Circle and SBI Holdings join forces to propel USDC growth in Japan

The Sandbox Adds Singapore Virtual Neighborhood Lion CityMetaverse platform The Sandbox has announced the launch of Lion City, Singapore’s virtual neighborhood, during its inaugural Singapore Partner Day event.In a blog post published on Tuesday, The Sandbox project team outlined that Lion City is set to debut in September 2023 and will feature 512 plots of virtual land. With over 40 partners and 10+ studios, Lion City aims to showcase global and regional brands, along with established Web3 natives, representing Singapore’s culture in sports, fashion, entertainment, and technology within The Sandbox metaverse.Photo by Kin Pastor on PexelsRegional brand partnershipsThe Sandbox has attracted a range of local partners for Lion City, including MM2 Asia, ONE Championship, Mighty Jaxx Group, Spa Esprit Group, METAVI, Technology Development Centre (TDC) of ITE College Central, UKISS, Bandwagon, Renovi, Affyn, 8sian, The Engineers, Metaskull by Jacky Tsai x Froyo Games, Fabric of Reality, CreativesAtWork, Memotics, FXMedia, Kappou, The Parlour, Manifest, Vaniday, PengWine, LOFI, and Zodium. These partners represent various industries and will contribute to the diverse offerings and experiences within Lion City.Studio partnersMoreover, studio partners catering to the Singapore market will be an integral part of the Lion City experience. These studios include Smobler Studios, CGame Studio, Oceanus Media Global, and iCandy Interactive subsidiaries Lemonsky Studios and Hashcode Studio, New Moon Studios, Pangu by Kenal, and Clevereen. Collaborative ecosystem partners such as OKContract, Pinnacle, DIFY, and Peatix are also contributing to the development of the metaverse.Unlocking Web3 opportunitiesThe Sandbox emphasized the significance of Lion City as a gateway and launchpad for Southeast Asia. With over 400 global brands, including Singapore’s DBS Bank, already on board, Lion City has the potential to unlock new Web3 possibilities in the region. The supportive and collaborative ecosystem in Singapore will provide companies with opportunities to explore digital frontiers and test decentralized technologies.The project also announced the milestone during the Singapore Partner Day event held at the Marina Bay Sands Expo & Convention Centre. The event served as a platform for networking and sharing insights among The Sandbox’s partners.Keynotes were delivered by Sébastien Borget, the Co-Founder and COO of The Sandbox, and George Wong, the project’s Head of Singapore. They discussed the vast opportunities within the metaverse, and panel discussions with ecosystem partners took place, covering topics like intellectual properties (IPs) and the metaverse’s future, as well as the development of the open NFT metaverse.During the event, Borget highlighted Singapore’s regulatory environment, as being conducive to emerging technologies. He also emphasized Singapore’s position as an innovation hub for Web3 advancements.The metaverse faces new challenges in 2023, with the crypto market gravitating towards a more institutional-friendly approach, and questions surrounding its relevance. Recently, Borget had a clash with the SEC in the United States, disagreeing with the regulator’s classification of the project’s native $SAND token as a security.No doubt that experience has helped to underscore his appreciation for Singapore’s regulatory setup. Nevertheless, Wong described 2023 as an important and pivotal year for metaverse growth.

