Taiwan’s FSC plans crypto draft regulations by September

Crypto.com Halts Institutional Exchange Service in the USCrypto.com, the Singapore-headquartered cryptocurrency trading platform, has announced the suspension of its institutional exchange service in the United States starting from June 21.Photo by Carl Revell on UnsplashResponding to market conditionsThe decision to halt the service is primarily attributed to limited demand from institutional clients, exacerbated by the challenging market conditions prevailing at present. According to a statement released by Crypto.com, advanced notice was provided to the platform’s institutional users regarding the suspension of the service.However, it is important to note that Crypto.com’s retail mobile application and platform will continue to operate normally in the US. “We recently made a business decision to suspend the institutional offering of the Crypto.com exchange in the US as of 11:59 pm EDT June 21, 2023, due to limited demand from institutions in the US in the current market landscape. Impacted institutional users were given advance notice to support a smooth transition,” the statement clarified.Despite the cessation of institutional services, American retail users can still access CFTC-regulated cryptocurrency derivatives trading offered by Crypto.com. Additionally, the UpDown Options feature remains available, enabling users to open long or short trading positions on the future movements of various cryptocurrencies.Crypto.com has expressed openness to the possibility of relaunching its institutional exchange in the United States in the future, indicating that the suspension is not necessarily permanent.CoinRoute integrationIn more positive news, on Thursday the firm announced that it had entered into a collaboration with smart order routing and trade execution service provider CoinRoute to integrate its service with the platform. Crypto.com Managing Director, Giuseppe Giuliani, said that “the integration aligns perfectly with our mission to accelerate the world’s transition to cryptocurrency by providing institutional-grade solutions that enhance the liquidity environment for cryptocurrencies.”CoinRoute’s algorithmic crypto trading technology is already live on the Crypto.com platform.While Crypto.com adjusts its offerings in the US market, it recently received a major payment institution (MPI) license for digital payment token (DPT) services from the Monetary Authority of Singapore (MAS). This regulatory approval allows Crypto.com to continue providing its services in Singapore.Further evidence that the exchange business continues to find ways to propel itself forward includes its recent move to update its service offering to include the use of artificial intelligence-based technology. Additionally, last month it set out plans to list the euro as a trading option, leveraging the liquidity of the European currency while allowing it to be traded against leading digital assets such as bitcoin, Ethereum, and USDT.The month of June 2023 has been a turbulent one for cryptocurrency exchanges operating in the United States. The Securities and Exchange Commission (SEC) has initiated legal proceedings against both Binance.US and Coinbase, accusing them of various securities laws violations. The actions of the SEC have drawn criticism from the broader cryptocurrency community, as the regulatory crackdown in the US appears to be intensifying nearly eight months after the collapse of Bahamas-based cryptocurrency exchange, FTX.As the cryptocurrency industry continues to navigate evolving regulatory landscapes, market participants are closely observing developments in the US and other jurisdictions, which could have far-reaching implications for the future of digital assets.

KICA partners with PiLab and CODE for Web3 authentication servicesThe Korea Information Certificate Authority (KICA) has signed a memorandum of understanding (MOU) with two new business partners — dApp provider PiLab and CODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit — according to local news outlet Kyunghyang Games. The three companies’ CEOs attended the signing ceremony and vowed to establish a credible authentication system to contribute to a healthy Web3 environment.Photo by GuerrillaBuzz on UnsplashEstablishing secure and compliant solutionsThrough this collaboration, the companies plan to leverage their respective capabilities to develop and distribute Web3 authentication services that comply with virtual asset service providers’ (VASPs) Know Your Customer (KYC) verification procedures as well as international standards such as the crypto Travel Rule. “We aim to create a secure and efficient environment for both providers and users of various Web3 services in line with global regulatory trends,” explained Park Do-hyun, CEO of PiLab.Setting new standardsKim Sang-jun, CEO of the KICA, anticipates that the KICA’s expertise and capabilities in identity verification and security authentication in Web2 would help the collaboration become a new benchmark in the Web3 authentication industry. “Eventually, we will expand our services to include SoulBound tokens (SBTs), enhancing identity verification, license certification and attribute certification, solidifying our position as a leading company in the Web3 industry,” he said.Furthermore, CODE CEO Lee Sung-mi emphasized the importance of complying with international standards like the crypto Travel Rule for a healthy Web3 service environment. She also pledged to ensure that CODE would use its capabilities to establish a solid connection between VASPs and the Web3 service market.This collaboration represents a strategic move towards shaping the future landscape of Web3 authentication and security services, combining the strengths of these companies to meet the evolving needs of the industry.

Blofin Expands Into Vietnamese MarketBlofin, a cryptocurrency exchange officially headquartered in the Cayman Islands but with a strong connection with China, has entered the Vietnamese market.That’s according to a press release issued on behalf of the company on Friday.Exploiting Vietnamese potentialVietnam has emerged as a global leader in cryptocurrency adoption, with approximately 21% of its population reported to own cryptocurrencies. Recognizing the immense potential of the country, Matt Hu, the Chinese CEO of Blofin, expressed his excitement about entering the Vietnamese market. He emphasized the rapid growth of Vietnam’s cryptocurrency industry, noting that the country has become an attractive destination for crypto ventures within a mere three years.“We take pride in offering Vietnamese users a reliable and accurate trading platform that fulfills their needs,” Hu stated.Photo by Tron Le on UnsplashBespoke market offeringIn line with this commitment, Blofin has developed a comprehensive product available in the Vietnamese language. Furthermore, the exchange has established dedicated support for the Vietnamese community to ensure a positive user experience and address any inquiries or concerns.To enhance user engagement, Blofin is actively building connections with influential figures in Vietnam, collaborating with innovative projects, and engaging with local crypto communities. By fostering these relationships, the exchange aims to become an integral part of the Vietnamese cryptocurrency ecosystem. Blofin stands out among its competitors by providing unmatched convenience and security for crypto futures trading.Those are the aspirations of the company but in no way can it expect to achieve this without significant market challenges. In Vietnam, the platform will go head to head with existing market incumbents, Binance, Exness, and Skilling. Binance is the market leader, supported by a depth of market trade volume.There is also the potential for future obstacles in terms of local regulation. In the past, the Prime Minister of Vietnam, Pham Minh Chinh, has said that there’s a need for the Southeast Asian country to scrutinize cryptocurrency regulation. Additionally, the State Bank of Vietnam has warned previously that cryptocurrencies present a risk to Vietnamese consumers insofar as they are not protected by Vietnamese law in owning, trading, and using them.Enticing futures tradersLaunched in January, Blofin’s cryptocurrency futures trading offering attempts to provide users with an exciting and rewarding experience. The platform incorporates pragmatic security measures, including AI-powered algorithms, robust infrastructure, and comprehensive analysis tools. Designed to provide all users with equal, transparent, and highly effective trading opportunities, Blofin invites the best and brightest futures traders to join its pioneering program.Blofin has been around since 2019. In May of last year, it launched the Blofin App as a one-stop investment and asset management platform. The company has obtained money services business (MSB) licensing from FINCEN in the United States. It has also obtained a fund license from the Cayman Islands Monetary Authority (CIMA). According to a press release published last year, it has also been working towards licensing in Hong Kong, Canada, and Singapore.The entry of Blofin Exchange into Vietnam’s thriving crypto market should serve to enhance the depth of market infrastructure available to Vietnamese users, contributing towards the further development of the digital asset revolution.