Our weekly roundup of news from East Asia curates the industry’s most important developments.
Thailand’s crypto UBI
Thailand has a national airdrop in the works under which every citizen 16 years and older receives 10,000 baht ($285).
According to local news reports on Aug. 30, Thailand’s ruling Pheu Thai party will consult the Bank of Thailand in developing a “utility type 1” token necessary for the airdrop. The solution will be a Know Your Customer blockchain-based infrastructure that sources say will take at least six months to roll out. A 100 baht fee will also be charged per user for the KYC process. In addition, the solution will require the approval of the country’s Securities and Exchange Commission.
Real estate developer and crypto investor Srettha Thavisin was elected as Thailand’s prime minister on Aug. 22. During campaigning, Thavisin promised to give each person 10,000 baht in basic income stimulus via “digital currency” if elected into power. In 2021, Thavisin’s firm, Sansiri, purchased a 15% stake in Thai asset tokenization provider X Spring for 1.6 billion baht ($45.7 million).
The Thailand Development and Research Institute said funding for the Thavisin Airdrop will come from tax collection in the 2024 fiscal year. The total budget estimate for the project is 560 billion baht ($16 billion).
The airdrop will not be equivalent to fiat baht funds, however. Users reportedly can only spend the digitized tokens within four kilometers of their residence. The tokens will only be valid for a period of six months and cannot be converted into cash or used to settle debts. Thavisin’s government is expected to assume office by the end of September.
Thailand’s incoming prime minister, Srettha Thavisin (Twitter)
Delio users’ assets slashed in half
More bad news is coming for users of troubled South Korean Bitcoin lender Delio.
According to local news reports on Aug. 30, the South Korean crypto lending giant, which holds over $1.2 billion in Bitcoin and Ether, is expecting a recovery rate of just 50% to 70% on its assets. On June 14, Delio suspended deposits and withdrawals after disclosing significant counterparty exposure to fellow South Korean Bitcoin lender Haru Invest.
On June 13, Haru Invest also suspended deposits and withdrawals after allegations of fraudulent activities arose surrounding its operator, B&S Holdings. Haru Invest is currently in bankruptcy proceedings. Likewise, Delio is currently under investigation by the country’s regulatory authorities for allegations of fraud, embezzlement and breach of trust. The platform previously announced that it would resume withdrawals, although no updates on such a timeline have since been given.
Photo allegedly showing empty Haru Invest corporate offices after the shutdown announcement. (Telegram)
Vietnam’s booming crypto market
Vietnam is currently ranked first in the world in crypto adoption, with up to 19% of its population between the ages of 18 and 64 using digital assets.
That’s according to an Aug. 30 report authored by Vietnamese venture capital firms Kyros Ventures and Coin 68, together with Animoca Brands. Currently, the Southeast Asian country is the home to around 200 blockchain projects and is expected to generate $109.4 million in revenue from crypto exchanges this year. The country’s crypto users are forecast to grow to 12.37 million by 2027.
Among the highlights, 76% of Vietnamese crypto users say that they invest in digital assets based on advice from friends, a number 2.5 times higher than individuals surveyed in the U.S. Nearly 70% of respondents said the crypto bear market would last less than one year or has already ended. Almost half of respondents say that centralized exchanges offer just as much utility as decentralized ones, but 90% of crypto owners use decentralized exchanges.
Vietnamese investor perspectives on the ongoing crypto winter (Kyros Ventures)
Binance Japan to list 100 coins
On Aug. 30, Tsuyoshi Chino, CEO of Binance Japan, held an online business briefing discussing the exchange’s domestic expansion strategy. During the session, Chino said that Binance Japan would seek to list 100 coins and tokens “as soon as possible.”
Local news reports note that Binance Japan currently provides spot trading of cryptocurrencies alongside staking “Simple Earn” programs. The use of margin trading is currently not available unless the exchange obtains a regulatory license. The presentation also revealed that its parent exchange, Binance, has surpassed 150 million in user count, with an average daily trading volume of $65 billion. Earlier this year, cryptocurrency exchange Coinbase ceased operations in Japan, citing difficult market conditions.
In a government-sponsored conference promoting the digital Chinese yuan central bank digital currency, officials from the City of Shenzhen pledged 15 million digital yuan ($2.1 million) for municipal airdrops over the next three years. Binqquan Wei, vice governor of Agricultural Bank of China Shenzhen, said that the digital yuan has proven during trials to be a highly efficient method for consumer transaction receipts via its immutable distributed ledger technology:
“The platform currently has more than 200 merchants, involving 11 key industries such as education and training, catering, pet services, elderly care and sports.”
China’s central government has been heavily promoting the digital yuan CBDC as a means of stimulating the country’s ailing economy amid a looming recession. In its latest figures, the CBDC has surpassed $123 billion in cumulative transactions since 2021, with test sites running in 17 provinces and 26 districts.
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Zhiyuan Sun
Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.
Dr Lade Smith, president of the RCP, said: “The RCP has reached the conclusion that we are not confident in the Terminally Ill Adults Bill in its current form, and we therefore cannot support the Bill as it stands.”
The move is significant because, under the bill’s current stipulations, a panel including a psychiatrist would oversee assisted dying cases.
The RCP outlined a number of issues it had with the current bill, including: the bill not making provision for unmet needs, whether assisted suicide is classed as a treatment or not, what the psychiatrists’ specific role on the panel would be, and the increased demand the bill puts on psychiatrists.
If the college support remains withdrawn, and the bill passes, it isn’t clear what effects it may have.
More on Assisted Dying
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Kim Leadbeater, the MP behind the bill, has confirmed it will include a clause that means anyone who does not want to be involved in the process will not have to do so.
