Positive signals in Vietnam suggesting XRP payments adoption

NEOPIN Strengthens Japanese Market Strategy for Its Global ExpansionNEOPIN, the global CeDeFi platform of South Korean investment holding company Neowiz Holdings, announced the strengthening of its strategy to enter the Japanese market as part of its global expansion plan.Photo by Aditya Anjagi on UnsplashThree key initiativesTo achieve this goal, NEOPIN has devised three key initiatives. Firstly, it will make investments in Japanese partners and provide support for their entry into other markets such as Korea, the Middle East, and Africa. Secondly, NEOPIN aims to facilitate the entry of its existing partners into Japan. Lastly, the Korean platform plans to collaborate closely with the Finschia Foundation and its members to effectively drive its expansion efforts in Japan.Web3 landscape in JapanSince the Mt. Gox incident in 2014, wherein the major Tokyo-based cryptocurrency exchange went bankrupt due to hacking attacks, Japan has responded by implementing stricter regulations. However, in recent times, the Japanese government has displayed a more positive stance towards Web3 technology, aiming to attain dominance in this sector. Illustrating this commitment, the Web3 project team, operating under the ruling Liberal Democratic Party’s (LDP) Working Group for Digital Society Promotion, released the Web3 White Paper in April. The document underscores Japan’s determination to lead the global market by fostering a business-friendly environment for Web3 innovation.Moreover, Prime Minister Fumio Kishida recently delivered a keynote speech at Japan’s annual Web3 conference, WebX, reaffirming the government’s dedication to establishing a Web3-friendly ecosystem. These initiatives signal Japan’s potential to contribute to the growth of the cryptocurrency and decentralized finance (DeFi) industry.Adaptation to regulationsNEOPIN’s operator Neowiz Partners, formerly known as NEOPLY, became part of the Innovation Programme of the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE), with an aim to become the world’s first regulated DeFi platform. It is also working with the Abu Dhabi Global Market (ADGM) to develop a DeFi regulatory framework for the Gulf nation. In a similar vein, NEOPIN strives to respond quickly to the changing regulatory landscape in Japan to ensure the Korean CeDeFi protocol firmly establishes its presence in the Japanese market.In addition to providing direct and indirect service offerings in Japan, NEOPIN will also invest in and partner with local Web3 projects. One significant step taken by NEOPIN was its participation in IVS Crypto 2023, a high-profile Web3 startup event held in Kyoto in June. At this event, NEOPIN engaged with various Japanese businesses, initiating important connections. Since then, the Korean platform has been making progress in advancing communication and collaborations with Japanese enterprises.NEOPIN as blockchain validatorCollaboration with the Finschia Foundation will also be strengthened to achieve success in the Japanese market. In July, the blockchain mainnet Finschia launched its governance consortium and revealed its members. Within just four hours of the consortium’s launch, NEOPIN, as a governance member, received more than 1 million delegated votes, maintaining its position at the top spot in terms of voting power ever since. The Finschia mainnet was established by Line Tech Plus, a blockchain subsidiary of Tokyo-based messaging app giant Line Corporation.Serving as validators on various blockchains, including Ethereum, Tron, Cardano, and Cosmos, since 2017, NEOPIN has acquired blockchain and technical expertise. Last month, NEOPIN launched liquid staking products for ETH and KLAY, making it Korea’s first blockchain project to introduce an ETH liquid staking product. Liquid staking is a mechanism that allows users to deposit their cryptocurrencies into a staking pool, where they receive liquidity provider tokens in exchange. By holding these tokens, users can further redeposit them to earn additional yield.In light of this development, NEOPIN CEO Kim Yong-ki emphasized the CeDeFi protocol’s global expansion strategy, establishing its bases in the UAE, Japan, and Indonesia. These locations will serve as hubs for NEOPIN’s expansion efforts in the Middle East and Africa, Northeast Asia, and Southeast Asia. Kim added that NEOPIN will leverage its physical and human resources to achieve notable outcomes in the Japanese market.

