Thailand is making headlines with its plans for a national airdrop. Every citizen over the age of 16 will receive 10,000 baht ($285) in a utility token. To facilitate this airdrop, the ruling Pheu Thai party is consulting with the Bank of Thailand to develop a “utility type 1” token. The process will involve implementing a Know Your Customer (KYC) blockchain-based infrastructure, which is expected to take at least six months to roll out. However, users will be charged a 100 baht fee for the KYC process. The solution will also require the approval of the country’s Securities and Exchange Commission. It’s worth noting that Srettha Thavisin, a real estate developer and crypto investor, was recently elected as Thailand’s prime minister. During his campaign, Thavisin promised to give each person 10,000 baht in basic income stimulus through digital currency if elected into power.
Users of South Korean Bitcoin lender Delio are facing more bad news. The lending giant, which holds over $1.2 billion in Bitcoin and Ether, is expecting a recovery rate of only 50% to 70% on its assets. Delio suspended deposits and withdrawals after disclosing significant counterparty exposure to fellow South Korean Bitcoin lender Haru Invest, which is currently in bankruptcy proceedings due to allegations of fraudulent activities involving its operator, B&S Holdings. Adding to Delio’s woes, it is also under investigation by regulatory authorities for allegations of fraud, embezzlement, and breach of trust. Although the platform previously announced the resumption of withdrawals, there have been no updates on a timeline for this.
Vietnam is leading the way in crypto adoption, with up to 19% of its population between the ages of 18 and 64 using digital assets. The country currently houses around 200 blockchain projects and is projected to generate $109.4 million in revenue from crypto exchanges this year. By 2027, Vietnam’s crypto users are expected to grow to 12.37 million. Interestingly, 76% of Vietnamese crypto users invest based on advice from friends, a number significantly higher than individuals surveyed in the U.S. Additionally, nearly 70% of respondents believe that the crypto bear market will last less than one year or has already ended. While nearly half of respondents think that centralized exchanges offer the same utility as decentralized ones, 90% of crypto owners still use decentralized exchanges.
Binance Japan, the Japanese arm of the popular cryptocurrency exchange, has ambitious plans for expanding its offerings. During an online business briefing, Tsuyoshi Chino, CEO of Binance Japan, announced that the exchange aims to list 100 coins and tokens as soon as possible. Currently, Binance Japan provides spot trading and staking programs through its “Simple Earn” feature. However, margin trading is not available until the exchange obtains a regulatory license. Binance, the parent exchange, has already surpassed 150 million users, with an average daily trading volume of $65 billion.
At a government-sponsored conference promoting the digital Chinese yuan central bank digital currency (CBDC), officials from the City of Shenzhen pledged to conduct municipal airdrops totaling 15 million digital yuan ($2.1 million) over the next three years. Binqquan Wei, the vice governor of Agricultural Bank of China Shenzhen, highlighted the efficiency of the digital yuan during trials for consumer transaction receipts. The platform currently has over 200 merchants across various industries, such as education, catering, pet services, elderly care, and sports. China’s central government has been actively promoting the digital yuan CBDC as a means of stimulating the country’s economy in the face of a looming recession. With test sites operational in 17 provinces and 26 districts, the CBDC has already accumulated over $123 billion in transactions since 2021.
East Asia is witnessing notable developments in the crypto space. Thailand’s national airdrop plans, Vietnam’s crypto adoption and revenue, as well as the expansion strategies of Binance Japan and the digital yuan’s progress in Shenzhen, are all significant milestones for the region. These developments demonstrate the ongoing growth and innovation of blockchain technology in East Asia and create new opportunities for individuals and businesses alike.
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