OKX and KuCoin lead $9M investment into UXLINK

Asian stocks related to the digital assets sector recorded hefty gains on March 3, in what was a reaction to a social media post published by U.S. President Donald Trump on Sunday.Photo by Markus Winkler on UnsplashCrypto Strategic ReserveThe U.S. president took to Truth Social, a social media platform owned by Trump Media & Technology Group, to state that “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden administration.” Trump added that an Executive Order (EO) that he had issued recently was related to digital assets, directing a recently-formed Presidential Working Group to move forward on the development of a Crypto Strategic Reserve. Trump went on to outline that this reserve would include crypto assets such as XRP, Solana (SOL) and Cardano (ADA).  The post fueled double-digit percentage increases for all three assets. However, it also had an impact on specific stocks listed on Asian markets. Shares in Metaplanet, Japan’s first and as yet only Bitcoin treasury company, closed 21% higher in Tokyo on Monday. The stock surged from its previous trading day close of 3,310 yen to close at 4,010 on Monday. Shares of Japan's Metaplanet closed up 21.15% on Monday, surging to 4,010 yen from the previous close of 3,310 yen within the first hour of trading upon opening. The company also announced on Monday that it had acquired an additional 156 BTC ($13.4 million) to expand its total holdings to 2,391 BTC. Potential U.S. listing for MetaplanetThe company had some developments of its own that may have contributed to the rise in the Metaplanet share price. In a statement published by the company on March 3, it announced that it had purchased an additional 156 Bitcoin. The latest tranche of Bitcoin was purchased at an average price of $85,890. This brings the company’s overall Bitcoin holding to 2,391 Bitcoin. Metaplanet CEO Simon Gerovich posted on X that Metaplanet is “considering the best way to make Metaplanet shares more accessible to investors around the world.” Gerovich made that comment in the context of having explained that the firm was formally invited by the New York Stock Exchange (NYSE) and the Nasdaq to visit so that they could introduce their platforms.   While the Metaplanet CEO is not confirming a U.S. stock listing for the company, it appears that it is something that the firm is considering. Boyaa stock price riseBoyaa Interactive, a Chinese online gaming company that is also the largest publicly listed holder of Bitcoin in Asia, also saw its stock surge on Monday. The company’s stock, which is listed on the Hong Kong Stock Exchange, rose 23%, closing at HK$4.17. The company confirmed that over the weekend, it added an additional 100 Bitcoin to its treasury, bringing its overall Bitcoin holding to 3,350 BTC. Beijing-headquartered OKG Tech, a blockchain technology firm, also experienced a surge in its Hong Kong-listed stock, which rose by over 42% on Monday. Ki Young Ju, CEO of Seoul-headquartered on-chain analytics firm CryptoQuant, warned on X that the crypto market “is increasingly becoming a weapon of the United States.” He added that “coins serving U.S. national interests are likely to work against every country except the United States.”

