Antpool overtakes Foundry as largest bitcoin mining pool

Singapore Judge Says Crypto Not MoneyIn recent years, legal processes in various jurisdictions worldwide have seen judges comment on whether cryptocurrency is actually money. The latest such determination has been made by Justice Vinodh Coomaraswamy who outlined in a Singapore court that while being a component of financial transactions, cryptocurrencies are not money.The consideration emerged in a recent court hearing at Singapore’s High Court in a case involving the Algorand Foundation and failed Singapore-based hedge fund, Three Arrows Capital (3AC). Justice Coomaraswamy’s comments arose due to a discussion in the midst of the court proceedings involving the Judge and counsel representing the Algorand Foundation.©Pexels/EKATERINA BOLOVTSOVASeashells as moneyIn setting out his rationale for the need for 3AC to be wound up, Daniel Chan, a lawyer for the WongPartnership law firm that was representing the Algorand Foundation in the proceedings, told the judge that despite foreign currencies not being recognized as legal tender in Singapore, or used broadly as a medium of exchange within the city state, those foreign currencies are recognized by Singapore law as money. Using that analogy Chan suggested that by implication, the same scenario should be considered where cryptocurrencies are concerned.The judge provided a counterpoint: “What if you had a [community] in the world that used seashells as its internal medium of exchange? Would the Singapore courts have to recognize that as money.” Chan claimed that the judge had used an extreme example although Coomaraswamy remained steadfast in his view, pointing out that seashells had indeed been used as a form of money in the distant past.Coomaraswamy proceeded to dismiss the Algorand Foundation’s winding up application. He acknowledged that the Foundation did have standing in bringing the application. However, as he determined that cryptocurrency couldn’t be classed as money, on that basis he dismissed the application. In conveying his decision, he stated: “The word indebtedness, in my view, must require a debt which is in fiat currency. Determining whether or not a particular intangible, such as cryptocurrency, is money would require a detailed examination of evidence which is not appropriate in the context of insolvency.”Legal tenderThus far, bitcoin has been recognized as legal tender in two countries — El Salvador and the Central African Republic. In 2020, a French court referred to the leading cryptocurrency as money, agreeing that Bitcoin loans can be recognized as customer loans in the same way as loans denominated in fiat currencies. Earlier that year, an Australian court recognized bitcoin as a legally legitimate form of investment. In the United States, a Federal court recognized bitcoin as “money” or “funds” in a prosecution taken against Silk Road website operator Ross Ulbricht.There have been many similar instances in courts globally where judges have had to grapple with the consideration of whether bitcoin and crypto more generally can be regarded as money. Similar to the difficulty authorities are having in regulating cryptocurrency, it’s an issue that in most cases lacks complete clarity and in which we can expect further discussions on, similar to this most recent consideration in the Singaporean high court.

Circle and SBI Holdings join forces to propel USDC growth in JapanIn a move aimed at advancing the adoption of the USD Coin (USDC) in the Japanese market, stablecoin issuer Circle and Japanese financial behemoth SBI Holdings have entered into a memorandum of understanding (MOU).Photo by Alex Knight on UnsplashBanking and distributionThe collaboration, outlined in a press release published on Monday, seeks to enhance the circulation of USDC, establish a robust banking relationship and broaden the footprint of Circle in the Asian nation.Key subsidiaries of SBI Holdings are set to play pivotal roles in this strategic partnership. SBI’s VC Trade Limited, among others, will actively engage by applying for licensing as an electronic payment instruments service, facilitating the distribution of USDC across Japan. Notably, this move aligns with efforts to propel the electronic payment ecosystem in the country.Further solidifying the collaboration, SBI’s Shinsei Bank will provide crucial banking services that empower access to USDC and enhance liquidity for businesses and users based in Japan. This initiative not only promotes the widespread usage of USDC but also establishes a secure financial infrastructure for its seamless integration into the Japanese market.Web3 service offeringAs part of this collaboration, the SBI Group plans to incorporate Circle’s Web3 Services solutions, encompassing programmable wallets, blockchain infrastructure and smart contract management tools.Circle has been busy in recent weeks, rolling out partnerships in the Asian region that will see greater use of its Web3 Services suite. In Taiwan, it partnered with a convenience store chain recently, in a move that will integrate its Web3 services into the Taiwan FamilyMart app. A similar deal was struck in September with Grab, a Southeast Asian multifaceted super-app.Jeremy Allaire, CEO of Circle, expressed the groundbreaking nature of this partnership, envisioning USDC as a stablecoin that can be extensively utilized in Japan’s burgeoning on-chain economy across various consumer-led Web3 product categories.Allaire had signaled an interest in delving further into the Japanese market back in July. Then, he suggested that the company might consider launching a stablecoin in Japan but that it was also interested in exploring partnerships in the East Asian country.Yoshitaka Kitao, CEO of SBI Holdings, commended Japanese authorities for creating a regulatory environment conducive to the adoption of stablecoins within the region. In June, Japan passed legislation mandating that stablecoins must be fully backed by highly liquid cash and cash-equivalent assets, preventing a recurrence of issues experienced by certain stablecoins.SBI’s digital asset involvementWhile Circle has very much been advancing its service offering in the Asian region in 2023, likewise SBI has been delving further into the realm of digital assets and Web3. In April it led a funding round into Standard Chartered subsidiary company Zodia Custody, a digital asset custodian. SBI has also invested in Zodia Markets, an exchange and brokerage platform which is also a Standard Chartered subsidiary company.SBI Holdings established the Osaka Digital Exchange (ODX) in 2021, a crypto exchange business which will commence security token trading next month. In a social media post on the X platform, Allaire highlighted SBI’s involvement in the digital assets space:“Importantly, Kitao-san is not a ‘johnny come lately’ to crypto and blockchain tech. He has understood it and invested in it for nearly a decade. SBI Holdings already operates digital asset trading, brokerage and cross-border payments solutions.”

