28 crypto service providers register with India’s FIU

DDC Enterprise, a Chinese company headquartered in Hong Kong and listed on the New York Stock Exchange (NYSE), has become the latest corporation to add Bitcoin (BTC) to its balance sheet.Photo by Michael Förtsch on UnsplashInitial 21 BTC purchaseThe plant-based food products company which operates under the “DayDayCook” brand published a press release via Business Wire last Friday announcing its first Bitcoin purchase. It’s likely that there was a symbolic element to the firm’s first Bitcoin purchase, given that it bought 21 BTC while Bitcoin has a supply cap of 21 million BTC. The company completed the transaction via share exchange with an investor group, issuing 254,333 class A ordinary shares while acquiring the 21 BTC at a market price of $2,283,667. DDC outlined that it plans to make two further purchases over the coming days of 79 BTC, at which point the firm’s corporate treasury will hold 100 BTC. Targeting 5,000 BTCThe company has a much more ambitious Bitcoin accumulation plan, however. Over the course of the next three years, it is targeting the establishment of a Bitcoin treasury holding 5,000 BTC. At current market pricing, that would amount to a Bitcoin treasury of around half a billion dollars in value. In the near term, the firm is targeting the acquisition of 500 BTC by the end of this year. DDC Founder and CEO Norma Chu described the development as a “pivotal moment” in the company’s evolution. She said that this plan reflects DDC’s “confidence in Bitcoin as a store of value,” while demonstrating the firm’s interest in pursuing innovation. “We are fully committed to ensuring the success of this strategy, which aligns with our vision to drive long-term value for our shareholders,” she added. Web3 innovationAccording to a DDC website, the company has innovative plans that go beyond just a Bitcoin treasury. It plans to deepen community engagement through the use of NFT loyalty programs and immersive Web3 experiences. It also plans to leverage blockchain transparency in its efforts to build greater community engagement. The website sets out a vision whereby DDC can blend its culinary heritage with next-generation technologies.  The company suggests that real-world asset (RWA) tokenization has the potential to revolutionize consumer engagement, while offering the possibility of enabling fractional ownership of product lines. It has set out a roadmap where it outlines having established a digital platform in 2012, going on to engage in content creation and content commerce over the course of a decade.  The firm carried out an initial public offering (IPO) in 2023 and from 2025 onwards, aside from its Bitcoin treasury strategy, it plans to integrate RWA tokenization and Web3 technology into its business, while also adopting AI technologies to enhance supply chain efficiency. DDC is one of a growing list of corporations to adopt Bitcoin as a strategic asset over the course of the past 18 months. Earlier this month, another Chinese company, Nasdaq-listed Jiuzi Holdings, an electric vehicle (EV) retailer, announced that it had adopted a plan to acquire 1,000 BTC. Hong Kong-listed game developer Boyaa Interactive holds 3,350 BTC.

