Crypto Influencer Arrested in Hong Kong Over JPEX Association

Gulf Binance Secures Thai Digital Asset LicenseBinance, one of the world’s leading cryptocurrency exchanges, has secured a digital asset operator license in Thailand, paving the way for the launch of a new crypto exchange and broker. The license, granted by the Ministry of Finance of Thailand and overseen by the Southeast Asian country’s Securities and Exchange Commission (SEC), ensures that the upcoming platform will operate in compliance with regulatory requirements.Photo by Markus Winkler on UnsplashLicense awardThe license was awarded to Gulf Binance, a joint venture between Binance and Gulf Innova Co., Ltd., a subsidiary of Gulf Energy Development PCL. It marks a significant milestone in Binance’s expansion efforts. The partnership was initiated through a memorandum of understanding signed in January 2022, as both parties recognized the potential of establishing a digital asset exchange in Thailand.Richard Teng, the head of Asia, Europe, and MENA at Binance commented on the development: “By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”Combined expertiseGulf Innova, as a prominent player in the Thai business landscape, brings extensive expertise and experience in the digital asset trading sector to the joint venture. The conglomerate, headed by billionaire Sarath Ratanavadi, operates in various industries, including energy production, telecommunications, and digital businesses.By combining Binance’s unparalleled growth and expertise in the digital asset space with Gulf’s established presence and knowledge in Thailand, the partnership aims to create a powerful synergy that drives innovation, fosters growth, and provides exceptional value to users in the digital asset ecosystem.Q4 launchThe new crypto exchange is expected to commence operations in the fourth quarter of 2023, although further details about the platform will be disclosed closer to the launch.Often criticized for its opaque structure, Binance is showing renewed commitment to transparency and regulatory compliance. As regulatory frameworks are put in place in varying jurisdictions, global crypto businesses are having to change corporate structures in order to meet these changing requirements. That’s evidenced by Binance’s Thai joint venture, its launch of a separate corporate entity in the form of Binance Japan and a similar move by crypto exchange BitMEX in Hong Kong.Thailand has emerged as a significant cryptocurrency hub in Southeast Asia, with its capital city, Bangkok, ranked 10th globally in The Crypto Readiness Index published by Recap, a cryptocurrency tax software company. Despite the ban on cryptocurrencies as a payment method, Thailand continues to flourish as a hub for trading and investment activities in the crypto space.That ban on cryptocurrency payments, implemented by the SEC in April 2022, aimed to safeguard the stability of the financial system and mitigate potential risks to the economy. The SEC identified price volatility, cyber theft, and personal data leakage as concerns associated with cryptocurrencies. However, the regulatory measures did not impede trading or investment activities, allowing the crypto industry to thrive.Chainalysis, a leading blockchain analysis company, ranked Thailand 8th in its Global Crypto Adoption Index for 2022, surpassing countries like Russia, China, Nigeria, Turkey, Argentina, and the UK. This recognition highlights Thailand’s progressive stance toward digital assets and its growing adoption within the country.

India’s RBI Cites Stablecoin Risks With Call for Global RegulationIn its latest Financial Stability Report released on Wednesday, the Reserve Bank of India (RBI) expressed concerns about the potential harm stablecoins could inflict on emerging markets and developing economies (EMDE).Photo by rupixen.com on UnsplashPerennial criticThe RBI has been a consistent critic of cryptocurrencies, but particularly so in the case of stablecoins, from an EMDE perspective. However, the lack of authenticated data and inherent data gaps in the crypto ecosystem hindered a comprehensive assessment of financial stability risks.According to the report, one of the ways stablecoins could pose a threat to an EMDE is through currency substitution. Since the underlying assets of stablecoins are generally denominated in freely convertible foreign currencies, the widespread adoption of stablecoins could lead to currency mismatches on the balance sheets of banks, firms, and households, resulting in an increased risk to the economy.Monetary policy headacheFurthermore, the presence of stablecoins in the economy could create challenges for an EMDE’s central bank in setting domestic interest rates and managing liquidity conditions. The decentralized, borderless, and pseudonymous characteristics of crypto-assets make them potentially attractive instruments for circumventing capital flow management measures.Another concern highlighted by the RBI is that stablecoins could undermine credit risk assessment and interfere with banks’ ability to mobilize money and create credit by offering an alternative to the domestic financial system. Additionally, the report emphasized the difficulty in tracking peer-to-peer transactions, on the basis that they increase the potential for illicit activities.In light of these risks, the RBI reiterated its call for global coordination and regulation. It emphasized the need for a globally coordinated approach to analyze the risks posed to EMDEs compared to advanced economies (AEs). As India holds the G20 presidency, one of its priorities is to establish a framework for the global regulation of unbacked crypto-assets, stablecoins, and decentralized finance (DeFi).Establishing a CBDCWhile the RBI has been cautious about cryptocurrencies, it has shown more enthusiasm for central bank digital currencies (CBDCs). In November, the RBI launched a wholesale digital rupee pilot project. It followed that up in February with a retail digital rupee pilot project. In March, it signed an agreement with the Central Bank of the United Arab Emirates to study a CBDC bridge aimed at facilitating trade and remittances.By calling for global regulation and highlighting the risks associated with stablecoins, the RBI aims to foster a safer and more secure environment for financial transactions while exploring the potential benefits of CBDCs in facilitating trade and remittances.As the discussions around stablecoins and CBDCs continue, we’re likely to see ever greater collaboration between regulators, policymakers, and international organizations with a view towards establishing a comprehensive regulatory framework that addresses the challenges and harnesses the potential of digital assets on a global basis.

