ying on UnsplashIn a press release published on its website on April 2, the company outlined details of a memorandum of understanding (MOU) it has signed with a view towards initiating discussions on the commercial use of stablecoins. Among the parties that have signed the MOU is Sumitomo Mitsui Banking Corporation (SMBC), Japan’s second-largest bank and a core unit of SMFG’s overall business. Other parties include local IT firm TIS, Inc., digital asset infrastructure firm Fireblocks and Ava Labs, the creator and developer behind the Avalanche layer-1 blockchain. Developing a framework for stablecoin issuanceThe agreement will see these stakeholders collaborate in an effort “to develop a framework for stablecoin issuance and circulation, including exploring key technical, regulatory, and market infrastructure requirements both in Japan and further afield.” The initiative will seek to examine a number of stablecoin use cases that SMFG believes can best leverage the characteristics of stablecoins. These include “a settlement method for tokenized financial and real-world assets (RWAs), such as government and corporate bonds, as well as real estate.” The company acknowledged that the tokenization of RWAs has been growing rapidly, with stablecoins emerging as an important settlement tool. It also acknowledged their growing use in the areas of international remittances, corporate payments and small-value, high-frequency transactions. SMBC sees potential in the use of stablecoins to reduce reliance on intermediaries where cross-border payments are concerned, improving upon traditional finance which relies on use of the SWIFT financial messaging network. It has identified savings that can be made in terms of the time taken to effect cross-border transactions and associated costs. According to a report published by Japanese financial news outlet Nikkei on April 1, Ava Labs is expected to use its know-how in order to construct the foundational basis for the stablecoin.  Meanwhile, Fireblocks will be responsible for the development of a management system for any stablecoin token that is subsequently issued as a consequence of the initiative. It will also get involved with the development of system security in relation to the project. The bank will work with TIS to support the developmental phase of the project. While the initiative is currently at the planning stage, trials are scheduled to begin during the second half of this year.If all goes to plan and work proceeds as per the schedule that has been established, a stablecoin could potentially be issued as a consequence sometime in 2026. It’s not the first time that SMBC has delved into consideration of stablecoins. Last September, it joined with Mitsubishi UFJ Financial Group (MUFG) and Mizuho to launch Project Pax, a cross-border stablecoin transfer platform. That initiative relies upon Progmat, a distributed ledger technology (DLT) platform founded by MUFG for the purpose of tokenization and the issuance of stablecoins. Japanese legislators have been working towards adding an amendment to the Payment Services Act, with some changes proposed relative to stablecoins. The changes would permit greater diversity in terms of stablecoin reserves. 

Thailand’s KBank Furthers Crypto Business Through Satang AcquisitionKasikornbank (KBank), Thailand’s second largest bank, is expanding its involvement in the digital assets sector through the acquisition of a majority stake in the local crypto exchange Satang.Photo by Lisheng Chang on UnsplashTradFi embracing cryptoThe acquisition, involving a purchase of 97% of Satang’s shares, is a significant move in the context of an ongoing trend of traditional financial institutions embracing digital assets. The deal was officially announced on Monday, as disclosed on KBank’s official website.KBank executed the acquisition through its newly established subsidiary, Unita Capital, whose registered capital is valued at 3.7 billion Thai baht (approximately $103 million). Unita Capital specializes in investments within the digital asset sector. This move underlines the bank’s commitment to stay ahead in the dynamic world of digital finance.Subsidiary formationIn light of the acquisition, Satang Corporation is set to undergo a name change and will soon be known as Orbix Trade Company Limited. Unita Capital has established a number of other subsidiary companies as a consequence of the buy-out.KBank’s cryptocurrency venture will be structured into three distinct divisions. Orbix Custodian has been formed, focusing on secure digital asset storage and management. There is a growing demand for reliable digital asset custody services. KBank will use Orbix Custodian as a vehicle to capitalize on that growth opportunity.Orbix Invest has been established to act as the venture arm of the business relative to the digital assets space. It will focus on fund management in meeting the needs of clients looking for exposure to the digital assets sector. Lastly, Orbix Technology has been established to concentrate on blockchain technology development.Satang, a prominent player in the Thai