17 Feb, 2025

Standard Chartered Plans to Launch HKD-Backed Stablecoin With Animoca Brands and HKT

Quick Take● Standard Chartered, Animoca Brands and HKT have teamed up to issue a Hong Kong dollar-backed stablecoin.● The initiative comes as Hong Kong prepares to pass a bill regulating stablecoins.Standard Chartered Plans to Launch HKD-Backed Stablecoin With Animoca Brands and HKTStandard Chartered's Hong Kong unit, web3 investor Animoca Brands and telecom company Hong Kong Telecommunications (HKT) have teamed up to form a joint venture to issue a stablecoin pegged to the Hong Kong dollar.The joint venture plans to apply for a license from the Hong Kong Monetary Authority (HKMA) under the city's upcoming stablecoin regulatory regime, aiming to be among the first regulated stablecoin issuers, according to an announcement Monday.The planned stablecoin will draw on Standard Chartered's banking infrastructure, Animoca's crypto expertise and HKT's mobile wallet technology. The companies aim to develop use cases in payments, finance and cross-border transactions.Hong Kong's Planned Stablecoin Regulatory FrameworkHong Kong is moving toward a regulated stablecoin framework as part of its broader digital asset strategy. In December 2024, the government published the Stablecoins Bill, which would establish a licensing and regulatory regime for fiat-backed stablecoin issuers. Last month, Hong Kong's Legislative Council held its first discussion on the bill, noting that stablecoin issuers will need to obtain an HKMA license.Standard Chartered Bank (Hong Kong), Animoca Brands and HKT have already been involved in shaping the regulatory framework. In March 2024, the HKMA included them in its stablecoin issuer sandbox, allowing them to explore how stablecoins could bridge web3 and traditional finance and contribute to Hong Kong's position as a global digital assets hub."As a participant of the HKMA's stablecoin issuer sandbox, Standard Chartered looks forward to becoming one of the first issuers launching an HKD-backed stablecoin together with our strategic partners, bringing an innovative medium of exchange to Hong Kong and charting a new chapter for Hong Kong's digital asset market," said Mary Huen, CEO of Standard Chartered Hong Kong and Greater China and North Asia."By leveraging the bank's and our partners' core strengths, we aim to launch a stablecoin that can be used securely by institutions and individuals across a wide number of use cases," Huen added.

14 Feb, 2025

Coinbase CEO Foresees Blockchain Powering Global Economy, Reports Record Revenue

Key Takeaways● Coinbase CEO Brian Armstrong predicts blockchain will power up to 10% of the global economy by 2030.● Coinbase posts record Q4 revenue of $2.3 billion, driving a 10% stock surge.● U.S. crypto regulations under the Trump administration signal a shift in government stance.● Coinbase expands into Argentina and India, strengthening its global presence.● Stablecoin legislation and market structure reforms could reshape the crypto landscape.Coinbase CEO Brian Armstrong envisions a world where blockchain technology underpins a significant portion of the global economy. Speaking on the company's Q4 2024 earnings call, he projected that 10%—possibly even 25%—of global GDP could be "on crypto rails" by the decade’s end. With the World Bank valuing global GDP at over $100 trillion, that would mean more than $10 trillion in economic activity operating on-chain.The New Internet: Blockchain’s EvolutionArmstrong likened the current crypto revolution to the internet boom of the early 2000s. Just as businesses had to embrace the web to remain competitive, he argues that blockchain will become equally indispensable. “Onchain is the new online,” he declared, reinforcing Coinbase’s role as a primary gateway for businesses integrating blockchain technology.This vision is underscored by Coinbase’s stellar Q4 performance, with an 88% quarter-on-quarter revenue surge, netting $2.3 billion in earnings—its strongest quarter in over a year. The stock responded with a 10% jump, reflecting investor confidence in the company’s trajectory.Regulatory Shifts and the Trump Administration’s Crypto StanceArmstrong also praised the U.S. for its evolving regulatory framework, calling this “the most pro-crypto Congress we’ve ever seen.” With Trump’s administration actively exploring stablecoin legislation and market structure reforms, Coinbase sees an opportunity to help shape policies that could serve as a model for other nations.The company has been vocal in its support of Trump’s approach to digital asset regulation, with Armstrong engaging political leaders to push for favorable policies. Coinbase’s influence was evident in its ongoing battle against Operation Choke Point 2.0, with the Trump-appointed Crypto Czar now taking Coinbase’s concerns seriously.Global Expansion and Future AmbitionsBeyond the U.S., Coinbase continues its international push, expanding into Argentina and reestablishing ties in India. Meanwhile, the rise of meme coins has helped counter speculation that Coinbase’s token listings are losing impact.With a clear focus on revenue growth, infrastructure scaling, and regulatory engagement, Coinbase is positioning itself at the forefront of what it sees as a new era in cryptocurrency adoption.

