Remixpoint raises $215M to buy Bitcoin, CEO to receive salary in BTC

Strategic Shift Sees Wintermute Expand Singapore BaseCrypto market maker Wintermute is making a strategic shift towards Asia, specifically in Singapore, following the digital asset industry’s growing interest in the region’s growth opportunities.Photo by Hu Chen on Unsplash4% of staff moving to SingaporeIn an interview with Bloomberg last week, Wintermute Co-Founder Yoann Turpin said he will move from London, where the company is currently headquartered, to Singapore in the coming months. Additionally, approximately 4% of the company’s workforce, which currently comprises around 85 staff members, will also relocate to the city-state, where Wintermute conducts its derivatives business.At the time of publication, the company was also actively recruiting for an open position in the city-state. In further publicizing Wintermute’s developing presence in Singapore, Turpin took to social media recently to invite people to meet Wintermute’s Singapore-based team in September at Token 2049 Singapore. Evgeny Gaevoy, Wintermute Co-Founder and CEO, is scheduled to appear as a speaker at the event.Turpin emphasized the company’s focus on Asia and highlighted the significance of having a co-founder based in the region to drive the business forward. The move comes as the crypto industry faces the aftermath of a crackdown in the United States, triggered by bankruptcies at platforms like FTX and Celsius Network.Exploring global opportunitiesIn response, crypto businesses are exploring opportunities in Asian markets, with countries like Singapore, Hong Kong, Japan, and the United Arab Emirates vying to attract companies while ensuring robust regulatory frameworks in the wake of the market turbulence in 2022.Although tokens like Bitcoin and Ether have partially recovered from the crash experienced last year, spot digital-asset trading volumes and volatility have remained low, indicating reduced investor engagement. That said, demand for crypto futures and options has proven to be more resilient.Possible Dubai expansionWintermute established an office in Singapore in 2021, adding to its existing base in London. Turpin also confirmed to Bloomberg that the company is weighing up the possibility of establishing a third office in Dubai as part of its expansion plans. Dubai, like Singapore and Hong Kong, has been actively trying to attract crypto businesses over the course of the past twelve months.During the 2021 crypto bull market, the company reported trading volume worth $1.5 trillion and generated $1.05 billion in revenue. However, the market maker also faced challenges during the market turmoil, including exposure to around $55 million of assets on FTX. Moreover, in September of the same year, Wintermute experienced a hack that resulted in a loss of about $160 million from its decentralized finance operations.Despite the hurdles faced in 2022, Turpin expressed confidence in the company’s resilience and stated that they do not have immediate plans to raise funds. The company just celebrated six years in business, and has executed 8.4 million OTC trades over the course of the past twelve months.By relocating key personnel and expanding its presence in Singapore and possibly Dubai, the company aims to strengthen its foothold in the Asian market and navigate the challenges and opportunities that lie ahead.

