Asia and tech have become inexorably linked in the American consciousness.

Maybe it’s the ubiquitous presence of futuristic giant robots and cyborgs in Netflix-catered anime.

Or maybe it’s the monolithic presence of Asian tech giants like Sony or Nintendo.

When Americans want to look to the future of tech and gadgetry, they consider Tokyo or Hong Kong.

But there’s one oft-overlooked region: the island city-state of Singapore.

And that may all be about to change. An exciting move from Coinbase may have Singapore poised to become Asia’s next great tech metropolis.

Espresso Shots

☕️ China Reversing Crypto Stance

Hong Kong’s growing success as a crypto hub may have mainland China rethinking its position on crypto.

“Hong Kong is an extremely active crypto market by raw transaction volume, with an estimated $64.0 billion in crypto received between July 2022 and June 2023,” reads a new report from the blockchain analysis firm Chainalysis. Mainland China, meanwhile, saw $86.4 billion in transactions during that same period.

In 2021, China issued a crypto ban to curb financial crime, prevent economic instability, and out of a general fear that crypto would cause investors to depart China’s markets.

However, Hong Kong, as a semi-autonomous Chinese territory, was permitted to continue its progress in pursuing a new Web3 status quo.

But years later, it seems the ban didn’t make much of a difference in Mainland China.

“Crypto activity remains substantial, which suggests that the bans have either been ineffective or loosely enforced,” said Chainalysis Head of APAC Policy Chengyi Ong in an interview with Decrypt. “In lieu of broad-based bans, clear regulatory frameworks would better protect end-users by enabling them to engage with digital assets in a safer way."

And based on Hong Kong’s success, those frameworks may be coming in the not-too-distant future.

It’s time for Mainland China to stop putting up emotional Great Walls and let crypto into its heart.

☕️ SEC’s Ripple Appeal Rejected

Judge Analisa Torres refused to let the SEC appeal her decision on Ripple Labs.

Judge Torres ruled last July that Ripple did not violate federal securities laws in the sale of its native XRP token.

Naturally, this hasn’t sat well with the SEC and the regulatory body has sought an appeal under the grounds that the XRP ruling would impact future crypto lawsuits.

Torres found that the SEC’s claims weren’t substantive and an appeal would not advance the ongoing case against Ripple to a speedier conclusion.

The next Ripple trial is scheduled for April 23, 2024.

“Please, can you just stop asking for an appeal on the XRP token?” groaned the SEC’s exasperated mom. “It’s really starting to feel like you’re whining.”

☕️ Crypto Craze in Latin America

Polled Brew

Spilling the Beans

Is Singapore the Future of Crypto? 🇸🇬 🔮

Singapore. The City of Lions. Or, as we call it, “Malaysia’s saddle.”

Unfortunately, Singapore isn’t a country that occupies any prime real estate in most American minds.

Unless, of course, you’re familiar with Singapore’s Banana Leaf in the Los Angeles Farmer’s Market. A small, family-owned restaurant bringing you delicious Singaporean and Indian cuisine at affordable prices.

Our staff heartily recommends the “Mee Goreng”, a sort of lo-mein with a fried egg on it, or the “Beef Rendang”, hearty chunks of simmered beef.

Now, we’re hungry. Moving on.

But unlike most Americans, Brian Armstrong, the CEO of Coinbase, is probably thinking about Singapore every day.

Why?

Because Coinbase just secured a crypto payments license in Singapore.

This is just the latest in Coinbase’s ongoing global expansion, which seems to include every region and continent aside from the US, where Coinbase is still embroiled in a legal battle with the SEC.

Just in the past year, Coinbase has secured registrations in Ireland, Spain, Italy, and the Netherlands.

Coinbase has called this expansion its “Go Broad, Go Deep” campaign.

Coinbase is going broad in that it hopes to launch foundational Web3 products in every country. “Deep” is how Coinbase intends to supplement those launches with localized infrastructure.

Coinbase had marked Singapore as one of its primary targets in this expansion.

And that’s because, before Coinbase’s intervention, Singapore was already a blossoming crypto hub.

Singapore is not only home to more than 700 Web3 companies, but its forward-thinking tech practices and digital identity use among its citizens make it an ideal home for a crypto firm.

And Coinbase has been working hard to fast-track accessibility to the people of Singapore.

Earlier this year, Coinbase offered PayNow and FAST banking services to Singaporean citizens after receiving approval.

Coinbase has also worked with the nation’s digital identity services to make access to the exchange easier and more secure.

This relationship is truly a beautiful piece of crypto synergy. Coinbase comes into a broad, exciting new market. And Singapore, a burgeoning crypto hub in its own right, gets to add another feather to its crypto hat with the Coinbase brand.

It’s a development to be celebrated. In no time, Brian Armstrong will be in Coinbase’s Singapore office, enjoying some of that Mee Goreng we mentioned.

And maybe they’ll take a moment, sacrifice a little beer, and Singa-pour one out for those less fortunate firms who haven’t had a taste of this exciting new market.

Crypto 101

Consensus Mechanism: This is the program used in blockchains to achieve distributed agreement on a ledger’s status.

They’re integral to establishing trust and security on the blockchain.

You’ve probably already heard of the two most popular forms of consensus mechanism: proof-of-work and proof-of-stake.

The Last Sip

The Last Sip: One of the most fascinating things about Singapore is that the country still implements corporal punishment. Caning is a popular deterrent for criminals under 50 and currently applies to over 35 different crimes including drug trafficking, vandalism, and for tourists that stay over 90 days. Interestingly enough, Singapore has one of the lowest crime rates in the world. Go figure.

Stay Caffeinated,

Coffee & Crypto Team

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