Coinbase's venture capital arm, Coinbase Ventures, has invested in the India-based crypto trading platform CoinDCX, the American crypto exchange company said on its official blog. This move follows Coinbase's direct entry into the Indian market earlier this year. In March, Coinbase registered with the Financial Intelligence Unit–India (FIU-IND), announcing plans to launch products for retail investors.Photo by PiggyBank on Unsplash100 million crypto holdersWhile the investment sum remains undisclosed, Coinbase highlighted CoinDCX's strong performance indicators. As of July 2025, the Mumbai-headquartered exchange reported a user base of 20.4 million, accounting for about one-fifth of the country’s estimated 100 million crypto holders. CoinDCX also recorded $141 million in annualized group revenue, $165 billion in annualized transaction volumes, and $1.2 billion in assets under custody. The investment targets a market with high adoption. According to Chainalysis’ 2025 Global Crypto Adoption Index, India ranked first among 151 countries studied. Regulatory uncertainty in IndiaCoinbase’s push into India, however, comes amid a complex and often contradictory regulatory environment for digital assets. On one hand, India maintains a cautious stance. Profits from crypto transactions are taxed at a flat 30% rate, supplemented by applicable surcharges and an additional 4% cess. Recent reforms unveiled by the Reserve Bank of India (RBI) did not mention the acceptance of crypto assets. Rather than supporting cryptocurrencies, regulators have focused on advancing the central bank digital currency (CBDC), the e-rupee, through pilot initiatives in deposit tokenization and a fintech sandbox. This conservative approach was also evident at the recent 6th Global Fintech Fest in Mumbai. According to Reuters, a handout given to speakers at the Oct. 7-9 event read, “Please avoid political, crypto, religious, or personal remarks on stage or at the venue.” On the other hand, some officials have signaled a willingness to engage. Finance Minister Nirmala Sitharaman said on Oct. 4 that India must prepare to engage with cryptocurrencies such as stablecoins, according to the Financial Times. She noted that no country can stay isolated from broader systemic shifts, possibly alluding to the pro-crypto policies emerging in the U.S. and the anticipated acceleration in adoption. Global exchanges resume operationsFurthermore, India has shown more openness to foreign crypto platforms lately. Bybit recently reinstated access to its mobile app for Indian users via the Apple App Store and Google Play. Last year, both Binance and KuCoin registered with the FIU-IND after paying penalties for earlier compliance violations. Binance was fined 188.2 million rupees (about $2.14 million), while KuCoin faced a lighter penalty of around $41,000. 

Pakistan’s Ministry of Finance has signed off on the establishment of the Pakistan Digital Assets Authority (PDAA), a body which will be responsible for the implementation of regulations governing blockchain and the digital assets sector. In a report published by Pakistani English-language newspaper Dawn, the media outlet outlined that the Ministry of Finance has taken this step in an effort to embrace future innovation in the finance sector.  The new agency will be responsible for monitoring the operations of digital wallet service providers, stablecoin issuers, the development firms behind decentralized finance (DeFi) protocols, crypto custodians and crypto exchange platforms. Photo by Hamid Roshaan on UnsplashFrom crypto ban to crypto regulationIn October 2022, Pakistan was removed by the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, from its grey list. The following year, Pakistan’s Minister of State for Finance and Revenue, Aisha Ghaus Pasha outlined that banning cryptocurrency was a condition of the country’s removal from the FATF grey list. Accordingly, the South Asian country proceeded to ban digital assets, with Ghaus Pasha declaring that crypto would “never be legalized in Pakistan.”Despite the adverse position taken previously by the authorities in Pakistan where digital assets were concerned, in 2024 a survey carried out by Chainalysis revealed that Pakistan featured strongly in terms of retail-level crypto adoption. With this latest development, Pakistan is moving forward progressively with digital assets, albeit that it is doing so while being cognizant of the current requirements demanded by FATF related to crypto. The newly-formed PDAA will act to ensure FATF-compliant innovation, while striving for economic inclusion and the adoption of digital assets in a responsible manner. Regulating to lead crypto innovation rather than catching upPakistan’s current Minister for Finance and Revenue, Muhammad Aurangzeb, said that “Pakistan must regulate not just to catch up — but to lead.” He added that through the establishment of the PDAA, a digital assets regulatory framework that protects consumers will be created. Furthermore, he claimed that such an approach would attract global investment, putting Pakistan “at the forefront of financial innovation.”Another area of focus for the PDAA will be the facilitation of the tokenization of government debt and national assets. Pakistan runs an annual average electricity surplus of 4,000 megawatts. In 2024, total electricity generation was recorded at 92,091 GWh while demand weighed in at 68,559 GWh. With that, the Pakistani authorities want the PDAA to create the correct conditions that will lead to regulated Bitcoin mining operators utilizing this energy resource. Other objectives which have been set out for the new agency include encouraging the growth of startups aimed at building blockchain-based solutions at scale, the regulation of what is estimated to be a $25 billion informal crypto market and the provision of legal clarity within the crypto sector in Pakistan for both local and international investors. This latest positive development follows the formation of the Pakistan Crypto Council (PCC) back in February. That event signaled a policy shift in Pakistan with regard to digital assets. In March PCC CEO Bilal bin Saqib said that Pakistan was done sitting on the sidelines and that the authorities now want to see Pakistan develop as a “leader in blockchain-powered finance.”