Thailand approves crypto income tax exemption

Token Cat Limited, a Nasdaq-listed Chinese automotive marketplace formerly known as TuanChe Limited, has approved a new digital asset investment policy that will allow the company to deploy up to $1 billion into cryptocurrencies as part of its treasury strategy. In a press release distributed via Chainwire, the Beijing-headquartered company said its board of directors signed off on a Crypto Asset Investment Policy authorizing the use of a portion of its cash reserves to acquire selected tokens under internal risk-management controls. Any purchased assets will be held with third-party custodians rather than managed in-house, the company said.Photo by Precondo CA on UnsplashThe initial allocation will focus on tokens tied to newer projects in areas such as artificial intelligence, RAW-to-chain infrastructure, and token–equity hybrid models. Further deployments will be evaluated over time and will remain subject to additional board approval, according to the statement. The policy will be implemented under the oversight of Sav Persico, who was recently appointed chief operating officer. Token Cat said he brings decades of experience in technology and blockchain-related businesses and emphasized that the initiative reflects a long-term approach to digital assets rather than a speculative trade. China’s regulation and softer DAT inflowsToken Cat’s decision comes even as China’s central bank continues to stress that crypto-related business activity remains off-limits domestically. According to Reuters, the People’s Bank of China (PBOC) recently reiterated that services involving virtual assets constitute “illegal financial activities” and highlighted that cryptocurrencies do not have the legal status of fiat currency. The statement was issued against the backdrop of what the central bank characterized as a renewed pickup in speculative crypto trading and broader concerns about financial risks. Beyond China, Token Cat’s move fits into a wider trend of companies experimenting with so-called digital asset treasuries (DATs), in which companies commit varying portions of their balance sheets to crypto. Those strategies, however, have seen softer momentum in recent months. Cointelegraph, citing data from DefiLlama, reported that DATs drew about $1.32 billion in fresh capital in November, the lowest monthly intake of 2024. Bitcoin-focused DATs accounted for the bulk of that activity with roughly $1.06 billion of inflows, while Ethereum-based DATs saw about $37 million in outflows. Bitwise chief investment officer Matt Hougan said on X that DATs have generally moved in tandem over the past six months, but he expects that pattern to change as investors begin to differentiate between firms with clearly articulated strategies and those without. He said a limited number of DATs could emerge with more resilient valuations, while others may continue to trade at persistent discounts. Biotech Sonnet advances HYPE-token planDespite the recent slowdown in inflows, new corporate efforts to gain exposure to digital assets continue. One example is Sonnet BioTherapeutics Holdings, a North Carolina–based biotechnology company developing immuno-oncology drugs. On Dec. 2, Sonnet said its shareholders had approved a proposed business combination with Hyperliquid Strategies Inc. (HSI) and Rorschach I LLC. That vote followed an agreement reached in July for Sonnet to merge with Rorschach to form Hyperliquid Strategies, a new entity expected to hold roughly 12.6 million HYPE tokens valued at about $583 million, along with at least $305 million in cash, for a projected combined value of $888 million. Hyperliquid is a decentralized exchange (DEX) built on its own layer-1 blockchain. Its native token, HYPE, has a total supply of one billion and is used for network governance, staking, and smart contract functions on HyperEVM, the platform’s EVM-compatible environment. Sonnet’s move, together with Token Cat’s newly adopted investment policy, adds to a steady stream of corporate initiatives testing the role of digital assets in balance-sheet management. With companies ranging from biotech firms to automotive marketplaces exploring similar strategies, the coming months will show whether crypto holdings can establish themselves as durable components of corporate treasuries. 

