Crypto Market Insights: South East Asia Pushes Forward With Crypto

South East Asia pushes forward with digital asset exchange licenses and partnerships

Coins.ph, a leading cryptocurrency exchange and digital wallet provider in the Philippines, has partnered with Circle Internet Financial to promote financial inclusion through remittances. Coins.ph has over 18 million users and is a major player in the region. The collaboration aims to raise awareness of using USDC, a regulated digital dollar stablecoin, for secure, low-cost, and near-instant international money transfers. Remittances play a crucial role in the Philippines' economy, but conventional channels involve high fees and long transaction times. By leveraging real-time settlements and minimal transaction costs, Coins.ph and Circle seek to improve the remittance landscape and provide greater access to financial services for Filipinos abroad. The partnership aligns with the shared vision of fostering an inclusive financial future.

Meanwhile in Malaysia, crypto firm Hata has obtained preliminary approval from the Malaysian Securities Commission to become the fifth digital asset exchange in the country under the “Recognized Market Operator” framework. Additionally, Hata has been approved as a digital broker, allowing it to display trade orders from other regulated exchanges. The approval marks a significant milestone for Hata, which aims to simplify digital asset investment for institutional investors and high-net-worth individuals in Malaysia. Hata's launch is expected within the next six to nine months.

Both of these developments reflect the growing role of blockchain and digital assets solutions in enhancing financial access and services, particularly in emerging markets like South East Asia.

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by Forbes