3AC Co-Founder Disputes US Jurisdiction Citing Singaporean Citizenship

Pakistan Implements Ban on CryptocurrencyPakistan has moved to ban cryptocurrency once more, with the country’s Minister of State for Finance and Revenue, Aisha Ghaus Pasha disclosing the move last week.According to multiple local media reports within Pakistan, on May 16 Ghaus Pasha stated at a session of the Senate Standing Committee on Finance and Revenue, that cryptocurrencies are banned and “will never be legalized in Pakistan.”Photo by Hamid Roshaan on UnsplashFATF Grey ListGhaus Pasha supported this position by outlining that the Financial Action Task Force (FATF) had set the banning of crypto as a condition for Pakistan’s removal from its “Grey List.”FATF is an initiative of the G7 group of countries, first established in 1989. Its mandate is to develop policies geared towards combating money laundering, and most especially, terrorist financing. The FATF grey list includes those jurisdictions who are deemed to require increased monitoring relative to their efforts to keep money laundering and terrorist financing to an absolute minimum.Pakistan had found itself on the FATF grey list over the course of a number of years. That meant reputational damage on an international basis, together with loss of investor confidence. It also signals the likelihood of weaknesses in a country’s financial system and in its financial controls. The categorization would have had an impact on the country’s ability to access international finance, impacted trade relations, and involved increased compliance costs.Against that background, there may be a certain logic to the Finance Minister’s stance, despite it naturally being distasteful to those of us that support the development of decentralized systems, blockchain, and cryptocurrency. After an extended period on that Grey List, Pakistan was only removed from it in October of last year.Currency devaluationNotwithstanding that, governments in the developing world may have added incentives in banning cryptocurrencies. Their currencies are oftentimes unstable, and the Pakistani rupee is no exception. Cryptocurrencies like bitcoin find their greatest use case in countries that have their currencies devalued or economies that fall into the trap of hyperinflation relative to the sovereign currency.In Pakistan’s case, the rupee plummeted to a record low against the US dollar in January. Naturally, that hurts ordinary citizens and provides the conditions under which people are more likely to investigate decentralized cryptocurrencies. On that basis, we shouldn’t be surprised to learn that the Pakistani government’s decision to ban crypto was publicly supported by Sohail Jawad, Director of the State Bank of Pakistan (SBP).Pakistani banks are naturally following the government and the central bank’s lead, in implementing the ban. One circular obtained by CoinDesk stated: “As per regulatory instructions from the State Bank of Pakistan (SBP), any remittance of foreign exchange directly/indirectly outside Pakistan to overseas foreign exchange trading, margin trading, and CFD trading apps/websites/platforms through any payment channel is not allowed/permitted by SBP and such payments are inherently risky and illegal.”Community reactionNaturally enough, the crypto community internationally and locally, is not enamored by the move. However, people who have been in the space over the last few years are accustomed to ever-changing stances taken by governments as a reaction to a technology that they simply don’t know how to deal with.Waqar Zaka, a Pakistani who works within the Web3 space commented previously on a ban that was implemented in Pakistan in 2017, only later to be found to be unconstitutional. Another Pakistani community member took to Twitter in taking a stand against the decision. Others still immediately considered how they could circumvent the ban.Crypto has always benefited from jurisdictional arbitrage, and while bans are not in any way helpful, in the longer run, they will never stop the roll out and further development of this innovation.

