Crypto exchange Flybit passes post-audit for ISMS-P certification

TRYB Emerges as Turkish Alternative to Dollar-Pegged StablecoinsIn a market typically dominated by dollar-backed stablecoins like Tether (USDT) and USD Coin (USDC), a new player has emerged in Turkey to operate alongside those dominant stablecoins.According to a report by CoinDesk on Friday, BiLira’s TRYB stablecoin, pegged to the Turkish lira (TRY), has rapidly climbed the ranks to become the world’s second-largest non-US dollar-pegged stablecoin. It currently trails Tether’s euro-pegged EURt, which according to Coingecko data, currently holds a market cap of $221 million. In just three weeks, TRYB has skyrocketed, quadrupling its market cap to $136.10 million.Photo by Oleksandr P on PexelsMarket cap volatilityHowever, TRYB's market cap had fallen off a cliff on Friday, dropping from $135 million earlier in the day to $40 million. TRYB, an Ethereum-based stablecoin, offers a unique proposition in that it is pegged to the Turkish lira, allowing users to exchange 1 TRYB for 1 TRY. The stablecoin offering, which is administered by Istanbul-based BiLira, is underpinned by 100% fiat reserves held in Turkish banks.The Turkish lira has earned its reputation as one of the most volatile fiat currencies globally, often experiencing fluctuations against the US dollar. Over the course of the last five years, the currency has lost 94% of its value when benchmarked against the performance of the US dollar.In response to this volatility, TRYB has found its purpose as a medium of exchange. It can act as a gateway to transition user’s Turkish lira into cryptocurrencies and vice versa. This trend aligns with the global use of stablecoins as the foundation of crypto trading pairs, providing traders with a stable asset while sidestepping fiat currency’s unpredictability.Exiting the liraThe US Federal Reserve acknowledged the significance of stablecoins in December 2022, highlighting their role in facilitating crypto trades, serving as collateral for crypto loans, and minimizing inefficiencies tied to fiat-to-crypto conversions. In fact, stablecoins account for over 80% of the trading volume on centralized exchanges, attesting to their pivotal role in the crypto ecosystem.It’s likely that the Lira-pegged stablecoin will act as a means to access other cryptocurrencies and US dollar-pegged stablecoins like USDT and USDC, rather than be considered as a rival or replacement. That’s by virtue of the ongoing difficulties of the Turkish sovereign currency which it tracks. So long as the lira continues to erode in terms of buying power, it’s likely that citizens will be looking for avenues to escape from that erosion of value.Increased interest in cryptoGiven this monetary backdrop in Turkey, it shouldn’t surprise anyone to learn that interest in crypto is on the rise. In a recent report published by Seychelles-based cryptocurrency exchange KuCoin earlier this week, a significant increase in the number of crypto investors in Turkey over the course of the past eighteen months has been identified.The report found that 52% of the adult Turkish population have participated in crypto-related investments. Over the past 18 months, the number of Turkish adults embracing crypto has risen to that 52% level from 40%.

