Finger Labs to leverage Web3 services for Dream Ladders’ college entrance briefing

In a recent report, Circle Internet Financial, the issuer of the USDC stablecoin, emphasized the growing adaptability of the Asian population towards digital currencies. This trend indicates a substantial potential for increased stablecoin usage in the Asia Pacific region. On Monday, the firm published "The State of the USDC Economy 2024 Report," providing a trove of relevant and timely data. Since its launch in 2018, the USDC stablecoin has facilitated over $12 trillion in blockchain transactions. The focus of the report is on the surge in remittances flowing into Asia, highlighting its growing presence. Remittances of $130 billion into AsiaAccording to a World Bank press release, remittances to Asia reached $130 billion in 2022, with the average cost of transferring $200 standing at 5.7% in the last quarter of the year. Meanwhile, the region accounted for 29% of all global digital asset value received, surpassing North America's 19% and Western Europe's 22%. Against this backdrop, the report sheds light on Circle's strategic partnership with Coins.ph, a crypto exchange in the Philippines, which aims to tap into the country's personal remittance demand, estimated at around $36 billion annually.  In another blog post, the company also dispels the notion that stablecoins are primarily used for speculative trading, citing a 90% decline in such activities over the past five years. This shift in usage patterns highlights the growing acceptance and adoption of stablecoins for practical applications like remittances and trade finance.Photo by Marjan Blan on UnsplashIncreasingly important role in trade financeImportantly, Circle asserts that USDC can play a role in closing the region's $510 billion trade finance gap. This gap represents the lack of liquidity available to companies for cross-border remittances and credit, particularly affecting emerging markets with capital outflow restrictions. The report underlines how businesses in these markets often struggle to secure funding for international trade, and USDC is emerging as a solution. One notable case study is Taipei-based XREX, which utilizes USDC to build financial pipelines between countries, leveraging the deep dollar liquidity in Taiwan to address the dollar scarcity in other Southeast Asian economies. This exemplifies how stablecoins like USDC are contributing to bridging financial gaps and facilitating international trade in regions with limited access to traditional banking services. Stablecoin-specific regulationThe regulatory landscape in the Asia-Pacific region is also evolving to accommodate stablecoins. Countries like Singapore, Hong Kong and Japan have implemented or proposed frameworks for stablecoin regulation, aligning with the growing importance of digital assets in the financial ecosystem. Circle has become increasingly active within the APAC region. In November, the firm joined forces with Japanese financial services conglomerate SBI Holdings to increase the circulation of USDC within Japan. Having been awarded a Major Payments Institution (MPI) license in Singapore in June, Circle followed that up later in the year by launching a zero-fee USDC minting facility within the city-state. Considering these developments, the Asia-Pacific region, with its large unbanked population and significant digital wallet usage, is predicted to witness quick adoption of stablecoins for cross-border payments.

