South Korea’s Financial Services Commission has approved a pilot programme enabling seven major banks to trial a central bank digital currency (CBDC) system. The initiative, in collaboration with the Bank of Korea and the Ministry of Science and ICT, aims to replace traditional paper vouchers with mobile-friendly CBDC tokens, making it easier for citizens to access public benefits digitally.
The pilot programme includes banks such as Kookmin Bank, Shinhan Bank, and Woori Bank, which will implement a digital voucher management platform to assess the feasibility of using CBDC deposit tokens. The goal is to allow users to store vouchers on mobile devices, potentially eliminating the need for physical wallets and enabling seamless transactions through features like QR code payments.
South Korea’s forward-thinking approach positions it as a leader in digital finance. As other countries, including Bahrain, Saudi Arabia, and the UK, explore similar CBDC developments, South Korea’s programme may offer insights that influence the global adoption of digital financial systems.
Cyprus’ financial regulator, the Cyprus Securities and Exchange Commission (CySEC), has extended the suspension of FTX’s European branch by another six months, lasting until 30 May 2025. The continued suspension means that FTX EU remains barred from accepting new clients, providing services, or advertising, though it can still process transactions to return funds to existing clients.
The extension comes as the second anniversary of FTX’s bankruptcy filing approaches. After FTX declared Chapter 11 bankruptcy in the US in November 2022, CySEC halted FTX Europe’s license, questioning the firm’s management suitability and ensuring the protection of client assets. FTX Europe, initially acquired by FTX in 2021 for $323 million, has since been resold to its original owners for $32.7 million following legal disputes over the acquisition price.
FTX Europe’s website currently only supports balance viewing and withdrawal requests. Clients who do not withdraw funds will have their balances moved to a client-segregated account, which will be held for up to six years.
Bitcoin reached a record peak in Asian trading, rising 7% to $75,060, as anticipation grew for Donald Trump’s return to the White House. Investors are betting on a softer regulatory stance towards cryptocurrencies, which they see as more likely under a Trump administration. Early election projections showed Trump winning 15 states, while Kamala Harris captured seven and Washington, D.C., but the final result remained too close to call.
Matthew Dibb of Astronaut Capital said the market’s reaction suggests a belief that a shift in the US Securities and Exchange Commission’s attitude under Trump could remove some barriers to cryptocurrency growth. He noted that a Democrat win might have signalled a short-term setback for crypto, although perhaps not in the long run. Alongside Bitcoin, Ether also saw gains, increasing 7.5% to $2,593, though it still trails its 2021 high of $4,867.
A group of financial tech firms, including Robinhood, Kraken and Galaxy Digital, has launched a new stablecoin, USDG, through a joint initiative called the Global Dollar Network. The stablecoin pegged to the US dollar, is designed to drive stablecoin adoption worldwide while benefiting its network partners financially. The move signals a growing interest in digital assets as the industry anticipates friendlier US regulations towards cryptocurrency.
Stablecoins like USDG offer a stable alternative to volatile cryptocurrencies like Bitcoin, providing a fixed value by linking to traditional currencies such as the US dollar or euro. Issued from Singapore by the crypto platform Paxos, USDG will be managed by a governing committee of network partners. The consortium aims to establish USDG as a global stablecoin, challenging established market leaders Tether and USD Coin, which currently dominate the sector.
Despite the competition, the Global Dollar Network promises participants nearly all the rewards generated from the stablecoin, encouraging wide participation. Paxos CEO Charles Cascarilla highlighted the initiative’s goal of spurring global adoption, viewing stablecoins as essential to integrating cryptocurrency into everyday financial systems.
The Monetary Authority of Singapore (MAS) has announced a major initiative to drive asset tokenisation to a commercial scale. At the MAS Layer One Summit, Deputy Managing Director Leong Sing Chiong highlighted recent achievements in tokenisation trials under Project Guardian, where over 40 financial institutions across seven jurisdictions tested tokenisation in foreign exchange and funds. However, he noted that while promising, these trials have yet to reach industry-wide adoption due to limitations in infrastructure and liquidity.
To address these challenges, MAS introduced new frameworks and plans, including the Global Layer One initiative, which is set to expand next year with the support of major financial players such as Euroclear and HSBC. The MAS also released two guidance frameworks: the Guardian Fixed Income Framework for debt markets and the Guardian Funds Framework for fund tokenisation. Both are designed to standardise processes and encourage best practices in tokenisation.
MAS’s efforts also include launching the SGD Testnet, a tokenised payments and securities settlements platform that will feature a Singapore dollar wholesale CBDC. Building on the work of Project Orchid, the testnet will support purpose-bound money, aiming to enable programmable financial transactions. As tokenisation develops, Singapore is positioning itself as a leader in digital asset integration.
Deutsche Telekom’s subsidiary, MMS, and Bankhaus Metzler have launched a pilot project to harness surplus renewable energy for Bitcoin mining, aiming to gather data that could help stabilise Germany’s energy grid. Using power generated from renewable sources that would otherwise go unused, the initiative is intended to address the frequent energy surpluses created when supply outpaces grid demand.
