Harvest Global CEO considers offering BTC and ETH ETFs to mainland Chinese investors

Mammoth Foundation signs deal with the Philippines’ AFAB for blockchain business collaborationThe Mammoth Foundation, a blockchain research and development company, announced on Thursday that it has signed a memorandum of understanding (MOU) with the Authority of the Freeport Area of Bataan (AFAB) of the Philippines to establish business partnerships in the blockchain field. Under this agreement, the Mammoth Foundation intends to bring its blockchain technology to the Philippines as a part of efforts to expand its global business.Photo by Sean Yoro on UnsplashFostering innovation in the PhilippinesAFAB is a free economic zone in the Philippines dedicated to pushing development, economic growth and sustainability through creating jobs and establishing technologically-relevant infrastructure systems. In particular, it is focusing on the adoption of cutting-edge technologies such as blockchain, artificial intelligence (AI) and fintech. As one of the oldest free economic zones in Asia, companies residing in the zone are granted preferential measures such as tax exemptions and special visas. Firms that operate innovative businesses can also receive licenses to support the development of the global IT industry — the Mammoth Foundation being one of these.Global expansion and daily engagementHeadquartered in Singapore with offices in the United Kingdom and several Asian countries, the Mammoth Foundation offers dApps in a range of fields such as healthcare, e-commerce, entertainment and gaming through its mainnet Giant Mammoth Chain (GMMT). GMMT is built on the BNB Chain Application Sidechain and is fully compatible with the Ethereum virtual machine (EVM).Participants in GMMT can acquire token rewards through Play-to-Earn (P2E) and Life-to-Earn (L2E) mechanisms by participating in everyday activities and hobbies like walking, shopping, gaming and reading comics. These tokens can then be used within the Mammoth ecosystem.“The Philippines’ market for advanced technologies such as AI and blockchain is expected to grow in the future,” said John Baek, Chairman of the Mammoth Foundation. “We will strive to expand GMMT globally.”

Paxos scores licensing approval in Abu DhabiPaxos, a New York-based blockchain and tokenization infrastructure platform, has achieved in-principle licensing approvals from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).Photo by Kent Tupas on UnsplashEnabling stablecoin issuanceIn a press release published on Wednesday, Paxos outlined that these approvals mark a significant step for the company, enabling it to issue USD and other currency-backed stablecoins while also providing crypto-brokerage and custody services through two regulated ADGM entities.This licensing acquisition comes hot on the heels of a similar outcome in Singapore. Earlier this month, Paxos subsidiary Paxos Digital Singapore Pte. Ltd., received in-principle approval from the Monetary Authority of Singapore (MAS). That approval enables it to offer digital payment token services and issue USD-backed stablecoins within the Southeast Asian city-state.The company, while making efforts to focus on transparency and accountability, aims to extend the global reach of its regulated USD-backed stablecoins upon receiving full approval in Abu Dhabi. Walter Hessert, Paxos’ Head of Strategy, emphasized the importance of regulatory compliance and engagement with authorities to shape digital asset rules, maintaining Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.Hessert stated:”Our IPAs [in-principle approvals] from the FSRA [Financial Services Regulatory Authority], on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for this approach and we will continue expanding our regulatory licensing to serve global enterprises as a trusted, innovative partner.”U.S. regulatory difficultiesIn addition to Singapore and now Abu Dhabi, Paxos already holds approvals from the New York State Department of Financial Services (NYDFS), the local state regulator in New York in the United States. The company’s experience in its home market has been problematic more recently, however.In February, the Securities and Exchange Commission (SEC) issued Paxos with a Wells Notice, a letter that informs the receiver that infractions have been uncovered following investigation. The New York regulator, the NYDFS, also took action against Paxos, claiming that the company didn’t administer BUSD in a safe and sound manner.These actions led to Paxos ceasing to mint any further BUSD stablecoin, and existing BUSD tokens will remain redeemable until at least February next year.Focus on Asia and Middle EastIt’s likely that these regulatory difficulties have led to the company concentrating its effort in 2023 on expanding in overseas markets. Licensing accomplishments in Singapore and Abu Dhabi speak to that.Paxos expressed contentment with MAS as its regulator in Singapore, anticipating that the oversight will accelerate global consumer adoption of digital assets. As the first blockchain service provider to obtain licenses in both New York and Singapore, the company is strengthening its regulatory portfolio globally.This is further evidenced by a recent collaboration the company had formed in the Philippines earlier this month. Paxos has forged an alliance with Coins.ph, a leading cryptocurrency exchange in the Southeast Asian country. The goal of the collaboration is to propel the adoption in the Philippines of PayPal USD (PYUSD), a U.S. dollar stablecoin issued by Paxos.

