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.
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.
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.
The Korea Media and Communications Commission said Polymarket’s structure and operations amount to illegal gambling despite its noncustodial design and smart contracts.
Regulators reportedly accepted BitGo Korea’s registration on Tuesday, two days before stricter VASP entry requirements took effect.
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.
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.
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.
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