Located at Riva GmbH Engineering in Backnang, the project is supported by photovoltaic systems and managed by Metis Solutions. MMS will oversee the mining operations, while Bankhaus Metzler will explore potential financial applications for cryptocurrencies with this sustainable energy use.
Deutsche Telekom’s team views Bitcoin mining as a flexible solution to balance energy grids, with the potential to respond to fluctuating renewable energy production. As Hendrik König from Bankhaus Metzler highlighted, the project aims to expand Germany’s use of blockchain technology, which is becoming increasingly significant in various sectors beyond finance.
The United States Supreme Court will soon consider whether Meta’s Facebook and Nvidia can avoid federal securities fraud lawsuits in two separate cases that may limit investors’ ability to sue corporations. The tech giants are challenging lawsuits following decisions from the Ninth Circuit Court of Appeals, which allowed class actions accusing them of misleading investors to move forward. The cases will examine the power of private plaintiffs to enforce securities laws amid recent rulings that have weakened federal regulatory authority.
The Facebook case involves allegations from a group of investors, led by Amalgamated Bank, who claim the social media giant misled shareholders about a 2015 data breach linked to Cambridge Analytica, which impacted over 30 million users. Facebook argues that its disclosures on potential risks were adequate and forward-looking. Nvidia’s case, brought by Swedish investment firm E. Ohman JFonder AB, alleges that the company understated the role of crypto-related sales in its revenue growth in 2017 and 2018, misinforming investors about the volatility in its business.
Observers say these cases could further empower businesses by limiting legal risks from private litigation, especially as the US Securities and Exchange Commission (SEC) faces resource limitations. With recent Supreme Court rulings constraining regulatory bodies, private securities lawsuits may become an increasingly critical tool for investors. David Shargel, a legal expert, notes that as agencies’ enforcement powers weaken, the role of private litigation to hold companies accountable may expand.
Microsoft is under scrutiny from shareholders regarding a potential investment in Bitcoin as they prepare for a crucial vote in December. The proposal, spearheaded by the National Center for Public Policy Research (NCPPR), suggests that the tech giant conduct an assessment of investing in the cryptocurrency. Ethan Peck, deputy director of the NCPPR’s Free Enterprise Project, warned that if Microsoft chooses not to invest and Bitcoin’s value rises, it could face legal repercussions from disgruntled shareholders.
Despite the board’s recommendation to reject the proposal, citing existing evaluations of various assets, Peck noted that the discussion initiated by the proposal is significant. He believes it may pave the way for a stronger resubmission in 2025, irrespective of the current vote’s outcome. The NCPPR highlighted the successful investment strategy of MicroStrategy in Bitcoin, pointing out that it has significantly outperformed Microsoft this year.
As Bitcoin trades at approximately $67,035, down from near its all-time high of $73,562, the growing institutional interest in cryptocurrencies, particularly through spot Bitcoin exchange-traded funds, underscores the urgency for companies like Microsoft to reconsider their stance on digital assets.
In a pioneering move, British pension specialist Cartwright has helped a UK pension fund allocate 3% of its £50 million assets into Bitcoin, marking the first such investment in the country. The decision follows thorough consultations on environmental, social, and governance (ESG) factors, security, and the investment potential of Bitcoin, according to Cartwright’s head of digital assets, Glenn Cameron.
Unlike similar investments where funds have opted for Bitcoin-linked ETFs, this UK pension fund has chosen to hold the asset directly, with private key security spread across five independent institutions. This allocation stands out for its size, as it represents a much larger percentage of assets than recent Bitcoin investments by pension funds abroad, such as the State of Wisconsin’s 0.1% allocation.
Cartwright has also announced a new Bitcoin Employee Benefits scheme, allowing interested employers to pay staff in Bitcoin. With five companies already considering the scheme, Cartwright is positioning itself at the forefront of integrating Bitcoin into UK pension and employment benefits, reflecting its commitment to a forward-thinking approach to digital assets.
The State Bank of Pakistan (SBP) has proposed a significant framework to recognise digital assets, including cryptocurrency, as legal currency in Pakistan. If approved, the plan would allow the SBP to issue its digital currency, potentially paving the way for a central bank digital currency (CBDC) within the country. This shift would mark a major departure from the SBP’s previous cautionary stance on virtual currencies.
In a proposed amendment to the State Bank of Pakistan Act, digital currencies such as Bitcoin could gain legal tender status, meaning they would be accepted for payment of goods, services, and debts. The framework also suggests measures to penalise any unauthorised issuers of digital currency, granting the SBP comprehensive authority over both physical and digital currency management.
The proposal further includes a provision allowing dual nationals to serve in senior roles within the central bank, a reversal of past restrictions. This move reflects the government’s broader economic strategy, which aims to modernise Pakistan’s financial system and boost GDP growth in line with global digital finance trends.