South Korea’s cryptocurrency industry is entering a politically sensitive stretch as investors, exchanges, and regulators confront a mix of tax uncertainty, shrinking trading volumes, and growing scrutiny over crypto-linked money laundering. At the center of the debate is the government’s plan to begin taxing crypto gains in January 2027 after three previous delays. Under the current plan, annual crypto profits exceeding 2.5 million won ($1,650) would be taxed at 22%. The framework was first formalized in 2020, but implementation was postponed several times amid concerns over investor protection, market readiness, and political resistance. According to the Hankyoreh newspaper, opposition has intensified after lawmakers scrapped the country’s financial investment income tax, which would have applied to gains from stocks and funds. Critics argue that taxing crypto while most retail stock investors remain exempt from capital gains tax creates an uneven playing field.Photo by Tara Winstead on PexelsCrypto tax petition advancesA public petition calling for the abolition of crypto taxation has already gathered more than 54,000 signatures, clearing the threshold for review by a National Assembly committee. The petitioner argued that the issue needs a full reconsideration, including the possibility of scrapping the tax altogether. The opposition People Power Party has also proposed legislation to abolish the crypto tax, saying it would be inconsistent to impose a separate income tax on crypto assets after eliminating the broader financial investment tax. The ruling Democratic Party, meanwhile, is expected to take up the issue more seriously after the June 3 local elections. The government says there has been no change to its position and that crypto taxation is still scheduled to begin next January. But it has ruled out, at least for now, any renewed discussion on the financial investment income tax, fueling claims that the tax system is treating crypto investors unfairly. The tax dispute comes as Korean crypto exchanges are already grappling with a steep drop in trading activity. Retail investors have been shifting money into equities, drawn by a strong KOSPI rally and momentum in chip and AI stocks, draining activity from the crypto market. According to CoinMarketCap data cited by ETNews, Upbit’s average daily trading volume in the first quarter stood at about $1.55 billion, down 38.8% from the second half of last year. Bithumb’s first-quarter daily average was roughly $647 million, a 44.4% drop over the same period. The decline continued after the first quarter. From Jan. 1 to May 20, Upbit’s average daily volume fell to about $1.38 billion, down 45.5% from the second half of 2025. Bithumb’s average dropped to about $600 million, widening its decline to 48.5%.That slowdown has hit earnings. Dunamu, the operator of Upbit, reported first-quarter operating revenue of 234.6 billion won and operating profit of 88 billion won ($58 million), down 55% and 78% year-on-year, respectively. Bithumb posted revenue of 82.5 billion won ($55 million) and operating profit of just 2.9 billion won ($2 million), down 57.6% and 95.8%, while swinging to a net loss of 86.9 billion won ($58 million). The structural problem is that Korean exchanges still rely heavily on retail spot-trading fees. Unlike major global exchanges, domestic platforms have limited room to expand into derivatives, institutional custody, stablecoin payments, and other higher-margin businesses. Rising compliance costs, including customer verification and anti-money-laundering (AML) upgrades, are adding to the burden. USDT dominates $77M laundering caseSeparately, Korean police said they apprehended 149 suspects accused of laundering about 117 billion won ($77.5 million) through a network linked to a China-based laundering group in Shenzhen, according to the Seoul Economic Daily. Seven suspects were formally arrested, and police said all suspects identified so far are Korean nationals. USDT accounted for 72% of the funds moved, while bogus gift-card operations made up 19% and ordinary bank transfers 9%. Authorities said the scheme used accounts opened under other people’s names and overseas crypto exchanges to make the funds harder to trace. Meanwhile, sentiment among Korean crypto investors remains mixed but not entirely bearish. A weekly survey by CoinNess and Kratos found that 34.1% of respondents expected Bitcoin to rise or surge this week, while 36.3% expected sideways movement and 29.6% expected a decline. Asked whether the crypto market could recover this year, 38.5% said the current downturn looked like a healthy correction with room for a rebound, while 29.7% said the market would not only recover but also set new highs. Combined, 68.2% of respondents expected some form of recovery this year. Still, pessimism remains. Another 17.7% said the crypto market had peaked and was unlikely to rebound, while 14.1% said they had already left the market and no longer had expectations. At the time of publication, Bitcoin (BTC) was trading at $76,677.43, up 0.1% over the past week, reflecting a largely range-bound market.