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Andreessen Horowitz is deepening its bet on Asia’s retail crypto boom, even as trading on South Korea’s largest exchanges has cooled from last year’s peaks. The firm’s crypto arm, a16z crypto, said in a press release that it has opened its first Asia office in Seoul, citing South Korea’s high level of retail participation. Nearly one in three South Korean adults owns cryptocurrency, exceeding the share of stock investors, according to the firm. The move comes as the broader Asia-Pacific region cements its role as a hub of grassroots crypto activity, a trend highlighted in Chainalysis’ 2025 Global Crypto Adoption Index.Photo by Brady Bellini on UnsplashAltcoin-heavy retail marketSouth Korea has been a major contributor to that growth. Bloomberg reported in October that digital assets have increasingly become a long-term savings vehicle for many South Koreans, particularly those trying to purchase homes. Trading on local platforms remains heavily skewed toward higher-risk altcoins, which account for more than 80% of total volume across domestic exchanges. Still, overall activity has dropped sharply over the past year. A November report from Wu Blockchain said trading on Upbit, the country’s largest exchange, is down about 80% from a year earlier. The platform averaged $1.78 billion in daily volume in November 2025, compared with roughly $9 billion in December 2024. Bithumb, the second-largest exchange, saw a similar pullback, with average daily volume falling from $2.45 billion last December to about $890 million this November. Some of that retail liquidity appears to have rotated into equities, with the benchmark KOSPI index up more than 72% year-to-date. Asia’s wealthy to increase crypto exposureEven as spot volumes recede, higher–net–worth investors across the region are signaling longer-term interest. Sygnum’s APAC HNWI Report 2025, cited by Cointelegraph, found that 60% of surveyed high-net-worth individuals plan to increase their crypto exposure over the next two to five years. The report said 87% of respondents already hold digital assets; about half allocate more than 10% of their portfolios, and the average allocation is around 17%. The survey included 270 participants with more than $1 million in investable assets or extensive professional investing experience, drawn from ten Asia-Pacific markets led by Singapore and including Hong Kong, Indonesia, South Korea, and Thailand. Overall, 90% of respondents said they view digital assets as important for long-term wealth preservation and legacy planning, rather than primarily as a speculative trade. Anchored by the new Seoul office, a16z crypto said it plans to provide go-to-market support for portfolio companies seeking to expand in Asia, including help with distribution, partnerships and community building. The effort will be led by Park Sung-mo, whose previous roles include positions at Monad Foundation and Polygon Labs, as Head of APAC go-to-market. Pakistan looks to crypto for financial modernizationPolicy debates elsewhere in Asia also reflect growing interest in digital assets' economic role. At the Bitcoin MENA Conference on Dec. 9, Pakistan’s Virtual Asset Regulatory Authority chairman Bilal Bin Saqib said the country needs to move beyond conventional economic structures and leverage digital assets as a new source of momentum, according to Cointelegraph. He argued that digital assets and blockchain could form part of a new financial architecture for the Global South, not merely serve speculative use cases. The country’s youth-heavy population, about 70% under age 30, was central to his view that it could take a leading position in crypto adoption. Chainalysis’ 2025 index placed Pakistan third worldwide, pointing to how policymakers in emerging markets are increasingly factoring digital assets into long-term economic strategies. 

