Binance, the cryptocurrency exchange, has recently acquired a virtual asset service provider (VASP) license from the Bank of Spain in order to operate in the country. In its ambitious expansion plans that the cryptocurrency exchange is persisting despite the global jump and market slump in the cryptoverse, there is another country that Binance is looking toward — the Philippines. In June, the CEO of Binance, Changpeng Zhao, stated in a press briefing in Manila that the exchange is looking to obtain a VASP license in the Philippines. In addition to the VASP, Binance wants to get an e-money issuer license …

Amid economic and political turmoil, the Central Bank of Sri Lanka, or CBSL, has warned the public against crypto purchases due to the lack of regulatory oversight. In a Tuesday notice, the CBSL said it has not authorized or licensed any company in Sri Lanka to offer crypto-related services, including exchanges, initial coin offerings and mining. The central bank said the warning was in response to “recent developments in relation to virtual currency usage,” likely referring to the market downturn and significant volatility in the prices of cryptocurrencies like Bitcoin (BTC). Virtual currencies “... are considered as unregulated financial instruments …

Opera Crypto Browser, a Web3-focused project for facilitating navigation across decentralized applications (DApps), games and metaverse platforms, has announced a partnership with Coin98, a Southeast Asia-based decentralized finance (DeFi) platform, to bolster Web3 accessibility. Following the integration of Coin98, users of Opera’s Crypto Browser will be able to tap into the platform’s range of multichain nonfungible tokens (NFTs), decentralized exchanges (DEXs), cross-chain bridges and asset swaps as well as the ability to stake and lend their cryptocurrency portfolios, as per a Thursday announcement. With Southeast Asia's reputation as an online technology hotspot — with the world's largest number of internet …

The National Agency of Prospective Projects (NAPP) in Uzbekistan announced its demands toward crypto mining operators. It would only allow the companies that use solar energy to mine Bitcoin (BTC) or other cryptocurrencies. The normative act on the government page, dated June 24, describes the confirmation of “Guidelines on the registration of the crypto assets mining,” and sets the finalization date on July 9. The second article of the document offers an uncompromising wording: “Mining is being carried out only by the legal entity with the use of electric energy, provided by a solar photovoltaic power plant.” As a further …

Major Singapore-based cryptocurrency exchange Crypto.com received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. The license will let the platform provide a range of payment services in the country. On Wednesday, June 22, Crypto.com announced the approval from MAS, which is necessary for offering the Digital Payment Token services within the framework of Singapore’s Payment Services Act. In the announcement, Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the company’s commitment to collaborating with the MAS: “The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and …

The total crypto market capitalization fell off a cliff between June 10 and 13 as it broke below $1 trillion for the first time since January 2021. Bitcoin (BTC) fell by 28% within a week and Ether (ETH) faced an agonizing 34.5% correction. Presently, the total crypto capitalization is at $890 million, a 24.5% negative performance since June 10. That certainly raises the question of how the two leading crypto assets managed to underperform the remaining coins. The answer lies in the $154 billion worth of stablecoins distorting the broader market performance. Even though the chart shows support at the …

Hong Kong-based asset manager Babel Finance is the latest cryptocurrency lending firm experiencing some serious issues amid the ongoing market downturn. Babel Finance officially announced Friday a temporary suspension of redemptions and withdrawals from its products, citing “unusual liquidity pressures.” “Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events,” the statement on Babel Finance's website reads. The firm said that it’s in close communication with “all related parties” on the matter and is doing its best to best protect its customers. “Babel Finance is taking action to best protect the …

Hong Kong-based Samsung Asset Management (SAMHK), a local subsidiary of Samsung’s investment arm, is moving forward with a blockchain-themed exchange-traded fund (ETF). The firm expects to launch its Samsung Blockchain Technologies ETF on the Hong Kong Stock Exchange on June 23, SAMHK announced on Thursday. The ETF seeks to achieve long-term capital growth by investing in stocks of companies actively involved in the development and adoption of blockchain technologies, the fund prospectus reads. The fund will invest in blockchain-related research and development firms, data providers, industry investment firms and others. The ETF’s composition will be managed by SAMHK’s portfolio management …

Changpeng Zhao, the CEO of crypto trading platform Binance, shared plans to acquire two licenses that are critical for the firm's operations within the Philippines. In a press briefing in Manila, the Binance CEO mentioned that the exchange is looking to obtain the virtual assets service provider (VASP) license, which allows the platform to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso. Apart from the VASP, Zhao also noted that the trading platform is working to acquire an e-money issuer license from Banko Sentral ng Pilipinas, the country's central bank. This license …

A survey from digital payment company Block Inc. has found that the higher respondents rated their own level of cryptocurrency knowledge, the more optimistic they are about the future of Bitcoin (BTC). Block surveyed more than 9,500 people from the Americas (2,375), EMEA (4,360) and APAC (2,860) regions in January, ensuring to include 100 Bitcoin owners in each region for its 2022 Bitcoin Knowledge and Perceptions Report. The report, released on Tuesday, shows a correlation between optimism and the likelihood of purchasing, and compared the result with the respondent’s self-identified level of knowledge. Of those who identified as having fair …

The Philippines has started exploring blockchain technology use cases, launching a training program for researchers in the government’s Department of Science and Technology (DOST). Enrico Paringit, a DOST official, said that the goal of the training is to see how blockchain can play a role in areas like healthcare, financial support and emergency aid. Paringit noted that the department is also looking at how blockchain can be used in the issuance of passports and visas, trademark registration and government records. While cryptocurrency is a prominent application for blockchain, the DOST official highlighted that the department intends to “build non-cryptocurrency applications,” …

The China state-owned media outlet, the Economic Daily, has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem. In an article published May 31, the outlet detailed the collapse of TerraUSD (UST) and LUNA, explaining the workings of the algorithmic stablecoin. It used the so-called black swan event to praise the Chinese government’s decision to ban cryptocurrency. “My country has been cracking down on virtual currency trading speculation and a large number of trading platforms,” reporter Li Hualin wrote before adding, “this has effectively blocked the transmission …