Thailand’s Incoming Prime Minister Signals Crypto EmbraceIn a recent parliamentary decision on August 22, real estate magnate Srettha Thavisin emerged as Thailand’s forthcoming Prime Minister. Thavisin, acclaimed for his prior role as the CEO of Sansiri — one of Thailand’s major real estate developers — has a history entwined with the cryptocurrency sector, hinting at potential ramifications for the nation’s crypto landscape.Photo by Markus Winkler on UnsplashParliamentary selection winThe appointment came under the banner of the Pheu Thai Party, with Thavisin securing 482 votes out of 747 in the parliamentary endorsement.Thavisin’s ascent to power could potentially herald a significant shift in Thailand’s approach to cryptocurrencies, leveraging his involvement with Sansiri’s foray into the digital asset domain. Departing from his role as Sansiri’s CEO in April, Thavisin relinquished his 4.4% stake in the company, setting the stage for him to pursue a career in politics.Crypto firm investmentSansiri, under Thavisin’s leadership, undertook active participation in the country’s digital asset arena. Notably, in 2021, the company participated in a substantial $225 million fundraising round for XSpring Capital, a crypto-friendly investment management firm. This strategic partnership paved the way for XSpring to launch a fully integrated cryptocurrency trading platform in 2022, with aspirations to establish a presence among the top crypto exchange companies by 2025.Thavisin’s impact on the crypto sector goes beyond investment. His company also introduced the “SiriHub Token” via XSpring in 2022, presenting a real estate-backed initial coin offering (ICO) that extended 240 million tokens to the public. This duality of involvement from crypto firm investment to token issuance, demonstrates that the new Thai premier has not been afraid to get involved with crypto innovation at an early stage.Crypto airdrop proposalIt appears that Thavisin’s affinity for cryptocurrency transcends corporate endeavors, as his political affiliation with the Pheu Thai Party, which he joined in November 2022, introduced a novel proposition. The party proposed disbursing 10,000 Thai baht (approximately $300) to citizens, executed through digital currency transactions. The synergy between his cryptocurrency background and this proposal raises questions about the potential influence of his past on Thailand’s future crypto policies.As Thavisin’s administration prepares to assume office by the end of September, the extent to which his crypto engagement shapes the nation’s policies remains a topic of speculation. However, the confluence of his real estate expertise and cryptocurrency ventures offers a unique blend of experiences that might foster innovative approaches.Notably, Thavisin’s journey isn’t the sole instance of Thailand’s government engaging with the crypto industry. Earlier in 2023, Thailand’s cabinet introduced tax breaks for companies issuing investment tokens. These measures, announced in March, aim to generate 128 billion baht ($3.7 billion) from investment token offerings over the next two years.Political importanceThavisin’s perceived embrace of cryptocurrency in Thailand comes at a time when crypto and blockchain innovation is being supported by political candidates in multiple jurisdictions. In the United States, the Republican Party is holding a debate on Wednesday between its eight candidates for the presidential nomination, with several of them being pro-crypto.On the Democratic Party side, Robert F. Kennedy is pro-bitcoin, having recently stated that bitcoin is an exercise in extending civil liberty. Meanwhile, in Argentina, Javier Milei, a libertarian pro-bitcoin candidate, topped the poll in the country’s recent presidential primary.