OKX Appoints Nomura Portfolio Co as Custodian

The United Arab Emirates (UAE) has taken a step toward global tax transparency in digital assets, opening a public consultation on how it will implement the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) and confirming a formal commitment to the regime. The UAE Ministry of Finance said it has joined the Multilateral Competent Authority Agreement, enabling the automatic exchange of information under CARF, following its intention announced last November. Implementation is slated to begin in 2027, with the first cross-border exchanges of data expected in 2028.Photo by Saj Shafique on UnsplashGlobal rules for crypto tax reportingDesigned by the OECD, CARF establishes standardized rules for collecting and sharing tax-relevant information on crypto activity. UAE officials say the framework will provide greater certainty for industry participants while aligning the country with international tax transparency standards. As part of the rollout, the ministry is seeking input from across the market. Advisory firms, intermediaries, traders, custodians, exchanges, and other stakeholders are invited to weigh in on potential impacts and areas needing clarification. The consultation began on Sept. 15 and runs until Nov. 8, with the aim of shaping clear, effective rules that reflect expert insight and market realities. Solana treasury companyThe policy moves come amid brisk momentum in the UAE’s digital asset ecosystem. A recent announcement outlined the planned launch of Solmate, a Solana (SOL)-based digital asset treasury firm that will emerge from the rebranding of Nasdaq-listed, Ireland-based holding company Brera Holdings. The venture is supported through a $300 million private investment in public equity (PIPE) sponsored by UAE-based Pulsar Group. Brera, known for its multi-club football ownership strategy across three continents, will have that business carried forward under Solmate, which counts the Solana Foundation, RockawayX, and ARK Invest among its investors. Former Kraken chief legal officer (CLO) Marco Santori is also set to become CEO. Tokenization and real estateReal-world asset (RWA) tokenization is another area gaining traction in the UAE. Mavryk, a layer-1 network, has raised $10 million in a round led by financial derivatives provider MultiBank Group. The investment builds on a partnership targeting the tokenization of more than $10 billion in UAE real estate via MultiBank’s RWA platform. Fireblocks will provide multiparty computation wallets to secure tokenized assets on Mavryk’s network. Beyond tokenization, RAK Properties has signed a strategic deal with Hubpay to let foreign buyers acquire homes in the UAE, most notably in Ras Al Khaimah, the country’s sixth most populous city, using cryptocurrencies such as USDT, Bitcoin (BTC), and Ethereum (ETH). Taken together, the UAE’s alignment with CARF and the burst of private sector initiatives point to a market moving toward clearer rules and broader institutional participation, even as the details of implementation are refined through the current consultation. 