12 Feb, 2025

Luang Prabang Seeks Visa Waiver Extension for More Chinese Tourists

Luang Prabang Province is calling for the Lao government to extend visa waivers for Chinese tourists, aiming to boost tourism and enhance visitor experiences ahead of a potential new “Visit Laos Year,” with the launch date yet to be decided.Soudaphone Khomthavong, an official from the Luang Prabang Provincial Information, Culture, and Tourism Department, raised these proposals during a cabinet meeting on 5 February.The official recommended that the government consider extending visa waivers for Chinese tour groups and other countries without exemptions, citing the large number of Chinese tourists who visited Laos last year.In 2024, Luang Prabang recorded a total of 438,355 Chinese tourists, making them the largest group of visitors that year, surpassing those from Thailand and South Korea.Additionally, Soudaphone suggested reviewing lessons learned from the 2024 Visit Laos Year campaign to improve future initiatives and better accommodate a potential increase in tourist arrivals.Soudaphone also emphasized the need for government funding at the local level to support tourism promotion activities. She stressed that with better resources, future tourism campaigns could achieve greater success.To improve the visitor experience, Luang Prabang plans to upgrade infrastructure and facilities at tourist sites. This includes improving access roads, enhancing equipment and services at popular attractions, and providing better training for tourism personnel. The province also intends to raise the quality of transportation services for visitors.However, challenges remain from the 2024 Visit Laos Year campaign. Soudaphone highlighted that key access roads to popular destinations, such as Tad Kuang Si Waterfall and the route from Luang Prabang city to the Laos-China railway station, are still in poor condition and require urgent repairs. Upgrading these roads is essential for unlocking the province’s tourism potential.While no specific timeline for these improvements was mentioned, officials remain committed to making Luang Prabang a more accessible and enjoyable destination for tourists in the future.Last year, the government announced free visas for Chinese citizens booking through credit agencies. The policy also included visitors from Hong Kong, Macau, and Taiwan, allowing them to stay in Laos for up to 15 days. This initiative was part of the Visit Laos Year 2024 campaign and aimed to attract more tourists from these regions.

