CMCC Global Launches $100 Million Fund for Asian Blockchain Startups

Fueled by a crypto rally and higher overseas stock balances, South Korea’s National Tax Service (NTS) reported a sharp jump in disclosures of offshore accounts. On Aug. 26, the agency said 6,858 taxpayers declared overseas financial accounts this year, with a combined balance of 94.5 trillion won ($67.6 billion), up 38.3% in filers and 45.6% (29.6 trillion won or $21.2 billion) in value from last year.Photo by Piotr Łaskawski on UnsplashCrypto gains drive offshore filingsWithin that, reports of overseas bank deposits and cryptocurrency accounts rose to 46.4 trillion won ($33.2 billion) this year, more than 12% above 2024. That figure excludes stock accounts, which alone totaled 48.1 trillion won ($34.4 billion). Tax officials attributed the increase largely to the surge in crypto prices and higher balances in overseas stock holdings. The trend is underscored by CoinMarketCap data: the crypto market cap now stands roughly at $3.87 trillion, up 86% from $2.08 trillion a year ago. By asset type, the largest share of filers reported overseas bank deposits (3,197 people), followed by cryptocurrency (2,320) and stocks (1,992). By value, stock accounts dominated with 48.1 trillion won ($34.4 billion), compared with 23.5 trillion won ($16.8 billion) in bank deposits and 11.1 trillion won ($7.94 billion) in cryptocurrencies. Korean law requires residents and domestic corporations to disclose foreign financial accounts if their combined balance exceeds 500 million won ($358,000) on any month-end date during the year. Reports must be filed with the local tax office by June of the following year. The NTS said it will step up enforcement against suspected non-filers, using cross-border information-exchange data to verify offshore holdings. Penalties will include administrative fines, penalty notices, criminal referrals, public naming of violators and the collection of back taxes. The agency added that it is preparing to share crypto transaction data under the OECD’s Crypto-Asset Reporting Framework (CARF) and urged anyone subject to the rules to promptly file amended or late reports for overseas crypto accounts. The recent bullish sentiment in crypto, which fueled the uptick in foreign financial disclosures, has also been driving public interest in digital assets and boosting expectations for altcoins. A survey by CoinNess and Kratos conducted between Aug. 18 and 22 with 2,000 respondents found that 38.5% expect a limited bull run in a handful of altcoins, either with strong real-world use cases or serving as the underlying assets of launched ETFs. Another 28.5% predicted gains would remain centered on Bitcoin and Ethereum, while 20.7% anticipated a broader altcoin season reminiscent of past cycles. The remaining 12.3% forecast the end of the rally and the start of a downturn. Won stablecoins: policy and risksPolicy momentum around stablecoins is also picking up in South Korea. The Financial Services Commission (FSC) plans to introduce a bill in October governing won-pegged stablecoins as part of the second phase of the Virtual Asset User Protection Act. The legislation is expected to set rules for issuance, collateral management and internal controls. Amid these changes, companies are showing growing interest in launching won-based stablecoins. Kaia, an EVM-compatible, layer-1 blockchain, recently signed a memorandum of understanding (MOU) with blockchain solutions provider Open Asset to collaborate on projects tied to Korean won–backed stablecoins. The partnership will focus on issuance, distribution, service launches and developing practical use cases. Circle President Heath Tarbert has recently joined calls for a won-backed stablecoin. In an interview with The Korea Economic Daily, he underscored South Korea’s world-class payments infrastructure and said a digital won could help the country play a leading role in blockchain finance. Blockchain transactions, he noted, operate differently from traditional payment rails, making some form of digital currency, whether a stablecoin or a central bank digital currency (CBDC), a necessity. Meanwhile, at a recent meeting with top executives from the country’s four major financial groups, Tarbert ruled out collaborations on won-denominated stablecoins. Instead, he promoted Circle’s dollar-pegged stablecoins and suggested exploring joint initiatives centered around them. Not everyone sees stablecoins as a net positive. NICE Investors Service, a local credit rating agency, warned in a recent report that if banks issue won-based stablecoins, their interest income could suffer. The agency said adoption would likely weigh on banks, benefit securities firms and leave credit card companies largely unaffected. It added that a large shift of funds into stablecoins could shrink banks’ deposit base and weaken their intermediary role. Still, banks that issue stablecoins directly could soften the blow by tapping new fee-based revenue streams. 

