Axie Infinity co-founder suffers $9.5M loss in wallet hack

The Turkish Lira (TRY) has become the third largest fiat currency by volume in the cryptocurrency market, according to a report by Kaiko. This milestone was reached as TRY's share of the crypto market hit an all-time high of 19% in early June. The increase in volume is attributed to the country's economic challenges, notably its high inflation rate, which has surpassed 70%, making the lira one of the most volatile fiat currencies globally.Photo by Afdhallul Ziqri on UnsplashFactors influencing the increaseThe shift in the Turkish lira's position in the crypto market is partly due to increased foreign exchange volatility and currency devaluation, common catalysts for cryptocurrency adoption in developing economies. Additionally, geopolitical factors such as a record number of elections and diverging monetary policies have intensified market fluctuations. This environment has favored cryptocurrencies like Bitcoin, which reached new highs against the lira in recent months. For instance, Bitcoin escalated to 2.3 million TRY in March from 979,000 TRY in October 2023. The recent adjustments in cryptocurrency trading platforms, particularly Binance's delisting of certain fiat trading pairs due to banking issues, have also increased the dominance of TRY in crypto transactions. This series of events underscores the growing interconnection between traditional and digital finance markets, highlighting the increasing role of cryptocurrencies in regions facing economic instability. 

Blockchain Council Exec: Philippines Poised for Crypto AdoptionDonald Lim, the Founder of the Blockchain Council of the Philippines (BCP), believes that the country has all the necessary elements for mainstream crypto and blockchain adoption.In a recent interview with Cointelegraph, Lim discussed the potential for crypto adoption in the Philippines and explained why he is optimistic about the success of blockchain projects in the country.Photo by Krisia on PexelsFinding its place in blockchainAccording to Lim, the BCP recognized the global shift towards Web3 and organized the Philippine Blockchain Week to explore the ecosystem’s potential. That activity revealed to the organizers that the country has a vibrant community eager to find its place in the world of blockchain. Lim expressed confidence in the Philippines becoming the blockchain capital of Asia, citing the country’s technical expertise, young population with a median age of 25, and its ability to adapt quickly, as demonstrated by the popularity of the play-to-earn game Axie Infinity.Crypto interestAxie Infinity, a play-to-earn blockchain game, gained significant traction in the Philippines in 2021, with 40% of its player base coming from the country. This increased awareness of Web3 concepts and the creation of crypto wallets. Additionally, research carried out recently suggests the Filipinos are among the most interested in crypto in the region.Lim noted that international organizations have been eager to enter the Philippine market due to favorable demographics and the government’s open stance on crypto and blockchain. The executive emphasized that the government is not seeking to stifle innovation in the sector. On the contrary, it welcomes blockchain and Web3 projects, creating an environment conducive to their growth.Ethan Rose, founder of Pouch, a wallet service supporting the Bitcoin Lightning Network in the Philippines, corroborated this sentiment. Pouch has successfully onboarded over 400 businesses in the country to accept Bitcoin payments. While the onboarding of Filipino merchants into the crypto space is a positive step, Lim believes that it will take time before living solely on Bitcoin or crypto becomes a reality.Adoption inevitableHowever, he remains optimistic about the future, stating that it is only a matter of time before crypto adoption snowballs into something more significant.Lim highlighted the need for infrastructure development, expecting it to mature within the next four to five years. As the infrastructure improves, crypto will not only be used for payments but also for activities such as purchasing non-fungible tokens (NFTs) and participating in the metaverse. This comprehensive adoption will pave the way for a crypto-powered future in the Philippines.Philippine regulator, the Securities and Exchange Commission (SEC), recently delayed publication of its crypto regulatory framework. However, it appears that the move stems from an abundance of caution in getting the regulation right. Earlier this year, Robert De Guzman, Head of Legal Compliance at Philippines-based cryptocurrency exchange, Coins.ph, expressed his optimism that the authorities are developing a progressive regulatory framework for crypto in the Southeast Asian country.The Philippines shows promising potential for crypto and blockchain adoption, fueled by its young population, technical expertise, and supportive government. As the infrastructure continues to evolve, crypto adoption is expected to expand beyond payments, encompassing various aspects of the digital economy.

AsiaNext Secures Market Operator License from Singapore’s MASThe Monetary Authority of Singapore (MAS) has granted regulatory approval to AsiaNext, officially designating it as a Recognized Market Operator (RMO).The firm announced the milestone achievement via a blog post published to its website on Wednesday. The license opens the doors for AsiaNext to operate as a digital asset exchange exclusively catering to institutions, including banks, family offices, asset managers, broker-dealers, prime brokers, hedge funds, and market makers.This RMO license, granted by MAS, complements the in-principle approval of the Capital Markets Services (CMS) license awarded to AsiaNext in June. AsiaNext, under the leadership of its CEO, Chong Kok Kee, has positioned itself as an institutional-grade exchange with a focus on compliance and risk management.Kok Kee expressed his elation at receiving the full RMO license from MAS, emphasizing that the AsiaNext team has constructed an institutional-grade exchange governed by stringent compliance and risk management standards, not only for their organization but also for the various asset classes traded on their platform.Photo by Davis Sánchez on PexelsPivotal and positive industry shiftRecent months in Singapore, Hong Kong, Dubai, and other centers geared towards progressive regulation have demonstrated a pivotal shift in the industry, as responsible contributions to a secure digital asset ecosystem are now better poised to advance the mainstream adoption of digital assets.Chua Kah Hau, Chief Compliance Officer at AsiaNext, reiterated the company’s dedication to upholding the highest standards of regulatory compliance and corporate governance, aiming to provide a fair, orderly, and transparent marketplace where institutional investors can confidently reap the benefits of digital assets.Amidst the growing institutional appetite for trading digital assets, AsiaNext’s role is significant. There is a noticeable scarcity of regulated and secure platforms to satisfy this demand, making AsiaNext’s presence crucial in meeting this market need.AsiaNext originated as a joint venture between SBI Digital Asset Holdings and SIX Group in 2021. Now, holding both the RMO and CMS (in-principle) licenses, the firm is well-equipped to provide integrated listing, trading, and post-trade services for digital assets.Fernando Luis Vázquez Cao, CEO of SBI Digital Asset Holdings, highlighted Singapore’s favorable regulatory environment, stating: “The regulatory environment in Singapore is favorable for fintech firms, which is why we have selected it as the headquarters for AsiaNext. The nation’s commitment to fostering innovation and worldwide recognition of Singapore’s economic potential as a global digital asset trading hub have been pivotal factors in our decision.”Colt Technology partnershipIn a strategic move, last month AsiaNext partnered with Colt Technology Services to leverage its suite of secure, high-performance digital infrastructure solutions, including Multicast Market Data in the Cloud and PrizmNet.The partnership is set to facilitate high-frequency trading of various digital securities and crypto derivatives trading on AsiaNext. Notably, AsiaNext stands as the first institutional-grade digital exchange to utilize Colt Multicast Market Data in the Cloud, providing a unique solution to connect buyers and sellers.This connectivity breakthrough aims to bridge the gap between mainstream finance and secure digital assets trading, coming at a time of rapid growth in digital asset trading in Asia and significant global investment in the region’s crypto markets.