Superblock Rolls Out Crypto Wallet, Garnering Over 680K Pre-Registrants

Bhutan’s Gelephu Mindfulness City (GMC), a special administrative region (SAR) within the Kingdom of Bhutan, plans to establish a strategic cryptocurrency reserve.Photo by Ameya Sawant on UnsplashBitcoin, Ether & BNBThat’s according to an announcement published by the new administrative region on Jan. 8. In that statement the GMC SAR outlined that it has the intention to “recognise digital assets such as Bitcoin (BTC), Ether (ETH) and BNB as part of its strategic reserves.” The SAR acknowledged that the move would result in it becoming one of the first jurisdictions to officially put in place the holding of digital assets as part of strategic reserves. While it cited Bitcoin, Ether and BNB, the SAR outlined that it has the intention to recognize digital assets with large market capitalizations and deep liquidity. That requirement has been set out so that it can easily trade in and out of these assets without impacting asset prices on the open market. The Kingdom of Bhutan is no stranger to cryptocurrency. It emerged in 2023, through court filings in the bankruptcies of crypto lenders Celsius and BlockFi, that Bhutan had cryptocurrency holdings managed by Druk Holding and Investments, the commercial arm of the Royal Government of Bhutan.  An evolution of Bitcoin mining activityShortly afterwards, it was revealed that Bhutan had been mining Bitcoin since it was priced at $5,000. Crypto mining was deemed to be a good fit for the Kingdom, given its considerable hydroelectric resources. Bhutan has entered into partnerships with Singapore-headquartered crypto mining firm Bitdeer to jointly develop green digital asset mining operations. Given this background, the SAR stated that adding crypto as part of a strategic reserve would be “an evolution of the jurisdiction’s involvement in bitcoin mining.” Crypto rather than Bitcoin-onlyTaking to the X social media platform, the BNB network project described the move as “a major milestone for blockchain adoption.” It added that the SAR’s inclusion of BNB suggests the existence of global trust in the BNB Chain ecosystem and belief in its utility. Binance founder Changpeng Zhao (CZ) also chimed in, pointing out that the Bhutan GMC SAR isn’t just considering a Bitcoin reserve but one which includes crypto more broadly. CZ added that this demonstrates that Bhutan is open-minded and open to the consideration of cryptocurrencies beyond Bitcoin. The Binance founder said that this development “opens the door for BNB (and other crypto) to be included in other countries' National Strategic Reserves.” He believes that this will be the first of many strategic crypto reserves to be established. “This is a smart move by the country to attract crypto companies, investments, and innovation,” he added. The GMC SAR covers an area of 1,000 square kilometers, making it larger geographically than the city-state of Singapore. Its objective is to become a global leader in sustainable development, with a specific emphasis on holistic living, mindfulness and economic development.  The Bhutanese authorities intend for GMC to become a gateway for tourists visiting the area and Bhutan more broadly. It’s also seen as an initiative which can garner further foreign direct investment. According to data published by on-chain analytics firm Arkham Intelligence, the Kingdom of Bhutan holds 11,688 BTC ($1.1 billion) and 656 ETH ($2.18 million). 

