XRP primed for institutional adoption in Asia via tracker fund launch

Uzbekistan’s New Private Bank Joins National Crypto Card InitiativeIn a step towards enhancing its cryptocurrency ecosystem, the Republic of Uzbekistan has given the green light to include another private bank in its ongoing national crypto card project. The development was announced through an official press release earlier this week by the National Agency of Perspective Projects (NAPP), the country’s regulatory authority for digital assets.Photo by engin akyurt on UnsplashBuilding upon a crypto frameworkUnder the provisions outlined by the Uzbekistan Ministry of Justice on December 30 of last year, the Special Regulatory Sandbox Regime was established. This unique framework empowers specific entities within Uzbekistan’s crypto sphere to provide specialized services. JSV Ravnaq Bank has now been registered as a member of this regime, enabling its active participation in the pilot phase of the nation’s crypto card project.Virtual bank cardThis initiative is poised to introduce a virtual bank card named “CRYPTO CARD — UzNEX.” The card’s standout feature is its ability to facilitate automatic fund addition to users’ primary accounts. This is achieved by swiftly converting crypto assets from a digital wallet on a partner crypto exchange platform.A vital aspect of the crypto card’s development lies in its compatibility testing with various financial systems, including the widely used Mastercard payment platform. According to NAPP’s statement, the participant bank within the special regulatory regime will be rigorously testing the integration of the automated banking system, crypto-exchange information system, bank processing center, and the MasterCard international payment system.December launchNotably, the addition of Ravnaq Bank marks the second entrant into the project, with Kapital Bank being the first participant approved in May. While Kapital Bank’s testing phase commenced at the end of June 2023, Ravnaq Bank is set to initiate its test launch by the end of October 2023. Both banks are expected to launch the full project by late December, in accordance with NAPP’s timeline.Beyond these private banks, the Special Regulatory Sandbox Regime also includes UZINFOCOM, a company authorized to develop NFT certificates based on distributed data registry technology.

Metaplanet, a Japanese Bitcoin treasury company listed on the Tokyo stock exchange, is targeting a holding of 10,000 BTC in 2025.2025 targetTaking to the X social media platform on Jan. 5, the company’s CEO, Simon Gerovich, set out a number of objectives which the company will strive to reach in 2025. Among them is the objective to expand the company’s Bitcoin holdings to 10,000 BTC. Gerovich said that the expansion of the firm’s Bitcoin holding would be achieved “by utilizing the most accretive capital market tools available to us.” He followed up on Jan. 6 with an announcement that Metaplanet has completed its 12th series stock acquisition rights. Gerovich claimed that the successful completion of the stock issuance marked “a milestone in Metaplanet’s financing and Bitcoin acquisition strategy.” The 12th series stock issuance was first announced back in November, with a six-month exercise period opening on Dec. 17. Additionally, the company issued 4.5 billion yen ($28,562,451) and 5 billion yen ($31,736,057) in ordinary bonds, with a maturity date of June 2025. Other objectives the company has set out for 2025 include enhancing transparency and shareholder engagement through new initiatives. Furthermore, Metaplanet intends to leverage its partnerships to advance Bitcoin adoption in Japan and further afield. Gerovich said that Metaplanet will explore innovative opportunities to grow the firm’s impact in Japan and within the Bitcoin ecosystem.Photo by Vasilis Chatzopoulos on Unsplash2024 ‘transformational’The Metaplanet CEO claimed that 2024 had been “transformational” for the company. He added: “We broke records, expanded our Bitcoin treasury, and reinforced our position as Asia’s leading Bitcoin Treasury Company.” Shifting its attention to 2025, the firm is focused on its efforts to drive greater value for shareholders. Metaplanet’s fortunes are now heavily dependent upon the performance of Bitcoin. In an interview at a New Year’s Eve party held in Miami by Microstrategy founder Michael Saylor, Gerovich commented on Bitcoin adoption, stating:"I’m slowly but surely seeing Bitcoin becoming a topic of discussion at the highest levels of government. Corporations around the world are beginning to adopt it as a Bitcoin standard." The Metaplanet CEO is optimistic that the U.S. will adopt a strategic Bitcoin reserve once the Trump administration commences. Should that happen, he believes that other countries will follow. He sees Japan as one of those countries where they do look to the U.S. as a guide on such matters. “So I think if President Trump does adopt it as a strategic reserve, then Japan and many countries in Asia will do the same,” he stated. Metaplanet is understood to be pursuing a business model very similar to the one pioneered by Microstrategy in the United States. The company increased the rate at which it acquired Bitcoin in H2 2024. Metaplanet made its first Bitcoin purchase in April 2024. At that time, its stock was trading at $1.90. Just as the Bitcoin unit price surged, so too did Metaplanet stock, closing the year at $22.05 per share.