South Korea is moving closer to the global stablecoin trend as public curiosity and real-world trials accelerate, even as the country’s central bank signals it wants tight guardrails. A recent analysis from Shinhan Card, reported by Money Today, finds that internet searches for “stablecoin” in South Korea jumped 403% in the first half of this year compared with the previous six months, based on data from major portals such as Google and Naver. Mentions on social media rose 359% over the same period. The spike reflects growing expectations that U.S. dollar-pegged tokens could make cross-border payments faster and cheaper by enabling near-instant settlement at prevailing foreign-exchange rates. Interest has been reinforced by user reviews of actual payment experiences, which climbed between May and July. Crypto-linked cards, including RedotPay and Bybit’s offerings, are already usable domestically and allow top-ups with leading stablecoins such as USDT and USDC. One user described buying a cup of coffee at a local shop with a RedotPay card via Apple Pay. The small purchase underscores how crypto rails are edging into routine spending.Photo by Oat Appleseed on UnsplashFrom curiosity to checkoutTrading venues remain the main arena. According to CryptoQuant, transactions in USDT and USDC on the country’s five leading exchanges totaled nearly $71 billion from January through August, underscoring stablecoins’ central role in crypto liquidity and price discovery. Stablecoin interest in Korea shows a skew toward younger users and men, with men making up 74% of related searches and women 26%. By age, people in their 20s–40s accounted for 66% of searches, while those aged 50 and above represented 34%. Public debate is widening alongside adoption, with some online commenters predicting that stablecoins could chip away at the influence of traditional card networks. At the same time, banks, card companies, and exchanges are bracing for the arrival of a won-pegged counterpart, as the government and parliament prepare a regulatory framework and aim to introduce a bill as early as this month. Domestic card issuers, drawing on their merchant networks and settlement systems, are already exploring how to integrate won-backed tokens in ways that maximize convenience and scalability. Adoption meets skepticismSkeptics counter that Korea’s existing payments infrastructure is already world-class, leaving only marginal gains for a won stablecoin. They also argue that cross-border benefits would be modest because the won lacks reserve-currency status and broad global demand. The Bank of Korea (BOK) has struck a notably conservative tone. Governor Rhee Chang-yong has previously questioned the benefits of a won-denominated stablecoin and warned of risks to the monetary system. Earlier this month, in documents submitted to a lawmaker and reported by The Herald Business, the BOK advised that parliament consider granting it authority to require issuers to deposit reserves at the central bank when necessary. According to the bank, such a measure would strengthen user protection during heavy redemptions, curb money-supply growth outside its control, and ensure that any seigniorage benefits flow to the public. That approach could reduce issuer profits, since deposits at the BOK would not earn interest, just as is the case for commercial banks. The documents also recommend sizing reserves to match the total stablecoin supply, while clarifying that not all of it would necessarily need to be held at the central bank. Issuance path and next stepsAs for who should issue a won-pegged token, the BOK favors starting with a consortium of banks, citing their track record on compliance and the need for a controlled pilot that lets regulators assess and mitigate risks before widening access. The developments suggest a country exploring how stablecoins might integrate into an already sophisticated payments network. Consumers are showing interest, exchanges are handling large flows, and regulators are shaping the legal framework that will define the place of any future won-based digital currency. 

South Korea Reveals Guidelines for Public Officials’ Virtual Asset DisclosureSouth Korea’s high-ranking government officials will soon be obliged to divulge specific information regarding their virtual asset holdings, including types and quantities, as part of their wealth declaration process. The Ministry of Personnel Management (MPM) issued a press release yesterday, announcing revisions to the Enforcement Decree of the Public Service Ethics Act. These amendments are slated to come into effect on December 14.Photo by Chris Boland on UnsplashIn addition, officials holding positions of rank one or higher will be required to disclose the methods through which they acquired their virtual assets. They must also furnish documentation of transaction records for a period of one year.These amendments to the decree come in the wake of the revised Public Service Ethics Act, which was passed in May. The primary aim of this act is to make it obligatory for government employees to declare their virtual asset holdings. The changes to the decree can be summarized into five main points.Types and amountsFirst, officials obligated to disclose their wealth must report the types and amounts of virtual assets. The prices of virtual assets traded on Upbit, Bithumb, Coinone, and Korbit — all virtual asset service providers (VASPs) designated by the Commissioner of the National Tax Service — are required to be reported using the average daily price observed on the reporting day. As for other assets, their values should align with their most recent market prices. In cases where determining these prices is not feasible, they should be reported at reasonable values that reflect transaction prices.Acquisition methodsSecond, high-level public officials must explain how they acquired virtual assets. Under the existing regulation, officials are obligated to reveal both the date and method of acquisition, along with the source of funds. However, following the adoption of the updated decree, they will also be required to provide analogous information for virtual assets.Year-long transaction historyThird, comprehensive guidelines will be established to outline the process of reporting virtual asset transaction history records. Officials subject to the disclosure requirement must divulge all virtual asset transactions conducted within the past year, even if they do not possess such assets on the day of reporting. They are obligated to furnish documentation prepared by VASPs.Officials and their family membersFourth, officials are required to permit VASPs and other relevant institutions to provide the Government Ethics Committee with information on virtual asset holdings owned by both themselves and their family members. This will be facilitated through the inclusion of virtual assets in the existing information provision agreement, similar to the approach applied to other types of assets such as real estate.Addressing conflict of interestLastly, the revised decree could potentially impose restrictions on certain public officials with regard to possessing virtual assets, especially when their responsibilities encompass tasks like formulating relevant policies, granting approval for virtual assets, and overseeing taxation matters related to them. The outcomes of these restrictions will be reported on an annual basis to the Government Ethics Committee.In a briefing regarding this development, MPM Vice Minister Lee In-ho underscored the significance of the amended decree as the regulatory framework for enforcing the requirement of public officials to declare their virtual assets. He highlighted the Korean government’s commitment to ensuring that public servants adhere to accurate reporting practices concerning virtual assets, thereby preventing unlawful accumulation of wealth.