Blockchain Council Exec: Philippines Poised for Crypto Adoption

New Kazakh Platform Underscores Binance’s Push EastwardsGlobal cryptocurrency exchange Binance is making a significant move towards the East in response to mounting regulatory challenges in Western markets. The exchange has recently launched a regulated digital asset platform in Kazakhstan, marking a milestone in its expansion strategy.The announcement was made during a press conference held on June 20, attended by distinguished guests including representatives from Kazakhstan’s banking sector and Binance Kazakhstan’s leadership. The company followed up with a blog post detailing the development, published to its website on Wednesday.This milestone achievement follows Binance’s preliminary approval for operations in Kazakhstan received last August. By October, the Astana Financial Services Authority (AIFC) granted the exchange a permanent license to establish a digital asset platform and provide custodial services at the Astana International Financial Center.Photo by Engin Akyurt on PexelsBespoke platformThe newly established Binance platform in Kazakhstan aims to cater specifically to the needs of Kazakhstani users. It offers a comprehensive suite of services encompassing cryptocurrency exchange, conversion, fiat currency deposits and withdrawals, as well as custody of crypto assets.These financial services will be facilitated through a partnership with Freedom Finance Bank, Kazakhstan’s banking partner for Binance. Users of the platform will be able to transfer fiat funds to their accounts, with deposits and withdrawals currently supported through bank transfers or bank cards via Freedom Finance Bank.Adverse Western market conditionsBinance’s expansion into Kazakhstan comes at a time when the exchange is grappling with legal challenges in the United States and several European countries. In the US, Binance is currently embroiled in a lawsuit with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).Last month, Binance announced its withdrawal from the Canadian market, citing regulatory changes which the company described as “untenable.” Meanwhile, in Europe, the company has faced regulatory pushback, including an investigation into alleged “aggravated money laundering” in France and its exit from the Dutch market due to the absence of a virtual asset service provider license.Binance’s withdrawal from European markets has been attributed to its efforts to comply with the European Union’s approved Markets in Crypto Assets (MiCA) regulations, although there are reports indicating collaboration between European regulators and the SEC in their investigations into Binance.Eastern expansionWhile Binance has been facing ongoing setbacks in Western markets, it continues to expand eastwards. Late last month, the firm announced plans to establish a dedicated platform in Japan. Around the same time, it secured a trading license through its Thai joint venture company.Binance is not the only major crypto firm making a strategic shift towards Asia. Other global cryptocurrency exchanges such as Gemini and Coinbase, have also expressed their intention to strengthen their presence in the Asia Pacific region. This trend highlights a broader pattern of the crypto exchange landscape gradually shifting towards the East, reflecting a reconfiguration of the global market.As Binance expands its regulated operations in Kazakhstan, it aims to navigate the complex regulatory environment and continue providing secure and compliant services to users in a key market. The move not only positions Binance strategically but also underscores the evolving dynamics that may well be playing into a regional shift in leadership where the development of digital assets is concerned.

Korean Financial Authority Grants This Year’s First VASP Approval to Infinite BlockThe Financial Intelligence Unit (FIU), a division operating under the South Korean Financial Services Commission (FSC), has recently granted approval to Infinite Block, a blockchain fintech company, to function as a virtual asset service provider (VASP), as reported by the local news outlet Business Watch.37 registered VASPs in KoreaInfinite Block is the first entity to secure such approval from the national financial regulatory authority this year. This development takes the roster of registered VASPs in Korea to a total of 37.When submitting its application in May, Infinite Block declared that its business is tailored for transferring, storing, and managing virtual assets. Its core operational domain centers around virtual asset custody services.Custodian service for institutional investorsFounded last year by Jung Gu-tae, who previously served as a banker at NongHyup Bank and held a C-level position at digital asset custodian Cardo, Infinite Block leverages his extensive experience in banking and virtual assets. Building on this industry insight, Infinite Block is about to introduce Karbon Custody, a specialized service targeting institutional investors.Furthermore, Infinite Block raised about 2 billion KRW ($1.5 million) last year from renowned financial institutions including Daegu Bank, SK Securities, and Infobank. However, the company did incur an operating loss exceeding 200 million KRW due to its nascent stage and the absence of revenue streams.This accomplishment of Infinite Block is noteworthy in light of the decline observed in new VASP filings. While 2021 saw approximately 30 companies applying for VASP approval, the numbers dwindled to merely two new applications last year, followed by only one so far this year.

Matrixport Bullish Despite Bitcoin’s Price StandoffThe crypto market, with a total capitalization of around $1.08 trillion, finds itself in a tense state of anticipation towards October, which has been historically the most robust month for Bitcoin with average returns of over 20%, according to Singapore-based digital assets ecosystem firm Matrixport.Photo by Dmytro Demidko on UnsplashTechnical strugglesMeanwhile, Bitcoin (BTC) has been unable to breach the $27,400 mark, facing formidable resistance and failing to surpass its 50-day moving average. From a purely technical standpoint, the situation for Bitcoin appears bearish. The corrective rebound in BTC has concluded, with prices falling below key moving averages and short-term oversold conditions correcting themselves.This technical analysis reflects the cautious stance adopted by financial markets globally ahead of pivotal monetary policy decisions in countries like the US, Switzerland, the UK, and Japan.Mining difficulty increaseAnother notable development in the world of Bitcoin is the recent 5.48% increase in mining difficulty, bringing it to 57.12 T. This surge in mining difficulty is indicative of the ongoing robustness of the Bitcoin network, with the 7-day moving average reaching a substantial 423.4 EH/s, as reported by Glassnode.The leading cryptocurrency has a number of challenges and regulatory uncertainties that it must wrestle with currently.The regulatory issues at leading global crypto exchange Binance represent one of those challenges. Trading volumes on the Binance exchange have plummeted by 57% over the past week, driven by users seeking refuge on platforms yet to be subjected to regulatory crackdowns. Meanwhile, a court decision opted against ordering Binance’s US unit to provide the Securities and Exchange Commission (SEC) in the United States with further customer fund information, encouraging collaboration between the parties.Spot Bitcoin exchange-traded funds (ETFs) are another area where the market anticipates a resurgence in the cryptocurrency space, driven by a wave of applications to launch spot Bitcoin ETFs. This development, according to Matrixport, has the potential to be a catalyst for Bitcoin’s growth should a spot BTC ETF be approved. The leading digital currency’s market dominance is currently approaching 50%.Meanwhile, the announcement of a new Bitcoin fund by Laser Digital Asset Management, a subsidiary of Japan’s largest investment bank and brokerage group, Nomura, has been interpreted as bullish news. Laser Digital has introduced a Bitcoin fund targeting long-term institutional investments, further demonstrating the growing institutional interest in cryptocurrencies.Further good news has emerged via Citigroup in the United States, which has launched Citi Token. The offering leverages blockchain technology and smart contracts for business-to-business payments and trade finance, reinforcing the adoption of blockchain within the financial industry.Divergent PredictionsAlthough Matrixport’s outlook is bullish, it comes amidst a backdrop of regulatory developments and technical challenges, with analysts offering contrasting outlooks for Bitcoin’s future. Matrixport projects a bullish fourth quarter for Bitcoin, citing historical trends of strong performance during this period. It anticipates potential gains of up to $37,000 by year-end.Mike Novogratz, the Founder of crypto-focused financial services firm Galaxy Digital, envisions Bitcoin reaching $500,000 by 2024, fueled by increased adoption and maturation of the crypto market.