Grab joins hands with StraitsX to enable stablecoin retail payments across Asia

Fobl Partners with KDAC to Store Part of Customers’ Assets in CustodyKorean non-fiat cryptocurrency trading platform Fobl announced on Tuesday that it has teamed up with Korea Digital Asset Custody (KDAC) to provide enhanced customer protection.©Pexels/Savvas StavrinosKDAC, backed by Shinhan Bank, has been providing virtual asset custody services to businesses seeking safe asset management.Collaboration plans between Fobl and KDACWith the partnership, the two sides will store a portion of Fobl customers’ assets in custody, build a systematic process for custody of projects’ virtual assets and their pre-disclosures, and seek out new business opportunities in the Korean security token market.Fobl’s potential transformation to fiat exchangePreviously, it was reported that Fobl is set to face a comprehensive inspection next week from the Financial Intelligence Unit (FIU) under the Korean Financial Services Commission (FSC).This move from the FIU suggests that Fobl may soon become a fiat crypto exchange in the near future, as the financial regulator has announced that it will first inspect non-fiat exchanges that are preparing to allow fiat trading.

Local crypto firms in Hong Kong are understood to be in “active” talks with the Securities and Futures Commission (SFC), with a view towards bringing about the integration of staking within crypto exchange-traded fund (ETF) products. Haiyang Ru, chief risk officer of HashKey Group, a leading Hong Kong-headquartered digital asset financial services firm, told The Block that the Chinese autonomous territory may shortly see the introduction of staking services relative to crypto derivatives trading products and crypto ETFs. He stated: "We are actively discussing with the SFC the introduction of ETF staking and tokenized money market funds, as well as launching an 'Earn' feature alongside spot trading."Photo by tommao wang on UnsplashFocus on staking in 2025HashKey is one of a number of well-known digital asset firms that is in regular contact with the regulator. Other firms are also paying attention to developments. Alessio Quaglini, co-founder and CEO of Hex Trust, a Hong Kong-based firm that offers regulated institutional digital asset custody and staking services, believes that staking will garner greater attention in 2025. He stated: “Institutions that move into crypto custody will naturally seek yield-generating opportunities for their clients."  OSL, one of the first entities alongside HashKey to be awarded digital assets-related licensing in Hong Kong, has also identified rising customer demand for yield-generating products in the crypto space within the Chinese autonomous territory.  Global competitionThe authorities in Hong Kong are likely to be watching developments overseas also. ETH ETFs in the United States have reeled in $3 billion in capital inflows without staking. Since the launch of these products, many industry commentators have suggested that in the event that staking is approved, big institutions, particularly pension funds and wealth managers, are going to be attracted to the passive yields on these ETFs.  Traditional finance (TradFi) loves yield, and in the case of Ether ETFs that include staking, an annual percentage yield (APY) of up to 5% should be possible. Last month, an S&P Global report suggested that there was growing interest from institutional investors with regard to crypto staking opportunities.  Cryptocurrency ETF issuer 21Shares has applied to the Securities and Exchange Commission (SEC) in the U.S. to include staking within its ETH ETF product. A similar application has been made by crypto asset manager Grayscale relative to its ETH ETF offering. With that activity ongoing in the U.S. and inter-jurisdictional competition in terms of digital asset growth opportunities, it’s likely that Hong Kong will be keen to enable this market offering. Staking ‘unparalleled’ in TradFi markets Earlier this week, the SFC introduced a new roadmap geared towards strengthening the digital assets sector in Hong Kong. One of the initiatives itemized is the enabling of crypto staking.  The explanatory document published by the regulator states that it is examining the introduction of staking with safeguards in respect to digital asset custody, liquidity risks and “ensuring that the operational processes for staking are transparent.” The SFC described crypto staking as a yield generation opportunity that is unparalleled in TradFi markets.

EMERGE Group, a leading Southeast Asian marketing technology firm specializing in intellectual property (IP) and gaming partnerships, has forged a strategic alliance with TZ APAC in an effort to drive Web3 gaming relative to the Tezos layer one blockchain. Singapore-based TZ APAC is a Web3 ecosystem builder dedicated to advancing the Web3 ecosystem on the Tezos blockchain by empowering founders, creators and developers. It’s also the Asian adoption entity supported by the Tezos Foundation with a mandate to garner adoption of the Tezos blockchain within the region. EMERGE is also a Singapore-based entity that established itself during the pandemic.Photo by Rodion Kutsaiev on UnsplashPositioning Tezos as preferred gaming blockchainNews of the partnership was publicized recently within "The Baking Sheet," a bulletin published by an independent not-for-profit entity, Tezos Commons. The primary focus of this partnership is to offer marketing solutions and publishing partnership support. EMERGE Group, known for its expertise and influential network, including partnerships with Moonton, Singtel and Shopback, aims to position Tezos as the preferred blockchain platform for the gaming community. Leveraging advertising inventories and critical IPs, EMERGE Group intends to facilitate the seamless onboarding of game studios onto the Tezos blockchain. Tezos, renowned for its open-source blockchain emphasizing upgradability, participation and smart contract safety, joins forces with EMERGE Group, which has previously established strategic alliances with industry leaders like Nvir World and Infinite Loop Media. This partnership is seeking to make an impact within the gaming industry, harnessing the potential of blockchain technology. Jason Lim, responsible for business development (gaming) at TZ APAC, commented on the partnership:“With this collaboration, TZ APAC can now rely on a partner that shares the same goal — to empower the gaming community with the relevant tools, resources, and network to succeed. Builders, gamers, and ecosystem partners can stand to benefit from the marriage of full-suite support provided by TZ APAC and the marketing prowess of EMERGE Group.”  EMERGE Group co-founder and CEO Roy Kek was similarly enthused, stating that the partnership reflected the firm’s expertise in the Web3 gaming space. Bridging Web2 to Web3The collaborative effort is designed to create a bridge between Web2 and Web3 technologies, enhancing the overall gaming experience. By fostering a supportive environment for game developers and capitalizing on Tezos' blockchain capabilities, the partnership aims to deliver a frictionless onboarding experience.  The collaboration between EMERGE Group and TZ APAC signifies a proactive move towards the integration of gaming into the Web3 ecosystem on Tezos. In the past, gaming giant Ubisoft has leaned on Tezos in providing in-game items for some of its gaming titles. The project has partnered with Google Cloud in an effort to enable Google Cloud customers to build Web3 applications on the blockchain. It’s still early days for Web3 gaming and with that, this partnership is seeking to advance gaming development on Tezos.