VCs Say US Crypto Crackdown Opportunity for Asia

The government of Bhutan, the Buddhist kingdom nestled in the Himalayas, has partnered with cryptocurrency payment service Binance Pay to launch the world’s first national-level crypto tourism payment system. In a recent blog post, Binance outlined details of the collaboration. Alongside the government and Binance, Bhutanese digital bank DK Bank will also play a role. The payment system enables international visitors to Bhutan who also happen to be Binance account holders to pay for a range of services within the kingdom.Photo by Mariia Shalabaieva on UnsplashFacilitating spending of over 100 cryptosUsing the Binance app, tourists visiting Bhutan can use dynamic or static QR codes in order to complete secure transactions via participating merchants in real time. The system supports users in spending over 100 cryptocurrencies to pay for goods or services, including hotel stays, tour guides and entrance fees to touristic sites. Payment using these digital assets will be settled instantly in Bhutan’s sovereign currency, the Ngultrum (BTN), with that settlement facilitated by DK Bank. Binance also asserted that the initiative facilitates inclusion and innovation by enabling small businesses in remote areas to accept crypto and in that way, to go digital. Bridging ‘cultures and economies’Binance CEO Richard Teng said that the initiative not only advances the use of crypto in the tourism sector, it also sets a precedent for “how technology can bridge cultures and economies.” Teng added:“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences.” Damcho Rinzin is also of the opinion that the initiative adds value beyond just being a tourism-related payment system. He stated:“This is more than a payment solution – it’s a commitment to innovation, inclusion, and convenience.” Binance described the new payment system as the first of its kind to offer end-to-end crypto-based payments at a national level, in a fully integrated manner. It added that previous systems established elsewhere had limitations and that by offering real-time confirmations, near-zero fees and a regulatory-compliant bank handling settlements, this system overcomes past limitations. Early adopterWhile Bhutan appears to have established a world-first with this system, it is no stranger to being innovative related to crypto. The kingdom has amassed a Bitcoin holding with a value in excess of $1 billion. It has collaborated with Bitcoin miner and Bitcoin mining equipment manufacturer Bitdeer on crypto-related ventures. In January it was announced that the Gelephu Mindfulness City (GMC), a special administrative region within Bhutan, is moving forward with plans to hold Bitcoin, Ethereum and BNB, a digital asset that was created by Binance back in 2017, within its strategic reserve. Bhutan’s early interest in crypto hadn’t gone unnoticed by Binance founder Changpeng Zhao (CZ). Last November, CZ commented on the X social media platform, in response to the news that Bhutan had accumulated in excess of $1 billion in Bitcoin, that many countries will use Bitcoin as a strategic asset going forward. The following month he visited the kingdom, meeting with the King of Bhutan.  During a panel discussion at Token2049 in Dubai in April, CZ commented that Bhutan is already advanced in its efforts to implement a national Bitcoin strategic reserve.

amana, a Dubai-based neo-broker, has announced that it is adding another 300 cryptocurrencies to its app. 450 crypto assetsA neo-broker is an online-based digital investment service provider that leverages technology and online tools to make investing and trading more accessible to the broader investing and trading public. The firm announced the product expansion via a press release published on its behalf by GlobeNewswire on March 17. Prior to the announcement, amana had offered its service users access to 150 cryptocurrencies. Expanding the range to a total of 450 cryptocurrencies makes it the leading broker in the Middle East and North Africa (MENA) region in terms of the breadth of digital assets it has made accessible to users.Photo by Christoph Schulz on UnsplashAll-in-one service offeringThe company described the offering as “unmatched,” allowing amana to firmly position itself as the go-to platform where the seamless trading of both traditional and digital assets is concerned. amana believes that its offering fills a gap in the market. Most platforms, it claims, either cater to the digital assets market or the traditional finance market. The platform sees itself as an all-in-one solution, making it unnecessary for investors and traders to create multiple accounts. Speaking to that gap in the market that the company wants to exploit, amana CEO Muhammad Rasoul stated: “We’re making it easier than ever for our customers to trade digital assets alongside stocks, forex, and commodities—all in one place, with zero hassle.” The firm added that the expansion isn’t just about offering a greater selection of digital assets. The announcement said that “it’s about seamless access, competitive pricing, and a frictionless trading experience.” The company described the amana app as “intuitive,” with the ability to empower both seasoned traders and new investors through the ease of trading within a few taps. Alongside the 450 digital assets, the platform provides users with access to U.S. stocks, FX, commodities, gold and global exchange-traded funds (ETFs). amana also facilitates users to trade using leverage and to avail of automated investment plans. Futures products and contracts for difference (CFDs) complete the product offering lineup. Having first launched in September 2022, the platform claimed recently that it has over 320,000 users accessing the service. Besides Dubai, amana has offices in London, Limassol and Beirut. The company is not the first online broker to bridge the gap between traditional finance and digital assets. American commission-free trading platform Robinhood has made in-roads into crypto. The company has plans to roll out its crypto offerings to the Singapore market later this year.  UK-based neobank Revolut has expanded into the world of investing, including crypto as part of that offering. It emerged last year that the firm has plans to launch a stablecoin. flatexDEGIRO, a European online broker that offers stocks, bonds and exchange-traded funds (ETFs), outlined last November that it plans to extend its product offering to include cryptocurrencies.

Galaxia Moneytree partners with Charzin to integrate security tokens into EV charging systemsKorean financial platform services provider Galaxia Moneytree announced on Tuesday (local time) that it has signed a memorandum of understanding (MOU) with Charzin, a company that specializes in developing infrastructure for charging electric vehicles (EVs), to design a security token offering (STO) platform that issues security tokens for optimizing the process of EV charging. This includes securing installation sites and facilities for EV charging stations.Photo by Andrew Roberts on UnsplashMerging blockchain and transportationHeadquartered in Daegu, Charzin is notable for its app EVZ, which uses a blockchain-based sharing module to connect EV drivers and EV charger owners for faster charging and optimized revenue acquisition.Galaxia Moneytree will be responsible for establishing and operating the STO platform, while Charzin will handle business development, support for the launch of security token products and construction of EV charging facilities.The signing ceremony for the MOU took place at Galaxia Moneytree’s headquarters in Seoul on Monday with Galaxia Moneytree CEO Shin Dong-hoon and Charzin CEO Choi Young-seok in attendance. The two companies also discussed plans to launch other products that combine finance and EV charging infrastructure.“In addition to our ongoing efforts, we plan to design STO products for various underlying assets, such as renewable energy and aviation assets,” Galaxia Moneytree said. The company recently formed an aviation asset tokenization consortium in September.Ongoing partnershipsMeanwhile, Charzin recently announced its partnership with Hi Investment and Securities to venture into the security token business. The firms plan to raise funds for developing EV charging infrastructure by issuing security tokens and subsequently share the profits from running such projects.