Japan’s finance minister acknowledges crypto investment merits

Bizplay Improves Payment Experiences for Foreign Tourists in South KoreaBizplay, a cost management solutions provider, is gearing up to introduce a mobile payment service for international visitors to South Korea. This innovative service will empower tourists with the convenience of seamless transactions across a nationwide network of 1.75 million merchants who accept ZeroPay, a QR code-driven mobile payment platform.Photo by Federica Bisso on UnsplashBlockchain involvementOn September 7, Bizplay joined HIVEX Network, the cross-border payment system of blockchain tech company TBCASoft. This collaboration opens up opportunities for Japanese and Taiwanese tourists in South Korea to access the same payment services they are accustomed to in their home countries.Native apps and currenciesBy the first half of next year, these tourists will be able to readily identify ZeroPay-accepting merchants in their native apps without having to install a separate app, and they will have the ability to pay in native currencies such as Japanese yen and New Taiwan dollars without the cumbersome process of currency conversion.Once integrated with the HIVEX Network, Bizplay’s services will be available in all member countries of the HIVEX Network. By strengthening its partnerships with global payment companies, Bizplay aims to facilitate easy payments for the 4.5 million Korean users of its BeplePay, another app similar to ZeroPay, when they travel abroad in the latter half of 2024.Kim Hong-ki, CEO of Bizplay, expressed his excitement that international tourists in Korea will soon be able to enjoy a convenient travel experience by easily making payments with their native apps at ZeroPay-accepting shops. He further emphasized the company’s commitment to leveraging its technology and extensive global network to expand its services, with the aim of meeting the diverse needs of consumers.

Zodia Custody to Commence Yield Offering on StablecoinsIn a play that’s designed to entice institutional investors, Zodia Custody, a portfolio company of Japanese financial services conglomerate SBI, is gearing up to offer a yield on digital assets.Photo by CoinWire Japan on UnsplashIntroducing “Zodia Custody Yield”The crypto startup has introduced “Zodia Custody Yield,” a crypto staking option designed to reward holders of crypto assets stored within its platform. The initiative has been launched in partnership with Singapore-based DeFi platform OpenEden. It promises returns on stablecoins although full details on the offering remain undisclosed.Jeremy Ng, Co-Founder of OpenEden, expressed his belief in the potential of cryptocurrencies to generate substantial passive income for their holders. Ng stated:“There are billions of dollars worth of stablecoins sitting on the sidelines when they could easily be generating yields for investors.”TradFi embracing digital assetsZodia’s move aligns with a growing trend in the financial industry. Yesterday, a leading US bank, Citi, disclosed its collaboration with Maersk to facilitate services that convert funds into digital assets. The primary goal is to enable the bank’s customers to execute nearly instantaneous payments, unrestricted by traditional business hours.Simultaneously, several prominent asset management firms are awaiting a pivotal decision from the Securities and Exchange Commission (SEC) regarding their applications to launch a spot Bitcoin exchange-traded fund (ETF). This list includes major players such as BlackRock, Invesco, WisdomTree, ARK Invest, Valkyrie, and Franklin Templeton. BlackRock, the frontrunner in the efforts being expended towards ETF approval, submitted its application for a spot Bitcoin ETF on June 16.In a recent interview, Bloomberg analyst Eric Balchunas said that he expects $150 billion in capital to flow into the Bitcoin market within two years of a spot Bitcoin ETF approval in the US.The financial strategies of these entities now prominently feature blockchain and crypto-based products, once considered niche but now integral to their operations. Nonetheless, even with widespread anticipation of the approval of BlackRock’s ETF, the firm faces substantial obstacles. US regulators have subjected BlackRock to intense scrutiny due to concerns regarding its ties to China. Additionally, political figures have criticized the asset manager for prioritizing environmental, social, and governance (ESG) criteria over investor returns.Zodia was spun out of British multinational banking firm Standard Chartered. The bank has a positive outlook relative to crypto. In a bold prediction made in June, the UK-based bank forecasted that the value of Bitcoin could potentially surge to $50,000 by the end of the year, with an even more optimistic projection of $120,000 for 2024.In 2021 Standard Chartered, in collaboration with Northern Trust, a leading asset servicing firm, founded Zodia Custody. Since its inception, the venture has garnered a respectable level of success. It successfully secured $36 million in investments and solidified a partnership with SBI Digital Asset Holdings, enabling its expansion into the Japanese market.In May, the firm launched its crypto custodian service in Dubai, having signed a memorandum of understanding (MOU) with the Dubai International Financial Center (DIFC). In June, Zodia partnered with blockchain infrastructure provider Blockdaemon, in an effort to further its crypto staking offering. Earlier this month, the company announced its arrival in Singapore, with a view towards expanding its digital asset custody service there.

Alchemy Pay scores second money services license in United StatesAlchemy Pay, the Singaporean crypto-fiat payment services provider, is solidifying its presence in the United States, with the acquisition of a money services license in the state of Iowa.Photo by Austin Goode on UnsplashU.S. licensing driveThis expansion, announced on Thursday, aligns with the company’s strategy to navigate the U.S. regulatory landscape and enhance compliance with local requirements. This recent acquisition follows Alchemy Pay’s earlier achievement of a money transmitter license (MTL) in Arkansas in September. The company has not only completed the application process for MTL licenses in additional U.S. states but also expects responses in the coming months.Under the regulatory framework of Iowa, entities or individuals engaged in currency exchange or money transmission must obtain a money services license. In an interview with Cointelegraph, Alchemy Pay Ecosystem Lead Robert McCracken highlighted the Singaporean company’s commitment to a well-structured regulatory environment. McCraken stated:“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, and that includes the fiat-crypto payment industry.”Despite the challenges posed by the evolving regulatory landscape in the U.S., McCracken affirmed the company’s dedication to seeking licenses and upholding compliance standards as it expands operations. He described this approach as “more challenging but ultimately correct” for ensuring the long-term success of the crypto payment industry.Global market expansionIn addition to its U.S. endeavors, Alchemy Pay is actively pursuing license applications and market expansion opportunities globally, including in the United Kingdom and Hong Kong. The firm operates in 173 countries already, facilitating transactions through various payment methods, including Visa, Mastercard, regional mobile wallets and domestic transfers.In April, the company secured $10 million in funding from Singaporean venture fund and market maker DWF Labs, with a view towards expanding the business in South Korea. The following month, it enabled a rupee-denominated on-ramp, integrating with India’s UPI real-time payments system. In July, it partnered with well-known payments processor Checkout.com, integrating its Visa and Mastercard channels into its on and off-ramps.ICP collaborationThe collaborations and partnerships keep coming with Alchemy Pay and with that, on Wednesday it announced a strategic partnership with the Internet Computer (ICP) smart contract platform.That collaboration will see the listing of ICP, Internet Computer’s native token, on Alchemy Pay’s fiat on-ramp. This is the latest in a line of collaborations the crypto payments gateway has made with layer one and two blockchain network projects, including Polygon, Avalanche, Algorand and Arbitrum.These latest strategic expansions align with the company’s vision to establish a strong global presence while navigating and contributing to the ongoing evolution of crypto regulatory frameworks. Currently, comprehensive regulations for the entire crypto industry in the U.S. are under consideration by regulators, reflecting the dynamic nature of this rapidly evolving sector.