Upbit’s banking partner Kbank, BPMG team up on overseas stablecoin pilots

A new report indicates that the global use of cryptocurrency is not only growing but also quickening, with the Asia-Pacific (APAC) region setting the pace. According to the sixth Chainalysis Global Crypto Adoption Index, released on Sept. 2, India has emerged as the new leader in overall adoption across 151 countries. The index analyzes where value is being transferred, how new users are entering the ecosystem, and which areas are experiencing the most rapid expansion.Photo by Naveed Ahmed on UnsplashIndia leads global crypto adoptionIndia now holds the top spot in the overall index, with the U.S. following in second place. The APAC region demonstrates significant momentum, with Pakistan (3rd), Vietnam (4th), Indonesia (7th), and the Philippines (9th) all securing positions in the top ten. Further down, South Korea and Japan are ranked 15th and 19th, respectively.2025 Global Crypto Adoption Index Top 20 Source: ChainalysisThe picture changes when the data is adjusted for per capita GDP, which highlights grassroots movements. By this measure, Ukraine ranks first, followed by Moldova, Georgia, and Jordan. Hong Kong comes in fifth, Vietnam sixth, while Singapore and South Korea rank 16th and 18th, respectively.2025 Global Crypto Adoption Index Top 20 (Pop. adjusted) Source: ChainalysisRegional transactions surge as APAC gains groundOn-chain transaction data confirms a shift in economic gravity. In the year ending June 2025, APAC's transaction value soared by 69% year-over-year, climbing from $1.4 trillion to $2.36 trillion. While Europe ($2.6 trillion) and North America ($2.2 trillion) still handle larger absolute volumes, growth is accelerating nearly everywhere. APAC's growth rate more than doubled from 27% to 69%, while Latin America's rose from 53% to 63%. In terms of capital entering the crypto market via centralized exchanges, the U.S. leads as the largest fiat on-ramp, processing over $4.2 trillion. This is approximately four times the volume of South Korea (over $1 trillion), while the EU recorded just under $500 billion. Asset preferences also show regional variations; Bitcoin accounted for 47% of purchases in the U.K. and 45% in the EU, but just over 20% in South Korea.  India's top ranking aligns with the latest domestic developments, such as the Independence Day launch of the Bitcoin Policy Institute India, which aims to focus on sovereign mining, policy, and education. Legal and security challenges in IndiaHowever, this rapid growth is accompanied by notable legal and security hurdles. In a high-profile case, an Indian anti-corruption court sentenced 14 individuals, including 11 police officers, to life in prison for a 2018 kidnapping and crypto extortion scheme. In another development, creditors of India's crypto exchange WazirX approved a new restructuring plan over a year after a $234 million hack allegedly linked to North Korea’s Lazarus Group. An earlier proposal was rejected by the Singapore High Court in April. The revised plan shifts oversight of recovery tokens—representing outstanding balances—from WazirX’s Singapore entity to Zanmai India, regulated by India’s financial authority, with repayments funded by profits and recovered assets. Some 150,000 creditors, representing $206 million in claims, voted between July 30 and Aug. 6 as WazirX also moved operations to a Panama-based unit called Zensui. Separately, on April 16, India’s Supreme Court dismissed a petition from 54 hack victims, ruling it lacked authority to legislate on crypto policy. While India’s headlines highlight the frictions of rapid growth, the broader picture is clearer. The Chainalysis index illustrates a global crypto market expanding across all income levels for varied reasons. In developed nations, clearer regulations and institutional involvement are key drivers. In many emerging economies, factors like remittances and access to U.S. dollars via stablecoins are more prominent. 

