Bitay Ventures into Expanding UAE Crypto Market

Japanese financial conglomerate SBI Holdings has announced plans to issue security token (ST) bonds targeted at individual investors, marking the firm’s first foray into this bond format. The instruments will be issued and managed on the “ibet for Fin” blockchain platform led by BOOSTRY, bypassing the conventional management system operated by the Japan Securities Depository Center (JASDEC). Trading is scheduled to commence on March 25 via the proprietary trading system (PTS) operated by the Osaka Digital Exchange. As an incentive, Japanese investors—both individuals and corporations—who acquire the ST bonds will receive XRP tokens corresponding to their subscription amounts. These benefits will be offered to Japanese bondholders whose subscriptions are confirmed by SBI Holdings and who hold an account with SBI VC Trade, where they must complete the necessary procedures by noon on May 11.Photo by Kanchanara on UnsplashBitcoin lendingIn a parallel move within the Japanese digital asset sector, Remixpoint, a publicly listed energy management firm, has begun lending its 1,411 Bitcoin holdings through SBI Digital Finance. Positioning Bitcoin as a strategic asset to bolster its financial base, Remixpoint aims to generate yield from the cryptocurrency rather than relying solely on capital appreciation. The lending program is set to launch on Feb. 24, with interest rates determined by market conditions and loan terms. Despite these corporate initiatives to expand into digital assets, the broader market continues to face significant headwinds. Asian investors remain wary amid the current downturn, and expectations for a near-term recovery remain subdued. Bearish mood dominatesA weekly survey of South Korean investors conducted by CoinNess and Cratos last week showed that bearish sentiment remained entrenched. Only 15.5% of respondents said they expected Bitcoin to rally this week—down from 18.3% in the prior survey—while 52.8% anticipated a decline or steep drop. The share forecasting sideways consolidation rose to 31.7%. Sentiment indicators further reflect this caution, with 57.4% of respondents describing the market mood as “fearful” or “extremely fearful,” compared with just 14.2% expressing optimism. Regarding potential support levels, the largest group of respondents (33.6%) projects that Bitcoin could retest the $50,000 range, while 21.2% anticipate a drop below that threshold. According to CoinMarketCap, XRP is trading at $1.33, down 6.47% over the past 24 hours. Since July, the token has declined 62.54% from $3.55. Bitcoin is trading near $65,070.83, down 4.29% over the same period. It remains 48.21% below its all-time high of $126,198.07, recorded in October. 

Seychelles-headquartered global crypto exchange KuCoin has announced the full launch of its affiliate in Thailand. KuCoin Thailand was first presented by KuCoin back in April. The affiliate company emerged through a rebranding of local digital asset exchange, ERX. The renamed entity continues to be operated by ERX Company Ltd., while benefiting as a KuCoin affiliate from its global market presence and global exchange infrastructure.Photo by Bradley Prentice on UnsplashERX platform users onboardedSince that initial announcement, the exchange has been operated by onboarding users on an invite-only basis. All of the original ERX platform users have been ported across to KuCoin Thailand. In a statement published to its website on June 13, KuCoin Thailand pointed out that it is moving on from that invite-only phase to fully launch the platform.  It asserted that the platform is fully licensed by Thailand’s Securities and Exchange Commission (SEC) and it has now proceeded to full launch with no further access restrictions. In tandem with the full public launch of the platform, the company indicated that it was running a special rewards initiative with a prize pool of one million Thai Baht ($30,845) and introducing a new brand mascot named “Kuku.” In a press release, KuCoin claimed that “this marks the first fully regulated local digital asset exchange under KuCoin's brand,” contributing towards the company’s goal “to build fast, secure, and user-friendly infrastructure for crypto users” globally. Strengthening KuCoin’s presence in Southeast AsiaKuCoin CEO BC Wong described the launch as “a significant milestone in [the company’s] global compliance journey.” He added: “From being the first global exchange to register with India's FIU to now launching the first local compliant platform in Thailand, this marks a significant step toward strengthening our presence in the fast-growing markets of South East Asia.” In discussion with Cointelegraph, the KuCoin CEO provided an insight into how the company is approaching global growth while focusing on local market considerations. He stated: “While KuCoin Global supports a wide range of products for international users, we plan to expand locally in line with regulations and market demand.” Wong confirmed that the newly branded entity facilitates crypto spot trading for its users, with Thai Baht-based on and off ramps. Regulator & police enforcementThailand’s SEC moved to block five cryptocurrency platforms from accessing investors resident in Thailand late last month. The exchanges, OKX, Bybit, CoinEx, XT.com and 1000X.Live, were deemed to have been offering their services in Thailand on an unlicensed and unauthorized basis. In addition to blocking access, criminal complaints have been filed against all five exchanges. Thai police have also been busy recently with crypto-related enforcement. Last month, a Vietnamese woman was arrested on the basis of her alleged involvement in a crypto-related scam that saw 2,600 victims lose a total of $300 million. On June 12, Bangkok-based news platform Khaosod English reported that a Chinese man had been arrested in connection with a $6 million Bitcoin fraud case.

South Korea’s crypto market, long known for frenzied retail trading and the Kimchi premium, is losing some of its speculative heat as local demand weakens and regulators tighten their grip on the sector.Photo by Ciaran O'Brien on UnsplashThe shift is showing up in the Kimchi premium, the price gap that once saw crypto assets trade higher on Korean exchanges than overseas. That premium has now turned negative, meaning digital assets are cheaper on Korean platforms than on global exchanges. Retail sentiment has soured alongside it: a weekly CoinNess and Kratos survey found that 58.8% of respondents expect Bitcoin to fall or crash in the coming week, up from 28.6% a week earlier. Only 17.7% expect a price surge, down from 36%, while 23.5% expect sideways trading. Weak market, thin liquidityInvestors blamed the persistent negative premium on several factors. The largest specific cause, cited by 25.4% of respondents, was broader market weakness and liquidity outflows. Another 22.7% said a strong stock market has reduced the appeal of crypto, while 16.5% pointed to limitations of local crypto exchanges. The remaining 35.4% said all of these factors are working together. South Korean exchanges are also becoming late-stage listing venues rather than early platforms. According to IOSG Ventures, Coinbase, Binance Futures, and Bybit often lead early price discovery, while Upbit and Bithumb tend to wait for broader market validation before adding new assets. IOSG found that 85% of Bithumb’s listings came after comparable listings on major global platforms, while Upbit listed assets an average of 28 days after their first overseas debut. The lag reflects lengthy regulatory reviews and a preference for more established projects. Regulation is shifting as well. According to SBS News, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has decided against a proposed blanket reporting rule for crypto transfers above 10 million won, or about $6,500, to foreign virtual asset service providers (VASPs) or personal wallets. Instead, local VASPs must operate their own internal, risk-based anti-money laundering (AML) controls. Police probe Polymarket usersLaw enforcement is also targeting decentralized prediction markets. Local law firm Jonjung reported on a blog post that the Gangwon Provincial Police Agency has launched an investigation into South Korean Polymarket users over possible violations of the country’s gambling laws. Ahn Chang-bo, managing partner at the law office, said police are tracking crypto transaction records to identify and summon users. However, he noted that whether participation in Polymarket violates South Korea’s gambling laws remains unsettled, as prosecutors have not taken a definitive position and courts have yet to rule on the issue. South Korea remains a major crypto market, but the tone has changed. Local demand has weakened, exchanges are slower to list new tokens, and authorities are taking a closer look at both compliance and emerging platforms such as Polymarket.