10 Feb, 2025

Ripple Teams With Unicâmbio to Power Brazil-to-Portugal Payments

Blockchain company Ripple has launched a partnership with Portuguese currency exchange provider Unicâmbio.The collaboration, announced Monday (Feb. 10), is designed to support instant cross-border payments between Portugal and Brazil through Ripple Payments, the company’s digital-asset-focused cross-border payments system.According to a Ripple news release, this marks the first time the company’s payment solution has been offered in Portugal, a development that both expands Ripples footprint in Europe and bolsters the Portugal-Brazil payments corridor.“Our partnership with Unicâmbio is a significant milestone in Ripple’s European expansion. Portugal has developed a thriving crypto ecosystem so we are delighted to open up our payments solution to partners there,” said Cassie Craddock, Ripple’s managing director for the U.K. and Europe.“By connecting our payment networks in Portugal and Brazil we are facilitating faster, more cost-effective cross-border payments, while strengthening the economic bridge between these two major markets.”Adriana Jerónimo, executive board member at Unicâmbio, noted that Brazil and Portugal share strong cultural and economic ties, with substantial amounts of money moving between the two countries.“By leveraging blockchain technology we’re transforming money movement between the two nations,” said Jerónimo. “Ripple’s crypto-enabled payments solution enables near-instant settlement and drastically reduces costs compared to traditional payments channels, delivering real value to our customers.”Ripple already had a presence in Brazil, the release notes, with the company teaming with the likes of Travelex Bank in 2022 and Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, joining Ripple’s network late last year.In other blockchain news, PYMNTS wrote last week about America’s new exploration of stablecoin regulation, and how it could transform global payments.This came after House Financial Services Committee Chairman French Hill (R-Ark.) and Digital Assets, Financial Technology and Artificial Intelligence Subcommittee Chairman Bryan Steil (R-Wis.) introduced a discussion draft for a bill that would create a framework for issuing and operating dollar-denominated payment stablecoins.“Building upon our work on digital assets in the last Congress, our discussion draft will provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers,” Hill said.“The push for stablecoin regulation underscores a broader recognition of digital assets’ role in modern financial ecosystems,” that report said. “As the regulatory landscape takes shape, the collaboration between the House and Senate will be instrumental in determining how stablecoins fit into the evolving framework of U.S. financial regulation.”

07 Feb, 2025

Ripple CEO Brad Garlinghouse Poised to Influence U.S. Crypto Policy

Key Takeaways● Ripple CEO Brad Garlinghouse shortlisted for President Trump's U.S. Crypto Advisory Council.● The council aims to redefine cryptocurrency regulations in the U.S.● Speculation over XRP's potential inclusion in a national reserve list.● Crypto industry leaders from Kraken, Coinbase, and Circle also under consideration.● Market reactions mixed, with XRP dropping 6% amid uncertainty.In a move that could reshape the U.S. crypto landscape, Ripple's Brad Garlinghouse has emerged as a top contender for President Donald Trump's newly established U.S. Crypto Advisory Council. Formed by executive order during Trump’s first week back in office, the council is set to play a decisive role in the future of cryptocurrency policies.Shifting Regulatory WindsFollowing years of stringent oversight under the Biden administration, crypto companies faced mounting regulatory challenges. Now, Trump's renewed focus on digital asset innovation signals a shift towards a more adaptable regulatory framework.At the heart of the council’s agenda lies a pivotal debate: Should cryptocurrencies be classified as commodities or securities? This distinction will determine whether the SEC or CFTC takes the regulatory helm—an outcome that could reshape the industry’s trajectory.Garlinghouse: A Voice for Clearer RegulationsGarlinghouse, known for championing transparent crypto regulations, is no stranger to regulatory battles. His advocacy for well-defined frameworks could help carve a more stable path for crypto enterprises in the U.S. His recent private dinner with Trump only fuels speculation about his growing influence.Ripple’s Strategic PositionWhile Garlinghouse’s potential appointment stirs excitement, rumors of XRP being added to a national reserve list have sent ripples through the market. Though unconfirmed, such a move could catapult Ripple into the heart of the U.S. financial ecosystem.Meanwhile, the crypto market reacted cautiously—XRP slid 6%, trading at $2.40, reflecting investor uncertainty amid the unfolding developments.A Council of TitansGarlinghouse won’t be alone. The council shortlist includes industry heavyweights:● Marco Santori (Kraken’s former general counsel)● Jeremy Allaire (Circle CEO)● Brian Armstrong (Coinbase CEO)● Kris Marszalek (Crypto.com CEO)This assembly of crypto leaders underscores the council's ambitious goal: to craft forward-thinking policies that balance innovation with robust oversight.As the crypto world watches closely, Garlinghouse’s ascent could mark a defining moment in the evolution of U.S. crypto policy.