QCP Capital: Bitcoin Has $34K Price PotentialBitcoin’s potential for a significant price rally toward $34,000 has been discussed recently by analysts at QCP Capital, the Singapore-headquartered crypto asset trading firm. Despite Bitcoin’s recent lack of major volatility catalysts, QCP’s analysis suggests that a classic support rebound might trigger the return of the highest Bitcoin prices in over a year.Photo by Kanchanara on UnsplashCrucial price action time-frameAccording to QCP Capital’s latest market update on Tuesday, the upcoming weeks are poised to be crucial for Bitcoin’s price action. The cryptocurrency has been range-bound for months, leaving market observers speculating about the emergence of a new market trend.QCP Capital highlights September as a pivotal month due to the completion of a rising wedge pattern that started during the end of the 2022 bear market. This pattern has guided Bitcoin’s price movement, with the wedge reaching its first termination point at the beginning of September. The specific level of interest is $29,300, which aligns with the current focal point of the Bitcoin spot price.Rally potentialThe analysis ponders whether there will be a sharp rally that pushes the price to the $34,000 resistance level. This scenario has occurred three times this year, as the price kissed the support trendline. The report acknowledges that it might take a few more quiet weeks before the outcome becomes clear. The analysts expressed their intention to buy back their end of September short calls and anticipate going long on end of December volatility in due course.QCP Capital’s perspective aligns with other optimistic views on Bitcoin’s short-term price strength. Some projections even suggest that the 2023 Bitcoin bull market might return by October, although the market sentiment is varied, with some cautioning about the possibility of new lows before a broader recovery.Macroeconomic trendsTurning to macroeconomic trends, QCP Capital indicates that significant change is not on the immediate horizon, echoing the status quo in the crypto space. Comparing the current situation to the compressed trading environment of the crypto winter in 2018 and 2019, the analysis suggests that a macroeconomic shift would be required to reinvigorate the market, similar to what has happened in the past.Bitcoin’s volatility has reached historic lows, as illustrated by data just published by on-chain market intelligence firm, Glassnode. While a game-changing macro environment shift isn’t imminent, there are short-term catalysts on the crypto calendar for the upcoming months.These include events like Mt. Gox creditor payouts, the GBTC vs. Securities and Exchange Commission (SEC) lawsuit, potential SEC decisions on Blackrock/Fidelity’s Bitcoin spot ETF applications, and potential news related to centralized crypto exchanges and stablecoins.The September deadline for comments on the initial Bitcoin spot price exchange-traded fund (ETF) applications is particularly noteworthy, as it’s widely seen as a turning point for the industry. Europe’s first Bitcoin spot ETF, which began trading on Tuesday, is being custodied by Fidelity Investments, marking another step in the maturation of the cryptocurrency market.

Ant Group Restructuring With Implications for BlockchainAnt Group, an affiliate company of Chinese conglomerate Alibaba, is understood to be undertaking a significant restructuring that could have broader implications for the digital asset industry.Photo by Shubham Dhage on UnsplashPotential IPOAccording to a recent report published by Bloomberg, the company is contemplating a separation of its blockchain and database management services, as well as its international business, from its core financial operations in China. It’s being speculated that the move is a precursor to Ant Group’s application for a financial holding license in China. Furthermore, it could be part of a bid to revive its suspended initial public offering (IPO) in Hong Kong.The company had been under regulatory scrutiny from the Chinese authorities over the course of the past three years. That investigation culminated in a hefty fine of 7.12 billion yuan ($995 million). The consequences of that regulatory investigation have taken a toll on the company’s valuation, plunging from a peak of $280 billion before the IPO cancellation in 2020 to a current estimated value of $79 billion.Blockchain business implicationsBy pursuing this restructuring, Ant Group seeks to refocus on its core financial services within China. It’s unclear what the outcome will be for non-core businesses such as blockchain-based ventures. Potentially spinning these businesses off could unlock hidden value in blockchain-related activities. However, such a move would also raise questions regarding the future of these non-core businesses and their potential impact on the broader digital asset industry.AntChain, the blockchain technology developed by Ant Group, holds a prominent position in China, being widely adopted across various sectors. Should Ant Group decide to spin off or divest this business, it could significantly alter the blockchain landscape in the country.Originally introduced as “Ant Blockchain” in 2017 alongside Alipay, AntChain expanded its services to provide blockchain-as-a-Service (BaaS) to Ant Group’s partners in 2018. In mid-2020, Ant Group took a step further by transforming Ant Blockchain into a separate entity and rebranding it as AntChain. Besides blockchain solutions, AntChain is also actively involved in developing Artificial Intelligence of Things (AIoT), risk control technologies, and other value-added tech services.The wide adoption of Ant Group’s blockchain technology has played a pivotal role in promoting blockchain implementation in China. Last year the company unveiled a blockchain storage engine called Letus, as a mechanism to lower storage costs of blockchain networks. Another project saw it partner with a Malaysian investment bank in an effort to develop a crypto trading and portfolio management app. These are individual instances of the company’s varied activities in the blockchain space.Any alterations to its blockchain operations could impact the pace and scale of blockchain adoption in the country. While the Chinese authorities have discouraged crypto trading and mining, they have very much encouraged blockchain development.The restructuring appears to be a response to the increasing regulatory pressures in the fintech industry. A further tightening of regulations on blockchain operations for fintech companies might potentially hinder innovation and growth in the sector.Most likely the guiding hand of the government in China will have a material effect on how these blockchain-based businesses develop in the event of an Ant Group restructuring that would see them being spun out.