Our model indicates the fact of using crypto transactions in Asia only (not in the EU), and that instead of connecting user to user, we aim to connect merchants (in Asia) to users (in EU) and merchants (in EU) to users (in Asia). Is this model valid?
Under an RA model or any other model you choose, this is a valid model. You’re simply netting off and not sending funds across and using crypto for settlement. Perfectly allowed.