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Filipino banks, including UnionBank and Rizal Commercial Banking Corporation, are set to launch the PHPX stablecoin on Hedera's Distributed Ledger Technology, aiming to enhance real-time remittances and international payments. The PHPX token, expected to go live between May and July, will facilitate multi-currency exchanges and address challenges in cross-border transactions, while adhering to regulatory standards. This initiative reflects the growing adoption of cryptocurrency in the Philippines, a major remittance recipient, with potential applications in retail and larger trade payments.
Several Philippine banks are collaborating to launch PHPX, a peso-backed stablecoin designed to enhance cross-border payments and financial inclusion, with a launch expected between May and July. Developed by Just Finance on the Hedera DLT network, PHPX aims to facilitate real-time remittances, allowing overseas workers to make direct payments for expenses like school tuition in the Philippines. The initiative includes plans for a multicurrency stablecoin exchange and adheres to global compliance standards to ensure secure transactions.
Bellevue Group has established a subsidiary, Bellevue Asset Management (Singapore), to enhance its presence in the Asian market, focusing on the medical technology sector. Led by Florin Boetschi, the company aims to expand its client base and assets under management, leveraging existing business volume in the region. CEO Gebhard Giselbrecht emphasized the importance of local representation to capitalize on growth opportunities in Asia.
Ripple is integrating Chainlink's standard to enhance the utility of its new RLUSD stablecoin, which aims to challenge Tether and Circle's dominance in the market. This partnership will provide live price data and ongoing support, crucial for maintaining stability and trust as RLUSD expands across DeFi ecosystems. Following regulatory approval, RLUSD has already made strides in the Asian market with a listing on Singapore’s Independent Reserves exchange.
HashKey Europe has secured a virtual asset service provider (VASP) license from the Central Bank of Ireland, enabling it to offer various crypto services, including fiat-crypto exchanges and custodial wallet services. This approval aligns with the EU's MiCA regulations, which mandate crypto service providers to register for compliance with Anti-Money Laundering measures. Ireland is seen as a key market for HashKey's international expansion, complementing its existing licenses in Bermuda and several Asian countries.
Gemini co-founders Tyler and Cameron Winklevoss have agreed to pay a $5 million fine to settle CFTC allegations of misleading regulators during their attempt to launch the first US-regulated Bitcoin futures contract. The settlement avoids a trial set for January 21, following accusations of providing false assurances about safeguards against price manipulation.In a separate development, Gemini plans to exit the Canadian market by September 30, 2024, amid increasing regulatory challenges, while securing a license in Singapore to offer cross-border money transfer and digital payment services.
Justin Sun, founder of Tron, has denied allegations of selling his Ethereum holdings, clarifying that recent wallet transfers were merely inter-wallet movements. This comes amid concerns over Ethereum's price volatility, which recently dipped to $3,127 before rebounding to $3,391.20. Analysts remain optimistic, predicting a potential rally for Ethereum if it can breach the $3,540 resistance level.
14:33 24.12.2024
Independent Reserve Singapore has launched Ripple USD (RLUSD), a stablecoin backed by the US dollar, enabling secure trading in SGD and USD. This addition marks a significant milestone for the exchange, enhancing cross-border transactions and supporting decentralized finance. RLUSD operates under strict regulatory oversight, with monthly third-party verification of its reserves, reinforcing its credibility in the cryptocurrency market.
PrimeXBT, HyperLiquid, dYdX, Bexback, and BingX are leading no-KYC crypto futures exchanges, each offering unique features like high leverage, low fees, and advanced trading tools. PrimeXBT excels in multi-asset trading, while HyperLiquid focuses on decentralized efficiency. dYdX is known for its tiered fee structure, and Bexback provides high leverage with a commitment to user privacy. BingX stands out with its extensive cryptocurrency selection and copy trading options, catering to both novice and experienced traders.
The Straits Times Index (STI) fell 2.43% this week, closing at 3,719.93 amid global economic concerns. CapitaLand Investment announced a S$162 million sale of its stapled securities and plans to acquire Wingate Group's investment management business for A$200 million. Jardine Matheson Holdings saw a significant decline of over 7%, while the U.S. markets continued their downward trend despite a late-week rally.
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