Chinese Official Gets Life Sentence on Crypto Mining-Related Corruption ChargesA former Chinese government official, Xiao Yi, has been handed a life sentence for engaging in illicit business activities connected to a $329 million Bitcoin mining venture, together with other unrelated acts of corruption, according to Cointelegraph.The Intermediate People’s Court of Hangzhou City declared the verdict on Tuesday, finding Xiao Yi guilty of corruption and abuse of power.Yi, previously associated with the Jiangxi Provincial Political Consultative Conference Party Group and holding the position of Vice Chairman, faced charges stemming from a range of offenses. The corruption allegations dated back to 2008 and extended till 2021, involving instances of bribery.Photo by Tingey Injury Law Firm on UnsplashAdditional abuse of power chargesSimultaneously, the abuse of power accusations spanned from 2017 to 2021 and centered around providing financial and electricity incentives to Jiumu Group Genesis Technology, a company headquartered in Fuzhou that once managed over 160,000 Bitcoin mining machines.Prosecutors contended that Yi took deliberate steps to conceal the extent of the mining operation. He was said to have directed relevant departments to falsify statistical reports and manipulate electricity consumption classifications. During the period between 2017 and 2020, the energy consumption attributed to Jiumu amounted to 10% of Fuzhou’s overall electricity usage.Moreover, Xiao Yi’s involvement in facilitating crypto mining activities as a Party Secretary of Fuzhou city between 2017 and 2021 led to significant losses to public property, national interests, and people’s interests. This underscores the broader consequences associated with his actions and their impact on the community.The court ruling disclosed: “Yi pleaded guilty and repented, actively returned the stolen funds, and all the bribes and their profits have been seized.”Crypto mining and trading prohibitionIn the context of China’s current cryptocurrency regulatory stance, all forms of cryptocurrency transactions, exchange operations, and fiat-to-crypto onboarding, together with crypto mining, are prohibited. However, direct ownership of cryptocurrencies is not explicitly banned. In a recent development on August 3, a Chinese court declared a $10 million Bitcoin lending contract null and void based on the nation’s Bitcoin restrictions, without the possibility of legal debt recovery.Another incident on August 14 led to the sentencing of a Chinese national to nine months in prison for facilitating the acquisition of Tether (USDT) by an acquaintance, earning a profit from the transaction.Xiao Yi’s case reflects the Chinese government’s ongoing efforts to enforce its stringent stance on cryptocurrency-related activities, including Bitcoin mining, which has garnered increasing attention due to its energy consumption and potential economic implications.Bitcoin mining was outlawed in China in 2021. Many of its miners left the country, establishing operations in places like Kazakhstan and in North America. However, it’s understood that there is still a significant level of mining activity ongoing in China despite the ban.The life sentence serves as a stark warning against illegal Bitcoin mining and financial misconduct, aligning with the Chinese government’s intention to maintain control over its financial sector and prevent unauthorized financial activities. The detailed revelations about Yi’s role in facilitating crypto mining activities highlight the broader implications of his actions on the public and national interests.

Gemini Targets UAE Crypto LicenseGemini, the US-headquartered cryptocurrency exchange owned by the Winklevoss twins, has announced its intention to obtain a cryptocurrency service license in the United Arab Emirates (UAE). The move comes as the exchange seeks to navigate the perceived “hostility and lack of clarity” surrounding cryptocurrency regulations in the United States.In a blog post published on Wednesday, Gemini highlighted the growing interest in cryptocurrencies among UAE citizens and referred to positive interactions with UAE regulators as driving factors behind its pursuit of the license. The co-CEOs of Gemini, Cameron and Tyler Winklevoss, explained in an interview with The National that their decision was influenced by the challenges they faced with crypto regulation in the US. Gemini CEO Tyler Winklevoss expressed optimism about the regulatory environment in the UAE, stating:“We’ve been super encouraged with our conversations here with the regulators. There’s an effort to make the UAE a home and a hub for crypto and, most importantly, to enact thoughtful regulation that connects, that protects both consumers, but also a company’s ability to innovate.”Photo by Nextvoyage on PexelsAbu Dhabi or Dubai — or bothAs of now, the Winklevoss twins have not yet determined the specific location for Gemini’s operations in the UAE. They hinted that the exchange’s headquarters could be established in both Abu Dhabi and Dubai, reflecting the potential for growth and development in both cities.Gemini’s decision to pursue a crypto license in the UAE underscores the country’s growing importance in the cryptocurrency industry. With its efforts to create a favorable regulatory environment and attract crypto-related businesses, the UAE aims to position itself as a crypto hub while safeguarding the interests of both consumers and innovators.Discouraging US outlookAccording to Gemini’s Global State of Crypto Report, which provides insights into cryptocurrency adoption and usage, more than 35% of respondents surveyed in the UAE reported purchasing crypto. In contrast, only 20% of respondents in the United States said they had bought cryptocurrencies.The report also revealed that nearly 32% of non-crypto owners in the UAE expressed their intention to enter the market within the next year. Furthermore, 33% of UAE crypto holders indicated that they plan to use their digital assets for in-person purchases at physical retailers, a significantly higher percentage compared to the global average of 19%.Although still a US-headquartered business, Gemini has been turned off the US market more recently. The Winklevii twins have taken a similar stance to Coinbase’s Brian Armstrong and Ripple’s Brad Garlinghouse. Coinbase has expanded in Singapore, acquired digital asset licensing in Bermuda, and has the intention of establishing a presence in Abu Dhabi.Garlinghouse has matched Armstrong’s outspokenness in criticizing the regulatory approach to digital assets in the United States. Likewise, he has acted to place Ripple on an international footing, establishing a presence in Dubai. In April, Gemini announced the opening of an engineering center in India, together with plans to expand its base in Singapore.As Gemini proceeds with its application for the UAE crypto license, industry observers will be closely monitoring the development, anticipating the potential impact of this expansion on the exchange’s operations and the broader cryptocurrency landscape in the region.