Taiwan’s Financial Supervisory Commission (FSC), the independent government agency that regulates activity within Taiwan’s securities, virtual assets, banking and insurance sectors, is planning to invite applications from financial institutions to participate in a crypto custody services pilot program, scheduled to commence in Q1 2025. The Central News Agency (CNA), the national news agency of the Republic of China, published a report on Oct. 8, outlining the FSC’s intentions with regard to this crypto custody pilot program. The media outlet confirmed that three Taiwanese banks had expressed an interest in participating in the program.  The Director of the FSC’s Comprehensive Planning Division, Hu Zehua, outlined at a press conference that the regulator is planning to provide further information relative to the pilot program 15 days in advance of inviting applications from prospective participants. Photo by 張 峻嘉 on UnsplashPublic consultationAdditionally, the FSC executive outlined that the regulator intends to collect feedback from the public relative to the proposed pilot program, and fine-tune the process based upon that feedback. Hu stated that he recognizes that based on crypto custody activity carried out overseas, operational security is of paramount importance. Therefore, the FSC is interested in placing emphasis on this aspect of the activity as part of the pilot program.  Illicit funds and money laundering is another area of concern. With that the FSC executive outlined that financial institutions must proactively block virtual assets that are found to originate from illicit sources. In August a Taiwanese couple was indicted for laundering around $50 million in illegal funds through cryptocurrencies. Earlier this month, the FSC revised Taiwan’s regulatory framework relative to anti-money laundering (AML). The update now requires digital assets firms to register with the Taiwanese government by no later than September 2025. Failure to do so may result in these crypto companies being fined up to $156,000 or company executives facing up to two years in prison. Bitcoin, Ethereum and Dogecoin mentionedPilot program applicants will be expected to specify the type of digital assets they intend to custody. Explanatory information released by the FSC gave Bitcoin, Ethereum and Dogecoin as examples. Additionally, applicants are required to outline the type of client they will cater towards in providing a crypto custody service. Among the examples mentioned were virtual asset platforms, professional investors and general investors. The FSC announced at the end of last month that professional investors are now permitted to access foreign virtual asset exchange-traded funds (ETFs) and invest in them through a re-entrustment method. Taiwan has been making progress recently in bringing about regulatory clarity and establishing conditions within which Web3 companies can develop. The FSC had been working towards the production of draft crypto regulations over recent months. This followed a move by Taiwanese legislators in October 2024 to introduce the Virtual Asset Management Bill to parliament, with the objective of strengthening customer protections and establishing industry supervision. In September, the regulator released guidelines, including a measure which bans overseas crypto platforms from operating within the country. 

Bitgamo Set to Launch 150 Crypto ATMs in AsiaIn a press release published on Monday, Luxembourg-registered crypto startup Bitgamo outlined its intention to roll out crypto ATMs across Asia.Photo by Monstera Production on PexelsAsian network rolloutDescribing itself as a no KYC (Know Your Customer) exchange for crypto-to-fiat transactions, the firm has the intention of embarking on a crypto expansion initiative that will see it deploy 150 crypto ATMs across key Asian markets.The press release quotes “official sources” as having confirmed that these crypto ATMs will be operational across the region by February 2024. The firm intends to locate the machines within markets such as Australia, Japan, Hong Kong, and Indonesia.European expansionIn alignment with its growth strategy, Bitgamo has also unveiled plans to introduce an additional 75 cryptocurrency ATMs across Europe over the course of 2024.Founded in 2020, Bitgamo claims that its objective is to address privacy concerns while promoting the adoption of cryptocurrencies in regions where acquiring and holding digital assets can be challenging.Gabriel Weber, the company’s Director of Communications, expressed his excitement about the expansion initiative. He stated:“We are thrilled to be able to offer this innovative service in Australia, Japan, Hong Kong, and Indonesia. The addition of our ATMs will make it super easy for users to sell crypto, and we are confident that they will be valuable resources for the thriving crypto communities in these countries.”No KYCThe crypto exchange and ATM business claims to offer a no KYC exchange policy, which sets it apart in an increasingly regulated landscape. As a Luxembourg-registered entity, Bitgamo classifies cryptocurrencies as commodities, adhering it says, to the legal framework of its home country.While the convenience of a no KYC approach is evident, it appears to be going against the current trend and recent regulatory pressures. Earlier this year Seychelles-based cryptocurrency exchange KuCoin implemented mandatory KYC. Bitget, another Seychelles-based exchange, followed suit earlier this month, while another Asia-centric exchange, OKX, has tightened its KYC policy.Online concernBitgamo isn’t well known and with that, this recent announcement has sparked some in the crypto community to express doubt. One individual on crypto-Twitter wrote: “This is a scam…don’t fall for it!” . . . “Raising awareness as their paid press releases are currently doing the rounds, trying to lure in victims.”Meanwhile, a YouTuber called “Negocios TV” urged caution relative to what it described as a possible scam. It’s certainly true to say that there’s very little information in the public sphere relative to Bitgamo and with that, market participants will need to do their own due diligence. Equally, we are not aware if these concerns are real or misplaced.If the offering is in fact legitimate, then it’s a very positive development. Crypto ATMs have often acted as the first touch-point for many individuals in accessing digital currency. Recent years have seen a considerable increase in the global network of crypto ATMs, offering those who want to onboard into the crypto sphere easy access to doing so and possibly purchasing their first digital currency.