In a stride towards global expansion Alchemy Pay, the cryptocurrency payment gateway based in Singapore, has secured its inaugural Money Transmitter License in the United States.Photo by Jametlene Reskp on Unsplash Arkansas licenseThe license, issued by the Arkansas Securities Department on September 13, enables Alchemy Pay to provide a comprehensive suite of financial services, including crypto-to-fiat transactions, within the state of Arkansas. The license was issued to Alchemy Pay, Inc., the crypto payments firm’s US entity which was first registered as a corporation in the US in October of last year.This milestone represents Alchemy Pay’s inaugural foray into the US market and demonstrates the company’s intent in terms of regulatory adherence. The Singapore-based firm now joins the ranks of authorized cryptocurrency enterprises operating in Arkansas, including industry giants like Coinbase, Jack Dorsey’s Block, MoonPay, and the bitFlyer exchange. Global expansionIn a press release published to the firm’s website on Thursday, Robert McCraken, Alchemy Pay’s Ecosystem Lead, underscored the meticulous efforts invested in securing licenses across diverse global jurisdictions, emphasizing the company’s unwavering dedication to compliance.It’s evident that the company is pursuing a strategy to globalize its market offering. Alchemy Pay has previously obtained operating licenses in strategic markets such as Indonesia and Lithuania, while it is making ongoing efforts to secure Money Transmitter Licenses in additional US states.In April it secured $10 million in funding from Singapore’s DWF Labs, with the intention of using the capital to expand its business in South Korea. The following month it enabled a rupee-denominated on-ramp using India’s UPI real-time payments system. In July it announced a collaboration with Checkout.com, enabling transactions between fiat currency and cryptocurrency over Checkout.com’s Visa and Mastercard channels.Since its establishment in 2017, Alchemy Pay has continuously worked on its mission of bridging the gap between fiat and cryptocurrency economies. The platform currently facilitates seamless transactions between traditional fiat currencies like the US dollar and leading cryptocurrencies such as Bitcoin and Ethereum. It boasts a presence in 173 countries, including Australia, Canada, Hong Kong, the United Arab Emirates (UAE), and India. The Singapore-based payments gateway has emerged as a key player in the global digital payment landscape. Cracking the US marketThis milestone in Arkansas aligns with Alchemy Pay’s broader strategy to penetrate the vast US market, delivering its services to American users and furthering its mission to harmonize fiat and cryptocurrency payments. The development closely follows Alchemy Pay’s recent strategic collaborations with global payment titans Mastercard and Visa, cementing its status as an influential contributor to the rapidly evolving digital payment sector.According to an updated version of its roadmap published in August, the company also plans to offer a digital banking service before the end of the year. That offering would enable users to open bank accounts directly through the Alchemy Pay platform once collaborations are firmly in place with EU and UK banks.The acquisition of the Money Transmitter License in Arkansas signifies a pivotal moment in Alchemy Pay’s ambitious US expansion agenda. It’s likely to be a crucial stepping stone for the firm in positioning itself as a prominent catalyst in the seamless integration of cryptocurrencies into mainstream financial systems. This achievement not only propels Alchemy Pay’s global presence but also reinforces its efforts to ensure safe, compliant, and accessible cryptocurrency-based financial services.