Korbit Joins Zero-Fee Crypto Trading Trend in South KoreaSouth Korean cryptocurrency exchange Korbit reduced trading fees to zero on October 20 (local time) for all of the cryptocurrencies supported on the platform. This move follows in the footsteps of Bithumb, another Korean exchange that introduced zero-fee trading earlier this month.Photo by Jeremy Perkins on UnsplashNo extra registration requiredKorbit users can now benefit from zero-fee trading immediately, with no special registration required. This arrangement will continue indefinitely until further notice.Market maker incentives continueKorbit’s market maker incentive program will remain in place. Under this program, users earn 0.01% of the transaction value whenever they place an order.Oh Se-jin, CEO of Korbit, underscored the exchange’s commitment to enhancing user satisfaction. He pointed out several initiatives they’ve undertaken, including enhancing the login system, raising the daily Korean won (KRW) deposit and withdrawal limits, and eliminating transaction fees. He further noted that by removing trading fees, they aim to alleviate the cost pressures of crypto trading for their users and breathe new life into the market.

Startale Group, a Japan-based Web3 solutions provider, has secured an additional $13 million investment from the Sony Innovation Fund, which is financed by Sony Group and focuses on backing venture companies. In a press release, Startale said the new funding would deepen its ongoing collaboration with Sony, with a focus on Soneium—an Ethereum layer-2 blockchain built using Optimism’s Superchain technology. Soneium is positioned as the flagship project of Sony Block Solutions Labs, a joint venture between Startale and Sony Group.Photo by Nikita Kostrykin on UnsplashSince launching in January 2025, Soneium has gained traction in the Web3 sector, according to figures cited by the company. Startale said the network has processed more than 500 million transactions over the past year, supports 5.4 million active wallets, and hosts over 250 decentralized applications.  The collaboration is intended to explore how blockchain technology could be applied to intellectual property management, creator monetization, and fan engagement, areas where Sony has an established global presence. Startale launches stablecoin on SoneiumThe ecosystem expanded further this month with the integration of Startale USD (USDSC), a stablecoin built on infrastructure provider M0 and backed by short-term U.S. Treasuries, according to Startale. The token is now live on Soneium, whose ecosystem includes partners such as Aave, Uniswap, and Chainlink.  Users can purchase USDSC through the Startale App, the company said, and use it for in-app trading, yield generation through deposits, and liquidity provision in the Startale USD pool on Uniswap in exchange for STAR Points. Startale’s push comes as more established Japanese companies explore blockchain-based initiatives at home and abroad. Matsumoto, a Fukuoka-headquartered printing company founded in 1932, has outlined a long-term concept to create a digital asset treasury for students, under which student activities would be recorded on the Solana blockchain. The company has said the records would not be used for ranking or evaluation, but instead to encourage learning and support future career opportunities. The company has also described a broader ecosystem in which business profits could be returned to children and their families through a portfolio of cryptocurrencies, positioning the concept as both an educational incentive and a potential source of financial support. Nomura’s crypto arm seeks U.S. bank charterJapanese firms are also seeking to expand their crypto operations overseas. Laser Digital, the crypto arm of Nomura, has applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter, according to The Block.  If approved, the charter would allow the firm to operate nationwide without obtaining custody licenses on a state-by-state basis, though it would not permit the acceptance of retail deposits. The company is also expected to offer spot crypto trading. Approval would place Nomura alongside firms such as Circle, Ripple, and BitGo, which have received conditional approval from the OCC to operate as federally regulated trust banks, subject to final requirements.