South Korea’s Jeonbuk Bank has selected Ripple’s blockchain network to facilitate cross-border payments for business customers, including importers, exporters, technology startups and online content creators. The bank will use Ripple’s system to execute remittances more quickly and at lower cost than traditional SWIFT-based transfers, which typically require several days and multiple intermediary banks.
Lawmakers in Seoul have introduced a bill to expand the Financial Intelligence Unit’s (FIU) investigative powers over unregistered cryptocurrency firms. The amendment to the Act on Reporting and Using Specified Financial Transaction Information would allow public reports of suspected violations, empower the FIU to investigate, analyze and file complaints, and request criminal probes or share findings with investigators. The proposal comes amid broader regulatory scrutiny of the crypto sector.
South Korea’s media regulator has moved to block Polymarket, citing illegal gambling risks despite the platform’s noncustodial design and smart contracts. The Korea Media and Communications Commission’s decision reflects ongoing concerns over gambling-related activities in digital asset markets.
In related enforcement, BitGo Korea secured a Virtual Asset Service Provider (VASP) registration on Tuesday, two days before stricter entry requirements took effect. The registration allows the firm to continue offering institutional crypto custody services in the country.
The Serious Crimes Investigation Agency will establish a Joint Virtual Asset Crime Investigation Unit in October, deploying 2,567 investigators to address seven categories of financial crime, including phishing and virtual asset-related offenses.
The Korea Exchange plans to open a new market in November—dubbed the Novel Securities Market—trading fractional investments and non-traditional assets such as artworks, real estate and music copyrights as securities.
In Japan, SBI Group led a $68 million Series C round for stablecoin neobanking platform Fasset at a $1 billion valuation. The companies also plan to jointly operate a digital bank in Malaysia and distribute Fasset-issued tokens. Separately, Laser Digital, a digital asset unit of Nomura Group, received Japan’s first crypto exchange license in four years under the Payment Services Act, following Binance Japan’s approval in October 2022.
Metaplanet, a Tokyo-based company, is expanding its Bitcoin treasury strategy to the U.S. through a proposed deal with Nasdaq-listed Super League Entertainment, which would provide exposure to U.S. capital markets using existing Bitcoin holdings rather than additional purchases.
Toyota Finance has opened tokenized bond issuance to retail investors via its mobile payment app, allowing applications for a 1 billion yen bond without a securities account and offering perks through the app.
In Malaysia, Bitdeer’s AI division signed a five-year contract worth approximately $400 million with an undisclosed high-credit-quality AI customer, covering about 50% of capacity at its A102 Malaysia facility. Bitdeer AI aims to reach 350 megawatts of AI cloud data center capacity by Q1 2028.
Singapore and Hong Kong are intensifying competition for fund managers, with Singapore’s central bank introducing tax exemptions and expanding professional attraction schemes, responding to Hong Kong’s recent tax reductions in the sector.
Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened a licensing portal for crypto exchanges and other virtual asset service providers. Companies operating before March 5 must apply for a no-objection certificate by September 5 or cease operations. PVARA emphasized the portal establishes a regulated pathway with defined standards for consumer protection, governance and market integrity.
In the United Arab Emirates, Capital.com plans to launch spot crypto services for clients after its affiliate, Capital Vault, secured a virtual asset license from the Capital Market Authority. The integration will allow UAE clients to buy and hold actual crypto through the Capital.com app, with Capital Vault handling execution, custody and settlement.
Bitcoin.com has integrated USDU, the UAE’s first central bank-registered US dollar stablecoin, into its self-custodial wallet, expanding access beyond institutional channels.
Hong Kong’s OKX restricted access to Anthropic’s Claude AI model for employees in the region and travelers transiting through China after a temporary account suspension for geographic compliance issues. OKX reportedly spends up to $8 million monthly on tokens across various large language models.
Standard Chartered will reportedly become the first bank to distribute Hong Kong’s regulated HKDAP stablecoin, backed by Anchorpoint Digital.
Alibaba raised $10.2 billion through share sales at an 8.7% discount to fund AI initiatives, including chips, infrastructure and models, though its shares declined following the offering.
Taiwanese authorities dismantled a money laundering network that used USDT purchased via Hong Kong exchanges.
