South Korean FIU rejects Hanbitco’s bid to become fiat-to-crypto exchange

Korean Crypto Exchange Operator Airdrops NFTs to Raise Biodiversity AwarenessDunamu, the operator of Upbit, one of South Korea’s leading cryptocurrency exchanges, made an announcement on Thursday regarding its initiative to raise awareness about biodiversity threatened by climate change. In collaboration with four organizations affiliated with the Ministry of Environment, Dunamu plans to transform Climate-Sensitive Biological Indicator Species (CBIS) into non-fungible tokens (NFTs), as reported by news media Daily Hankook.Photo by Alin Andersen on UnsplashAffected biological speciesCBIS encompasses biological species that have experienced significant changes in their seasonal activities, distribution areas, and population sizes due to climate change. These species require ongoing research and management by the government. The National Institute of Biological Resources (NIBR) of the Ministry of Environment compiled a list of 100 such species in July 2010. This list was created to facilitate the efficient monitoring of climate change’s impact on the distribution and vulnerability of biological species on the Korean Peninsula.The initiative is part of the Resource Circulation Climate Action Campaign organized by Dunamu with four environment agencies, namely the NIBR, the Nakdonggang National Institute of Biological Resources (NNIBR), the Honam National Institute of Biological Resources (HNIBR), and the National Institute of Ecology (NIE). Its key objective is to protect the habitats of plants and animals while raising awareness about biodiversity conservation.Species vanishing every 15 minutesWith climate change causing the extinction of one species every 15 minutes, the project aims to raise awareness about this distressing trend. In pursuit of this goal, 15 NFT editions will be distributed through four separate events over the course of a year, commencing on May 19. The participating artists include Jjawook, an artist with developmental disabilities; Jin Kwan-woo, an artist renowned for depicting endangered species using the Korean alphabet Hangul; and members of the Botanical Artists Society of Korea.NFT release planThe initial set of NFTs to be airdropped includes three species: the warbling white-eye, the common camellia, and the house holly-fern. These species have historically inhabited coastal regions of islands. However, as a result of climate change, their distribution and habitat have been shifting towards inland or northern areas.To obtain CBIS NFTs, individuals can visit Dunamu’s metaverse platform 2ndblock. Once there, they will have the opportunity to engage in a resource collection mission. Upon successfully completing the mission, users will receive an NFT gift code. To claim their NFTs, they need to register the provided NFT gift code on the Upbit NFT marketplace.Dunamu CEO Lee Sirgoo expressed his hope that the project would have a positive impact on raising awareness about biodiversity conservation on the Korean Peninsula, which is under threat from climate change. He stated that Dunamu intends to continue utilizing its technology and expertise in diverse ways to contribute to a sustainable future and environment.HNIBR Director Ryu Tae-chul believes that the campaign will encourage recycling in communities to reduce carbon emissions and serve as an inspiration for individuals to actively engage in initiatives that promote a sustainable and biologically diverse planet.

In a contrasting move to the recent approval of several spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), regulators in both Singapore and Thailand have turned down permission to list spot bitcoin ETFs.Photo by Dmytro Demidko on UnsplashBitcoin not a qualified assetAccording to local news media on Wednesday, Singapore's Monetary Authority (MAS) has announced its decision not to permit the listing of spot ETFs in the country. The MAS argues that cryptocurrencies, including bitcoin, do not meet the criteria for qualified assets within the context of ETFs. This regulatory divergence means that retail investors in Singapore won't see the introduction of spot bitcoin ETFs domestically. However, they still have an avenue to trade such ETFs as they can turn to local brokerages for access to overseas markets. Despite this allowance, the MAS emphasizes the need for these retail investors to exercise caution due to the inherent high volatility and speculative nature of cryptocurrency trading. A spokesperson from the regulatory authority clarified that while collected investment schemes (CIS), falling under the Securities and Futures Act regulation, include ETFs, they do not encompass bitcoin or any other cryptocurrency. Future potentialWhile MAS may be turning down spot bitcoin ETFs at this point, there’s potential for a change of heart in the future. The FIMA Bill is currently working its way through the city-state’s legislative process. If enacted, it would give broader regulatory oversight of crypto to MAS. Lasanka Perera, CEO of Independent Reserve Singapore, recently suggested that the bill could make an ETF more likely. Thailand says noMeanwhile, Thailand’s Securities and Exchange Commission (SEC) has stated that it currently does not plan to allow asset management firms to launch spot bitcoin ETFs in the country. Thai securities brokerage firms have been encouraging investors to consider investing directly in U.S. spot bitcoin ETFs. The Thai SEC clarified that while it closely monitors these developments, there is no immediate policy to allow spot bitcoin ETFs in Thailand. The regulator emphasizes that Thai investors can still engage in digital asset investments through domestic exchanges licensed by the SEC under the Digital Assets Decree. India, too, doesn’t appear to have been looking favorably on the potential for such products. The governor of the Reserve Bank of India (RBI) said last week that “the way we look at crypto remains unchanged, irrespective of who does what.” Asian optimismIn the wake of ETF approval in the U.S., many industry commentators had suggested that Asia would respond positively. Australian venture capitalist Mark Carnegie has suggested that the developing bull market would be “an Asian story.” Yat Siu, co-founder of Hong Kong’s Animoca Brands, expressed the view that U.S. ETF approval would have a substantially positive impact within the Asian region. Hong Kong appears to be the most positive in the region in its outlook with regard to embracing spot bitcoin ETFs. Immediately following approval in the U.S., a Hong Kong legislator spoke out to encourage a proactive response relative to launch of similar products within the Chinese autonomous territory. Meanwhile, recent news reports indicate that spot bitcoin ETFs experienced substantial trading volume, accumulating $10 billion just three days after their approval in the U.S. 

