17 Jan, 2025

What the SEC Leadership Change Means for Litecoin and Solana ETFs

The cryptocurrency ETF market is in flux as the SEC leadership transitions, significantly impacting the prospects of Litecoin and Solana ETFs. With Gary Gensler stepping down as SEC Chair on January 20, the regulatory approach could shift dramatically, affecting approvals for these and other digital asset products.Litecoin ETF Progress and Key DevelopmentsLitecoin’s ETF application has gained substantial momentum, with Nasdaq recently submitting a 19b-4 filing on behalf of Canary Capital. This filing is pivotal, marking a significant step toward regulatory approval. Key stakeholders have identified US Bancorp Fund Services as the ETF’s administrator, while Coinbase Custody Trust Company is slated to manage Litecoin’s holdings.Bloomberg analyst Eric Balchunas highlighted the positive trajectory for Litecoin, citing feedback from the SEC on its S-1 filing. Canary Capital’s consistent engagement with the SEC, including updates to its initial October filing, underscores its commitment to securing approval. Market sentiment suggests that Litecoin is a strong contender for the next cryptocurrency to achieve ETF status.Solana Faces Regulatory ChallengesSolana’s path to ETF approval has been less favorable. Reports from Fox journalist Eleanor Terrett revealed that Solana’s ETF application faced rejection during Gensler’s tenure, with its 19b-4 filing turned down. This setback highlights the challenges for cryptocurrencies navigating the SEC’s rigorous standards.While Solana’s prospects remain uncertain, the upcoming SEC leadership change offers a potential opportunity for reevaluation. The crypto community is hopeful that the incoming chair will adopt a more inclusive approach, reshaping the regulatory landscape for ETFs.Broader Implications of SEC Leadership TransitionThe impending inauguration of a pro-crypto administration and the anticipated nomination of Paul Atkins as the next SEC Chair could usher in a friendlier regulatory environment. This shift may accelerate approvals for various ETFs, including those for Litecoin, XRP, and Hedera.As asset managers like Bitwise, WisdomTree, and VanEck compete for ETF listings, the crypto industry anticipates 2025 as a potential breakthrough year. The increasing receptiveness of U.S. regulators toward cryptocurrency underscores the growing institutional interest in digital assets.

15 Jan, 2025

Thailand Considers Approving Local Bitcoin ETFs Amid Global Competition

Quick Take① Thailand’s Securities and Exchange Commission is considering allowing local bitcoin ETFs to list on local exchanges, according to Bloomberg.② The regulator has previously approved a local fund-of-funds that offers institutional investors exposure to overseas bitcoin ETFs.Thailand Considers Approving Local Bitcoin ETFs Amid Global CompetitionThailand’s top financial authority is considering allowing bitcoin exchange-traded funds to list on local exchanges.Pornanong Budsaratragoon, Secretary-General of the Securities and Exchange Commission, said on Tuesday that the regulator is contemplating permitting individual and institutional investments in local bitcoin ETFs that would offer direct exposure to bitcoin, according to Bloomberg.Thailand’s SEC previously permitted asset management firms in March 2024 to launch funds for investing in U.S. spot bitcoin ETFs available for institutional investors. In June, One Asset Management launched a fund-of-funds — limited to professional and institutional investors — offering exposure to overseas bitcoin ETFs.Budsaratragoon said in the news report that the country has to “move along with more adoption of cryptocurrenices worldwide,” and that the regulator must adapt and ensure that investors “have more options in crypto assets with proper protection.”The SEC did not immediately respond to The Block’s request for comment.The regulator previously said in January 2024 that it was monitoring the development of overseas spot crypto ETFs but had no plan to allow such products in the country.Thailand has attracted some global crypto exchanges, such as Binance, to set up shop in the country. In January 2024, Binance announced that Gulf Binance — a joint venture between Binance and Thailand’s Gulf Innova — launched crypto exchange services to the general public in Thailand.

