Crypto & Digital Assets
Crypto and digital assets news across Asia: stablecoins, tokenisation, exchanges, CBDCs and digital asset regulation in Hong Kong, Singapore, Japan, Korea and beyond.
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PhotonPay raises US$40 million led by Blockchain Capital to tie stablecoins to cards and local clearing
Hong Kong cross-border payments company PhotonPay has closed a US$40 million Series C led by Blockchain Capital, with SBI Group joining, to expand stablecoin wallets, card issuing and local clearing.
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Deep dive: Asian banks move stablecoins into wallets and cards before the rules are finished
In one week, banks and card issuers in Hong Kong, Singapore, Korea and Japan moved stablecoins closer to everyday payments. How far each can go depends on local rules, which…
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StraitsX partners Visa to issue stablecoin-backed cards in more than 100 markets
StraitsX, the Singapore issuer of XSGD and XUSD, will use a Visa partnership to offer stablecoin-backed card programmes in more than 100 markets.
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Hana Financial tests stablecoin payments and settlement with Upbit operator Dunamu
Hana Financial Group and Dunamu are testing real-time stablecoin payments and merchant settlement using customers’ Upbit wallets, ahead of Korea’s stablecoin rules.
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Visa Direct targets Philippine launch within six months, with no date for stablecoin transfers
Visa is aiming to launch a partner-led Visa Direct service in the Philippines within six months, but has set no date for stablecoin transfers as its own survey finds low…
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Bank of Korea plans forex law change to treat stablecoins as payment instruments
South Korea’s central bank plans to draft a bill with the government this year amending the forex law to regulate stablecoins as a means of payment.
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Malaysia and Thailand central banks join MAS-led BLOOM initiative for cross-border digital money
Bank Negara Malaysia and the Bank of Thailand join Singapore’s BLOOM initiative as policymaker members, alongside new industry participants including Visa, Mastercard, Airwallex and Ripple.
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HSBC rolls out HK dollar stablecoin RedCoin to 3.3 million PayMe users
HSBC begins a phased launch of its Hong Kong dollar-backed stablecoin inside PayMe, starting with person-to-person transfers and merchant payments.
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Shinhan Card and SBI to test yen stablecoin payments between Japan and Korea
Shinhan Card has signed an MOU with SBI XDC Network APAC and SBI VC Trade to explore yen stablecoin payments for in-store purchases and cross-border settlement.
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