Bali Governor Warns Tourists of Consequences of Crypto UseAuthorities in Bali have issued a stern warning to foreign tourists, cautioning against the use of cryptocurrencies as a means of payment.Bali Governor Wayan Koster delivered the message during a tourism development press conference on Sunday, stating that individuals who pay with crypto or violate other regulations could face severe consequences, including deportation, criminal penalties, or strict sanctions.Photo by Alfiano Sutianto on UnsplashCrypto use “dealt with firmly”According to reports from state-owned Indonesian news agency Antara, Governor Koster emphasized the need for firm action against foreign tourists who engage in inappropriate behavior, violate their visa permit conditions, attempt to use cryptocurrencies for transactions, or infringe upon other provisions. Koster stated that tourists that violate Indonesian law and use cryptocurrency for payment “will be dealt with firmly.”Indonesian law mandates that all transactions within the country must be conducted in the local currency, the rupiah. Individuals found using alternative currencies can face imprisonment of up to one year and fines of up to 200 million rupiah ($13,300). These regulations were initially implemented to safeguard the rupiah from the widespread use of the U.S. dollar in the country.‘Silicon Bali’In recent years, however, Bali has emerged as a popular destination for crypto enthusiasts, earning the moniker of ‘Silicon Bali.’ The island has witnessed the rise of cryptocurrencies, with the local crypto community even establishing physical spaces such as the clubhouse set up by Indonesian exchange Tokocrypto.While the use of cryptocurrencies as assets is permitted in Indonesia, their use as a form of payment is strictly prohibited. The country also imposes restrictions on individuals engaging in foreign exchange business activities, requiring them to obtain permission from Bank Indonesia.During the press conference, Governor Koster reiterated the regulations, emphasizing that violations would result in administrative sanctions, including written reprimands, fines, and prohibitions on payment transactions.This latest announcement is part of ongoing efforts to curb negative tourist behavior on the island. Bali, heavily reliant on tourism, experienced significant setbacks due to the COVID-19 pandemic and subsequent travel restrictions. With the return of international visitors, new challenges have emerged.Earlier this year, Governor Koster proposed a ban on tourists using motorbikes following numerous traffic violations and accidents. Concerns have also been raised regarding tourists disrespecting local traditions by posing nude in sacred sites or engaging in digital nomad activities without obtaining proper visas.Policy strugglesThe firm stance taken in Bali on cryptocurrency payments aligns with the local administration’s commitment to upholding local regulations and maintaining the stability of the national currency. However, the Governor’s response is further evidence of the struggles that centralized governments and administrations around the world have been having in understanding decentralized cryptocurrency. The default position of many centralized governments has naturally enough been to control it.For that reason, we have seen administrations in places like India who have changed tact several times, sometimes banning crypto while at other times, permitting it. As time goes on, central administrators are beginning to realize that they can’t control it fully. They can only slow down its rate of progress at best.Over the course of the past 26 years, the Southeast Asian country’s sovereign currency has averaged an inflation rate of 9%, peaking in 1998 at a rate of 82%. Against that background, there’s likely to be an ever-growing interest in using decentralized cryptocurrency in the country.

Indian Crypto Platform Mudrex Expands Operations in ItalyMudrex, the Indian cryptocurrency investment platform, has achieved a new milestone by successfully registering to operate in Italy.News of Mudrex’s move into the Italian market emerged via a press release published on Tuesday, as well as through an interview given recently by CEO and Co-Founder Edul Patel to CoinDesk. The expansion into Italy marks a rare international move for Indian crypto entities, which have faced challenges due to stringent taxation policies and the global crypto market’s fluctuations.Photo by Mathew Schwartz on UnsplashGlobal expansion planPatel unveiled Mudrex’s ambitious plan for global expansion, with half of the team actively working on international initiatives. The firm’s journey into the Italian market involved gaining approval for registration with Italy’s Organismo Agenti e Mediatori (OAM), a crucial step for crypto firms operating in the country. This registration, granted on September 1, was a strategic move that the company had been carefully planning. Patel explained:“We just wanted some time to pass after the approval before we made the news public.”Coin Sets and thematic indexesDespite having only one million registered users, Mudrex stands out as one of India’s largest crypto platforms. It offers a unique investment approach, focusing on index investing through Coin Sets, an innovative alternative to speculative trading. These Coin Sets encompass various categories, including small, mid, and large-cap assets, as well as Bitcoin (BTC) and Ethereum (ETH). Additionally, Mudrex provides thematic indexes that cover layer one and layer two solutions, NFTs, metaverse projects, and Dow trackers.“While India is our home and where we initially grew, our international customers have told us that investment products in their regions lack diversity,” Patel noted. “We believe that our product is unique and offers distinct advantages.”Mudrex was established in 2018 in Bengaluru while also establishing an office in San Francisco. Alongside Patel, its other Founders included Alankar Saxena as CTO, Rohit Goyal in the role of VP of DeFi, and Prince Arora as VP of Engineering.In 2021 it raised $2.5 million in funding with a view towards launching crypto mutual funds and ETFs. It followed that up in 2022 when it raised $6.5 million in a pre-series A funding round, supported by Y-Combinator, Arkham Ventures, and Tribe Capital.The firm participated in what has become a crypto platform trend over recent months by incorporating an AI chatbot into its platform in June to assist platform users when it comes to learning about crypto.Lithuanian trading licenseMudrex’s expansion into Italy was facilitated by the company’s prior fulfillment of EU operating requirements. The company had obtained a license in Lithuania less than a year ago, enabling it to navigate the EU regulatory landscape efficiently. During the six months of pursuing registration in Italy, Mudrex’s presence in the EU grew substantially, with user numbers increasing from approximately 5,000 to 17,000.With its foothold established in Italy, Mudrex now seeks to make its investment products accessible through various registered entities, including banking partner apps. Patel confirmed ongoing discussions with potential partners, further signaling the company’s commitment to expanding its global footprint.