Thailand’s SEC takes legal action against former Zipmex CEO

AEON, a modular payment protocol that aims to standardize and unify crypto payments, has launched a QR code payment system on the BNB Chain, with a view towards expanding crypto payments in Southeast Asia. The project clarified in a press release published on Nov. 11 that its BNB-based QR code payment system has been established in collaboration with Terminus, a payment association project that bridges crypto and real-world transactions through banks, e-wallets and fiat settlement networks. The new service means that merchants can now access AEON’s payment system without having to acquire additional hardware, while crypto payments are settled in fiat currency. AEON believes that the new offering provides greater convenience for users and merchants, while also supporting the BNB Chain ecosystem through the promotion of a seamless payment experience at offline locations throughout the Southeast Asian region.Lara Jameson on PexelsIntegrating with Asian payment networksUsers can now rely on assets such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC) and Binance Coin (BNB) as a source of funds for payments, which can be made in-store by scanning a QR code via a network of merchants throughout Southeast Asia. Once a transaction is confirmed, funds are converted to fiat currency in real time. The offering minimizes friction for the merchant, making it easy for them to accept crypto as a means of payment. This scan-to-pay feature has now been integrated with national payment networks like VietQR, a money transfer service in Vietnam that enables customers to scan and pay across the mobile apps of the Southeast Asian nation’s banks. Similarly, AEON has integrated with another such service in Thailand known as ThaiQR, which is supported by a number of leading Thai banks.  Connecting Web2 with Web3In an article posted to X last month, Terminus outlined that acting as a “payment association” isn’t just a label but an attempt by the company to take an approach that seeks to connect Web2 with Web3 in a manner previously thought impossible. It believes that it is creating a powerful ecosystem by taking disparate payments providers and joining them together via a cohesive payments association. In bridging Web2 and Web3 Terminus says that it is laying “the groundwork for a future where payments are not only efficient but universally accessible.” Network integrations seem to be key where crypto payment solutions providers are concerned. With that, AEON has been active in bringing about other such integrations beyond this collaboration with Terminus. In September, it entered into a partnership with Singapore’s Alchemy Pay, a crypto-to-fiat payment gateway, with a view towards combining Alchemy’s expertise in payments with AEON’s payments infrastructure and protocol. In October AEON integrated with the TRON layer-1 blockchain network. The collaboration means that decentralized applications within the TRON ecosystem can accept crypto payments over AEON’s payments infrastructure.

NFT Seoul Conference 2023 to Picture the Future of Digital InnovationArt Token, a South Korean company that operates non-fungible token (NFT) marketplace 2R2, has made an announcement regarding the upcoming NFT Seoul Conference 2023, scheduled to take place at COEX on September 1. This conference is poised to provide insights into the future trajectory of the ever-evolving digital landscape.According to a local news outlet, the event is co-hosted by Art Token, along with The Korea Herald, an English-language newspaper in Korea, and Soongsil University. Noteworthy support is also coming from Crypto.com, a crypto exchange headquartered in Singapore.Photo by Riza Gabriela on UnsplashNFTs as economic vehiclesHong Ji-sook, CEO of Art Token, shared the motivation behind orchestrating this NFT-focused conference. According to her, the event focuses on the future of NFTs, which are anticipated to serve as economic vehicles in the emerging Web3 digital ecosystem. Hong added that the conference is designed to provide strategic responses to the burgeoning concepts in the expansive digital realm such as decentralization, decentralized autonomous organizations (DAOs), and crypto rewards.Highlighting the pivotal role of NFTs in embracing necessary digital innovations across the domains of art and finance, she emphasized that the conference agenda will showcase sessions and programs that foster a dynamic exchange of ideas. This collaborative environment is anticipated to pave the way for novel opportunities and solutions that hold relevance across blockchain technology, the tech industry, and the artistic landscape.Web3, NFT art, and security tokensThe in-person conference will be structured around three main themes: Web3, NFT art, and security token offerings (STOs). The keynote speakers will delve into the future trends of NFTs and their potential in the Web3 era. They will also analyze the utilization and significance of NFTs in the realm of art. Lastly, the presenters will assess the current state of the Korean security token market and discuss the diverse industrial applications of security tokens. Meanwhile, visitors will have a chance to glean insights from other separate sessions that shed light on the evolving global landscape.

Venture Smart Financial Holdings Ltd. (VSFG), a Hong Kong-based financial services firm, is strategically positioning itself to enter the growing cryptocurrency exchange-traded fund (ETF) market, with its latest reveal being an interest in launching a spot ETH ETF in Q2.Photo by Michael Förtsch on UnsplashIn a recent interview with The Block, VSFG Chairman Lawrence Chu revealed the company's plans to apply for a spot ether ETF in Hong Kong. Executing on that plan is contingent upon the successful launch and approval of its spot bitcoin ETF. Q1 launch for bitcoin ETFLast month, the firm disclosed that it is gearing up for a spot bitcoin ETF launch within the first quarter of this year. VSFG was the first to reveal such an intention within the ETF space in Hong Kong. However, competition is already starting to bubble, as subsequently, Chinese asset manager Harvest Fund announced that it has gone one better and actually filed an application for a spot bitcoin ETF product in the Chinese autonomous territory. Chu shared insights into the firm's current status, mentioning that VSFG is in the final phase of preparing its application for a spot bitcoin ETF to be submitted to the Hong Kong Securities and Futures Commission. He emphasized the rigorous regulatory discussions that precede such submissions in Hong Kong, characterizing the imminent application as being in the advanced stages, stating, “Submission [for application] is almost like when you're 95% there.” Chu acknowledged the importance of ongoing conversations with regulators, expressing readiness by stating, “but that really depends on the conversation we have with the regulator. We will be ready.” Competitive spotlight on ETF feesHighlighting the evolving landscape in Hong Kong, Chu noted that nearly 10 fund companies are exploring the launch of potential spot crypto ETFs in the city. That call echoes similar comments made recently by Livio Weng, CEO of digital assets firm HashKey. The prospect of a potential fee war among asset managers was also discussed, drawing parallels with developments observed in the U.S. bitcoin ETF market. That seems likely, given that downward pressure on spot bitcoin ETF fees in the United States has also spread to Europe where Invesco and WisdomTree have cut fees by 60% on similar products. Global ether ETPsWhile commentators such as Standard Chartered Bank speculate on the likely approval of spot ether ETF products in the U.S. by May and VSFG indicates a potential Q2 launch in Hong Kong, there are already a number of similar products out in the wild around the world. According to data compiled by crypto data aggregator platform CoinGecko, the top 10 ether funds account for $5.5 billion in value. Among them is the XBT Provider ether exchange-traded product (ETP), the world’s first Ethereum-based security made available on a regulated exchange, namely Nasdaq Stockholm in Sweden, by crypto ETP specialist CoinShares. While the race is on in Hong Kong to launch crypto ETFs, on an international basis, competition is heating up as various global fintech hubs look to kindle what is likely to make up a significant part of the ETF sector pie in the years to come.