Korea’s Intragovernment Group Launched to Thwart Crypto-Related CrimesThe South Korean government has taken a significant step today in combating cryptocurrency crimes with the launch of a dedicated intragovernmental division. The newly established joint crypto-crime investigation division operates under the Seoul Southern District Prosecutors’ Office and comprises 30 skilled investigators from seven different government agencies.Photo by Daniel Bernard on UnsplashMulti-agency collaborationThese agencies are the Public Prosecutors’ Office, the Financial Supervisory Service (FSS), the Korea Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC), the National Tax Service (NTS), the Korea Customs Service (KCS), Korea Deposit Insurance Corporation (KDIC), and Korea Exchange (KRX).The growth of the domestic crypto market in South Korea has been remarkable since the advent of cryptocurrency exchanges in 2014, attracting approximately 6.27 million individuals and reaching a valuation of 19 trillion KRW ($14.9 billion). Daily average trading volumes have surged to three trillion KRW, involving participants from various age groups, with individuals in their 30s and 40s constituting the largest share.Regulatory absenceHowever, the absence of adequate regulations has exposed customers to unfair practices in virtual asset trading. Although the recent passage of the Virtual Asset User Protection Bill at the National Assembly is encouraging, implementing comprehensive policies to safeguard crypto investors will take a significant amount of time.The risks associated with virtual asset investments are highlighted by the frequent delisting of cryptocurrencies from the nation’s top five exchanges. In the past two years, 1,053 cryptos have been delisted, and an additional 1,010 have been flagged as risky. The prevalence of unstable cryptocurrencies has resulted in high price volatility, incurring losses for investors. This volatile environment has also given rise to various crypto-related crimes, including unlawful listings, market manipulation, illegal foreign exchange trading, and pyramid schemes.Two teamsTo address these challenges, the joint crypto-crime investigation division is structured with two teams. The research and analysis team will study virtual asset issuers and distributors, identifying suspicious transactions. Virtual assets found to be fraudulent will be reported to the investigation team, which will then conduct thorough investigations and pursue legal action against problematic projects, while also recommending regulatory enhancements. Profits obtained through illegal means will be confiscated by the Seoul Southern District Prosecutors’ Office.The division’s main focus lies on virtual assets that have been rapidly delisted, those marked as risky, and those exhibiting significant price volatility. Committed to upholding fairness and transparency in the crypto industry, the joint crypto-crime investigation division will strive to protect market participants and make valuable contributions to the Korean economy.

Crypto.com, the Singapore-based cryptocurrency exchange and digital asset brokerage, announced that it introduced an institutional trading platform in the United States. In a statement published on its website on Jan. 21, the company outlined that U.S. institutional and advanced traders can now access the new platform. The firm believes that the offering complements its retail-facing Crypto.com app., which currently serves the U.S. market.Photo by Joshua Hoehne on Unsplash480 trading pairsThe institutional-grade platform will enable access to over 300 cryptocurrencies and 480 trading pairs. The product is likely to appeal to a similar market segment as those clients targeted by the Crypto.com Custody Trust Company, a digital asset custodian, which was established last month. At that time, Crypto.com co-founder and CEO Kris Marszalek said that launching the digital asset custodian was the latest step on the company’s product roadmap, with a view towards building a business and a market presence within the U.S. and Canada.  Responding to this latest product offering, Marszalek stated: “We took the time to build the best possible product for institutional and advanced users around the world and we are now incredibly excited to fully introduce it in the market we continue to be bullish about – the U.S.” Marszalek added that Crypto.com has invested heavily in the exchange’s technological capabilities and banking rails. The Crypto.com CEO believes that this investment has resulted in exponential global growth for the company, with the platform becoming a leading U.S. dollar-supporting exchange. Regulatory tailwindsCrypto.com’s bullishness regarding the U.S. market currently stands in contrast with developments in June 2023 when the company decided to shut down its institutional exchange offering, citing limited demand amid a bleak market landscape for crypto in the United States.  At the time, the company was one of several to look towards opportunities outside of the U.S. Shortly afterwards, Crypto.com obtained a crypto trading license in Dubai. Competitors Gemini and Coinbase followed a similar strategy, looking at growth opportunities in the Middle East and Asia. It’s clear that a regulatory crackdown in the U.S. at that time curbed the expansion plans of many cryptocurrency platforms. Many industry experts are of the belief that there will be a pro-crypto Securities and Exchange Commission (SEC) in the U.S. as part of the newly seated Trump administration.  Regulatory clarity is necessary for institutional involvement in the digital assets sector. Last week, Mark Uyeda, Acting Chairman of the SEC, announced the formation of a crypto task force with the objective of creating a clear regulatory framework for crypto. The U.S. is home to the world’s largest capital markets. A report produced by New York-headquartered blockchain analysis firm Chainalysis late last year identified that 70% of North American crypto transactions involved transfers that had a value in excess of $1 million, pointing to the level of institutional activity within that market.  Earlier this month, Crypto.com added the ability for U.S. platform users to trade stocks and exchange-traded funds (ETFs).