Digital asset insurer funds Middle East expansionOneDegree, a Hong Kong-based InsurTech startup is expanding its area of engagement to the Middle East, funded through an undisclosed investment from Dubai Insurance.Fresh funding round to finance growthThe seven-year-old startup announced on Friday that it has secured further funding, solidifying its commitment to Middle East expansion while building upon the success of OneDegree’s $55 million Series B round in June. Total funds raised are believed to be in the region of $100 million.The Series B round was required to expand its digital assets insurance portfolio. Similarly, the partnership with Dubai Insurance is aimed at facilitating OneDegree’s expansion into the digital asset insurance sector within the United Arab Emirates (UAE) and the Gulf region. The startup firm will now proceed to establish a new entity in Dubai and hire staff locally to take on new business in the region.Among its notable investors are Alibaba Entrepreneurs Fund (AEF) Greater Bay Area Fund, Sun Hung Kai & Co and Cathay Venture, the venture capital arm of Taiwanese billionaire Tsai Hong-tu’s Cathay Financial Holdings. OneDegree’s CEO, Alvin Kwock, has stated that the company is on track to achieve profitability by the second half of 2024.Photo by Roman Logov on UnsplashMinisterial interestIt’s understood that the UAE’s economy minister, Abdulla bin Touq Al Marri, had outlined his interest in OneDegree bringing its service offering to the UAE when he met with representatives from the company at the Belt and Road Summit in Hong Kong in September.Given that OneDegree is planning to service the digital assets sector in the UAE, the move aligns with Dubai’s new crypto regulatory framework implemented earlier this year, which mandates insurance coverage for licensees engaged in crypto-related businesses to safeguard users’ funds. Major players in the crypto industry, such as Binance, Crypto.com and OKX, have already established a presence in Dubai.Only digital asset insurer in AsiaIn a video interview from Dubai on Friday with Forbes, Alvin Kwock emphasized OneDegree’s unique position as the first and only licensed insurer in Asia capable of providing digital asset insurance.Kwock revealed that approximately half of the world’s top 20 crypto exchanges have approached OneDegree for its digital asset insurance, with some of them already being clients. The startup has extended its services to around 30 companies, including Cactus Custody, the custodian unit of Singapore’s Matrixport; Rakkar Digital, backed by Thailand’s Siam Commercial Bank; and Hashkey, one of Hong Kong’s licensed crypto exchanges.In July it penned a deal with blockchain infrastructure firm Blockdaemon. Meanwhile, it has been underwriting digital assets for crypto custodian METACO since November 2022.Anticipating substantial growth, Kwock expects the number of OneDegree’s digital asset insurance customers to surpass 100 by the end of 2024. He foresees this segment constituting about half of the company’s total business in the coming year, up from the current level of 30%. Kwock underscored the evolving dynamics in the crypto market, emphasizing the increasing importance of risk management and the essential role of insurance in the digital asset industry.OneDegree’s expansion into the UAE aligns with the nation’s crypto-friendly policies, actively attracting firms to leverage its supportive regulatory environment. Indirectly, it also serves the Hong Kong government’s strategy to deepen business ties with the Middle East.

South Korea’s ruling Democratic Party has set up a new task force to accelerate the creation of a clear regulatory framework for stablecoins, aiming to unify competing legislative proposals ahead of government guidelines expected in October. According to Etoday, the nine-member group, chaired by Representative Lee Jung-moon of the National Policy Committee, is composed of lawmakers from three key parliamentary committees. Its primary objective is to consolidate the party's position on digital asset policy and coordinate with the Financial Services Commission (FSC) to establish a definitive rulebook for the burgeoning sector. Lee stated that the task force would work to harmonize multiple stablecoin bills already circulating within the party, noting that there was mounting pressure from both regulators and the private sector. He explained that government agencies had urged swift legislative action, while financial institutions and exchanges preparing to launch won-pegged stablecoins were waiting for regulatory certainty.Photo by SC Jang on UnsplashRegulatory debate over capital standardsA central point of contention for the task force will be establishing appropriate capital requirements for stablecoin issuers. Current proposals vary in scope, with suggested thresholds ranging from 500 million won (approximately $358,000), a figure intended to encourage fintech innovation, to as high as 5 billion won (about $3.58 million) to prioritize investor protection. The committee is tasked with striking a balance between fostering market growth and ensuring financial stability. Seoul's initiative reflects a broader global movement toward formal oversight of fiat-backed digital currencies. The U.S. passed its GENIUS Act for stablecoins in July, while the EU has implemented its Markets in Crypto-Assets (MiCA) regulation. Similarly, Japan amended its Payment Services Act in 2023 to restrict stablecoin issuance to licensed banks and registered financial firms. Former White House crypto advisor’s inputThe push for clear rules has drawn keen interest from industry leaders. Speaking at Korea Blockchain Week 2025 in Seoul, Bo Hines, chief executive of Tether USAT, stressed the regulatory clarity provided by the GENIUS Act in the U.S. According to ZDnet Korea, he noted that his company's new dollar-backed token, USAT, is designed for full compliance with U.S. law, featuring one-to-one reserves and audits by top-tier accounting firms to attract institutional investors. Hines, a former digital assets adviser at the White House, clarified that USAT is intended to serve the regulated U.S. market, complementing Tether’s flagship product, USDT, which has a global user base exceeding 500 million. He also discussed Tether’s view of South Korea as a key market, pointing to the significant USDT trading volumes there. Hines encouraged the country to adopt comparable stablecoin standards and expressed optimism that it would move toward a more open and efficient global financial network. With the FSC’s guidance approaching, the Democratic Party’s task force is working to reconcile differing legislative proposals. The resulting framework will shape the pace at which stablecoins move from pilot projects to an established part of South Korea’s financial system.