Crypto Developments In Asia: India, Thailand And Singapore Take Centre-Stage 

This week’s round-up, showcases the the dynamic and rapidly evolving nature of the Asian crypto scene and metaverse sectors as India, Thailand and Singapore take centre-stage. 

India’s recent election results have delivered a surprise for Prime Minister Narendra Modi’s ruling party, with the Bharatiya Janata Party (BJP) and its allies failing to secure the predicted supermajority in the lower house of parliament. 

Crypto was not a significant issue for voters during the election campaign, with neither the BJP nor the Indian National Congress mentioning cryptocurrency, blockchain, or Web3 in their manifestos. 

The outcome, however, has sent stock markets crashing and raised uncertainty about the future of crypto legislation in the country.

CoinDCX Prime Launched For High-Net-Worth Crypto Investors In India

Popular crypto exchange CoinDCX has launched CoinDCX Prime in India, a new offering designed to cater to the growing demand from high-net-worth individuals (HNIs), family offices, and institutional investors. 

With this, CoinDCX is aiming for $100 million Assets Under Management (AUM) by 2025. 

CoinDCX launches CoinDCX Prime for HNIs, Family Offices and Institutional Investors!@CoinDCX has served over 1.5 crore customers and helped make #crypto more accessible to the masses.
We wanted to expand further and recently introduced CoinDCX Prime to provide customised… pic.twitter.com/n1iP5HFij4

— Sumit Gupta (CoinDCX) (@smtgpt) June 7, 2024

With the growing crypto adoption in the country, CoinDCX is looking to provide an exclusive and personalized investment experience for clients with a minimum investment portfolio of INR 50 Lakhs (approximately $60,000). 

CoinDCX has already onboarded over 100 institutional investors, 2,500+ HNI clients, and serves over 25 family offices.

The launch of CoinDCX Prime aligns with the global trend of HNIs and institutions diversifying their portfolios with alternative investments like crypto assets.

Thailand’s SEC Grants First Approval for Bitcoin ETF

In a significant development for the crypto scene in Asia and the Thai cryptocurrency market, the Securities and Exchange Commission (SEC) granted approval for the country’s first Bitcoin exchange-traded fund (ETF) on 7 June 2024. 

Read more: Australia Approves First Spot Bitcoin ETF, Following APACs Like Thailand, Hong Kong 

The approval of the Bitcoin ETF marks a major milestone for Thailand’s crypto industry, as it opens up new investment opportunities for both institutional and retail investors, according to Regulation Asia.

The ETF will allow investors to gain exposure to Bitcoin without the need to directly purchase and store the cryptocurrency, providing a more accessible and secure way to invest in the asset class.

Investors can expect a convenient and regulated way to access Bitcoin through the ETF that Hashdex, a Brazilian investment company with a focus on cryptocurrencies, will launch in association with Bitkub, a regional crypto exchange.

McDonald’s Happy Meal Equivalent “My Happy Place” Makes It To Metaverse Singapore

McDonald’s has introduced an exciting new adventure in Singapore with the launch of “My Happy Place,” a metaverse experience that invites locals to create personalized hamburgers and participate in a variety of activities. 

The launch of “My Happy Place” represents a significant step for McDonald’s in the world of the metaverse. Known for its innovative initiatives in marketing and customer engagement, McDonald’s has decided to take its experience to the next level by embracing the virtual world. 

This project stems from the growing popularity of metaverses, virtual spaces where people can interact, create, and play in new and engaging ways.

This innovative project is a collaboration between McDonald’s Singapore and Bandwagon Labs, the metaverse division of the multimedia entertainment technology company Bandwagon.

Explore: 3 Ways to Buy Bitcoin with Apple Pay

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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