Schlagwort: crypto business

• Bolivia lets banks offer crypto services to counter inflation and dollar scarcity.
• Stablecoins gain traction in Bolivia as businesses and consumers hedge a weakening boliviano.
• Government pairs digital finance push with major new financing and tax reforms.

Bolivia is turning to cryptocurrencies and stablecoins in a sweeping effort to stabilise an economy strained by high inflation, a widening fiscal deficit, and a persistent shortage of US dollars.

The initiative is emerging as a central pillar of the government’s broader plan to modernise the financial system and revive investment under President Rodrigo Paz.

Crypto push in Bolivia gains steam

The shift marks a major policy change for the country, which only lifted a longstanding ban on crypto last year.

Economy Minister Jose Gabriel Espinoza confirmed that banks will now be allowed to custody digital assets and offer crypto-based savings accounts, loans, and credit cards.

The move effectively brings stablecoins such as USDT into the formal financial system, giving them a role similar to legal tender.

Espinoza said the decision reflects the practical reality that cryptocurrencies cannot be contained by national borders. He noted that recognising and integrating them is more efficient than trying to enforce old restrictions.

This approach follows a regional trend, as several Latin American economies hit by inflation turn to digital assets as a hedge against currency depreciation.

Bolivia’s inflation, in particular, has averaged above 22% over the past year, eroding the value of the boliviano and pushing residents toward alternatives that hold value more reliably.

As a result, stablecoins, which maintain a one-to-one link to assets such as the US dollar, have become a popular escape hatch for households and businesses looking to shield their savings from further losses.

Pressure from inflation and dollar scarcity

Businesses across Bolivia have already begun pricing goods in USDT, responding to the sharp shortage of physical dollars that has disrupted imports and raised costs.

Vehicle manufacturers, including Toyota, Yamaha, and BYD, started accepting stablecoins in September after struggling to secure dollars for transactions.

The state-owned energy company YPFB has also revealed plans to create a system allowing crypto-denominated payments for energy imports, though details are still being developed.

Stablecoins offer a workaround for strict currency controls that limit access to foreign currency.

Anyone with a mobile phone and a crypto wallet can now hold dollar-pegged tokens without going through banks that enforce tight restrictions.

This ease of access has been a major factor behind the rapid rise in crypto volumes following the regulatory shift last year.

Financing push alongside crypto reforms

The government’s crypto strategy is unfolding alongside a wider effort to shore up the economy through new financing and investment incentives.

Espinoza announced that Bolivia is negotiating more than $9 billion in multilateral financing for public and private projects, far above initial projections.

Roughly a third of the funds could arrive within two to three months, providing support for infrastructure, renewable energy, and financial inclusion initiatives.

The announcement lifted Bolivia’s dollar bonds, which reached their highest levels since 2022.

The government has also moved to scrap the wealth tax and eliminate taxes on financial transactions to attract private capital and encourage investment.

These measures still require congressional approval, but they signal a significant shift away from the state-heavy policies of previous administrations.

Paz has pledged a market-oriented approach while avoiding shocks that could undermine the country’s social programs.

The administration plans to cut public spending by 30% in the 2026 budget, though officials stress that the decision was made independently and not under pressure from the International Monetary Fund.

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• Naver Financial will acquire Dunamu in a $10.3B stock-swap deal.
• The merger now awaits shareholder votes and key regulatory approvals.
• If successful, Upbit’s operator will become a wholly owned Naver subsidiary in 2026.

Naver Financial has set the stage for one of South Korea’s largest fintech and crypto-related mergers, unveiling a stock-swap plan to fully acquire Dunamu, the company behind the country’s dominant crypto exchange, Upbit.

Dunamu recently reported 10.4 trillion won in total assets and 4 trillion won in equity, with revenue up 35% and net profit rising 145% year-over-year, cementing its position as one of Korea’s most influential digital asset players.

A landmark stock-swap merger

Naver Financial confirmed that it will absorb Dunamu through a stock-swap transaction valued at approximately 15.1 trillion won, or about $10.3 billion.

To complete the merger, the company will issue 87.56 million new shares to Dunamu shareholders according to a filing made on Wednesday, making the crypto firm a wholly owned subsidiary once the process is finalised.

The exchange ratio, set at 2.5422618 Naver Financial shares for each Dunamu share, was determined through an external discounted cash-flow valuation.

The effective stock exchange date is scheduled for June 30, 2026, though shareholders will vote on the plan earlier, at general meetings set for May 22, 2026.

Investors who oppose the deal will have the option to exercise appraisal rights at a price of 117,780 won per Naver Financial share.

