Alchemy Pay plugs into Worldpay’s payment rails

Several players across Asia and the Middle East have announced expansions into the stablecoin sector, aiming to capitalize on a market projected to double in size within the next two years. A notable example came from Hong Kong-listed OSL Group, which unveiled plans last week to introduce a new U.S. dollar-pegged stablecoin, USDGO. The token is scheduled to launch in the first quarter of next year with San Francisco-based Anchorage Digital serving as the issuer. According to OSL, the product is designed to comply with the recently passed U.S. GENIUS Act, a legislative framework establishing federal guidelines for stablecoins. The company stated that USDGO will be backed one-to-one by high-quality liquid assets, including U.S. Treasuries, and will undergo third-party audits to meet anti-money laundering (AML) and know-your-customer (KYC) standards. Anchorage Digital, notably the only digital asset company holding a U.S. national trust bank charter, will handle issuance, while OSL Group will manage branding and distribution. In Hong Kong, distribution is restricted exclusively to OSL Digital Securities Limited. The token will deploy first on the Solana blockchain, with expansion to other networks planned for the future.Photo by engin akyurt on UnsplashInfrastructure expansion in TaiwanTaiwan has also seen movement in the stablecoin space, with blockchain infrastructure firm OwlTing announcing its integration into the Circle Payments Network (CPN). The move allows the firm’s digital wallet, OwlPay Wallet Pro, to utilize stablecoin routing for cross-border transactions. OwlTing is currently targeting markets with high demand for cross-border payments, including Brazil, Nigeria, and the European Union. The company aims to secure a foothold in a global payments market that FXC Intelligence estimates is currently worth $194 trillion and could reach $320 trillion by 2032. As part of its regulatory footprint, OwlTing disclosed it holds Money Transmitter Licenses in 39 U.S. states, a Virtual Asset Service Provider (VASP) license in Europe, and a Bank API license in Japan. The firm is pursuing further regulatory approval in Hong Kong, Singapore, and Latin America. Adoption in the UAEIn the Middle East, state-owned telecommunications giant e& UAE signed a strategic memorandum of understanding (MoU) with Al Maryah Community Bank, according to Khaleej Times. The agreement focuses on enabling payments via AE Coin, the UAE’s first central bank-licensed, dirham-backed payment token. Ramez Rafeek, General Manager of AED Stablecoin LLC, stated that the initiative aims to create a "regulated, transparent, and instant stablecoin framework" for daily transactions. The collaboration supports the UAE’s broader Digital Economy Strategy, designed to transition the nation toward a cashless society. Stablecoins projected to reach $750BThese regional developments come as the global stablecoin market continues to expand. According to data from RWA.xyz, total stablecoin market capitalization, including major tokens such as USDT and USDC, stands at roughly $300 billion, reflecting a 1.17% increase over the past 30 days.Analysts anticipate continued expansion. In a September research note, Teresa Ho, Head of U.S. Short Duration Strategy at J.P. Morgan, projected the market could reach between $500 billion and $750 billion within the next two years. Other market reports offer more aggressive forecasts, suggesting valuations could top $2 trillion by the end of 2028.