The Japanese government and ruling coalition have begun coordinating plans to introduce a flat 20% separate tax on cryptocurrency gains, based on a Dec. 1 report by Nikkei cited by CoinDesk Japan. The change is expected to be reflected in the 2026 tax reform outline.Photo by Nataliya Vaitkevich on PexelsLower crypto taxes, aligned with stocksUnder the proposal, income from crypto trading would be taxed in line with traditional financial instruments such as stocks. This would mark a notable decrease from the current regime, under which cryptocurrency gains are treated in principle as miscellaneous income, combined with salary and other earnings, and taxed on a comprehensive basis at rates that can climb to around 55% including local taxes. Policymakers are reportedly treating the move toward separate taxation as contingent on the establishment of a stronger investor-protection framework through tighter regulation. The planned reforms are also seen as potentially laying the groundwork for the eventual domestic approval of exchange-traded funds (ETFs) backed by crypto assets. Market pullback deepens on policy signalsThe more favorable tax outlook for investors came against a weaker market backdrop. According to CoinMarketCap, the total crypto market capitalization declined about 1.73% over the past 24 hours, extending a pullback that followed recent communications from the central banks of Japan and China. In a Dec. 1 report by Reuters, Bank of Japan (BOJ) Governor Kazuo Ueda indicated that the central bank intended to consider the possibility of an interest-rate increase at its next policy meeting. His comments are interpreted as suggesting a potential shift toward higher rates in December, prompting concern that yen-funded carry trades could begin to be unwound. Such trades typically involve borrowing yen at low interest rates to invest in higher-yielding assets, and their reversal can create pressure on broader asset markets. In a separate weekend statement, the People’s Bank of China (PBOC) restated that digital asset trading remains illegal in China and highlighted what it described as a renewed pickup in speculative crypto activity. The central bank also singled out stablecoins as a source of risk, pointing to concerns about fraud, money laundering, and unauthorized cross-border capital flows that could undermine Beijing’s efforts to maintain capital controls. Against this policy backdrop, major cryptocurrencies moved in mixed directions. Over the past 24 hours, Bitcoin inched up around 1.02%, Ethereum declined about 0.86%, and XRP fell roughly 0.9%. Analysts split amid weak market activityAnalysts and market commentators continued to diverge on the implications of the latest pullback. Veteran trader Peter Brandt suggested on X that Bitcoin may be entering a deeper corrective phase similar to those seen in past bull markets. He cited historical instances of “exponential decay” and suggested the price could retrace toward $50,000 before potentially advancing to the $200,000–$250,000 range in the next rally cycle. Author Robert Kiyosaki, known for “Rich Dad Poor Dad,” reiterated his preference for assets such as gold, silver, Bitcoin, and Ethereum in a Nov. 29 post on X, linking this stance to his view that the Japanese carry trade had effectively run its course. Roughly a week before that message, he had disclosed selling about $2.25 million worth of Bitcoin at around $90,000 per coin, noting that his initial purchase price had been close to $6,000. By contrast, long-time Bitcoin critic Peter Schiff continued to argue in favor of precious metals. He contended that gold derives inherent value from industrial and commercial uses tied to its physical properties, including conductivity, ease of shaping, and resistance to corrosion, while maintaining that Bitcoin lacks practical utility and instead depends on investor belief. SwanDesk CEO Jacob King, another skeptic of the asset, offered an even more pessimistic assessment. He said he did not expect Bitcoin to revisit its previous all-time high and characterized the current decline as the final bear market before the asset ultimately fades from relevance. Shorter-term indicators have reinforced expectations for muted trading conditions. According to CNBC, Grayscale Head of Research Zach Pandl pointed to a decline in open interest for perpetual futures, interpreting it as a sign of reduced speculative positioning and leverage. He also highlighted relatively subdued trading volumes on both centralized and decentralized exchanges, suggesting that near-term market activity is likely to remain restrained.