These rights can be exercised from May 22 to June 11, 2026.

However, the deal may be cancelled if appraisal demands exceed 1.1 trillion won combined, unless both parties agree to adjust the cap.

Several regulatory approvals are required

The merger still requires approval from multiple regulators before it can proceed.

The deal must pass a business combination review by the Fair Trade Commission and meet requirements tied to major shareholder changes under the Act on the Use and Protection of Credit Information.

Naver Financial acknowledged in its filings that delays remain possible if any part of the process stalls.

But despite those hurdles, the companies appear confident about the transition.

Naver has said it plans to use the merger to “secure future growth momentum based on digital assets.”

While the firms have not yet mapped out structural changes following the merger, both sides expect closer strategic and operational cooperation.

According to reports shared earlier this year, Naver Financial is preparing to launch a Korean won-backed stablecoin after the merger, though no official timeline has been disclosed.

If confirmed, the move aligns with broader shifts in South Korea, where major banks and policymakers have adopted a more supportive stance toward digital asset innovation.

Notably, the election of President Lee Jae-myung marked a turning point for crypto regulation, and several domestic banks have already announced plans to introduce won-pegged stablecoins by late 2025 or early 2026.

That environment may provide Naver with fertile ground to expand its fintech capabilities and build a digital finance ecosystem that integrates payments, blockchain services, and investment tools.

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• The tests will use standardised templates with major exchanges including Coinbase, Crypto.com and Kraken.
• The project links to the earlier Admissions and Disclosures Discussion Paper.
• The experiments sit within the FCA’s multi-year Crypto Roadmap ending in 2026.

The United Kingdom is pushing ahead with a practical form of crypto regulation, and the latest move by the Financial Conduct Authority shows how the country plans to shape its rulebook.

The FCA has approved RegTech firm Eunice to carry out live experiments in its sandbox, creating a clearer picture of how future rules may be built through real-world testing rather than theory.

On Wednesday, the regulator confirmed that Eunice will test standardised crypto disclosure templates with major exchanges such as Coinbase, Crypto.com and Kraken.

The templates are designed to check whether transparency improves when tools are used directly in active market conditions.

Industry input

The FCA said its sandbox is still open to companies working on similar solutions, and it continues to encourage firms to apply. The regulator’s message points to a broader shift.

The UK wants to rely on practical experiments to understand how crypto behaviours unfold in real time, instead of relying only on policy consultation rounds.

This approach moves industry participants closer to the centre of rule formation. It also gives the regulator the chance to observe how products behave before final guidance is introduced.

Eunice’s work fits this model, focusing on ways to strengthen transparency in a market that is seeing increased institutional involvement.

The trial also links back to the Admissions and Disclosures Discussion Paper published last year. That paper invited the industry to share technical insight and help shape early frameworks.

The new pilot now tests those ideas under live conditions, allowing the FCA to gather evidence on how different disclosure requirements perform when applied at scale.

Broader roadmap

The Eunice experiment also aligns with the regulator’s multi-year Crypto Roadmap, which is expected to end with the publication of the UK’s final crypto rules in 2026.

Over the past year, the FCA has introduced several changes aimed at increasing clarity for crypto companies.

These include stricter financial promotion rules, warnings issued to unregistered exchanges still operating in the UK and a comprehensive paper covering admissions, disclosures and market-abuse concerns across digital assets.

Each step forms part of a longer regulatory timeline that aims to tighten standards while preserving room for innovation. The use of the sandbox allows the FCA to test what works and what does not before decisions are written into policy.

Shifting tone

More recent actions suggest the regulator is becoming more open to crypto activity under controlled conditions. On 1 August, the FCA lifted its ban on crypto exchange-traded notes for retail investors.

This allowed consumers to access crypto-based ETN products again, signalling a more flexible approach to digital assets. On 17 September, the FCA launched a consultation on whether Consumer Duty should apply to crypto.

This traditional finance requirement focuses on ensuring firms deliver good outcomes for customers. Extending it to crypto would raise expectations around product design, risk communication and market conduct.

The regulator’s move to work with Eunice fits into this shift. By focusing on trials inside the sandbox, the FCA is building a system that responds to real behaviour rather than assumptions.

The decision also supports the UK’s long-term plan to use evidence gathered from ongoing experiments to shape final rules.

The sandbox programme will continue to influence how the UK designs its next phase of crypto regulation.

As new projects enter the environment, the FCA will gather more insight into how disclosure tools perform, how markets react and how different rules might work once introduced.

The Eunice trial marks an early step in this process, and future policy decisions are expected to draw heavily on the findings produced through these real-world tests.

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