The Philippines' financial regulator announced that it is implementing what amounts to a ban on Binance in the Southeast Asian nation by blocking local access to the leading global cryptocurrency exchange. This decision, publicized via a press release on March 25, comes as the Securities and Exchange Commission (SEC) raised concerns last November over Binance's operations in the country, citing a lack of necessary licenses for certain investment products. According to the press release, the SEC revealed that it sought assistance from the National Telecommunication Commission (NTC) to enforce the ban, expressing worries about the security of Filipino investors' funds on the platform. In a letter addressed to the NTC, SEC Chairman Emilio Aquino stated:"The SEC has identified the aforementioned platform and concluded that the public's continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.”Photo by Krisia on PexelsA similar move was taken last December by the Financial Intelligence Unit (FIU) in India, as it acted to block access to what it deemed to be non-compliant global crypto exchanges. Unlicensed servicesThe SEC alleges that Binance offers services like leveraged trading and crypto savings accounts without the required licenses, violating the country's Securities Regulation Code. Consequently, the ban is set to be implemented within three months, allowing investors time to exit their positions held through Binance. Furthermore, the SEC has requested Google and Meta to restrict Binance-related advertisements targeted at Filipino users on their platforms, extending the regulatory measures to online advertising as well. A similar stance was taken by authorities in Thailand last August with the Ministry of Digital Economy and Society (MDES) engaging in talks with Facebook in an effort to curb questionable crypto-related advertising on the platform. Regulatory setbackThis move by the Philippines' financial watchdog marks another regulatory setback for Binance, which has faced increasing scrutiny globally. In December 2023, a U.S. court ordered Binance to pay significant fines to the Commodity Futures Trading Commission (CFTC) for evading federal law and operating an illegal derivatives exchange. As part of the settlement, Binance's former CEO, Changpeng Zhao (CZ), agreed to step down from his position, with Zhao also facing civil and criminal charges related to anti-money laundering laws. The SEC's cautionary stance against Binance dates back to November 2023, shortly after Zhao's legal troubles in the U.S. emerged. At that time, the SEC expressed its intention to ban Binance in the Philippines, though the execution was postponed due to changes in the leadership of the regulatory body. Notably, Kenneth Stern, who headed up Binance's operations in the Philippines, exited the company in July 2023, amidst mounting regulatory pressures and legal challenges. Binance had seen many leading executives part ways with it in the lead-up to the company’s settlement with the U.S. Department of Justice (DoJ) last year. With regulatory actions tightening around Binance globally, the future of the exchange in various jurisdictions remains uncertain. The ban in the Philippines adds to the ongoing regulatory challenges faced by the company and underscores the growing importance of compliance within the cryptocurrency industry.

According to crypto data research platform Xangle, the crypto market is on the road to recovery this year thanks to positive outlooks on developments like a spot Bitcoin ETF, regulatory changes and diversified services.Photo by CHUTTERSNAP on UnsplashBitcoin’s resilienceSpeaking at a special seminar on virtual assets co-hosted by CrossAngle and accounting firm Samjong KPMG in Seoul last Friday, Kim Jun-woo, Co-Founder and CEO of Xangle, cited Bitcoin’s positive reputation as one of the reasons for the optimism. "There are reports that Bitcoin has a low correlation with risky virtual assets," he said. Public sentiment toward Bitcoin is also expected to improve this year as the global economy is expected to emerge from recession and manage a soft landing. Another major item on the agenda is a possible approval by the U.S. Securities and Exchange Commission (SEC) of a spot Bitcoin ETF this quarter. Web3 revolutionIn terms of innovative services, Kim stated that Web3 is expected to be actively implemented in local corporations after going through conceptual and technical testing stages. "In South Korea’s crypto market, (resources like) app stores and mobile phones exist, but there are no actual apps," Kim said. "I expect that figures from traditional finance and existing Web2 companies will enter the Web3 industry this year."  "Web2 companies will discover new business opportunities in Web3 and play a role in bringing existing content and users to Web3," said Lee Hyun-woo, Co-CEO of Xangle, in his presentation on the importance of Web3 system integration and virtual asset disclosure. "Their participation is important for the stable maturation of the Web3 ecosystem," he added. Regulation and governanceIn regards to policies and regulations, expectations point to a resolution of various uncertainties as cryptocurrencies are slowly becoming more integrated into the sphere of traditional finance. In South Korea, the imposition of basic legal regulations on virtual assets is accelerating, such as the Virtual Asset User Protection Act. The Financial Services Commission (FSC) also released guidelines for accounting and disclosure of virtual assets last month, which was examined in detail at the seminar. "The financial authorities' guidelines are more detailed than before. We expect additional guidelines from them in the future to further resolve shortcomings," Choi Yeon-taek, Managing Director of Samjong KPMG, commented.