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Gemini Announces Singapore Expansion PlansGemini, the US-based cryptocurrency exchange and custodian, has announced its plans to expand its team in Singapore over the course of the next 12 months.Photo by Pixabay on Pexels100 new hiresGemini made the announcement by way of a blog post published to its website on Monday. In that post, the company outlined that it intends to add over one hundred new hires over the course of the next year. Gemini aims to focus on the Asia-Pacific (APAC) market, which it believes will play a crucial role in its next phase of growth.Indian engineering hubIn addition to its Singapore expansion, Gemini is actively working on setting up an engineering center in Gurgaon, India. Back in April, the firm’s newly appointed Chief Technology Officer and APAC region CEO, Pravit Tiwana, announced the intention of establishing the India-based engineering center. An intention to expand the Singapore base was also suggested at that time, with the company now following up with firm expansion plans.This engineering hub in Gurgaon is expected to become the second largest for Gemini, after its operations in the United States. By expanding its engineering capabilities, Gemini aims to bolster and support its global operations effectively.APAC to drive crypto growthGemini sees the APAC region as the driving force behind what it termed “the next wave of growth for crypto.” The exchange plans to use its Singapore office as a hub from which to run broader operations in APAC.This strategic move follows Gemini’s addition of support for the Singapore dollar (SGD) three years ago, enabling local residents to access cryptocurrencies directly using their native currency. The expansion plan provides Gemini with the potential to capitalize on the growing opportunities within the APAC market, further establishing a foothold in a significant regional market.Gemini’s decision to focus on international expansion aligns with the growing trend among cryptocurrency companies. Regulatory pressures in the US crypto market have escalated, exemplified by recent lawsuits filed by the US Securities and Exchange Commission (SEC) against major exchanges like Binance and Coinbase.These circumstances have prompted many companies to seek opportunities beyond the United States. In particular, exchanges are looking for markets with clearer regulatory landscapes and significant growth potential. Hong Kong, Singapore, and several European countries have emerged as attractive options.Coinbase, one of the largest cryptocurrency exchanges globally, has also followed a similar path to Gemini by expanding its services in Singapore. Singapore’s reputation as a crypto-friendly financial hub makes it an attractive location for such expansion efforts.Gemini’s decision to expand its team in Singapore and its focus on the APAC market reflects a strategic approach to capitalize on the increasing global demand for cryptocurrencies. By establishing a strong presence in key international markets, the company has found a workaround for the current impasse in the United States with regard to the lack of sane, workable regulation.The company has identified a region that is taking a more accommodating approach, while recognizing the APAC region’s potential as a significant driver of growth and is proactively positioning itself to tap into the region’s expanding crypto market.

Siam Commercial Bank (SCB), Thailand’s oldest bank and fourth-largest lender, has launched a cross-border payments service which depends upon the use of stablecoins.  The project is the culmination of a collaboration between SCB, SCB 10X, the disruptive technology investment arm of the SCBX Group, payment solutions provider Lightnet and blockchain development platform Fireblocks. It has successfully completed its testing phase within the Bank of Thailand’s regulatory sandbox, moving forward to the commercialization phase. According to Indian news portal Business News This Week, SCB launched the cross-border payments solution on October 16 in an effort to get out ahead of its TradFi peers relative to banking and financial services innovation.Photo by allPhoto Bangkok on PexelsFaster with lower costsThe service will enable 24/7 transfers on an international basis for the bank’s retail users. In accessing the service, users may use local currency to make transactions. Ordinarily cross-border payments implicate a number of steps in order to complete clearance, including the need to effect a currency conversion. Furthermore, banks need to maintain nostro/vostro accounts with foreign banks to complete such transfers.  In this instance, the bank is claiming that transactions using the service will be much faster than existing cross-border transfer options. The clearance and settlement process will be far more efficient in terms of the time required and the liquidity requirements. Pre-funding required in the legacy process has been eliminated, reducing capital requirements, while operational costs have also been reduced. SCB’s First Executive Vice President and Head of Digital Juristic and Payment, Thanawatn Kittisuwan, commented on the development, stating: “By integrating blockchain technology, the project promises a more efficient, reliable, and accessible solution for cross-border transactions. By leveraging blockchain technology and stablecoins, we are making cross-border remittances more efficient, reliable, and accessible for everyone. SCB has a long-standing tradition of embracing innovative technologies to enhance our financial services. This latest collaboration with Lightnet and Fireblocks builds upon SCB’s history of pioneering fintech solutions. ” Improved customer experienceLightnet CEO Tribodi Arunanondchai suggested that the new service will provide significant improvements to customers’ experience in cross-border money transfer. He added that the service “promotes financial inclusion as there is a lower capital requirement per transaction,” while strengthening Thailand’s position as an ASEAN (Association of Southeast Asian Nations) financial hub.  SCB and Lightnet first partnered in 2020. At that point, the duo envisaged that there was scope to cooperate in order to facilitate payment processing and frictionless real-time remittances to Thailand from any point overseas with low fees. Lightnet relies upon the Velo Protocol to enable its remittance services. Back in 2022 the firm received a $50 million commitment from LDA Capital, with Lightnet earmarking the funding to boost cross-border payments over the Velo protocol. For its part SCB has demonstrated its interest in crypto beyond this Lightnet collaboration. In 2023 the bank struck a deal with South Korean crypto venture capital firm Hashed, with the objective of pooling resources and researching and exploring how best to deploy any research outcomes relative to the company’s affiliates. The bank has also been involved in developing an application for Thailand’s central bank digital currency, the digital baht.

Crypto Travel Rule solutions provider CODE obtains ISO 37301 certificationCODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit, announced on Wednesday (local time) that it has obtained the ISO 37301 certification for compliance management systems (CMS) from the Korea Compliance Initiative (KCI).Photo by Héctor J. Rivas on UnsplashBoosting complianceISO 37301 is an international standard that outlines the requirements and guidelines for an organization in establishing, developing, implementing, evaluating, maintaining and improving a CMS. It provides a framework for organizations to ensure that they are following all relevant and applicable laws, regulations, codes of conduct and more to exercise good governance, transparency and accountability.CODE has taken the initiative to bolster its CMS to provide more secure and reliable Travel Rule solutions by analyzing and managing compliance risks. The firm’s CEO Lee Sung-mi is responsible for overseeing these efforts as the recently appointed head of compliance. Through these measures, the company explained that it has been capable of building a system to comply with strict international standards.The Travel Rule under the Financial Action Task Force’s (FATF) Recommendation #16 outlines that virtual asset service providers (VASPs) must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.CODE is also running mandatory training sessions and various programs for all employees to ensure adherence to compliance requirements. In particular, the firm operates a system to monitor Travel Rule compliance risks that may arise during cryptocurrency deposits and withdrawals.“Beyond establishing a robust compliance management culture as a Travel Rule solution provider, we will continue to work with our corporate members to ensure that this culture can be more widely adopted across the crypto industry,” said Lee Sung-mi.Contributing to anti-money launderingCODE has also recently teamed up with global blockchain analytics and crypto compliance solutions provider Elliptic to help Korean VASPs adapt to the evolving international regulatory landscape for anti-money laundering (AML) and the crypto Travel Rule.