Binance APAC Head Urges the Korean FIU to Approve Gopax’s Exec Changes

Colt Technology Partners With Singapore’s AsiaNextColt Technology Services, an established player in the digital infrastructure sector, has unveiled a strategic partnership with AsiaNext, an emerging name in the crypto exchange domain.News of the collaboration emerged on Thursday, with the partnership designed to harness the strengths of Colt’s secure and high-performance digital infrastructure solutions to foster high-frequency trading of various digital securities and crypto derivatives on the AsiaNext platform.AsiaNext is a joint venture between Japan’s SBI Digital Asset Holdings and Swiss digital infrastructure firm, SIX Group. The entities behind the venture identified similarities in the regulatory approach taken in Switzerland and Singapore, and for that reason, AsiaNext was developed to grow the business in the city-state.Photo by Julien de Salaberry on UnsplashAccessing Multicast Market DataThe partnership will see AsiaNext leverage Colt’s Multicast Market Data in the Cloud. This service facilitates seamless connectivity between buyers and sellers, bridging the divide between mainstream finance and the secure realm of digital assets trading. The move takes on greater significance against the backdrop of Asia’s rapid ascent in digital asset trading and its central role in shaping global cryptocurrency regulations.AsiaNext has been targeting institutional investors and aims to offer a comprehensive suite of services encompassing listing, trading, and post-trade functions for digital assets. The exchange is attempting to provide institutional investors with a secure platform for trading digital assets, bolstering the crypto derivatives market in the region.Alongside Colt’s Multicast Market Data product, AsiaNext will also benefit from access to Colt’s PrizmNet, which enables low latencies for global delivery of data, software, content, and financial services.Commenting on the deal, Russell Toop, Colt’s Team Lead, Capital Markets Asia, remarked: “Our partnership with AsiaNext demonstrates our firm commitment to capital markets in Asia and across the world, and we’re excited to be part of its journey at the earliest stages as it sets out to bring digital assets to the mainstream.”Yuen Keng Yin, Chief Technology Officer of AsiaNext, echoed the sentiment by highlighting the transformative potential of Colt’s solutions for institutional investors, stating:“Their solutions support our investors in securing their position in this rapidly-growing market, so they can optimize their digital assets trading strategies and open up exciting new opportunities for their clients.”Working towards a full CMS licenseAsiaNext has been making progress within the Singaporean market. In June, the local regulator and central bank, the Monetary Authority of Singapore (MAS), granted the institutional grade exchange regulatory approval in principle.That Capital Markets Services (CMS) license is now on the cusp of full license approval from MAS. Furthermore, the firm is also working towards obtaining a Recognised Market Operator license.These regulatory milestones all feed into AsiaNext’s overall goal, which is to offer a service which can bridge the gap between traditional finance and the digital assets space. In building out that offering, Marek Socha, Head of Corporate Development at SIX Group, said in an interview last year that important partnerships would be established by AsiaNext. No doubt accessing Colt’s service offering with this latest partnership is another step for the firm in reaching its objective.

Pakistan’s newly appointed Minister of State for Crypto and Blockchain, Bilal bin Saqib, has been spending time in the United States recently with a view towards collaborating with the Trump administration and Wall Street on matters related to digital assets and digital asset regulation. Pakistani TV channel 24 News HD reported on June 4 that bin Saqib met with Bo Hines during a visit to the White House in Washington, D.C. Hines was appointed by U.S. President Donald Trump earlier this year as the executive director of the President’s Council of Advisors on Digital Assets. Ways to broaden cooperation between Pakistan and the U.S. with regard to the digital assets sector were a primary topic covered during their meeting. Consideration was given to the potential for future partnerships between the two nations, with a particular emphasis on strategic alignment on digital asset policy.Photo by Kanchanara on UnsplashStrategic Bitcoin ReserveBitcoin was also a topic of conversation during the meeting. Last week, bin Saqib, who also heads up the South Asian nation’s newly formed Pakistan Crypto Council (PCC), appeared at the Bitcoin 2025 conference in Las Vegas to announce that “the Pakistani government is setting up their own government-led Bitcoin Strategic Reserve.” In his keynote address, he stated that Pakistan would hold Bitcoin in a national wallet and would “never ever sell them.” Following his meeting with Hines, bin Saqib took to X, stating:”We’re building strong bridges with the U.S. on Bitcoin reserves, stablecoins, and digital asset frameworks.” Responding to bin Saqib’s X post, Faizan Siddiqi, a Pakistani expat and COO of Canadian advertising services firm, MonetizeMore, underscored the importance of the meeting for an emerging generation in Pakistan inspired “to believe in a brighter, decentralized future.” In addition to meeting with Hines, bin Saqib also met with officials from the White House Counsel’s office, engaging with them on blockchain governance and legal framework matters. New York meetingsFollowing his meeting in Washington, D.C., bin Saqib moved on to New York. A video clip posted by the PCC to the X social media platform on June 6 showed bin Saqib meeting with New York City Mayor Eric Adams. The Pakistani minister thanked Adams for all he is doing for the crypto ecosystem, while inviting him to visit Pakistan and to consider a partnership between New York and the PCC. While in New York, bin Saqib also met with Brandon Lutnick, chairman of global financial services firm Cantor Fitzgerald and son of former Cantor Fitzgerald Chairman Howard Lutnick, who was appointed by U.S. President Donald Trump to the position of secretary of commerce back in February.  While Cantor Fitzgerald is a well-established traditional finance (TradFi) firm founded in 1945, the company has embraced digital assets more recently. Cantor has taken on leading stablecoin issuer Tether as a client, having also invested in the company. Last month, the firm launched its first Bitcoin fund. It’s understood that bin Saqib discussed tokenization, Bitcoin mining, the future of Web3 in Pakistan and potential for collaboration with Lutnick. Last month, Pakistan allocated 2,000 MW of surplus electricity to Bitcoin mining and AI data centers.