Triple-A Secures Series A Funding to Advance Crypto PaymentsTriple-A, the Singaporean digital currency payments firm founded by Eric Barbier, has announced the successful closure of its $10 million Series A funding round.Photo by Towfiqu barbhuiya on Unsplash$10 million raiseIn a statement on its website on Wednesday, the firm outlined that the raise had been led by Peak XV Partners (formerly known as Sequoia India & South East Asia), who had previously invested in the company. In addition, the round received support from Abu Dhabi-based venture firm Shorooq Partners, alongside other undisclosed repeat backers.The company offers white-label solutions for businesses, facilitating the seamless integration of cryptocurrency payments with quick conversion to fiat money in their bank accounts within just one day. Triple-A currently supports various cryptocurrencies, including Bitcoin, Ether, Tether, and USD Coin.According to Barbier, stablecoins are a game-changer in payments, as they enable real-time settlements, in contrast to traditional payment methods like SWIFT transfers, which may take several days to clear. He stated: “With stablecoins, individuals and businesses worldwide, even in emerging countries, can now easily own and use a USD-denominated currency.”Barbier is known for his earlier success in founding the cross-border payments platform Thunes. The idea for Triple-A was born while Barbier was working at Thunes and recognized the potential of cryptocurrencies in resolving chargeback fraud issues.Barbier saw cryptocurrencies as a more efficient payment method for businesses engaged in cross-border transactions. He explained:“Cryptocurrency payments not only shield businesses from chargeback fraud risks but also help to streamline B2B cross-border payments. With instant settlements and no middlemen required, I realized we could solve many pressing issues in the payments industry today.”Expanding operations globallyThis funding round follows Triple-A’s $4 million seed round, bringing the total funds raised to date to $14 million. The new capital injection will be directed towards expanding Triple-A’s operations in key regions, including the Middle East, North America, and South America.Moreover, the company plans to enhance its cryptocurrency solutions and offerings in its crypto payments and payout products. Currently headquartered in Singapore, Triple-A boasts a global presence with offices in Miami, Hong Kong, Paris, and Barcelona, supported by a team of over 70 professionals.Regulatory compliant pathTriple-A is trying to differentiate itself through adherence to regulation. The company holds licenses that permit it to operate globally, including one from the Monetary Authority of Singapore (MAS) as a payments institution and a payments institution license from the central bank of France, allowing it to execute payment transactions across all EU member states.The company is registered with the United States Financial Crimes Enforcement Network (FinCEN) and is actively looking to expand its regulatory footprint. In line with the regulatory path the business is treading, Triple-A’s target clientele primarily consists of enterprises that value compliance, regulation, and licensing and seek to engage in cryptocurrency payments without the associated risks and complexities.Triple-A has already gained traction, serving more than 20,000 businesses, including prominent names such as iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, along with other large enterprises. In July, it partnered with universal payments platform Optty to enable crypto payments. The onboarding process is swift, with Triple-A completing the Know Your Customer (KYC) procedure and onboarding within one to two business days. The integration methods offered include API and no-code integration.

Thailand’s Ministry of Finance has announced a new tax measure that will mean tax exemptions on crypto trading gains over a five-year period in an effort to promote the Southeast Asian country as a global crypto hub. According to a statement published to a government website publicizing the introduction of the measure, Deputy Finance Minister Julapun Amornvivat said that the tax break will apply to market participants in Thailand who trade digital assets through exchanges, brokers and dealers licensed under the Digital Assets Business B.E. 2561 legislation, from Jan. 1, 2025 through Dec. 31, 2029. The deputy minister believes that the new measure will put Thailand on the right footing in developing the crypto sector, while that sectoral development will be monitored all the while by the Thai regulator, the Securities and Exchange Commission (SEC).  Amornvivat is conscious of a need to balance nurturing the crypto sector with full compliance in terms of anti-money laundering (AML) policies, in line with international practice as set out by the Financial Action Task Force (FATF).Photo by Kaboompics.com on PexelsGreater transparencyThe deputy minister also confirmed upcoming changes that would lead to greater transparency. He stated:”The Revenue Department is in the process of implementing the OECD’s Crypto-Asset Reporting Framework (CARF), which is an exchange of digital asset data with countries around the world, which will make digital asset transactions more transparent.” Taking to X, Amornvivat claimed that the policy aligns with OECD standards, and said it "is another important step in raising the economic potential of [Thailand] and is an opportunity for Thai entrepreneurs to grow on the world stage." This is not the first time the Thai authorities have looked at crypto-related taxation. Back in March the government approved a tax break targeting investors who generated capital gains from holding investment tokens. At that time, it was outlined that the government wanted to incentivize the use of investment tokens for fundraising purposes. In the medium term, Amornvivat believes that these measures will lead to growth in the overall Thai economy and an increase in tax revenue by approximately one billion baht ($30.6 million). Bitkub, Thailand’s largest crypto exchange, didn’t waste any time in responding to the development. On X, it advised its user base that “the wait is over,” with tax-free trading now possible on the platform. Competing global centersAssad Dar, a founder of Dubai-based Web3 gaming startups OYA Play and MoonGaming, took to social media to draw attention to the development in the context of initiatives being taken elsewhere to drive crypto. He described Thailand’s five-year tax break as a “big move,” while considering incentives offered in places like Dubai and Pakistan recently. He added:”Each place is trying to support crypto in its own way.” While competition around the world heats up to attract more crypto-related development and business activity, some fear getting left behind. Indian crypto influencer Rananjay Singh noted this latest development in Thailand while pointing out that crypto market participants in India still have to pay 30% tax on crypto-related capital gains as well as 1% tax deducted at source (TDS).