South Korea has unveiled plans to regulate cross-border cryptocurrency transactions, set to take effect in the latter half of 2025. The forthcoming regulations will mandate that businesses engaged in virtual asset trading across international borders register with relevant authorities and provide monthly transaction reports to the Bank of Korea. This initiative aims to enhance transparency and oversight in a rapidly evolving market that has seen explosive growth in recent years.
The move comes in response to alarming statistics from the customs agency, which revealed that since 2020, foreign exchange-related crimes have amounted to 11 trillion won (approximately $7.97 billion). Notably, over 80% of these crimes have involved virtual assets, highlighting the need for stricter controls. The South Korean government is prioritising legislative measures to ensure the successful implementation of these regulations within the next 18 months, reflecting its commitment to combating financial crime and protecting investors.
By introducing these regulations, South Korea aims to create a safer environment for cryptocurrency transactions, aligning with global efforts to establish clearer frameworks for digital asset trading. As countries worldwide grapple with the implications of cryptocurrency, South Korea’s proactive stance may serve as a model for other nations looking to regulate the digital asset space effectively.
The Dutch government has invited public input on a new law proposal aimed at increasing transparency around cryptocurrency ownership. The legislation would require crypto service providers to collect and share user data with the local tax authority, aligning with the European Union’s reporting requirements to reduce tax evasion. According to the Netherlands’ Ministry of Finance, the law will not change current tax obligations for Dutch crypto owners, who are already required to declare their assets.
Under these new rules, the Dutch tax authority would share collected data on EU residents with other member states, as per the EU’s DAC8 crypto tax reporting framework. Additionally, non-EU countries that adhere to the OECD’s Crypto-Asset Reporting Framework, such as the United States and the United Kingdom, would receive relevant data through international cooperation agreements.
Garanti BBVA, Ripple, and IBM have joined forces to significantly enhance Garanti BBVA Kripto’s digital asset platform, addressing the rapidly growing demand for secure, reliable trading and storage solutions for over 14,000 users in Turkey. By leveraging Ripple’s transaction services alongside IBM’s advanced custody solutions, Garanti BBVA Kripto provides a secure environment for digital assets, including BTC, ETH, and USDC.
Furthermore, the Ripple-IBM partnership delivers an institutional-grade infrastructure incorporating essential security features, such as data encryption, isolated customer environments, and hardware security modules. Consequently, this setup ensures compliance with regulatory standards and establishes a robust governance framework to protect customer data and mitigate risks from potentially malicious actors. In addition, IBM’s sustainable infrastructure, powered by IBM LinuxONE, enables Garanti BBVA Kripto to maintain a high-performance and eco-friendly platform.
As a result of this partnership, Garanti BBVA, Ripple, and IBM are now better positioned to support Turkey’s burgeoning crypto asset market. Their combined focus on security, performance, and regulatory compliance enables Garanti BBVA Kripto to expand its digital asset offerings and strengthen its presence in the digital economy.
As demand continues to rise, collaboration provides the essential technological backbone for Garanti BBVA Kripto to innovate further and develop a secure, trustworthy, and scalable digital asset management ecosystem.
CryptoQuant CEO Ki Young Ju suggests that Bitcoin’s increasing mining difficulty could be a step toward its evolution into a stable digital currency. Mining difficulty, which has surged by 378% over the past three years, reflects growing competition driven by large mining companies with institutional backing. Ju views this rise in competition as beneficial for Bitcoin’s stability and development, projecting that by the 2028 halving event, Bitcoin could reach low volatility levels, making it more appealing as a currency.
Meanwhile, US Bitcoin mining giants like Riot Platforms and Marathon Digital are pushing for pro-crypto legislation by backing a political action committee that will focus on key states. This move, along with institutional and regulatory developments, points towards a future where Bitcoin may be mainstreamed as a peer-to-peer electronic cash system by 2030, fulfilling Satoshi Nakamoto’s original vision.
Though some remain sceptical of Bitcoin’s viability as a global currency, Ju asserts that Bitcoin’s growing infrastructure, alongside regulatory support and reduced volatility, could allow it to transition from an investment to a usable digital currency within the decade.
