Japan progresses bill to enable VCs to hold crypto assets

Recent weeks have seen a positive policy shift in Pakistan with regard to digital assets and blockchain and that initiative has gathered further momentum with the appointment of a special assistant on blockchain and crypto to the Pakistani prime minister and the allocation of 2,000 MW of surplus electricity to Bitcoin mining and AI data centers.Photo by Abuzar Xheikh on UnsplashOn May 26, the Pakistan Observer, an English language daily newspaper, reported that Bilal bin Saqib has been appointed to serve as a special assistant on blockchain and crypto matters to Pakistani Prime Minister Shehbaz Sharif. Forbes ‘30 under 30’ social entrepreneurIn this role, Saqib assumes the status of a minister of state under Rule 4(6) of the Rules of Business, 1973, with the appointment effective immediately. Saqib had been featured by Forbes through its “30 under 30” list of social entrepreneurs in Asia in 2020. He is the founder of Tayaba.org, a non-governmental organization (NGO) focused on the provision of clean drinking water to vulnerable communities in Pakistan. Saqib came to prominence in the crypto sector earlier this year when he was appointed CEO of the newly formed Pakistan Crypto Council (PCC), an agency established to promote blockchain technology and digital assets within the South Asian country. In April he was added by World Liberty Financial, a crypto project connected with the family of U.S. President Donald Trump, as an advisor. Earlier this month, Pakistan’s Ministry of Finance gave the go-ahead for the establishment of the Pakistan Digital Assets Authority (PDAA), a body that will be responsible for the implementation of regulations governing the crypto and blockchain sector.  Utilizing surplus energyAt the time, one area of focus that had been highlighted in the announcement of the establishment of the PDAA was a desire to make better use of Pakistan’s surplus energy. The country runs an annual average surplus of 4,000 megawatts. A report by 24 Digital on May 25 indicated that action has already been taken in this regard. It outlined that Pakistan has allocated 2,000 megawatts of surplus electricity for the exclusive use of operators of AI data centers and Bitcoin mining facilities.  This plan is being rolled out in phases. The first phase makes surplus energy available to these operators. Phase 2 will focus on enabling crypto mining operators to avail of renewable energy to power their facilities, in an effort to develop the sector in Pakistan in an environmentally responsible manner. According to the Ministry of Finance, interest has already been expressed by international operators in the crypto mining and AI data center sectors. A number of international firms are understood to have visited the country in an effort to explore potential collaboration opportunities.  Earlier this month, Saqib claimed on social media that Pakistan “is moving at crypto speed.” He made the case that the country is a breeding ground for crypto innovation, citing the opportunity to exploit surplus electricity via crypto mining and the potential for crypto adoption given a $36 billion remittance market, millions of unbanked citizens and 64% of the population under 30.

South Korea’s second-largest cryptocurrency exchange Bithumb held a ceremony on Monday at the Bithumb Customer Center in Seoul to celebrate the commencement of the exchange’s supporter group, Thumbs Up, according to an article published by local news site Digital Daily on Tuesday (KST). The group consists of 20 university students interested in crypto and crypto exchanges who were recruited after a two-week application period starting on Dec. 13.Photo by charlesdeluvio on UnsplashPushing towards advancements in crypto"The open-mindedness and unconventional outlook of Bithumb's college student supporters will have a positive impact on Bithumb and the blockchain industry," said Kim Young-jin, Head of Business Support at Bithumb. "We look forward to the Thumbs Up supporters and Bithumb working together to create great projects." Cultivating young innovative mindsThe supporters will have a total of three months until the deadline on April 29 to propose ideas for improving Bithumb and create social media content related to the exchange's services and companies. Bithumb stated that it would award prizes of KRW 5 million and KRW 2 million to one team and five individuals, respectively, based on their dedication and performance. The winners will also get the opportunity to become interns or official Bithumb ambassadors.

Amber Group Targets Trust in Web3 Via Thoughtworks PartnershipSingapore-based Amber Group, a leading digital asset service provider in crypto-related infrastructure, products and trading, has announced a partnership with global technology consultancy Thoughtworks.© Pexels/Palu MalerbaAI-led product offeringThe strategic partnership has been formed between the two entities in an effort to develop innovative security solutions that can enhance transparency and trust in Web3. It’s envisaged that in meeting this objective, product development will rely heavily on artificial intelligence-based technology.In a press release on Wednesday, Amber Group’s Head of Web3 Security, Dr. Chiachih Wu, said that the partnership allows the firm to provide its clients with “even more comprehensive and cutting-edge security solutions, such as automated software testing and AI-powered vulnerability detection.”Leveraging software design and security expertiseSong Zhang, Global Service Lines Lead at Thoughtworks believes that in order to advance the development of a next-gen internet, Web3 has to use “sophisticated engineering practices and scientific methods to address crucial issues caused by decentralization.” Zhang cites issues such as compliance, privacy and security. He believes that through the collaboration both firms can contribute to leverage their respective software design and security expertise, and in that way, tackle these challenges.“By using new technology and tools, we aim to create applications and new standards that promote the construction of a healthy, transparent, open, inclusive and responsible Web3 ecosystem,” he stated.Strategic realignmentThis is not the first strategic departure Amber Group has taken recently. Earlier this month the Singapore-based firm was said to be mulling over the sale of its Japanese crypto lending subsidiary. It’s understood that the proposed move would help the company to streamline its operations and focus on its core markets.Launched in 2018 as a joint venture with Japanese financial services conglomerate SBI Group, the Amber Japan crypto lending business had failed to gain traction in a difficult Japanese market.The firm acts as a liquidity provider, miner and validator on over 70 digital asset exchanges, applications and networks. Earlier this year it took the decision to cut headcount, in the process reducing staffing at its Hong Kong office by 40. Last December the firm shuttered WhaleFin, its crypto exchange business.The collapse of crypto exchange FTX in November 2022 had a knock-on effect on some of the firm’s products and customers. 10% of its trading capital was held with FTX when the exchange collapsed. Additionally, a number of the firm’s products would have experienced significant drawdowns without the company taking action. In response, Amber raised $300 million in a Series C funding round to overcome that challenge.Those events are likely to have been key in terms of the company subsequently taking a strategic approach of focusing on core business operations and partnerships like this one that it has just announced with Thoughtworks. Undeterred by the challenges, the company still focuses on becoming a category leader in the industry.