cryptocurrency scene, operates a cryptocurrency exchange alongside a range of digital asset services. Notably, Poramin Insom, the founder of Satang, is recognized for his role in launching Firo (formerly Zcoin), a privacy-centric cryptocurrency. Insom confirmed the acquisition via a Facebook post on Monday, acknowledging the evolution of Satang as it transitions under KBank’s ownership.Insom stated: “I’ve been at Satang since 2017 until now, six years have passed. Currently, Satang on the trading board has already exited according to the news. And there should be an official announcement soon.” He also highlighted Satang’s diversified ventures, including Satang Technology, a blockchain service platform, and Satang Space, focusing on space-related endeavors.This strategic move by KBank follows its recent launch of a $100 million fund, introduced in September, targeting investments in Web3, fintech, and artificial intelligence (AI). In 2022, KBank launched Bigfin, a digital asset investment analysis platform. Bigfin has since been integrated with the Binance platform.Last year the bank backed Thai digital asset and blockchain startup Forward, a project that is working on developing a decentralized derivative platform.KBank is recognized as the second largest lender in Thailand based on assets, trailing behind Bangkok Bank. Thai NVDR Company Limited is the largest shareholder of KBank, as per data from the Stock Exchange of Thailand (SET), with the SET itself owning 99.9% of NVDR’s shares.

BingX Enhances Automated Trading via AstraBit PartnershipBingX, a Singapore-based crypto platform that offers spot, derivatives, and grid trading services, has announced a strategic partnership with AstraBit, an automated algorithmic trading and portfolio management tool, to enhance the efficiency and success of automated crypto trading for its users.Photo by Wance Paleri on UnsplashRevolutionizing user experienceThe collaboration, announced via a blog post published by BingX on Monday, aims to revolutionize the crypto trading experience by combining BingX’s robust platform with AstraBit’s cutting-edge technology.AstraBit empowers BingX users with total control over risk and exposure in their trades through automated trading strategies powered by artificial intelligence and machine learning. Users can leverage AstraBit’s technology to customize and hyper-personalize their trading strategies, maximizing their trading potential in the dynamic crypto market. AstraBit-powered bots follow preset instructions, but users have the flexibility to adjust parameters such as stop loss and take profit at any time, even in the middle of a trade.Security measuresTo ensure the highest level of security, AstraBit operates 24/7, utilizing two-factor authentication (2FA) and implementing advanced security measures such as machine learning intrusion detection systems and anti-ransomware software. Importantly, AstraBit cannot withdraw funds from users’ wallets, providing an additional layer of protection.Elvisco Carrington, PR and Communications Director at BingX, expressed excitement about the partnership, stating: “The integration with AstraBit helps revolutionize the crypto trading experience. By combining BingX’s robust platform with AstraBit’s cutting-edge technology, we are empowering our users to maximize their trading potential and achieve greater success in the dynamic crypto market. This partnership aligns perfectly with our commitment to delivering excellence and driving the industry forward.”MT5 integrationIn addition to the collaboration with AstraBit, BingX made headlines earlier this year by announcing its direct integration with MetaTrader 5 (MT5), making it one of the first crypto platforms to connect with the world’s most popular trading platform. MT5 offers advanced features, including a wide range of technical indicators, depth of market (DOM) functionality, and support for trading on multiple exchanges. It is known for its versatility, supporting various asset classes, including stocks and futures.The integration with MT5 allows BingX users to activate their BingX MT5 accounts and trade futures directly from MT5’s user-friendly interface. This seamless connection optimizes the trading process, leveraging cutting-edge innovations from the world of traditional finance. Users can expect a safe and stable trading experience on cryptocurrencies like BTC and ETH, accompanied by advanced analysis tools for quantitative trading and customized functions.By tapping into the MT5 platform, BingX not only enhances the trading experience for its existing user base but also opens the door for forex traders on MT5 to easily enter the world of cryptocurrencies. This integration provides a smooth transition for forex traders, allowing them to explore the crypto market with ease.The partnership with AstraBit and the integration with MT5 demonstrate BingX's efforts in driving the business forward. Those efforts are further evidenced by a decision taken by the firm earlier this month to expand outside of its Southeast Asia base market into the Middle East and North Africa (MENA).