03 Feb, 2025

Laos to Introduce New Rules to Strengthen Lao Kip, Reduce Reliance on Foreign Currency

In an effort to stabilize the national economy and reduce reliance on foreign currencies, the Bank of Laos and the Lao government are set to implement new regulations aimed at strengthening the value of the Lao kip. The Foreign Exchange Management Department of the Bank of Laos (BOL) hosted a meeting to announce the upcoming regulations, with Chanthevivanh Keobounphanh, Deputy Director of the department, detailing the core objectives of the legislation, state media reported.  The government’s approach will focus on three key legislative areas: managing currency deposits, regulating the use of foreign currency, and establishing rules for transferring money from abroad.The new measures are designed to encourage financial discipline among individuals who prefer to use foreign currency, ultimately promoting a more organized approach to spending and saving. This, in turn, is expected to contribute to greater economic stability and a stronger demand for the Lao kip.Chanthevivanh emphasized that effective foreign exchange management requires collective responsibility across all sectors. He stressed the importance of reducing unregulated use of foreign currencies, which can destabilize the financial system, and shifting consumer behavior towards more responsible financial practices.The government’s initiative includes several key strategies, such as the promotion of the slogan “In Laos, use only the kip,” and a strict requirement for residents to exchange currency only through authorized banks. These efforts are in line with the 2022 Law on Foreign Exchange Management, which has already seen improvements to enhance the country’s foreign exchange management practices.BOL has also prepared over 20 documents to support these measures, including a draft agreement on managing foreign currency deposit accounts and guidelines for disbursements and transfers from abroad.

27 Jan, 2025

LADT Secures $3 Million in Angel Round Financing Led by HashKey Capital

🔥 BREAKING!According to reports from PA News, ChainCatcher, and Foresight News, the ASEAN stablecoin project USDA, initiated by the Lao National Digital Technology Group (LADT) and its subsidiary NewPay, has completed a $3 million angel round financing led by HashKey Capital. The round also included participation from Web3Labs and prominent strategic investors from across ASEAN countries. The funds will be used to further the compliance and internationalization of USDA.LADT: Pioneering Laos’ National Digital TransformationLADT operates under the leadership of the Lao central government and the guidance of the Ministry of Technology and the Central Bank of Laos (Bank of the Lao P.D.R.). It is a trailblazer and innovator driving the country’s national digital transformation. Comprising a founding team from various countries, LADT focuses on building digital infrastructure and enabling the blockchain applications across Laos and the broader ASEAN region.In July 2024, LADT signed a strategic cooperation Memorandum of Understanding (MOU) with HashKey Capital in Hong Kong, witnessed by the Chief Executive of the Hong Kong SAR, John Lee Ka-chiu, and the then Lao Deputy Prime Minister and Minister of Foreign Affairs, Saleumxay Kommasith. On the same day, LADT also signed a strategic investment agreement with Hong Kong’s Goldford Group.USDA: A Compliant ASEAN Stablecoin for Everyday UseASEAN USD, abbreviated as USDA and known as the “ASEAN Stablecoin,” is set to become one of the first fully reserved crypto stablecoins licensed for issuance by ASEAN sovereign nations. Initially launched in Laos, USDA is expected to expand to other ASEAN countries and regions in the foreseeable future.Once officially issued, USDA will go beyond typical on-chain functions. It will integrate deeply into various payment applications across ASEAN countries, facilitating day-to-day consumer spending, payments, transfers, and withdrawals for individuals and merchants alike. This will mark a significant step toward bringing stablecoins into everyday life.NewPay+: Accelerating ASEAN Payment IntegrationThe rapid adoption of digital payments in Laos is emblematic of ASEAN nations’ broader push toward digital development. With over 600 million people, a high proportion of youth, and growing internet and smartphone penetration, the ASEAN region provides a solid foundation for digital payment adoption. The growth of Web3 users in the region is also accelerating rapidly.NewPay+, LADT’s Web3-compliant payment platform, is an evolution of Laos’ national third-party payment tool, NewPay. Using USDA as its underlying settlement currency, NewPay+ will support hybrid payments of fiat and stablecoins and enable compliant fund inflows and outflows. As ASEAN governments continue to enhance digital payment infrastructure, NewPay+ will provide standardized interfaces for seamless integration with various payment tools across countries, contributing to the development of the “ASEAN Digital Integration Framework.”Laos is the first stop in LADT’s efforts to deploy a compliant Web2 + Web3 hybrid payment platform. National-level collaborations are already underway in Cambodia, Brunei, and Vietnam.RetoLabs: Redefining the Telegram EcosystemFollowing the angel round financing, LADT announced the official launch of its first TON blockchain wallet application, NewPay+ TON, along with the RetoLabs multifunctional mini-app on Telegram.RetoLabs, a key application supporting NewPay+, integrates eight service modules: gaming, video streaming, social networking, short videos, food delivery, ticketing, AI, and novel reading. Users of NewPay+ TON can earn ecosystem tokens by interacting with RetoLabs, which can be used for on-chain top-ups, spending, and asset management. With LADT’s backing, users will also enjoy globally compliant fund inflow and outflow services in the future.RetoLabs represents LADT’s proactive effort to leverage public chain traffic from instant messaging platforms, akin to the merger of LINE and Korea’s Klaytn mainnet. By combining Telegram’s massive user base and efficient communication mechanism with high-performance and scalable blockchain capabilities, RetoLabs aims to create functional mini-apps that cater to real user needs. It will serve as a bridge for Web2 users transitioning into Web3, unlocking innovation and opportunities for the entire industry.Future Plans and SignificanceLADT plans to gradually release additional products around the USDA ecosystem, including payment platforms, clearing systems, and public chains.The successful completion of USDA’s angel round financing marks a milestone in LADT’s efforts to advance digital finance in the ASEAN region. HashKey Capital’s lead investment provides significant momentum for LADT to build the region’s leading digital financial infrastructure. This achievement highlights LADT’s innovation and strategic vision while underscoring HashKey’s confidence in the growth potential of emerging markets in ASEAN.The launch of RetoLabs and NewPay+ TON marks LADT’s first step toward practical application scenarios, showcasing its commitment to driving innovation through technology and building a decentralized application ecosystem. In the future, LADT will continue to promote innovative blockchain applications, delivering superior digital service experiences to its users.