Supporters of the bill argue it would ease the suffering of dying people, while opponents argue it would fail to safeguard some of the most vulnerable people in society.
Image: MP Kim Leadbeater talking to Sky News
Questions over the bill
The more prominent role of a psychiatrist in the bill came about after a previous amendment.
Initially, the bill said that after two independent doctors approved an assisted dying case, it would then need to be further approved by a High Court judge.
Instead, Ms Leadbeater proposed a voluntary assisted dying commissioner that included an expert panel with a psychiatrist.
She said this was a “strength, not a weakness,” but opponents of the bill disagreed, saying removing the High Court judge “fundamentally weakens protections for the vulnerable”.
Friday’s debate was already delayed from 25 April, to give MPs more time to consider amendments.
If the bill passes on Friday, it will move to the House of Lords, where it will undergo similar legislative stages, and if it passes that too, it won’t come into effect until at least 2029, after its implementation was delayed.
AI civil servants and sending human workers out of London are at the heart of the government’s plans to cut costs and reduce the size of the state bureaucracy.
Shrinking the civil service has been a target of both the current Labour and recent Conservative governments – especially following the growth in the organisation during the pandemic.
From a low in 2016 of 384,000 full time workers, in 2024 there were 513,000 civil servants.
The Department for Science, Innovation and Technology is claiming a new swathe of tools to help sift information submitted to public consultations could save “75,000 days of manual analysis every year” – roughly the work of 333 civil servants.
However, the time saved is expected to free up existing civil servants to do other work.
The suite of AI tools are known as “Humphrey”, after Humphrey Appleby, the fictional civil servant in the TV comedy Yes, Prime Minister.
The government has previously said the introduction of AI would help reduce the civil service headcount – with hopes it could save as much as £45bn.
Speaking today, Technology Secretary Peter Kyle appeared to take aim at expensive outsourcing contracts, saying: “No one should be wasting time on something AI can do quicker and better, let alone wasting millions of taxpayer pounds on outsourcing such work to contractors.”
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1:47
March: 10,000 officials could go
Move outside of London
Other money-saving plans announced today include moving 12,000 civil servants out of London and into regional hubs – with the government hoping it can save almost £100m by 2032 by not having to pay for expensive leases of prime office space in the capital.
Currently, 95,000 full time civil servants work in London.
Tens of millions of pounds a year are expected to be saved by the closure of 102 Petty France, which overlooks St James’s Park, and 39 Victoria Street, which is near the previous location of New Scotland Yard.
In total, 11 London offices are slated for closure, with workers being relocated to the likes of Aberdeen, Belfast, Darlington, Bristol, Manchester and Cardiff.
The reforms of the civil service are being led by Chancellor of the Duchy of Lancaster Pat McFadden – one of Sir Keir Starmer’s most influential ministers.
Mr McFadden said: “To deliver our plan for change, we are taking more decision-making out of Whitehall and moving it closer to communities all across the UK.
“By relocating thousands of civil service roles we will not only save taxpayers money, we will make this government one that better reflects the country it serves. We will also be making sure that government jobs support economic growth throughout the country.
“As we radically reform the state, we are going to make it much easier for talented people everywhere to join the civil service and help us rebuild Britain.”
The government says it wants senior civil servants out of the capital too – with the aim being that half of UK-based senior officials work in regional offices by the end of the decade.
The government claims the relocations and growth of regional hubs could add as much as £729m to local economies by 2030.
Image: Pat McFadden is leading the changes to the Civil Service. Pic: PA
Union welcome – cautiously
Unions appear to cautiously welcome the changes being proposed.
All of Prospect, the PCS and the FDA say it is positive to see better opportunities outside of the capital.
However, they have asked for clarity around whether roles may be lost and what will be offered to people transferring.
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Fran Heathcote, the general secretary of the PCS union, said: “If these government proposals are to be successful however, it’s important they do the right thing by workers currently based in London.
“That must include guarantees of no compulsory redundancies, no compulsory relocations and access to more flexible working arrangements to enable them to continue their careers should they wish to do so.”
Two US senators are calling on Treasury Secretary Scott Bessent to “exercise [the department’s] authority” and change a provision affecting taxes on corporate holdings of digital assets.
In a May 12 letter, Senators Cynthia Lummis and Bernie Moreno suggested Bessent had the authority to change the definition of “adjusted financial statement income” under existing US law in a way that could reduce what digital asset companies pay in taxes. The proposed adjustment was suggested as a way to modify a provision of the Inflation Reduction Act, signed into law in 2022.
“Our edge in digital finance is at risk if US companies are taxed more than foreign competitors,” said Lummis in a May 13 X post.
May 12 letter to Treasury Secretary Scott Bessent. Source: Cynthia Lummis
According to the two senators, the proposed modification would provide “relief to corporations that invest in digital assets.” Lummis has been one of the most outspoken digital asset advocates in Congress, while Moreno took office in January after crypto-backed political action committees spent roughly $40 million to support his 2024 Senate race.
The Inflation Reduction Act, which went into effect in 2023, imposes a 15% minimum tax on companies that report more than $1 billion in profits for three consecutive years. The measure would seemingly include unrealized crypto gains and losses, leading to Lummis’ and Moreno’s calls for the Treasury Department to “act swiftly.”
Senate awaiting second vote on stablecoin bill
The call from the two senators came as lawmakers in the Senate are expected to consider another vote on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act — legislation to regulate payment stablecoins in the US. A motion for consideration failed to move forward in the Senate on May 8 due to Democratic lawmakers pushing back on Donald Trump’s ties to the crypto industry.
Lummis, one of the bill’s co-sponsors, suggested that she would continue to support digital asset regulation. The Senate could take up another vote in a matter of days.