Avalanche inks deal with Mirae Asset’s international funding arm
Mirae Asset World Investments has signed a memorandum of understanding with Ava Labs, the developer of the Avalanche blockchain, to tokenize fund merchandise and construct onchain asset administration and settlement programs.
Mirae Asset Group is certainly one of South Korea’s largest impartial asset managers. The overall property underneath administration (AUM) in the group’s umbrella are estimated at 1.024 quadrillion Korean gained (over $730 billion). Mirae Asset World Investments, which handles the group’s abroad investments, because the identify suggests, contributes 430 trillion gained (about $306 billion).
The worldwide funding arm can be a high 12 exchange-traded fund issuer in the world based mostly on estimated income, and fifteenth by AUM, as of Thursday, in response to data from ETFdb.
In the meantime, decentralized finance on Avalanche has been booming. Its DEX quantity was ranked among the many high 5 on Thursday forward of Hyperliquid and Arbitrum.
Asia’s crypto giants in main acquisition strikes
Hong Kong-based OSL Group introduced on Wednesday that it acquired Koinsayang, a licensed cryptocurrency change in Indonesia.
The deal provides OSL regulatory approval to function in Indonesia, the place it plans to increase into areas like real-world asset (RWA) tokenization. Indonesia was ranked second in RWA curiosity in 2024, and contributed over 10% of world site visitors flows, according to CoinGecko. It additionally ranked seventh in Chainalysis’ 2025 crypto adoption rankings.
OSL is certainly one of 11 licensed digital asset buying and selling platforms in Hong Kong and was the primary to obtain approval underneath the town’s regulatory framework. Its transfer into Indonesia comes as South Korea’s web big Naver is reportedly preparing to acquire Dunamu, the operator of Upbit, the nation’s largest cryptocurrency change.
Naver Monetary, the corporate’s fintech arm, can be anticipated to launch a won-backed stablecoin and broaden its digital finance choices. Naver already operates the funds platform Naver Pay and is the mother or father of LINE, Japan’s dominant messaging app. LINE lately announced a partnership with Kaia blockchain on a stablecoin initiative.
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HKMA denies stablecoin rumors
The Hong Kong Financial Authority has dismissed rumors that an abroad Chinese language yuan (CNH) stablecoin has been approved in the town.
“Not too long ago, social media posts have claimed that the world’s first offshore renminbi-pegged stablecoin has been launched in Hong Kong. Please word, that is pretend information,” a machine translation of the HKMA statement reads.
Hong Kong’s de facto central financial institution didn’t identify the venture in query, however AnchorX, which lately introduced the launch of its offshore yuan stablecoin, issued a clarification to state that its CNH token is licensed in Kazakhstan, not Hong Kong.
As Journal reported, AnchorX introduced in February that it had received in-principle approval to challenge a CNH-pegged stablecoin in Kazakhstan. In June, the Astana Monetary Companies Authority confirmed that AnchorX was granted a stablecoin issuer license.
Hong Kong’s Stablecoin Ordinance took effect on Aug. 1, however no licenses have been issued to date. Because the guidelines got here into drive, the business has speculated about the opportunity of a licensed stablecoin pegged to the Chinese language yuan, notably the offshore yuan (CNH).
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The yuan operates on two distinct markets. The onshore yuan (CNY) circulates inside mainland China underneath strict controls, whereas the offshore yuan (CNH) trades outdoors the mainland, with Hong Kong serving as its largest market. A CNH-backed stablecoin in Hong Kong wouldn’t require direct entry to the onshore market, however it could nonetheless be a delicate step given Beijing’s broader restrictions on cryptocurrencies.
The HKMA is expected to adopt a cautious approach in the early levels and approve solely a handful of licenses, mirroring the Securities and Futures Fee’s administration of its crypto change licenses.
Singapore sidesteps questions on GENIUS Act
Singapore’s central financial institution has stopped in need of saying how the brand new US stablecoin legislation will have an effect on the city-state’s competitiveness, or whether or not it can pursue equivalence with American guidelines, in a written parliamentary reply.
Responding to a query from MP Victor Lye, Deputy Prime Minister and Financial Authority of Singapore (MAS) chairman Gan Kim Yong stated the Guiding and Establishing Nationwide Innovation for US Stablecoins (GENIUS) Act is expected to boost adoption of stablecoins, however added that “it’s too early to inform the dimensions and scope” at this level.
Gan stated Singapore’s personal framework, finalized in 2023, goals to make sure worth stability and distinguish regulated stablecoins from speculative crypto tokens. Legislative amendments to formalize the framework are nonetheless pending, with a public session deliberate later this yr.
The GENIUS Act features a international equivalence clause that permits the US to acknowledge stablecoin issuers from jurisdictions with comparable regulatory requirements. Gan didn’t say whether or not Singapore will search such recognition, signaling that MAS is taking a wait-and-see method to stablecoin developments.
“Stablecoin regulatory developments in the US and Europe are nonetheless comparatively new. MAS is following these developments intently, and can contemplate acceptable regulatory cooperation on the protected and safe cross-border use of regulated stablecoins,” Gan stated.
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Yohan Yun
Yohan Yun is a multimedia journalist protecting blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has lined Asian tech tales as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.
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