24 Jan, 2025

U.S. Leadership Strengthens Digital Finance Strategy with Landmark Executive Order

President Donald Trump has signed the Strengthening American Leadership in Digital Financial Technology executive order, positioning the United States as a global leader in the digital finance and cryptocurrency sectors. This bold initiative introduces a Presidential Working Group dedicated to crafting a federal regulatory framework for digital assets, including cryptocurrencies, stablecoins, and blockchain technology, while explicitly banning Central Bank Digital Currencies (CBDCs).Key Provisions of the Executive Order● Establishment of the Presidential Working Group on Digital Assets:Led by White House AI & Crypto Czar David Sacks, this group includes top officials from the Treasury, SEC, CFTC, and other agencies. Within six months, it will develop guidelines for classifying digital assets, addressing market structures, and recommending legislation for the fast-evolving digital economy.● Prohibition of CBDCs:The order bans the issuance and use of CBDCs, citing risks to financial privacy, national sovereignty, and public trust in decentralized systems. Critics of CBDCs, including members of Congress, have argued that these centralized digital currencies could undermine personal freedoms and the broader banking sector.● National Digital Asset Stockpile:The executive order explores the creation of a strategic reserve of digital assets to enhance economic security and boost innovation. This stockpile would ensure the U.S. remains competitive in the global cryptocurrency market.Trump’s Shift Toward Pro-Crypto PoliciesThe move represents a significant shift in Trump’s stance on digital currencies, evolving from a skeptic during his first term to a proponent. The change comes amid growing campaign contributions from the cryptocurrency industry and increasing recognition of blockchain’s role in economic innovation.Industry Impacts and ChallengesThis initiative has drawn attention from industry leaders and experts. Ethereum co-founder Vitalik Buterin criticized the proliferation of political meme coins, warning that they could enable corruption and foreign influence. His comments follow the launch of controversial tokens like Official Trump and Official Melania, which have raised ethical concerns about their impact on the cryptocurrency market.Implications for Innovation and RegulationThe executive order underscores the U.S. commitment to fostering innovation while providing clear regulatory guidelines for digital assets. By repealing restrictive policies from previous administrations, the Trump administration aims to position the U.S. as a hub for blockchain development and cryptocurrency adoption.This landmark policy signals a turning point for digital finance, offering both opportunities and challenges for regulators, innovators, and investors.