Over 33,000 crypto investors in South Korea are facing frozen assets valued at nearly $13 million after multiple exchanges shut down due to regulatory changes. Fourteen virtual asset platforms have either closed or temporarily halted operations, impacted by the new Virtual Asset User Protection Act, which aims to enhance security in South Korea’s crypto market.
The closures, which include major players such as Cashierest, ProBit, and Huobi, have left investors unable to access funds held in both digital and cash forms. Cashierest alone held around $9.4 million in user assets before its shutdown, while exchanges like ProBit and Huobi stored an additional $2 million.
This asset freeze may expand as other exchanges, including Oasis and Flata, currently hold substantial funds while undergoing service suspension. Representative Kang Min-Kuk has highlighted that regulatory costs are adding strain to the already weakened virtual asset market, increasing the likelihood of further closures as the Financial Services Commission undertakes its compliance assessment process.
Five individuals in Austria have received prison sentences for their roles in a $21.6 million cryptocurrency scam that deceived around 40,000 investors. The fraud, linked to EXW Wallet and EXW token, involved charges of commercial fraud, money laundering, and operating pyramid schemes, marking one of Austria’s largest financial crime cases. The trial, held at the Klagenfurt Regional Court, lasted over 300 hours, with Judge Claudia Bandion-Ortner delivering the sentences.
Two of the defendants were sentenced to five years, while others received shorter terms, with additional perpetrators still on the run. Investigations revealed extravagant spending from the stolen funds, including luxury cars, private jets, and parties in Dubai, as well as a shark tank in a Bali villa. Prosecutors stated that the operation’s scale could reach between €14 million and €120 million, far exceeding original estimates.
Although the defence argued the scheme began with genuine investment intentions, the prosecution maintained it was fraudulent from the start. With appeals expected, the defendants face additional compensation and legal costs, while related investigations continue.
According to Deputy Central Bank Governor Pal Longva, Norges Bank is preparing to decide next year whether to introduce a digital currency. While other countries, like Switzerland, have already moved forward with their CBDC plans, Norway’s central bank continues to evaluate its options and is in no rush, Longva assured.
The bank is considering retail and wholesale digital currencies, though there is an increasing focus on wholesale options used between banks. However, a retail CBDC, meant for everyday consumers, poses complex issues requiring cooperation with private banks and stakeholders.
Norway, being one of Europe’s most cashless societies, is still moving forward cautiously. A final decision on the introduction of a CBDC is expected by 2025, once the ongoing pilot programme concludes.
Kalshi, a prediction market platform, has cleared legal hurdles for electoral betting contracts in the US after a court victory over the Commodity Futures Trading Commission. With this win, the platform plans to introduce USD Coin (USDC) deposits just ahead of the US presidential elections, adding a major crypto feature for its users.
As the US election approaches, prediction markets are experiencing rapid growth. Kalshi aims to capture a larger share of this market but faces strong competition from Polymarket, which currently holds 99% of the market share and saw over $1 billion in election-related bets in September alone.
Kalshi is also up against new crypto-native platforms, though its US court approval gives it a potential edge. The platform hopes to attract more US users as prediction market betting volumes continue to soar.
Vietnam officially launched its National Blockchain Strategy on 22 October, aiming to lead blockchain technology across Asia by 2030. The plan includes developing blockchain platforms, services, and products, with a target of establishing 20 prominent blockchain brands by 2025.
A key part of the strategy is the creation of at least three blockchain testing centres in major cities to foster innovation, enhance security, and build a national blockchain network. To achieve these goals, the government will focus on improving legal frameworks, infrastructure, human resources, and international cooperation.
Various ministries, including the Ministry of Information and Communications, will guide these initiatives, with the Vietnam Blockchain Association leading efforts to boost blockchain development and encourage collaboration among tech companies.
The UK is expected to introduce laws regulating stablecoins within the next few months, according to Circle’s global head of policy, Dante Disparte. Stablecoin usage has surged recently, with the market reaching a record high of nearly $170 billion in Q3 2024, pushing regulators to act.
While the European Union has already implemented its Markets in Crypto-Assets regulation, the UK has been slower to create specific rules. However, recent developments, including a proposal to classify digital assets as personal property, suggest progress is being made.
With clearer regulations, the UK hopes to capitalise on the potential benefits of stablecoins, such as faster payments and innovation in financial services, while addressing risks linked to these digital assets.