Stables Money, an Australian platform that claims to be on a mission “to make stablecoins usable for everyday use,” has partnered with Philippines-based digital assets platform Coins.ph to use the latter’s peso-pegged stablecoin (PHPC) for remittances. Peso-denominated stablecoinIn a press release published to the Coins.ph website on Aug. 28, the firm laid out details of the deal. PHPC is a retail stablecoin which is backed by Philippine peso-denominated cash reserves and pegged to the peso on a 1:1 basis. The stablecoin was launched by Coins.ph in July.  It’s an ERC-20 token which runs on the Ethereum virtual machine (EVM)-compatible Ronin blockchain network. The stablecoin was accepted into the Bangko Sentral ng Pilipinas’ regulatory sandbox in May.Photo by Aeron Oracion on Unsplash$35 billion in remittancesThe Philippines has always been seen as a lucrative remittance market due to the high number of Filipinos who work outside of the country, sending funds home to family on a regular basis. In 2020, remittances back to the Philippines from overseas were just shy of $35 billion, according to data from the World Bank. It appears that Australia’s Stables Money has identified this opportunity, with the company entering the Philippine market back in March. The Philippine peso already accounts for over 25% of all outward transactions sent via the platform. Stables Money CEO Bernardo Bilotta spoke to the opportunity that the company is trying to exploit. He stated: "Recognizing the Philippines as a key player in global remittances, we expanded to deliver smooth PHP transactions. With 28.44% of our send transactions now in PHP, this move highlights our commitment to making cross-border payments hassle-free for those sending money to the Philippines.” Coins.ph has the intention of engaging in further industry partnerships in an effort to expand the reach of PHPC. That will mean additional collaborations with crypto exchanges, digital asset wallet providers and those financial institutions who are increasingly delving into the world of stablecoins. Commenting on this latest development, Wei Zhou, Coins.ph CEO, stated:”We’re encouraged to see growing adoption of PHPC among our user base. Our partnerships with Stables and Ronin underscore the vast potential of PHPC in cross-border transactions, trading and other financial activities.” Stables has also made efforts to expand through the use of Circle’s USDC stablecoin. Last month, it partnered with global payments card platform Mastercard in a collaboration which facilitates Stables users in purchasing goods using USDC at locations across 27 European countries where Mastercard is accepted. The firm’s partnership with Mastercard dates back to March 2023 when it entered into a similar collaboration relative to the Asia-Pacific region. Previous peso-based stablecoin projectsCoins.ph is not the first entity to try and drive adoption of a Philippine peso-based stablecoin. The Southeast Asian country’s UnionBank launched a similar product back in 2019. However, the product failed to find product-market fit and ultimately, it was withdrawn from the market. The company tried once again in 2022, attempting to launch a similar product through its digital bank subsidiary UnionDigital, in an effort that seems to have failed. More recently still, UnionBank subsidiary company UBX launched a peso-based stablecoin on Polygon back in March.

Hyperithm, a digital asset management firm based in Tokyo and Seoul, has invested in JPYC Inc., the issuer of JPY Coin (JPYC), the first stablecoin pegged 1:1 to the Japanese yen. First launched in January 2021, JPYC is a legal Prepaid Payment Instrument in Japan that is issued on various blockchains, including Ethereum and Polygon. The total figure for the investment was not disclosed by either party.Photo by Precondo CA on UnsplashInsights from industry leaders"We believe that stablecoins linked to fiat currencies are essential to expanding the cryptocurrency ecosystem. Japan became one of the first countries to officially issue stablecoins after the revision of the Payment Services Act in June," said Lloyd Lee, CEO of Hyperithm. "We expect that the widespread adoption of JPYC will increase the inflow of Japanese capital into the cryptocurrency ecosystem." Noritaka Okabe, CEO of JPYC Inc., explained that the firm aims to create more connections between crypto and everyday life, forging an environment where everyone can participate in innovation and capital liquidity. JPYC Inc.'s strategic evolutionAlthough it is currently issued as a third-party Prepaid Payment Instrument, JPYC Inc. plans to acquire a license to conduct transactions including money transfers and electronic payments in accordance with the revision of the Payment Services Act, which took effect in June 2023. This will serve to strengthen the stablecoin’s trust structure and remove limits on remittances. After acquiring the license, Mitsubishi UFJ Financial Group, a bank holding and financial services company based in Tokyo, will be responsible for JPYC's fiat currency reserves. Pioneering crypto financeFounded in January 2018, Hyperithm provides crypto corporate finance services to institutional and upper-class investors. It is one of South Korea’s 29 companies that are licensed by the Financial Intelligence Unit (FIU) to operate as a Virtual Asset Service Provider (VASP). Notably, it raised $11 million in a series B funding round in 2021, which was led by former clients Hashed and Wemade Tree. The company’s CEO, Lee, was also listed on Forbes’ 30 Under 30 Asia under the Finance and Venture Capital category.