Thailand’s SEC takes legal action against former Zipmex CEO

Conan Korea has launched an open beta service for OceanDrive, a desktop platform that contains a network of decentralized computer storage for users to share and explore their digital assets, according to an article published by South Korean news outlet Asia Times on Monday (KST). In comparison to cloud storage, which is subject to service provider policies, has no reward system, and relies on centralized servers, OceanDrive distributes storage across multiple nodes, is equipped with user-controlled access and encryption, and provides incentives for participation and contribution.Photo by Shubham's Web3 on Unsplash"The blockchain market is currently transitioning from NFTs to decentralized physical infrastructure networks (DePIN), which combines digital currency and physical infrastructure. OceanDrive is a platform optimized for the DePIN paradigm and is now making its market debut after four years in development,” explained Pyo Se-jin, CEO of Conun Korea.  Global collaborationThe project aims to create a vast network of storage resources scattered across the globe, all while providing users with cost efficiency, rewards and opportunities for collaboration and sharing of knowledge.  "We hope that this open beta service will give people a chance to experience OceanDrive’s user-friendly system and recognize its difference from cloud storage," Conun Korea said. "We are currently working on implementing OceanDrive into a popular Korean fashion boutique as well as a major online educational institution."      2024 plansThrough this open beta service, the company plans to build a blockchain network infrastructure platform of the highest quality by overcoming the shortcomings of OceanDrive and maximizing its advantages so it can be used not only domestically, but abroad as well.

Thailand’s Securities and Exchange Commission (SEC), the Southeast Asian nation’s securities regulator, is believed to be considering moving towards approving spot Bitcoin exchange-traded fund (ETF) products.  In an interview with Bloomberg, the Thai SEC’s Secretary-General, Pornanong Budsaratragoon, said that the agency is weighing up whether to allow individual investors and institutions to access spot Bitcoin ETFs. Budsaratragoon stated: “We have to adapt and ensure that our investors have more options in crypto assets with proper protection.”Photo by Photo By: Kaboompics.com on PexelsMoving along with global crypto adoptionJanuary 10 marked the first anniversary of the approval of spot Bitcoin ETFs in the United States. Given that the U.S. is home to the world’s largest capital markets, that decision has had an impact internationally. That reality is borne out by one of Budsaratragoon’s comments. She stated: “Like it or not, we have to move along with more adoption of cryptocurrencies worldwide.” While the SEC Secretary-General’s comment suggests that she feels a compulsion to move forward in line with developments elsewhere, that wasn’t the agency’s position in January 2024 following spot Bitcoin ETF approval in the U.S.  Shortly afterwards, the regulator, alongside its regional counterpart in Singapore, outlined that it had no plans to approve the product in Thailand, stating: "The SEC has been following these developments closely but we do not have a policy to allow spot Bitcoin ETFs to be established in Thailand for the time being.” Initial access to overseas productsIn March of last year, the agency had warmed to the Bitcoin ETF product offering to a greater extent, by approving access to such products listed overseas to high-net-worth individuals and institutions. Off the back of that approval, One Asset Management (ONEAM) launched a fund of funds in June 2024, enabling Thai investors to gain exposure to Bitcoin ETFs which had been publicly listed overseas. Back in October, Nirun Fuwattananukul, CEO of Binance Thailand, stated in an opinion piece published by the Bangkok Post that he felt that the Thai crypto market was moving from retail towards a focus on the institutions. He stated:“By allowing more institutional funds to participate, the SEC is enabling a diverse range of investment strategies and helping digital assets gain broader acceptance in the mainstream.” Fuwattananukul suggested that the local regulator had made some changes on Oct. 9, paving the way for institutional-grade mutual and private funds to invest in crypto products. The approval of locally listed Bitcoin ETF products would broaden investor access to digital assets in Thailand, particularly in relation to institutional investors, which is in line with the thinking of the Binance executive. Earlier this month, Thailand’s Deputy Prime Minister, Pichai Chunhavajira, announced that a pilot program was being launched to help foreign tourists pay for goods and services using crypto within the Thai resort city of Phuket.  Meanwhile, former Thai Prime Minister Thaksin Shinawatra expressed a bullish view on crypto in a speech he made in Bangkok last week. Shinawatra called on the country’s institutions to be more open to cryptocurrency, while citing regulatory developments in the U.S. relative to the emerging asset class.

Zodia Custody Expands Its Custodial Services to SingaporeDeveloping crypto business hub Singapore has added another player to its list of local crypto sector participants with the arrival of digital asset custodial services provider Zodia Custody.The London-headquartered institution-first digital asset custodian is setting up shop in Singapore. Zodia Custody is backed by Japan’s SBI Holdings, alongside prominent financial services firms Standard Chartered and Northern Trust. Through this move, outlined in an article published by CNBC on Monday, it’s now targeting financial institutions in Singapore for the digital asset custody services it offers to that cohort.Photo by Kin Pastor on PexelsWell-timed expansionIt’s understood that Zodia has ambitious growth plans relative to the Asia-Pacific (APAC) region. In May, the firm entered the Middle Eastern market, establishing a presence in Dubai. The firm’s timing is prescient relative to Singapore, as the custodian is responding via its Singapore expansion to an increasing demand coming from institutions seeking robust digital asset custodianship services.The expansion also coincides with the Monetary Authority of Singapore’s (MAS) recent efforts to foster a well-defined digital asset ecosystem. Of late, the MAS introduced a comprehensive framework that encompasses the use of digital currencies, including central bank digital currencies and stablecoins. Moreover, MAS has proposed draft legislation that outlines the safeguarding of digital assets, signaling the pivotal role custodial services are set to play in Singapore’s evolving digital asset landscape.The firm has established a specific local entity, Zodia Custody (Singapore) Pvt. Limited, appointing Kai Kano, the former Managing Director of rival digital assets custodian Bitgo, as the new company’s CEO.Speaking on the subject of the firm’s Singapore market entry, Julian Sawyer, the CEO of Zodia Custody, stated:“Singapore is no stranger to digital assets, having long been a hub for financial technology innovation. But even in a mature market, challenges remain. Having been created by Standard Chartered Ventures, we have a deep understanding of institutional needs and requirements not just to enter the space but thrive within it. As we engage with the local ecosystem, we’ll be providing market participants with cutting-edge technology, bank-level compliance, and governance to accelerate their digital asset adoption journeys.”Strategic partnershipsIn the past year, Zodia Custody has established strategic partnerships with industry leaders such as LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. These collaborations are driven by Zodia’s market-leading Interchange offering, which equips institutions with enhanced risk management, secure custody, and solvency protection.The expansion into Singapore marks the latest milestone in Zodia Custody’s global growth strategy. Over the past year, the custodian has expanded into Japan through a joint venture with SBI Digital Asset Holdings and into Luxembourg, where it operates as a registered virtual asset service provider (VASP). This move into Singapore follows a successful US$36 million Series A fundraising round.Meanwhile, its sister company Zodia Markets, which is totally segregated from Zodia Custody, made the news in crypto circles earlier this month when it achieved in-principle approval in Abu Dhabi for a broker-dealer license.