Singapore Takes Lead in Regulating StablecoinsSingapore has taken a proactive step by finalizing regulations for stablecoins, solidifying its position as one of the first jurisdictions to do so on a global scale.The Monetary Authority of Singapore (MAS) has established a comprehensive framework that outlines essential prerequisites for stablecoin operations, according to an announcement made by the central bank on Monday.Key highlights include:Reserve Backing: Stablecoins must be backed by reserves consisting of low-risk and highly liquid assets. The value of these reserves should equal or surpass the circulating stablecoin value at all times.Prompt Redemption: Stablecoin issuers are mandated to return the par value of the digital currency to holders within five business days upon redemption requests.Transparency: Issuers must furnish users with “appropriate disclosures,” including audit outcomes of the backing reserves.These regulations will be applicable to stablecoins issued in Singapore that mirror the value of the Singapore dollar or any G10 currency, such as the US dollar. Stablecoins meeting all the requirements outlined by the regulations will receive recognition from the regulator as “MAS-regulated stablecoins.” This distinct categorization will differentiate them from tokens lacking regulation.Photo by CoinWire Japan on UnsplashKey roleWith a market valuation of approximately $125 billion, stablecoins have rapidly emerged as a significant force within the crypto space. Leading the pack are Tether’s USDT and Circle’s USDC, which together command around 90% of the market’s total value.Stablecoins play a key role in the crypto trading market. They allow traders to move in and out of various cryptocurrencies and back into fiat. However, despite their immense influence, stablecoins have largely remained unregulated across the globe. While their primary use has been in trading, stablecoin proponents assert their versatility in various applications, including remittances.Digital currency hubSingapore has been actively positioning itself as a hub for digital currencies, striving to attract foreign companies seeking refuge from the crypto industry’s apprehensions surrounding the current unwelcoming US regulatory approach.Despite their prevalence, stablecoin issuers have faced criticism regarding the transparency of their reserve holdings. Singapore’s regulatory measures aim to bring increased clarity to this sector.Ho Hern Shin, Deputy Managing Director of Financial Supervision at MAS, expressed that the framework’s purpose is to enable stablecoins to serve as a credible digital medium of exchange and bridge the gap between fiat and digital asset ecosystems.Positive industry responseLeading stablecoin firms, Tether and Circle, have applauded Singapore’s new regulations. Yam Ki Chan, Vice President of Strategy and Policy for APAC at Circle, stated that MAS is at the forefront of forward-looking regulators globally, establishing a transparent regulatory framework for stablecoins and digital assets. Paolo Ardoino, CTO of Tether, hailed the framework for providing a clear structure, accountability, and transparency in stablecoin operations within Singapore.The collapse of algorithmic stablecoin UST last year drew regulatory attention to this category of stablecoins. Unlike traditional stablecoins like USDT and USDC, UST was governed by an algorithm and lacked real-world assets as reserves.Singapore’s stablecoin regulations have placed it in a select group of jurisdictions pioneering such rules. Hong Kong is presently undergoing public consultation on stablecoins and plans to introduce regulations in the coming year.