HashKey & Bosera launch world’s first tokenized money market ETFs

XREX secures MPI license from Singapore regulatorTaipei-based cryptocurrency exchange XREX has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.Photo by Mark König on UnsplashBitCheck payment tool offeringThe approval marks a crucial step for the fledgling exchange business, enabling it to offer digital payment token products and services in Singapore. Once it’s upgraded to a full license, XREX will be able to expand its BitCheck payment tool, currently facilitating transactions involving fiat currencies, stablecoins and various cryptocurrencies.This regulatory milestone places XREX among the approved exchanges, stablecoin issuers, neobanks and payment service providers in Singapore. Since the introduction of the licensing regime in January 2020, the MAS has received over 580 applications for payment services licenses, with fewer than 20 Digital Payment Token (DPT) licenses and in-principle approvals granted to date. XREX now joins the ranks of established entities like Coinbase, DBS Vickers, Circle, Paxos, Ripple and Revolut in receiving approval from the MAS.Taking to X on Friday, the company acknowledged the license award while outlining that the license would mean that it can now start to offer an e-money issuance service, cross-border money transfers, account issuance services, digital payment token services, as well as merchant acquisition and domestic money transfer services.Serving home and overseas marketsWayne Huang, Co-Founder and Group CEO of XREX, emphasized that XREX Singapore will serve as the primary provider of products across the Asia Pacific (APAC) region. Simultaneously, XREX Taiwan will continue to play a pivotal role in product design, engineering, research and threat analysis functions for the company. Positioning itself as the Asia Pacific headquarters for the group, XREX Singapore aims to target emerging markets in the region where access to USD liquidity may present challenges.Christopher Chye, CEO of XREX Singapore, expressed the significance of the approval, noting the thorough scrutiny by Singapore’s regulatory authorities. Chye stated:“Singapore wants to attract responsible actors, and the reality is that doing so necessitates a fine-tooth comb. This is great for Singapore and great for our industry as a whole. XREX is looking forward to introducing cheaper, safer, and faster domestic and cross-border payments for Singapore and emerging market businesses.”It was no secret that the company had been working towards acquiring a license in Singapore for some time. In December 2022, its Singapore team tweeted out such a claim, adding that an MPI license from MAS “is one of the most coveted and well-regarded licenses worldwide.”Highlighting Singapore’s progressive and robust regulatory framework, Nick Chang, XREX Group and XREX Singapore Head of Compliance, said:“Singapore boasts a progressive and robust regulatory framework, offering our users the clarity and confidence they need to access digital assets and use stablecoins.”XREX has also made in-roads into the European market. In May of last year, the company opened an office in Lithuania, while becoming a crypto asset service provider within the Baltic state. Earlier this year the company strengthened its compliance process by integrating transaction monitoring and investigative tools from blockchain analysis firm Chainalysis.

Lotte Group’s Bellygom NFT Project Garners Global Fanbase of Over 300KDaehong Communications and Lotte Homeshopping shared yesterday that their NFT project has now garnered a global fanbase exceeding 300,000 members. The two companies are subsidiaries of South Korean industrial conglomerate Lotte Group.Photo by Khinaii van Laren on UnsplashPartnership initiatives as global expansionTheir NFT initiative, operated by the group’s marketing arm Daehong, is based on Bellygom, the pink bear character representing Lotte Homeshopping. As part of its global strategy, the Bellygom NFT project has formed partnerships with various international projects and has been actively involved in communication efforts. Notably, Bellygom’s X (formerly Twitter) account, created earlier this year, has attracted 100,000 followers within a span of five months.At the end of last month, Daehong successfully completed the minting of Bellyland, the second NFT collection of the Bellygom project. The minting event was accompanied by Jelly Adventure, a universe where users can participate in a wide range of missions and games to earn “Bubble Gums.” Notably, Jelly Adventure is not only accessible to Bellyland NFT holders but also to those of other projects such as YogaPetz and Mocaverse.It’s worth highlighting that the minting event achieved the sale of over 5,000 NFTs, even during a period of reduced activity in the NFT market. Despite the declining minting prices and quantities, it managed to raise over 750,000 MATIC.Joining of new international usersAdditionally, the minting event attracted new international users to the Bellygom project, underlining its sustainability. The successful debut of Bellyland NFTs has significantly contributed to the project’s global expansion and presence.Furthermore, Daehong is pursuing a range of initiatives aimed at cultivating a fan-centric ecosystem with the ultimate objective of driving broader adoption of Web3 technologies. With the belief that the fanbase provides a strong foothold for the brand’s growth, the marketing firm plays a crucial role in facilitating the introduction of the Bellygom brand to the Web3 space. To this end, Daehong is constructing a universe with a story that embodies the brand’s identity while seamlessly integrating it with conventional marketing strategies.

According to a recent report from blockchain intelligence firm Chainalysis, stablecoin purchases in Turkey amount to 4.3% of the country's GDP, surpassing all other global economies. The report, titled "The 2024 Crypto Spring Report" highlights Turkey's significant share of stablecoin transactions relative to its economic output.Photo by Michael Jerrard on UnsplashStablecoin activity in TurkeyBetween April 2023 and March 2024, stablecoin purchases in Turkey totaled $38 billion, representing 4.3% of the country's GDP, which was $907 billion as of 2022. This data encompasses transfers between the Turkish lira and stablecoins in either direction, emphasizing the scale of stablecoin activity within the Turkish economy. Chainalysis director of research Kim Grauer explained that stablecoin activity does not directly impact GDP but is expressed as a percentage to provide context for readers. Grauer clarified that the reported figure includes transfers of Turkish lira to stablecoins and vice versa. Turkey's prominence in stablecoin purchases stands out compared to other economies analyzed by Chainalysis. In Thailand and Georgia, stablecoin purchases accounted for 1.3% and 0.7% of GDP, respectively, over the same period. Global trends in stablecoin usageWhile the United States leads in stablecoin transaction volumes, with fiat purchases surpassing $20 billion in March 2024, Turkey's share of stablecoin purchases relative to GDP is notably higher. The use of stablecoins, including Tether (USDT) and USD Coin (USDC), has outpaced other cryptocurrencies like Bitcoin and Ether, representing over 50% of all transaction volume in recent months. Rapid growth in stablecoin transactionsChainalysis analysts attribute the rapid growth of stablecoin transactions to their utility in everyday transactions beyond trading. Major jurisdictions, including the European Union, the United Kingdom, Brazil and Thailand, have witnessed significant increases in fiat purchases of stablecoins over the past year. Nations experiencing currency volatility and devaluation, such as Turkey, have increasingly turned to stablecoins like USDT to safeguard their savings. Turkey's inflation rate surged to as high as 67% in March, prompting residents to seek alternative stores of value. The findings from Chainalysis underscore the growing prominence of stablecoins in global economic activity, particularly in nations grappling with currency instability. Turkey's significant share of stablecoin purchases relative to GDP reflects a broader trend of increasing adoption of stablecoins for everyday transactions and wealth preservation.