The Thai government is planning to enable tourists to spend crypto via credit card, according to information revealed by Thailand’s finance minister on May 26.Photo by rc.xyz NFT gallery on UnsplashPichai Chunhavajira, the Southeast Asian nation’s finance minister and deputy prime minister, delivered a keynote speech at an investment seminar in Bangkok in which he outlined that while some countries enable people to purchase goods directly with cryptocurrency, another option is to allow consumers to link their digital assets with other services such as credit cards.  In that way, the consumer can spend crypto through credit card services. English language news outlet The Nation reported that Chunhavajira confirmed that the government is preparing to launch a pilot project that would allow tourists to spend crypto in this manner within Thailand. Seamless conversion from crypto to fiatWith this system, merchants would still receive payment in Thai baht. From the point of view of the user, crypto could be spent but any exchange between crypto and fiat currency would happen seamlessly and automatically via the credit card service provider’s platform.Discussions between officials from the Bank of Thailand and the Ministry of Finance are ongoing with regard to the proposed scheme. It’s understood that similar existing models which have been introduced overseas are being examined. It’s likely that the pilot program is the same as the project that was announced by Chunhavajira in January when he alluded to a program enabled for foreign tourists visiting the Thai tourist resort of Phuket. At that time, it was envisaged that the scheme would adhere to existing legal frameworks and implicate identity verification through a third party service provider, with conversion from crypto to Thai baht to be enabled such that there would be no material difference experienced by merchants. Targeting touristsThis is not the first occasion in which tourists have been targeted by crypto-related initiatives. Earlier this month, it was announced that Binance Pay, a crypto payment service offered by global crypto exchange Binance, had partnered with the government of the Buddhist kingdom of Bhutan to launch the world’s first national-level crypto tourism payment system. In July 2024, the governor of Jeju Province in South Korea advocated for the use of non-fungible tokens (NFTs) and crypto as part of Jeju Island’s tourism strategy. Last December the province announced a digital transformation roadmap that sets out a cashless future. Plans include the introduction of a system for converting digital assets and facilitating payment methods from neighboring countries like China and Japan. However, not all governments have been keen to facilitate tourists in spending crypto. In May 2023, the governor of the province of Bali in Indonesia cautioned foreign visitors to the region against the use of cryptocurrencies as a means of payment for goods and services. Governor Wayan Koster warned that visitors using cryptocurrency for payments could face severe consequences, including criminal penalties and deportation.

Busan Hosts Blockchain Conference with Aim to Become Digital Financial HubBusan Metropolitan City hosted a blockchain conference on Monday as part of its aim to establish itself as a leading digital financial hub, according to Korean news agency News1.©Pexels/BERK OZDEMIRDot-com bubble comparisonDuring the conference, Kim Sang-min, chairman of the Busan Digital Asset Exchange Establishment Committee, highlighted the distortion in the blockchain landscape caused by unfair trading due to market monopolies and subsequent regulatory challenges. He compared the current situation to the dot-com bubble, stating that despite past issues, Korea has become a technological powerhouse. Kim suggested that while there may be challenges in the crypto exchange industry, excessive regulation should be avoided to promote growth.Kang Dae-goo, CEO of crypto exchange Borabit, agreed that many industries face initial growing pains, and the crypto industry is no exception. He urged Korea to join the race with financially-advanced countries promoting cryptocurrency in order to thrive in the digital age.Busan as digital financial centerExperts at the event identified Busan as the city with the greatest potential to become the nation’s premier digital financial center. Kim noted that Busan, which has been designated as a zone with lenient blockchain regulations, houses financial institutions with assets totaling 261 trillion won (~$195 billion) as of 2021. The city also hosts various international events for games and movies, providing ample content to develop virtual asset ecosystems.Kim proposed the establishment of a digital asset exchange that focuses on investor protection, emphasizing decentralization, fairness, and integration. He called for addressing current monopolistic governance practices and resolving unfair practices within crypto exchanges, such as cryptocurrency listing evaluations.More efforts urgedAttendees at the conference suggested that the Busan government and regional banks should take the lead in building infrastructure to attract companies. Kang noted that even though Busan has been designated as a blockchain special zone for four years, 48% of the industry remain unaware of this. He encouraged Busan to step up its efforts, citing examples of other municipalities, such as Incheon, which are actively engaging in various blockchain projects.Kang stressed the importance of public bodies providing infrastructure and support to attract businesses, adding that a business-friendly environment with a proper screening scheme will facilitate self-correction within the blockchain market as problematic companies are gradually filtered out.