Korean bank taps Ripple for payments, Pakistan opens crypto licensing: Asia Express

Asia’s biggest crypto hubs are locked in a tax-cut arms race, while Ripple will help Korea’s Jeonbuk Bank move money across borders.

KOREA

South Korea’s Jeonbuk Bank taps Ripple for cross-border payments

South Korea’s Jeonbuk Bank has partnered with blockchain payments company Ripple to deploy its cross-border payment system for business customers.

The service targets businesses including import-export companies, technology startups and online content creators.

Ripple said its system would provide the bank with faster, less expensive remittance capabilities than conventional transfers routed through intermediary banks via the SWIFT messaging network, which can take several days.

South Korean lawmakers seek expanded FIU powers over unregistered crypto firms

A group of South Korean lawmakers has introduced a bill to amend an existing financial law and expand the Financial Intelligence Unit’s (FIU) authority to investigate unregistered crypto businesses.

On Thursday, People Power Party lawmaker Eom Tae-young and nine other lawmakers filed the bill, which aims to add a new provision to the Act on Reporting and Using Specified Financial Transaction Information.

Under the proposal, anyone could report suspected violations of the law to the FIU. The agency could investigate and analyze alleged violations, file complaints with the relevant authorities, request criminal investigations or provide information to investigators.

South Korea moves to block Polymarket over gambling concerns

The Korea Media and Communications Commission said Polymarket’s structure and operations amount to illegal gambling despite its noncustodial design and smart contracts.

BitGo Korea secures VASP registration for institutional crypto custody

Regulators reportedly accepted BitGo Korea’s registration on Tuesday, two days before stricter VASP entry requirements took effect.

South Korea sets up Joint Virtual Asset Crime Investigation Unit

The Serious Crimes Investigation Agency will be formally established in October and include 2567 investigators looking into seven categories. A specific unit will combat phishing and virtual asset crimes.

Korea Exchange to open new fractional investment market

Novel Securities Market is due to open in November and trade in fractional investments and non-traditional securities like artworks, real estate and music copyright.

JAPAN

Japan’s SBI leads $68M Fasset round at $1B valuation

Stablecoin neobanking platform Fasset has raised $68 million in a Series C funding round led by Japan’s SBI Group at a $1 billion valuation.

The companies also plan to jointly operate a digital bank in Malaysia and distribute Fasset-issued tokens, according to SBI.

Laser Digital gets Japan’s first crypto exchange approval in 4 years

Nomura Group’s digital asset subsidiary, Laser Digital, received authorization to operate as a crypto asset exchange service provider under Japan’s Payment Services Act (PSA)

A list issued by Japan’s Financial Services Agency (FSA) on Friday showed that Laser Digital received the country’s first crypto exchange license in four years. The last platform to receive FSA authorization was Binance Japan in October 2022.

Metaplanet expands Bitcoin treasury strategy to US with 2,100-BTC Nasdaq play

The proposed deal with Nasdaq-listed Super League Enterprise would give the Tokyo-based company a foothold in US capital markets while using existing Bitcoin rather than additional purchases.

Toyota Finance opens tokenized bonds to retail investors via mobile payment app

Retail investors can apply to buy the 1 billion yen bond without a securities account and receive perks through Toyota’s payment app.

MALAYSIA

Bitdeer signs $400M AI cloud computing deal for Malaysia facility

Bitcoin mining company Bitdeer’s artificial intelligence (AI) division, Bitdeer AI, signed a five-year customer deal covering about 50% of the capacity of its A102 Malaysia facility.

The deal was signed with an undisclosed AI customer of “high credit quality” and is expected to bring approximately $400 million in total revenue, Bitdeer revealed.

Bitdeer AI is targeting 350 megawatts of AI cloud data center capacity by the first quarter of 2028.

SINGAPORE

Singapore and Hong Kong compete on tax for fund managers

Singapore’s Monetary Authority has unveiled tax exemptions for fund managers and family offices. It will also expand a scheme to help attract investment professionals into the city state and launch a co-investment scheme for funds that base operations in Singapore.

The moves are in response to Hong Kong cutting its own taxes for fund managers as the two crypto hubs compete for business.

PAKISTAN

Pakistan opens crypto licensing portal