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Cryptocurrency News Articles
Southeast Asia Embraces Blockchain as Digital Asset Regulations Mature
Oct 23, 2024 at 01:00 pm
Blockchain and digital assets are filling the void for fast, cost-effective, and efficient payment and remittance systems.
Southeast Asia is experiencing rapid economic growth, which is increasing the demand for efficient payment and remittance systems.
Blockchain and digital assets are stepping up to meet this need. In Thailand, one of the largest banks has introduced the country's first stablecoin for cross-border payments and remittances. Meanwhile, in Singapore, banking giant DBS (NASDAQ: DBSDY) has launched a service that enables real-time blockchain payment settlements for institutions.
In the realm of digital asset regulation, the UAE is taking the lead once again, this time setting its sights on DAOs—an area that has proven particularly challenging for regulators in Europe and the U.S.
Thailand's Siam launches cross-border stablecoin
Siam Commercial Bank, the fourth-largest lender in Thailand, recently announced the launch of a stablecoin that will cater to cross-border payments and remittances.
The Bangkok-based bank collaborated on the initiative with Lightnet, a fintech founded by Chatchaval Jiaravanon, the owner of Fortune Magazine and one of the country's richest. The project, which graduated from a regulatory sandbox operated by the Thai central bank, also involved SCB 10X, Siam's innovation arm.
In its announcement, the lender highlighted that the stablecoin will leverage blockchain to enhance efficiency in cross-border transfers, a sector that has largely resisted digital transformation for decades and continues to be costly, inefficient, and slow. However, the bank did not disclose the specific blockchain on which it built the solution.
SCB also وعد promised lower costs and improved capital efficiency with its dollar-pegged stablecoin, which will be available for transfers 24/7, offering another advantage over legacy solutions that are only available during banking hours.
"By leveraging blockchain technology and stablecoins, we are making cross-border remittances more efficient, reliable and accessible for everyone," stated Thanawatn Kittisuwan, the head of digital payments at SCB.
According to Mukaya Panich, the CEO of SCB 10X, the stablecoin—which is custodied by Fireblocks—significantly "enhances the speed, efficiency and accessibility of international remittances" through the use of blockchain.
Indeed, blockchain is a game-changer for cross-border transfers. Unlike traditional systems, blockchain-powered solutions, like Centbee's, are instant, cheap, available 24/7, and secure.
However, not all blockchains are created equal, especially for cross-border transfers. Only an enterprise network with unbounded scaling and whose fees don't spike due to high usage, like BSV, can truly transform this sector, which hit $190 trillion in volume last year. With the Teranode upgrade in 2025, BSV will process over 100 billion transactions per day, making it a superior solution compared to even the centralized options.
Singapore's DBS launches tokenised banking services
Singapore's largest bank has introduced a blockchain-based service that promises faster, cheaper, and more efficient transactions for its institutional clients.
DBS Bank says the new DBS Token Services will offer its users instant payment settlement, available 24/7. The bank has deployed the service on its permissioned private network, which is compatible with Ethereum.
DBS joins dozens of financial institutions that have shunned public blockchains, claiming they don't allow them to have as much control over their solutions, which is critical for banks. However, BSV allows developers to deploy overlay networks on top of the main network, which gives developers control while still leveraging the decentralization, security, and efficiency of the public network.
Lim Chong, who heads global transactions services at DBS, says the new token services are in response to the surge in demand for "a new generation of ‘always-on’ banking services."
"It marks a significant step forward in transaction banking and demonstrates how established financial institutions can leverage blockchain technology to deliver new ground-breaking features and experiences," he stated.
DBS Token Services offers several solutions, including Treasury Tokens, which enable users to deal in multiple currencies around the clock for streamlined liquidity management. Smart contracts also allow for conditional programmed payments that enable advanced automation.
UAE promises DAO laws
The UAE is making yet another stride toward becoming the ultimate digital asset hub in the Middle East. The country has the region's most advanced legal framework, and it's now extending the coverage to decentralized autonomous organizations (DAOs).
Ras Al Khaimah Digital Assets Oasis revealed that the new regulatory regime for DAOs will be introduced on Friday, October 25. The Oasis is a free economic zone in northern UAE that was established to nurture digital asset firms.
NeosLegal, a local law firm with expertise in the digital asset space, has partnered with the Oasis to develop the regime. Speaking to one media outlet, the firm's partner, Irina Heaver, said that the framework aims to offer legal recognition and protection to DAOs.
It will also offer clarity on
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