22 Jan, 2025

What to Know About Trump Cryptocurrency Meme Coins

President Trump has launched a cryptocurrency coin that is drawing a sharp eye from experts as it yo-yos in value in its opening days of trading.The official "meme coin," known as $TRUMP, was launched on Friday for nearly $6.50 and rose to a high of $73 on Sunday. Hours after his inauguration, it had dropped below $40. It's market cap on Monday was about $7.6 billion, according to CoinGecko.First lady Melania Trump on Sunday also launched a meme coin, $MELANIA, at nearly $7. That coin also jumped in early trading, nudging above $13 at its height, before dropping below $5 as of Monday afternoon, according to CoinGecko."My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!," Trump wrote in a post on X, telling supporters to "Have Fun!"Here is what you should know about the coins and cryptocurrency's future under the Trump administration.What is a meme coin?A meme coin is a type of cryptocurrency that is inspired by a meme or another internet trend. One of the most well known is dogecoin, which was created as a joke and features a dog as its mascot. It became popular in 2013 and again in 2021.Cryptocurrencies are unpredictable, volatile, and have been exploited by criminals to engage in fraud.The cryptocurrency exchange FTX collapsed in 2022 and its founder, Sam Bankman-Fried was sentenced to 25 years in prison for his crimes.Trump's meme coin is marketed with an image of the president holding up his fist with the words, "FIGHT FIGHT FIGHT" – a phrase he has dubbed "a battle cry" after surviving an assassination attempt in July 2024. The first lady's coin features a black and white photo of Melania smiling with her hands clasped in front of her face.What is crypto's future under the new Trump administration?In the past, Trump has criticized cryptocurrency, calling it a "scam" and "potentially a disaster waiting to happen" during an interview with FOX Business in 2021. But he has since embraced the sector and on the campaign trail promised to make the U.S. "the crypto capital of the planet" by ending previous enforcement actions and bringing in friendly regulators.The Trump family also has financial interests in World Liberty Financial, a crypto-related company.There have been questions surrounding Trump's meme coin and potential conflicts of interest given that Trump has promised to promote the crypto industry as president.Trump has chosen Paul Atkins, former U.S. Securities and Exchange Commissioner and CEO of a consulting firm with crypto clients to lead the SEC. Atkins is also a supporter of cryptocurrencies and has expressed reservations about the SEC's enforcement actions against the domestic crypto industry. David Sacks, a venture capitalist, has also been appointed by Trump as the country's first crypto and artificial intelligence czar.A GOP-controlled Congress could also help bolster cryptocurrency. Republican Arkansas Rep. French Hill, chair of the House Financial Services Committee, has pushed for measures to help develop crypto. There is skepticism about congressional warmth toward cryptocurrency, including from digital assets expert Carol Alexander, who called it "a step in the wrong direction.""We have to regulate the space," Alexander, a professor at the University of Sussex, previously told NPR.Preston Byrne, a cryptocurrency lawyer, said Trump's involvement in cryptocurrency raises legal questions and could have a negative impact if it is not successful."Trump himself will also have to contend with the fact that his political fortunes will be tied to an asset that the market, and not the man, controls," Byrne wrote in a post on Sunday. "If $TRUMP crashes it might affect his own political clout in DC."