Almost 60K Korean Crypto-Holding Households Owe $389M in Unpaid Social Insurance Premiums

Bithumb’s No-Trading-Fee Policy Proves Effective in Boosting User EngagementSince the recent introduction of a no-trading-fee policy for select cryptocurrencies, Bithumb, one of the leading cryptocurrency exchanges in South Korea, has experienced extended customer engagement on its platform.Increased user engagement and installationsOver the past week, the Bithumb app has witnessed growth in user engagement and installations. Both the average total time spent on the app and the average time spent per individual user have risen by nearly 20%. Additionally, there has been a 10% rise in the number of new app installs compared to the previous week.Photo by Mike Hindle on UnsplashTen new fee-free tokensIn this positive announcement today, the crypto exchange also revealed the addition of ten new virtual assets to its list of fee-free trading options. These newly added assets are SAND, AXS, BSV, QTUM, TFUEL, ANKR, T, KNC, STPT, and ONG. This brings the total number of fee-free trading assets on the exchange to 20.Customer engagement and trading volumeBithumb has demonstrated its commitment to making customers stay longer on its platform through various initiatives. Notably, the exchange, in late June, introduced Insight, a service that provides crypto investors with metrics to help them make informed decisions. The company believes that bolstering customer engagement will drive growth in the exchange’s trading volume.Bithumb, recognizing the positive impact of its zero trading fee policy on customer retention, internally saw this achievement as a successful step towards delivering tangible benefits to its users through an optimized trading environment.Since the beginning of the month, the exchange has been unveiling a weekly lineup of fee-free tokens, accompanied by a no-fee BTC market. These fee-free tokens are easily identifiable with a blue badge and can be conveniently sorted by clicking the “fee-free” tab at the top of the chart.Moon Sun-il, the Head of Services at Bithumb, emphasized the company’s commitment to noticeable user experience enhancement. Moon highlighted the recent implementation of the no-trading fee policy and the introduction of the trading data service, Insight, as key initiatives driving towards this goal.

The Stacks Asia DLT Foundation, an organization associated with the Stacks Bitcoin layer-2 network, has become the first Bitcoin-based foundation to establish itself within, and be recognized by, the Abu Dhabi Global Market (ADGM). ADGM is a free zone and international financial centre located on Al Maryah Island within the capital of the United Arab Emirates (UAE). In a press release published on April 28, the foundation set out that it has established itself within the ADGM in an effort to further grow the adoption of the Bitcoin layer-2 network within Asia and the Middle East, while leveraging the positive regulatory environment that has been established by the ADGM with regard to distributed ledger technology (DLT).Photo by Joshua Woroniecki on UnsplashAttracting DLT foundationsThe ADGM has played a significant role in positioning the UAE as a go-to location for crypto startups and projects. The Berlin-based IOTA Foundation, developer of the IOTA DLT project, was among the first to establish a foundation within the ADGM to promote use of its network in the Middle East region back in November 2023.Since then, others have followed. In 2024 DLT foundations were established related to blockchain projects such as Kaia, Aptos and Beam. Last month DeFi protocol project NEOPIN announced that it had established a DLT foundation within the ADGM.  The free zone has proven popular not just among DLT foundations, but among crypto startups too. Projects such as Polygon Labs, Chainlink Labs and TON have established a presence there. Regulatory frameworkThe ADGM has its own regulator, the Financial Services Regulatory Authority (FSRA), and it established a framework for blockchain foundations in 2023. In establishing the Stacks Asia Foundation within the ADGM, the project would have had to register as a DLT Foundation, while meeting all local legal and regulatory requirements.Kyle Ellicott, interim Executive Director of the Stacks Asia DLT Foundation, commented on the development, providing an insight into why the ADGM was chosen:”We chose to establish our presence in ADGM because of its unparalleled commitment to fostering innovation in the blockchain space. Their forward-thinking approach to policy-making aligns perfectly with the Stacks ecosystem’s history of creating pathways for Bitcoin builders.”  Bitcoin programmabilityThe foundation asserts that it will play a “pivotal role” in forging the future of Bitcoin programmability and its adoption in that respect within Asia and the Middle East.  Referring to Bitcoin while speaking at the Abu Dhabi Digital Assets Forum, Ellicott said that “the once sleepy asset, seen only as a store of value, is now yielding with Layer 2s," through Stacks Bitcoin (sBTC), a 1:1 Bitcoin-backed asset hosted on the Stacks blockchain network. Stacks believes that the next wave of growth for Bitcoin will come through Bitcoin layer-2s. The project claims that unlike wrapped Bitcoin (wBTC), sBTC doesn’t rely on centralized intermediaries. The asset has been designed to extend Bitcoin’s utility, enabling Bitcoin-adjacent DeFi applications and smart contracts. While the project highlights the importance of Bitcoin layer-2 going forward, back in February, Stacks co-founder Muneeb Ali forecast that a shakeout of Bitcoin layer-2 projects will occur, with only a handful of such projects surviving over the course of the next three years.

Vietnam moved ahead with its digital asset strategy on Jan. 20, as the Ministry of Finance opened applications for crypto exchange operators. The step puts the government’s broader regulatory framework into effect, allowing qualified firms to apply for approval to operate trading platforms.Photo by Jakub Żerdzicki on UnsplashDecision No. 96/QD-BTC of the Finance Ministry establishes three administrative procedures governing the sector, The Investor reported. The rules set out processes for issuing operating licenses, handling changes to existing permits, and revoking authorization from firms that fail to comply. 10 banks and brokerages signal interestAbout 10 securities firms and banks have already indicated plans to take part. The institutions are preparing to file applications in a bid to become the country’s first licensed crypto operators under the new rules. The groundwork for this week’s licensing phase was laid last June, when the government moved to legalize digital assets, paving the way for their formal recognition as an asset class on New Year’s Day. The shift was put into practice in September with the launch of a strict five-year pilot program aimed at keeping the emerging market under close monetary oversight. Under the pilot, all crypto transactions must be carried out exclusively in Vietnamese dong. Companies seeking to be licensed as crypto exchange operators must show two years of profits and at least 10 trillion dong ($380 million) in capital. The rules favor domestic players, allowing only Vietnam-registered firms to issue cryptocurrencies and requiring foreign investors to enter the market through ministry-licensed intermediaries. G-Group teams up with TetherThe regulatory push comes as private sector deal-making accelerates. Earlier this month, Hanoi-based tech firm G-Group signed a memorandum of understanding (MOU) with stablecoin issuer Tether to share technical expertise and international best practices, according to another report by The Investor. The agreement followed an October meeting between Deputy Prime Minister Ho Duc Phoc and Tether executive Marco Dal Lago. Dal Lago said the company was eager to work with Vietnamese partners to help develop the country’s crypto market. G-Group has also moved to build out its domestic infrastructure, collaborating with blockchain ecosystem Ninety Eight to form a joint venture. The new company, G98 Digital Asset JSC, will develop compliant crypto products, offer end-to-end blockchain services such as custody, and integrate those solutions into corporate systems. At the institutional level, Vietnam has also partnered with South Korea. In August, Military Bank, one of the nation’s five largest lenders and a subsidiary of the Ministry of National Defence, signed an agreement with Dunamu, the operator of South Korea’s largest crypto exchange, Upbit. The partnership is designed to support upgrades to Vietnam’s financial system, with Dunamu providing expertise on exchange operations, regulation, and investor protection.