Alchemy Pay Gearing Up for Expansion into South Korea

DWF Labs Enters Into Strategic Partnership with TRONDWF Labs, a Singapore-headquartered global digital asset market maker and Web3 investment firm, has announced a strategic partnership with TRON, the leading blockchain network focused on decentralizing the Internet through decentralized applications (dApps).Photo by Ketut Subiyanto on PexelsProviding liquidityThe partnership was announced via a press release published on Tuesday. As part of this collaboration, DWF Labs has become a liquidity provider for TRON, aiming to strengthen the ecosystem support of the blockchain.Andrei Grachev, the Managing Partner of DWF Labs, expressed confidence in the TRON ecosystem, highlighting its impressive adoption in the Web3 space. Grachev stated: “TRON stands as one of the fastest-growing dApps ecosystems in the space at the moment, and the consistent rollout of innovative tools and services proves that TRON has a leading role in paving the trail in blockchain.” He further emphasized DWF Labs’ commitment to supporting the ecosystem through additional investments in the near future.DWF Labs, known for its active support and investments in Web3 protocols, had previously allocated $15 million to the Web3 Industry Recovery Initiative, led by Binance Labs, to aid struggling protocols in the industry’s recovery. The company has also formed strategic partnerships with other prominent players in the crypto industry.Global market makerDWF Labs, as a global digital asset market maker and multi-stage Web3 investment firm, supports portfolio companies throughout various stages, from token listing to market making to OTC trading solutions. With offices in multiple locations worldwide, including Singapore, Switzerland, the United Arab Emirates (UAE), Hong Kong, South Korea, and the British Virgin Islands (BVI), DWF operates as an affiliate of Digital Wave Finance (DWF), known for its proprietary technology in high-frequency trading and consistently ranking among the top 5 trading entities by volume in the cryptocurrency world.The firm has been on a spending spree in recent months. In April, it invested $10 million into Singapore-based payments provider Alchemy Pay. In the same month, it led a Series A funding round into Crypto GPT, an AI-powered blockchain platform. A $60 million investment in layer one blockchain EOS followed.A spokesperson for TRON expressed delight in partnering with DWF Labs, acknowledging their expertise and excellence in further strengthening the TRON ecosystem. Together, the aim is to advance TRON’s vision of a decentralized future, empowering decentralized commerce and community for every individual worldwide.By joining TRON as a liquidity provider, DWF Labs intends to contribute to the growth and development of the TRON ecosystem. This partnership aims to enhance the accessibility of the blockchain network for all TRON users and community members.TRON, founded in September 2017 by Justin Sun, has achieved significant milestones since the launch of its Mainnet in May 2018. Notably, the integration of BitTorrent, a decentralized Web3 services pioneer with over 100 million monthly active users, into the TRON ecosystem in July 2018. TRON has gained significant traction, with over 166.5 million total user accounts, more than 5.85 billion total transactions, and over $11.52 billion in total value locked (TVL) as of June 2023, according to TRONSCAN.