13 Jan, 2025

Malaysia PM: Govt Exploring Policy for Crypto, Blockchain Tech

ABU DHABI: The government is looking at formulating a policy on digital finance, which could eventually see cryptocurrency and blockchain technology recognised in Malaysia.Malaysia Prime Minister Datuk Seri Anwar Ibrahim said he had discussed with the Abu Dhabi government and cryptocurrency and blockchain technology giant Binance to study how to move forward with the idea."We have talked about digital transformation, data centres and artificial intelligence (AI). We now face demands which require us to think about making significant changes."I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world's largest cryptocurrency platform Binance."I proposed several months ago how our agencies, including security, treasury and Bank Negara study how Malaysia can explore this so we aren't left behind. Ensuring that is regulated could safeguard the people's interests and prevent leakages," he told Malaysian media at the end of his three-day official visit to Abu Dhabi today.Anwar said he would be consulting the cabinet on the move."However, this innovation is just like AI, which would revamp the financial world. We should not sit idly by and wait and later be forced to do so after others have done it already," he said.He cited the example of the United Arab Emirates, which is now a leader in the field."They (UAE leaders) feel that they can forge a close cooperation with Malaysia on this issue. We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy."We have discussed at length about fintech. But when something new comes about, we get agitated."I hope we can be more open to this. I am leaning towards not just approving but also expediting this," he said.He said Malaysia would not be starting from scratch but would rely on the experiences of others including Binance and the UAE."This is an evolution which happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system," he said.Asked when this policy would take place, he said it would require comprehensive studies from the Treasury, the Securities Commission and Bank Negara Malaysia."As with all new ideas raised, there will be some concerns. We have to train our personnel, develop competency, and get the players to participate."What is pertinent is that we have excellent relations with the UAE. We told them that we would move on this on the condition that we work as partners to ensure that things are on track."This will be a radical departure from the old ways."Anwar said a paper on the issue would be drafted and presented to the cabinet for endorsement as soon as possible.

10 Jan, 2025

Key Price Levels to Watch for Bitcoin Ethereum and Ripple This Week

The cryptocurrency market remains in flux as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) encounter critical price levels. Traders and investors monitor these movements closely, assessing potential corrections or reversals in a volatile environment.Testing Crucial Bitcoin Fibonacci SupportBitcoin’s price retraced to its 38.2% Fibonacci support level at $92,493, a key zone derived from its November low of $66,835 to the December high of $108,353. The cryptocurrency faced a 9.47% dip this week, with bearish momentum evident in its RSI at 43 and a bearish MACD crossover. If BTC closes below $92,493, the psychological $90,000 support level could come into play. However, a recovery above $100,000 may reignite bullish momentum, targeting the $108,353 all-time high. Traders are advised to watch for decisive daily closes to guide their strategies.Ethereum Price Struggles Below $3,236 Key SupportEthereum’s price has fallen below its 50% Fibonacci retracement level at $3,236, marking a 12.7% decline. Currently trading near $3,252, Ethereum risks further downside toward the $3,000 psychological level if bearish signals persist. Technical indicators, including an RSI reading of 40 and a bearish MACD, reinforce the likelihood of continued correction. Conversely, a rally above $3,522 could signal recovery, making this resistance level a critical marker for traders.Ripple Price Outlook to WatchRipple’s XRP trades within a symmetrical triangle pattern, currently hovering around $2.28. A breakout above the $2.56 resistance could lead to a potential rally, targeting $3.63 based on technical projections. However, rejection from the upper trendline earlier this week contributed to a 6.11% decline. XRP’s RSI at 51 reflects indecision, while negative funding rates indicate bearish market sentiment. Spot traders, meanwhile, exhibit accumulation behavior, as suggested by net outflows from major exchanges like Binance and Kraken.Ripple President Monica Long’s comments about the RLUSD stablecoin and the possibility of an XRP ETF further fuel anticipation for XRP's long-term potential.Navigating Volatility in Crypto MarketsAs Bitcoin, Ethereum, and Ripple confront pivotal levels, traders should closely monitor RSI, MACD, and support zones for actionable insights. With bearish trends dominating, the coming weeks will determine whether the crypto market experiences a sustained correction or a broader recovery.