Cryptocurrencies tied to the family of U.S. President Donald Trump began trading on South Korea’s major exchanges on Monday. Upbit, the country’s largest exchange, listed WLFI—the native token of World Liberty Financial, a DeFi platform backed by the Trump family—and World Liberty Financial USD (USD1), a stablecoin the platform says is pegged 1:1 to the U.S. dollar and backed by dollars and government money market funds. Bithumb also listed both WLFI and USD1, while Coinone listed WLFI only.Photo by Scottsdale Mint on UnsplashFrom global listings to a volatile debutWLFI’s first session was volatile. It opened on Upbit at a floor price of 433.76 won ($0.31) and, roughly 17 hours later, was down about 25% at 323 won ($0.23) at the time of publication.Source: WLFI/KRW spot trading pair on UpbitThe Korean launch comes alongside listings on major global venues, including Binance and Coinbase. Until its exchange listings, WLFI holders had been unable to trade their tokens. The Wall Street Journal estimated the Trump family’s holdings, representing less than a quarter of the supply, to be worth close to $5 billion after the listing. Trump’s three sons are named as co-founders of World Liberty, which says tokens allocated to founders and team members will remain locked. President Trump is described as the project’s “co-founder emeritus.” Political controversy over crypto and holdingsThe project has drawn criticism from those who argue it could serve as a conduit for influence, with partners and investors seeking political favor. In April, Democratic lawmakers Senator Elizabeth Warren and Representative Maxine Waters warned the U.S. Securities and Exchange Commission that the family’s stake posed “an unprecedented conflict of interest” in oversight of the crypto industry. Later, White House press secretary Karoline Leavitt said, “Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest.” Controversy over public officials’ crypto exposure is not new. Recently, it was reported by The Chosun Ilbo that as of Aug. 14, Lee Eog-weon, nominee to chair South Korea’s Financial Services Commission (FSC), held 10 shares of Strategy, a Nasdaq-listed Bitcoin treasury company with 632,457 BTC in reserves. The disclosure indicates no legal violation because the holdings predate his nomination, but it highlights tension with his public views. In a letter to parliament ahead of his confirmation hearing, Lee questioned crypto’s intrinsic value and argued its volatility undermines its utility as a store of value or medium of exchange. If Lee were not seeking a government post, his holdings of crypto-related stocks would hardly surprise South Koreans. According to Money Today, citing data from the Korea Securities Depository (KSD), Korean investors increased purchases of crypto-related U.S. equities amid expectations of U.S. rate cuts. Bitmine Immersion Technologies—a Bitcoin miner that also accumulates Ethereum as a treasury asset—was the second-most purchased U.S. stock by Koreans in August, with net buys of $252.77 million, or 7.6% of all purchases among the top 50 U.S. stocks. Stablecoin issuer Circle ranked 10th at $92.62 million, and the GraniteShares 2x Long COIN Daily ETF, which delivers twice the daily price movement of Coinbase, ranked 11th at $90.74 million. In total, crypto-related stocks and ETFs accounted for 30.4% of the top 50 U.S. equity holdings by value. South Korea weighs spot ETFs amid investor surgePolicy is moving in tandem with market interest. Spot crypto ETFs have recently been elevated to South Korea’s national agenda, opening the door to potential approval. Analysts say such products could repatriate demand that has been flowing overseas. Kim Jin-young of Kiwoom Securities argues that expanded regulatory approval could reshape Korea’s capital market by widening investor access, drawing in institutional capital, stabilizing prices, and diversifying available crypto-linked products. 

Midas Investments Founder Launches Locus FinanceIakov Levin, the founder of the recently failed Dubai-headquartered custodial crypto investment platform Midas Investments, has unveiled his latest project, Locus Finance, a DeFi platform.Photo by Shubham’s Web3 on UnsplashStarting overThat’s according to a recent report published by The Block. Locus Finance’s main focus lies in providing connectivity with high-yield tokenized vaults. In its initial stages, the company will introduce three yield-generating products, centered around Ethereum staking, DeFi expansion, and Arbitrum trading.Levin believes that investors are not interested in the intricacies of blockchains, protocols, or daily portfolio management. This is where vaults play a crucial role, catering to the retail yield market and generating profits for retail investors. In a statement Levin said:“Investors don’t want to worry about blockchains, protocols, transaction costs, and daily portfolio management. They need specific exposure in a set-and-forget style. Vaults represent a unique approach necessary for maturing the retail yield market, allowing for optimal wealth generation for retail investors.”With Locus Finance, Levin aims to learn from past experiences and provide a platform that meets the demands of retail investors seeking a more simplified and profitable DeFi experience. The company’s approach centers around yield generation and a seamless user experience, allowing users to focus on their investments without being bogged down by complex technicalities.Midas downfallMidas Investments, established in 2018, had seen significant success as a custodial crypto investment platform which offered yields on a range of digital assets. It managed assets worth over $250 million at its peak in 2021. However, the volatile market conditions in 2022 led to losses exceeding $50 million, forcing the company to close its doors in December 2022.The loss incurred accounted for 20% of the $250 million assets under management (AUM). The platform’s demise followed the collapse of prominent projects like Terra, FTX, and Celsius earlier in 2022. Those collapses prompted Midas Investments users to withdraw over 60% of their assets. That run on the platform rendered its fixed yield model unsustainable.Midas faced total liabilities of $115 million in Bitcoin, ETH, and stablecoins, with assets valued at $51.7 million. At the time of the platform’s collapse, Levin expressed his optimism about future plans. He disclosed plans to introduce an offering that would feature new investment strategies. Fast forward seven months and it appears that those plans have taken shape in the form of this newly-launched Locus Finance platform.However, Locus Finance’s success will be closely monitored in light of the challenges faced by its predecessor. A former Midas Investments customer took to Reddit three months ago to warn people to stay away from the new platform once launched.At that time, Midas Investments management had advised customers of its intention to start over via Lotus Finance. “Users lost tons of money and Midas got away with the bags. . . . I’d recommend staying as far away from them as possible,” the former customer warned.