While global cryptocurrency sentiment remains subdued, authorities and state-linked investors in Abu Dhabi are deepening their engagement with digital assets through expanded regulation and increased capital allocation. On Dec. 8, stablecoin issuer Tether and cryptocurrency exchange Binance announced they had secured regulatory approvals from the Abu Dhabi Global Market (ADGM), the international financial center and free economic zone in the UAE capital. The moves signal a continued effort by the United Arab Emirates to integrate blockchain technology into its formal financial system, creating a contrast with the broader market’s current “extreme fear” rating of 22 on the Alternative Fear and Greed Index.Photo by DrawKit Illustrations on UnsplashTether, Ripple stablecoins approvedTether confirmed that its USDT stablecoin has been designated as an Accepted Fiat-Referenced Token within the ADGM. This status allows financial entities licensed by the Financial Services Regulatory Authority (FSRA) to conduct regulated activities involving USDT across a broader range of blockchain networks, including Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON. The approval builds on previous authorizations for USDT on Ethereum, Solana, and Avalanche, and follows the FSRA’s recognition of Ripple’s RLUSD stablecoin last month. Binance fully cleared for regulated launch Simultaneously, Binance announced it has secured full authorization from the FSRA to operate a regulated platform within the financial center. Pending final operational preparations, Binance is scheduled to commence regulated activities on Jan. 5, 2026. The exchange will operate in Abu Dhabi through a three-entity structure that separates key functions, mirroring traditional financial infrastructure. Nest Exchange Limited (currently Nest Services) will function as the regulated arm for spot and derivatives trading, while Nest Clearing and Custody Limited will manage clearing and settlement. Broker-dealer activities will be handled by a third entity, Nest Trading Limited (currently BCI Limited). Circle awarded FSP for paymentsMore recently, Circle, the issuer of the USDC stablecoin, announced the receipt of a Financial Services Permission (FSP) license from the FSRA. The license allows Circle to act as a Money Services Provider within Abu Dhabi’s International Financial Centre (IFC), enabling it to support regulated payment and settlement services for businesses, developers, and financial institutions across the UAE. Circle has been expanding its regulatory presence in the region throughout the year. In February, the Dubai International Financial Centre (DIFC) recognized the company’s USDC and EURC tokens as permitted crypto assets under its virtual asset framework. This regulatory expansion comes amid the UAE’s efforts to develop a comprehensive financial compliance framework. A recent report by the Global Finance & Technology Network identified the UAE as one of seven jurisdictions globally that meet three core standards for anti-money laundering and counter-terrorist financing compliance. Those standards include know-your-customer (KYC) and identity verification, suspicious transaction reporting, and implementation of the Financial Action Task Force (FATF) Travel Rule. Institutional capital inflows riseIn parallel with the regulatory push, investment vehicles linked to the Abu Dhabi government have increased their exposure to digital assets. Bloomberg reported that in the third quarter, the Abu Dhabi Investment Council, a Mubadala subsidiary, increased its position in BlackRock’s iShares Bitcoin Trust ETF more than threefold to nearly eight million shares. Separately, the Royal Group, an investment firm associated with the Abu Dhabi royal family, currently holds roughly 6,516 Bitcoin, according to Arkham data. An earlier Crypto Briefing report noted that this acquisition was carried out through its majority-owned subsidiary, Citadel Mining. These simultaneous developments in licensing and capital allocation suggest a coordinated strategy to establish Abu Dhabi as a hub for institutional digital assets, with a focus on long-term infrastructure despite current market fragility. 

In response to the expanding demand for cryptocurrencies in Indonesia, the government has laid down a directive, requiring crypto exchanges operating within the Southeast Asian country to register with the recently inaugurated Commodity Future Exchange (CFX).Photo by Bisma Mahendra on UnsplashMandatory requirementThe CFX was established back in July as the world's first national bourse exclusively dedicated to digital assets. The national exchange has been modeled to replicate exchanges in traditional markets like the NASDAQ, but in this case, focusing entirely on digital assets. Under regulations introduced in 2019 by the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), crypto exchanges in the country must seek authorization. Even exchanges operating legally since 2014 fall under the category of "prospective crypto exchanges" and must undergo a rigorous process to gain recognition as legitimate entities affiliated with the CFX. Safeguarding investorsThis regulatory initiative aims to create a secure environment for crypto investors while simultaneously serving as a platform for tracking digital asset transactions for taxation purposes. Beyond the regulatory oversight, registering with the CFX also acts as a gateway for the Indonesian government to monitor cryptocurrency transactions for taxation purposes. The authorization process involves registration with self-regulatory organizations (SROs) like the CFX, followed by scrutiny by Bappebti to assess the company's suitability to operate. Only after meeting all requirements can a crypto exchange be issued a crypto exchange license (PFAK). Failure to complete the new procedures and registrations within the specified timeframe, set for Aug. 17, 2024, will result in the inability to operate in Indonesia. Currently, there are 29 prospective crypto exchanges in Indonesia that must obtain authorization to continue their operations. Regulatory oversight change in 2025It is noteworthy that a significant regulatory overhaul in 2025 will shift the oversight of cryptocurrency regulation from Bappebti to Indonesia's Financial Services Authority (OJK). This change could potentially reclassify cryptocurrencies as securities, potentially impacting taxation. While crypto assets are currently subject to Value Added Tax (VAT) and Income Tax (PPh) as commodities, reclassification as securities may lead to a reduction in taxes. In late February, Didid Noordiatmoko, head of Bappebti, announced the nation's intention to launch its state-backed crypto exchange by mid-2023. The exchange will be operated by a private-sector company rather than the government, with private-sector crypto platforms executing trades on the exchange. Crypto adoptionThe surge in demand for cryptocurrencies in Indonesia is evidenced by official data from 2023, indicating that the number of registered crypto traders exceeds that of stock traders. Data published in October outlined that Indonesia has seen a 10.1% year-on-year increase in the number of crypto investors in the country, bringing that figure to 17.79 million citizens. The increase in interest in crypto among Indonesians has not been lost on the country’s politicians as crypto appears to have become an election issue. Gibran Rakabuming Raka, a vice-presidential candidate in the upcoming Indonesian election, expressed the aim to accelerate Indonesia's position as a leader in the digital revolution by cultivating expertise in blockchain and cryptocurrencies.