08 Jan, 2025

Laos, Vietnam Launch Cross-Border QR Code Payment System

On 8 January, Laos and Vietnam officially launched a cross-currency transaction service, connecting their cross-border retail payment systems via QR codes.This initiative, a collaboration between the Bank of Laos and the State Bank of Vietnam, aims to simplify financial transactions for tourists and support cross-border business activities between the two countries.In the initial phase, starting on 9 January, Vietnamese citizens will be able to make payments using QR codes while in Laos. By the end of the year, the second phase will allow Lao citizens to use the same QR code payment system in Vietnam.Additionally, the Lao National Payment Network has announced that QR payments between Laos and Vietnam are now available through participating banks.In Laos, these banks include Banque Pour Le Commerce Exterieur Lao Public (BCEL), Agricultural Promotion Bank (APB), Joint Development Bank (JDB), Lao Viet Bank (LVB), ST Bank (STB), Vietin Bank, Sacombank, Lao Development Bank (LDB), Phongsavanh Bank, Indochina Bank, ACLEDA Bank (ABL), Maruhan Japan Bank Laos (MJBL), Bank of China (BIC), and MB Bank.Meanwhile, Vietnamese financial institutions include Nam A Bank, TB Bank, Vietin Bank, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietcombank, Sacombank, and Ban Viet Bank (BV).The QR code cross-border payment system is part of Laos’ broader strategy to enhance regional money transfers and payments with neighboring countries, including Thailand, Vietnam, Cambodia, and China.In April 2024, Laos and Thailand introduced a similar QR code payment system. In the first phrase, only Lao nationals could make payments by scanning  Thai PromptPay QR codes displayed by merchants in Thailand, using mobile banking apps from participating commercial banks.During the second phase, which began at the end of June 2024, users from Thailand could scan Lao QR codes displayed by merchants in Laos for payment.In August 2023, Laos and Cambodia also launched a cross-border payment system that enables visitors to use their local currencies, the Lao kip and the Khmer riel, via QR codes.Lastly, in December 2024, Laos and China introduced a similar QR payment system as part of their latest e-banking and cross-currency transaction cooperation. This system connects the payment networks of both countries, allowing payments between LAPNet and UPI members through the UnionPay mobile app, which supports over 160 e-wallets in 37 countries.

06 Jan, 2025

Crypto Trading Firm GSR Receives Approval From the UK’s Financial Conduct Authority

Quick TakeGSR Markets UK Limited can operate as a registered crypto asset business and to conduct asset trading for UK-based clients.Crypto Trading Firm GSR Receives Approval From the UK’s Financial Conduct AuthorityThe crypto trading and liquidity-providing firm GSR obtained approval from the UK's financial industry regulatory, the Financial Conduct Authority (FCA). The move gives GSR Markets UK Limited the green light to operate as a registered crypto asset business and to conduct, among other services, crypto asset trading for UK-based clients, according to a release shared with The Block. "Receiving FCA approval marks a significant milestone in our mission to shape a more transparent, inclusive global crypto trading ecosystem,” said GSR Group CEO Xin Song in a statement sent to The Block. “By achieving approvals from two of the world’s leading financial regulators, the GSR Group can confidently expand our services to institutional and professional clients globally while continuing to uphold the integrity and high-quality service that we are known for.”In April 2024, Singapore's Monetary Authority of Singapore also granted GSR's Singaporean entity a major payment institution to let the firm provide over-the-counter and market-making services. GSR also saw Rich Rosenblum, its co-founder and co-CEO, as well as its CTO, John MacDonald, leave the firm following another c-suite executive reorganization in mid-2024, The Block previously reported.

