Crypto Round-up: Telegram’s self-custody wallet to India’s high adoption augur well for crypto
India Takes the Lead in Crypto Adoption Despite Regulatory Challenges
India ranked top in the world for crypto adoption according to Chainalysis’ most recent Global Crypto Adoption Index. India is followed by Nigeria, Vietnam, and the United States.
India ranks first in four of the five sub-categories considered for the 2023 index. These include centralised service value received, retail centralised service value received, DeFi value received, and retail DeFi value received.
India has also made a jump in the peer-to-peer (P2P) exchange trade volume, moving from 82nd place in 2022 to 5th spot this year.
Despite facing regulatory setbacks, India is emerging as a major player in the world of crypto assets. As the government grapples with the formation of clear crypto regulations, Indian citizens have shown an increasing interest in digital assets.
Japan facilitates capital raising for startups through digital assets
Japan has revised its regulatory framework to support startups in raising capital through digital assets. This move aims to foster innovation in the country’s entrepreneurial landscape.
Crypto exchanges in Japan, led by the Japan Virtual and Crypto Assets Exchange Association (JVCEA), have also been pushing for relaxed regulations in the country.
With this regulatory update, Japanese startups will have increased opportunities to leverage blockchain technology and tokenize their assets, potentially revolutionising how capital is raised and invested.
South Korea takes steps to regulate OTC crypto trading
South Korea has introduced regulations targeting over-the-counter (OTC) crypto trading. These regulations are designed to enhance transparency and security in the OTC market, ensuring that businesses and individuals engaging in OTC crypto transactions adhere to necessary compliance measures.
According to the report, while leading regulated crypto platforms in South Korea deal with roughly 192 digital currencies, OTC platforms have a roster of up to 700.
These platforms, including peer-to-peer (P2P) exchanges, allow users to transact beyond the purview of established regulatory platforms. The regulatory measures will not only boost investor confidence but also align the country with global standards for crypto oversight.
Kazakhstan establishes regulatory agency for CBDC
Kazakhstan has established a regulatory agency dedicated to overseeing the development and implementation of Central Bank Digital Currencies (CBDCs).
The National Payment Corporation (NPC) is a reorganisation of the Kazakhstan Center for Interbank Settlements. The new body will oversee the national payment system, including interbank clearing services, money transfers and digital identification.
With this move, the country is positioning itself at the forefront of the global race towards digital currencies issued by central banks. The regulatory agency will play a pivotal role in ensuring the seamless integration of CBDCs into the national financial infrastructure.
Telegram adds self-custodial crypto wallet worldwide, excluding the US
Popular messaging app Telegram and TON Foundation jointly announced the new self-custodial wallet, called TON Space, on Wednesday at Singapore’s Token2049 crypto conference.
The wallet is developed by The Open Platform (TOP), which includes a wallet development team and a venture-building division, the TOP Labs, that works closely with the TON ecosystem and has a portfolio of TON-based apps.
For the time being, the self-custodial wallet has excluded some countries, including the United States, which has launched several crackdowns on the crypto industry.
This development marks Telegram’s entry into the blockchain and crypto space, providing users with a secure and user-friendly solution for managing digital assets.
That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!