Nomura Subsidiary Achieves In-Principle Approval in Abu DhabiThe digital assets subsidiary of Japanese financial services conglomerate Nomura has been granted in-principle approval by the Abu Dhabi Global Market (ADGM) to offer broker-dealer and asset/fund management services for both digital and traditional assets.Photo by Belinda Fewings on UnsplashPreliminary license to tradeThe development is a shot in the arm for Laser Digital Asset Management while serving to highlight Abu Dhabi’s growing prominence as a global center for digital assets, attracting prominent players such as Binance and Kraken.Led by CEO Jez Mohideen, Laser Digital is now on the path toward securing full financial services authorization in Abu Dhabi, subject to meeting undisclosed conditions specified in the approval. The company is enthusiastic about the ADGM’s transparent and comprehensive regulatory framework.Speaking to that, Mohideen stated: “We are thrilled to be part of their comprehensive and clear regulatory framework, which is creating a global hub for digital assets.”International free zoneThe ADGM, an international financial free zone situated in Abu Dhabi, covers nearly 15 square kilometers across two islands. It hosts a registration authority, regulatory authority, and a court system functioning under common law principles. This favorable regulatory ecosystem has been instrumental in attracting digital asset firms to establish a presence in the UAE’s capital.Laser Digital’s approval follows a series of recent cryptocurrency-related approvals in Abu Dhabi. Zodia Markets, backed by UK bank Standard Chartered, was recently granted permission to operate as a crypto broker, adding to the growing list of companies making strides in the region.Binance, one of the world’s largest cryptocurrency exchanges, received in-principle approval from the ADGM in April 2022 and subsequently obtained full financial services permission in November of the same year. Kraken, along with firms like UAE-based M2 and Bahrain-based Rain, have also received permissions to operate within the ADGM in recent years.Building on Dubai achievementLaser Digital’s approval in Abu Dhabi comes on the heels of its earlier achievement of obtaining an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). Alongside these regulatory milestones, Laser Digital introduced an institutional Bitcoin Adoption Fund in August. Despite its relatively short existence since its establishment in September 2022, the firm has made significant strides.Nomura’s engagement extends beyond Laser Digital, as it is also part of the Komainu joint venture alongside cryptocurrency firms CoinShares and Ledger. Komainu secured its operating license from Dubai’s VARA in August, contributing to the expanding community of crypto-focused businesses in the region.It is worth noting the UAE’s diversified approach to cryptocurrency regulation, offering five distinct regulatory regimes for cryptocurrencies, including the ADGM and VARA. Legal experts from White & Case have recently assessed these regulatory frameworks, highlighting the UAE’s commitment to fostering a progressive and well-regulated environment for digital assets.Nomura’s Laser Digital is well-positioned to play a pivotal role in the digital asset sector in Abu Dhabi, given that it’s leveraging the favorable regulatory environment of the ADGM and the UAE’s dedication to becoming a global digital asset hub.

The focus of Thailand’s crypto market is moving towards institutional business rather than retail. That’s the view of Nirun Fuwattananukul, CEO of Binance Thailand. Changing regulatory landscapeFuwattananukul laid out his thoughts on the matter in an opinion piece published by the Bangkok Post on Oct. 25. The Binance executive believes that the regulatory conditions are changing in the country such that institutional involvement in digital assets will become more likely. Fuwattananukul pointed to a proposal that was put forward by the Thai Securities and Exchange Commission (SEC) earlier this month. The proposal, published on Oct. 9, seeks to permit mutual and private equity funds in Thailand to invest in various crypto products, including the spot Bitcoin exchange-traded funds (ETFs) that were launched in the United States earlier this year. Back in June, the Thai SEC green-lighted the launch of homegrown spot Bitcoin ETFs. In August, the regulator launched the Digital Asset Regulatory Sandbox, inviting interested parties to test crypto-related services within a controlled environment. Fuwattananukul described the SEC’s new rules opening institutional access to digital asset products as a “vital step in the maturation of Thailand’s cryptocurrency landscape.” The Binance Thailand CEO added that “by allowing more institutional funds to participate, the SEC is enabling a diverse range of investment strategies and helping digital assets gain broader acceptance in the mainstream.”Photo by Vadim Artyukhin on UnsplashPotential regional crypto hubIt’s based on this rationale that the Binance executive perceives a shift in focus within the crypto market in Thailand, with the likelihood of more money flowing into the space from institutional sources than from retail.  The entry of institutional money could lead to a “more mature ecosystem,” while further legitimizing Bitcoin and the crypto space more broadly. Extending that line of thought, Fuwattananukul suggests that this change of focus to institutional involvement could lead to positioning Thailand as a regional digital asset hub.RWA tokenizationThe Binance Thailand executive also identified the tokenization of real-world assets (RWAs) as an area that’s trending right now. He cites it as an example of the convergence of TradFi and digital assets markets. Fuwattananukul stated: “Tokenisation brings 24/7 trading, increased liquidity, and cross-border accessibility, which could reshape traditional financial markets and make investment opportunities more inclusive.” Back in January, Thailand’s SEC introduced new rules that lifted restrictions on retail investors accessing two classes of tokenized RWAs. The change affected real estate-backed tokens or tokens linked to real estate revenues. Prior to the rule change, retail investors couldn’t invest more than $8,415 in such tokenized assets. In collaboration with Gulf Innova, a subsidiary of Gulf Energy Development, Binance launched Binance Thailand as a joint venture in January. The SEC had awarded the business a trading license in 2023.