ING's quiet foray into the stablecoin arena, spurred by the EU's MiCA regulations, might seem like another blip on the radar of global finance. For artists in Southeast Asia, it may be a quiet revolution underway. Why? That’s because it’s about access, stability, and yes, at the end of the day, getting paid equitably.

Artistic Freedom Needs Financial Freedom

Consider Nila, a Batik textile artist from Yogyakarta, Indonesia. Her detailed batiks capture the tales of her homeland, learned by her elders, to share with others. Her income? Wildly unpredictable. Currency fluctuations affect her bottom line when selling online. To make matters worse, large transaction fees from the Global North banking system cut into Sue’s hard-earned profits. She’s deeply invested in her craft, but economic uncertainty is an ever-present shadow hanging over her work.

This isn't just Nila's story. That’s the dire situation for millions of artists throughout Southeast Asia, whether they be illustrators in Vietnam or ceramists in the Philippines. They’re entrepreneurial, innovative, motivated and culturally essential, yet they are often cut out of the conventional financial system.

  • Limited access to banking.
  • Unfavorable exchange rates.
  • Prohibitive transaction costs.

These are the basal ganglia that strangle artistic freedom and creative economy. This is where stablecoins come in.

MiCA's Ripple Effect Far Away

The EU’s historic regulation of crypto assets, known as MiCA, may seem like a world away from the thriving markets in Southeast Asia. Its impact could be profound. MiCA establishes a very high bar for stablecoin issuance. It requires transparency, robust capital reserves, and annual audits, setting the foundation for public trust. Confidence is exactly what’s required to tap into the promise of stablecoins for artists like Nila.

Now picture Nila receiving these payments in a stablecoin issued by an equally well-placed private institution, say ING. All of a sudden, she’s insulated from the wild swings in value that local currencies have seen. Transaction fees plummet. She can quickly and conveniently exchange her earnings into local currency any time she needs to. Until then, her money is out of harm’s way.

Societe Generale has now opened its EURCV to retail investors. In parallel, Circle has been granted an EMI license, a sign that regulated stablecoins are not just a pipe dream. They're becoming a reality. This isn’t only about the money – it’s about valuing artistic labor and creating an equitable playing field.

Building Bridges, Not Just Blockchains

Let's be realistic. Technology alone won't solve everything. We don’t need more blockchains, we need more bridges—figuratively and literally.

Most artists in Southeast Asia do not have the technical know-how to even begin dabbling with crypto. We need these kinds of accessible, culturally relevant educational programs to empower artists to confidently understand, use, and benefit from stablecoins. Imagine hands-on maker workshops conducted in indigenous languages, grassroots peer-to-peer entrepreneurship mentoring, and community-led startups that compete globally.

  • Awe/Wonder: Imagine a future where artists can focus on their craft, not on struggling with unstable finances.
  • Joy/Humor: Picture Nila finally being able to afford that new set of dyes she's been dreaming about!
  • Relatability: We all know someone who's struggled to make a living doing what they love.

This is where organizations that have long prioritized community activism and economic empowerment come in and help fill the gap. They can serve as important intermediaries, equipping and training artists with the knowledge needed to successfully embrace these new technologies.

Unexpected Connection: Think of it like the early days of the internet. The technology was there—just waiting to be deployed. Passionate community organizers and educators worked to fill the gap, ensuring that more individuals had the tools, language, and understanding to use it. Stablecoins have the potential to be just as revolutionary to finance as the internet was to communication. To truly realise their potential for artists in Southeast Asia, we require a more community-driven approach.

ING’s decision, motivated by MiCA, goes beyond typical business motivations. It’s a positive sign that the financial community is beginning to focus on the stablecoin phenomenon. And for artists from all over Southeast Asia, that signal could make all the difference between nomadic survival and creative flourishing. Now let’s make sure they have a chance to listen to it. We hope that they learn it and then apply what they learn to craft a better future.