Philippines leading charge in Asia amid global bitcoin payment surge

Bybit Extends UAE Tendrils via Blockchain ScholarshipDubai-headquartered crypto spot and derivatives trading platform Bybit, the third most popular cryptocurrency exchange globally, has announced a new partnership with the American University of Sharjah (AUS) as part of its ongoing commitment to promote crypto adoption in the United Arab Emirates (UAE).The collaboration was solidified through the signing of a Memorandum of Understanding in Sharjah, the UAE's third largest city. As a testament to this partnership, Bybit has contributed AED 1,000,000 ($272,000) to establish a scholarship fund, facilitating the academic and research endeavors of 20 students pursuing fintech and blockchain studies at AUS. Eligible students enrolled in computer science and computer engineering programs will be able to benefit from the Bybit Scholarship starting from the upcoming fall semester.Photo by Ainur Kamaev on UnsplashHackathon sponsorshipIn addition to the scholarship initiative, Bybit is dedicated to broader industry endeavors and will contribute an extra AED 100,000 ($27,200) to sponsor a hackathon for the UAE blockchain community. The inaugural AUS-Bybit Inter-College Hackathon is scheduled to take place during the 2023–2024 academic year at the AUS College of Engineering.The UAE has recognized the significant role of cryptocurrencies in its trade activities, and the thriving crypto and blockchain industry in the country serves as a testament to the government’s visionary approach. Dubai alone is home to more than 772 crypto companies, solidifying the UAE’s position as a hub for digital asset innovation. Consequently, the demand for blockchain talent is expected to rise in the region.Industry partnershipsDr. Susan Mumm, Chancellor of AUS, emphasized the university’s commitment to excellence in education, attributing its reputation to strong industry partnerships that bridge the gap between academia and the corporate world. Through the collaboration with Bybit, AUS students will gain access to the technical knowledge necessary to stay abreast of the latest developments in the crypto and blockchain industry.The establishment of the Bybit Scholarship further supports students’ education and skill enhancement. Dr. Mumm expressed the university’s goal of producing professionals and lifelong learners who can make a positive impact in a rapidly evolving world.Ben Zhou, co-founder and CEO of Bybit, highlighted the pivotal role of younger generations in propelling the blockchain revolution forward. Zhou expressed his pleasure in establishing the Bybit Scholarship at AUS, enabling talented students to future-proof their knowledge and skills. He extended his gratitude to AUS for providing opportunities to raise awareness about cryptocurrencies and sharing first-hand industry insights with students from one of the most esteemed universities in the region. Zhou eagerly anticipated being inspired by future engineers, blockchain scientists, and Web3 startup founders.Bybit, a prominent player in the crypto space, unveiled its Dubai headquarters in April, solidifying its commitment to the region and its aspiration to contribute to the growth of the digital asset ecosystem. In May the company gained outline approval to operate in Kazakhstan. Demonstrating further progress still, last month the firm confirmed that it was extending its service offering to include crypto lending.

Korean Financial Authority Installs Report Center to Counter Crypto ScamsThe Korean Financial Supervisory Service (FSS) announced today that it has installed a dedicated report center aimed at combating investment fraud related to virtual assets. From June 1 through to the end of this year, the report center will run a reporting campaign.Photo by Katrin Hauf on UnsplashSurge in crypto fraud casesWhile the National Assembly is working on the legislation of the Virtual Asset User Protection Bill, there has been a surge in fraudulent activities exploiting regulatory loopholes. According to the FSS, the number of reported cases of crypto fraudulent activities in Korea surged by 67.2% last year, reaching 199, compared to the previous year’s 119.In a proactive response to this rising concern, the FSS has set up a report center, designed to staunch the escalating tide of fraud.Coordinated efforts against financial fraudUnder the guidance of the Anti-Financial Fraud Office, the report center will operate collaboratively with other relevant departments, such as the Consumer Finance Department and the Asset Management Examination Department. Reports can be filed either via landline or through the FSS website.Swift actions on detected fraudAs part of its policy, the FSS will swiftly inform investigative agencies, like the prosecutors’ office, if an issue raised via the report center is deemed severe or contains specific facts that necessitate further scrutiny.The financial watchdog emphasized its commitment to issuing financial consumer warnings whenever potential fraud is detected and poses a risk to investors. This strategy is designed to safeguard investors and impede the spread of damages.

With the general election just over a month away, South Korea’s ruling People Power Party (PPP) has retracted its campaign pledges to allow trading of spot bitcoin ETFs, local media outlet Chosun Biz reported. The PPP has previously drawn substantial attention from the crypto industry, as the party showed its intention to ease a range of crypto regulations in hopes of gaining more votes in the general election.  A political insider familiar with the issue said yesterday that the PPP has recently removed crypto-related agendas from its priority list. The crypto pledges, initially planned to be announced last week, have been permanently suspended, the person said. “The leaders of the PPP are currently focusing on nomination for local constituencies and its satellite People’s Future Party, rather than coming up with additional crypto agendas. As the PPP appears to be embarking on the election campaign starting in March, the likelihood of the ruling party releasing crypto pledges is very slim,” another political circle insider mentioned.Photo by Traxer on UnsplashTalks between PPP and FSC go in vainThe PPP’s decision to retract crypto-related pledges comes after its attempt to approve the introduction and trading of spot bitcoin ETFs met with opposition from the Financial Services Commission (FSC).  Unlike the PPP or its opposition Democratic Party of Korea (DPK) that scrambled to ease crypto regulations ahead of the general election, the FSC’s stance on viewing crypto assets as risky hasn’t changed much. Despite last month’s approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), the FSC continues to ban the issuance of crypto-based financial products or investments in them, stating that crypto assets are not defined as underlying assets under the current Capital Markets Act. This has gotten in the way of the PPP’s plan to delay taxation on crypto gains for as long as two years and allow institutional investments in virtual assets.  The PPP also had to verify all the party members to see if any of them had a record of wrongdoings related to crypto transactions, which further delayed the pledges. This shows politicians’ heightened awareness of crypto-related issues. Last year, the DPK lawmaker Kim Nam-guk made headlines for a scandal, as he was accused of failing to report a considerable amount of crypto assets transactions to the financial authority. PPP lags a step behind its opposition DPKThe DPK has also strived to come up with crypto pledges alongside the PPP. The crypto-related pledges released by the DPK so far largely overlap with those of the PPP, meaning there’s no particular merit to the PPP’s campaign vows leading up to the general election. Many see this as another reason for the PPP’s decision to withdraw crypto pledges. The DPK unveiled its plan on Feb. 21 to legalize spot bitcoin ETFs, and pledged to deduct taxes on crypto gains worth less than KRW 50 million ($37,400). Under the current law, only crypto gains that are worth less than KRW 2.5 million qualify for the tax deduction. Most of these pledges largely align with those of the PPP.  With the PPP’s withdrawal of its plan to ease crypto regulations, the excitement among crypto industry insiders for the upcoming general election appears to have subsided. “Despite the DPK’s promise to allow spot bitcoin ETFs, it is unlikely that we’ll see crypto assets being incorporated into the conventional financial system without the ruling party’s approval, let alone fostering the blockchain industry,” said one crypto insider.