03 Jan, 2025

Baidu Projects Massive Growth for Artificial Intelligence in 2025

Robin Li, CEO of Baidu, envisions 2025 as a pivotal year for artificial intelligence (AI) adoption, projecting rapid advancements in AI applications across industries. In his New Year’s memo, Li highlighted the transformative potential of generative AI, driven by Baidu’s large language models (LLMs), and reiterated the company’s commitment to integrating AI into diverse industrial and consumer markets.Expanding Generative AI ApplicationsBaidu, a leader in China’s AI ecosystem, introduced its flagship Ernie Bot in 2023. By November 2024, the tool became the second most popular AI chatbot in China, boasting 13 million monthly active users. Despite trailing ByteDance’s Doubao, which leads with 60 million users, Ernie Bot exemplifies Baidu’s innovative approach to AI-driven applications.Li emphasized the growing adoption of generative AI, stating that foundational models are becoming integral across industries. He expects the "seeds" planted in 2023 and 2024 to yield tangible results as markets increasingly recognize the benefits of AI technologies.Challenges and Market CompetitionChina's crowded AI market, with over 200 LLMs, underscores the competitive landscape Baidu operates within. While the company has made strides in generative AI, CEO Robin Li has cautioned against the proliferation of redundant models, advocating for the development of impactful applications that address real-world needs.Baidu has also focused on industrial AI deployment, aiming to enhance efficiency and innovation in various sectors. Li acknowledged the risks associated with pioneering AI technology, noting that some of Baidu’s projects faced uncertain outcomes until their final stages.Financial Performance and Future OutlookDespite its leadership in AI, Baidu has faced financial challenges. The company’s traditional internet search business has slowed, contributing to a 27% decline in its Nasdaq-listed shares in 2024. Baidu’s stock closed the year at $84.31, reflecting investor concerns about its ability to sustain growth in a competitive tech landscape.However, Baidu remains optimistic about its future. The company’s dedication to advancing generative AI and fostering large-scale applications positions it as a key player in the global AI industry. By leveraging its expertise and addressing evolving market demands, Baidu aims to solidify its role as a leader in AI innovation by 2025.

01 Jan, 2025

Lower Inflation in Laos in 2024, but Cost of Living Remains High

Laos’s inflation rate dropped in 2024 to 21,3 percent, down from 31,2 percent in 2023, according to official reports.Despite this decline, the cost of living remained high throughout the year, with data from the National Statistics Bureau showing a surge in the Consumer Price Index, which rose from 208,3 in 2023 to 243,5 in 2024. This has highly impacted household expenses, particularly in areas like healthcare and food.In 2023, spending on basic needs like food and non-alcoholic beverages, the most commonly purchased items for Lao people, had the greatest impact on household budgets. A significant portion of income was allocated to this category.Other expenses, such as dining out, staying in hotels, purchasing healthcare items like medical supplies, and buying household goods, clothing, and shoes, were also notably high.In 2024, food and non-alcoholic beverages experienced a smaller price increase, while healthcare and medicine became the largest contributors to rising costs due to higher prices for imported medical supplies. Prices for restaurants and hotels saw a significant decrease, but costs for accommodation, water, electricity, and cooking gas rose compared to the previous year.The decline in inflation was primarily driven by reduced pressure from exchange rate fluctuations in Laos. However, despite the slowdown in inflation, the high costs of healthcare and basic utilities continued to strain household budgets.Consumers, especially those with lower incomes, still faced financial difficulties, as a large portion of their income went toward essential goods and services. Although inflation eased in 2024, the cost of living remains a major concern, according to authorities.

30 Dec, 2024

Laos, China Launch QR Payment System for Cashless Tourism

Traveling between Laos and China is now easier with a QR payment system that enables tourists to make cashless transactions. Chinese visitors can already use QR codes, with plans for Laotian travelers to follow.On 19 December, the Lao National Payment Network Company Limited (LAPNet) and China’s UnionPay International (UPI) signed an agreement in Shanghai to introduce a QR code-based system connecting the two countries’ payment networks.The initiative allows payments between LAPNet and UPI members via the UnionPay mobile app, which supports over 160 e-wallets in 37 countries.Under the system, UnionPay users can pay at merchants linked to eight LAPNet member banks, including Banque Pour Le Commerce Exterieur Lao Public (BCEL), Joint Development Bank (JDB), and Agricultural Promotion Bank (APB).The first phase, China Scan Laos, is now active, allowing Chinese tourists to use the system in Laos. The second phase, Laos Scan China, will soon let Lao travelers enjoy the same convenience in China, though the exact start date is yet to be announced.China is now the fourth country to launch a cross-border payment system with Laos, following similar initiatives with Vietnam, Thailand, and Cambodia.