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Crypto

Thailand expands crypto travel rule, mandates verification for self-custody wallets

Thailand is introducing a travel rule covering self-custody wallets to strengthen anti-money laundering measures for cryptocurrencies. The key change requires verification of wallet ownership or control even for transactions involving personal wallets that do not go through regulated operators such as exchanges. The Thai SEC has finalised risk management rules for transfers and receipts of digital assets, which take effect on Feb. 27 next year, giving operators about six months to prepare systems.

Crypto

Danal to pursue stablecoin payments with VASP INX

Danal will work with virtual asset service provider Infinity Exchange Korea (INX) to build digital asset-based payment and settlement infrastructure including stablecoins. The companies signed an MOU to link Danal’s payment gateway and prepaid electronic payment infrastructure with INX’s VASP infrastructure and digital asset API solutions. They plan to roll out stablecoin payments for merchants, payments and remittances for visitors and students, and T+0 real-time settlement, while applying AML-related controls.

Crypto

Singapore, Hong Kong, Japan emerge as test beds for stablecoin payment networks

Asia is emerging as the first large-scale testing ground for stablecoin payment and settlement networks. Singapore, Hong Kong and Japan are building regulatory zones that allow stablecoins for payments and settlement under supervision. Singapore has included firms such as Circle and Coinbase as major payment institutions. Hong Kong has started licensing fiat-backed stablecoin issuers and granted its first licences. Japan has expanded its crypto travel rule requirements for transfers.