Genesis Ordered to Comply with Subpoena in Terraform Labs CaseGenesis, the troubled crypto lender and trading company, has been issued a compelling directive by a New York court. The court has mandated Genesis to comply with a subpoena within five days, following a failure to respond to previous requests by the October 9 deadline, relative to a case involving Singapore’s Terraform Labs.Photo by Michael Discenza on UnsplashTerraUSD collapse falloutThese requests are related to the 2022 collapse of the TerraUSD stablecoin, a cryptocurrency which was supposed to maintain a peg to the US dollar’s value until it lost that peg and collapsed. At the time, the demise of TerraUSD reverberated throughout the cryptocurrency markets.In response to this collapse, the US Securities and Exchange Commission (SEC) initiated a legal action against Terraform Labs, the company responsible for the token, and its co-founder Do Kwon, alleging that investors had been misled. Both Do Kwon and Terraform subsequently tried unsuccessfully to have the case dismissed.As part of the progression of this case, the SEC sought to question Do Kwon and gain access to company records held by the Singapore-headquartered firm. The defendants were ultimately unsuccessful in arguing their case in that instance on jurisdictional grounds.Failure to respondJudge Jed Rakoff, in a court order filed on Friday, highlighted Genesis’s non-compliance with the subpoenas, stating:“As of today, the Genesis Entities have failed to produce any documents in response to the Subpoenas.”These subpoenas were issued by the defendants to seek specific information from Genesis Global Capital, Genesis Global Holdco, and Genesis Global Trading on September 12.The court order does not specify the nature of the information sought. It is worth noting that Genesis extended substantial loans to the now-defunct hedge fund Three Arrows Capital (3AC), which was heavily exposed to the TerraUSD stablecoin. In January 2023, three Genesis entities filed for bankruptcy, and its trading arm ceased its US spot market operations in September.In addition to the challenge posed by Genesis’ non-compliance, Judge Rakoff is also wrestling with obtaining information from Do Kwon in connection with the legal proceedings. Kwon’s legal representatives have argued that he cannot physically come to the US as he is serving a jail sentence in Montenegro for possession of a counterfeit passport.However, Judge Rakoff has expressed his determination to ensure Kwon’s availability for cross-questioning and stated that Kwon will not be allowed to provide any declarations in the case without being subject to cross-examination.Citadel under scrutinyIn a related development, it emerged last week that Terraform Labs is accusing American market maker Citadel Securities of having sabotaged its TerraUSD stablecoin. As part of the Singaporean company’s pursuit of justice, it has called upon the United States District Court in the Southern District of Florida to force Citadel to furnish specific documents that relate to their trading activities during the period within which TerraUSD collapsed.Should it fail in that endeavor, Terraform has said that it will look to have the matter heard in Judge Rakoff’s court in New York.This legal development concerning Genesis marks a crucial juncture in the ongoing investigation into the TerraUSD stablecoin’s collapse and the actions of the entities involved, with Genesis now facing increased pressure to cooperate fully with the legal process.