Bithumb Shuts Down Crypto Research Center Amid Trading Volume Slump

Oman’s Regulator Invites Feedback on Virtual Asset FrameworkProgressing toward the establishment of its own virtual asset regulations, the Sultanate of Oman is embarking on a significant step by soliciting public feedback on its comprehensive framework.The framework, which governs digital assets, is being developed by the Capital Market Authority (CMA) of Oman. The move reflects the country’s commitment to creating a robust regulatory environment for the virtual asset sector.The CMA’s consultation paper, released last week, outlines the agency’s objectives in crafting this regulatory framework. It aims to provide a viable financing and investment avenue for issuers and investors while also addressing the inherent risks associated with the virtual asset class. Central to this initiative is the integration of business requirements and measures to prevent market abuse.Photo by Niklas Weiss on Unsplash26 key questionsAt the heart of this regulatory endeavor are 26 crucial questions presented to industry stakeholders. Their valuable input will help shape the framework’s core components. These include provisions related to regulatory standards and licensing prerequisites for virtual asset service providers (VASPs), corporate governance, risk management, and the issuance of virtual assets.The proposed framework, as disclosed in the consultation paper, encompasses a spectrum of digital assets. This spans utility tokens, security tokens, fiat-backed and asset-backed stablecoins, and other currencies adhering to the Financial Action Task Force’s (FATF) definition of virtual assets. However, a noteworthy proposal that has garnered attention is the potential prohibition of privacy coins issuance, a decision pending public feedback.Aiming to reinforce accountability and stability, the CMA may mandate that VASPs establish a local presence in Oman through legally recognized entities and physical offices. Additionally, minimum capital requirements could be imposed on these entities. The envisaged framework may also stipulate that virtual asset firms maintain a low percentage of assets in hot wallets, conduct audits of safeguarded assets, and provide evidence of reserves.Shaping regulation through feedbackWith the consultation phase set to conclude on August 17, the public’s valuable feedback will shape the direction of Oman’s virtual asset regulations. The most salient viewpoints may find their place on the CMA’s official website. Following this consultation period, the CMA will proceed to finalize the regulatory framework.Although the public announcement regarding the launch of a regulatory framework was made on February 14, Oman’s journey toward regulating the virtual asset industry began well before. In November 2020, the National Committee for Combating Money Laundering and Terrorist Financing initiated discussions on forming a task force.Comprising officials from the CMA and the Central Bank of Oman, the task force explored whether to permit or prohibit virtual asset activities. Subsequently, in December 2022, consultants were engaged to facilitate the establishment of this new regulatory landscape.The United Arab Emirates, and in particular, the individual emirates of Dubai and Abu Dhabi, have led the way in the Middle East in progressing a workable framework for the digital asset industry. Oman’s proactive approach is following the example set by its regional peer.Shaping its virtual asset framework underlines its desire to foster innovation while ensuring the integrity of its financial landscape. Its latest effort in seeking public feedback is a positive development that should assist it in arriving at a progressive framework.

The South Korean Ministry of Foreign Affairs (MOFA) announced on Dec. 26 through an official website press release that it has imposed sanctions on 15 North Korean individuals and one institution for their involvement in illegal cyber activities, including cryptocurrency theft, to fund the country's nuclear and missile programs.Photo by Micha Brändli on UnsplashAccording to the MOFA, the sanctioned individuals have been stationed overseas as part of the 313 General Bureau of the North Korean Munitions Industry Department (MID), which is already subject to UN Security Council sanctions. The bureau is allegedly responsible for deploying North Korean tech personnel abroad and using the foreign currency earned to finance the development of nuclear weapons and missiles. The sanctions, which will come into effect at 15:00 UTC on Dec. 29, will prohibit financial and foreign exchange transactions with the designated entities unless approved in advance by South Korean authorities. Violations of these sanctions may result in legal consequences under South Korean law. North Korea behind 61% of 2024’s stolen cryptoThe MOFA cited a recent report by blockchain analysis firm Chainalysis, which showed that North Korean crypto hackers took roughly $1.34 billion in 47 separate incidents in 2024. These thefts account for 61% of the year's total stolen crypto funds and 20% of all incidents. In 2023, they had stolen approximately $660.5 million over 20 incidents. It's believed these funds help finance North Korea's weapons of mass destruction programs. The ministry further stated that North Korean tech personnel are often dispatched to countries such as China, Russia and nations in Southeast Asia and Africa, where they disguise their identities and secure work from global tech companies. Some of these individuals are also suspected of engaging in information theft and cyber attacks. Emphasizing the threat these activities pose to cybersecurity and international peace, South Korea has vowed to continue its efforts to thwart North Korea's illicit cyber activities in cooperation with the international community.

Laser Digital Expands Global Presence with New Tokyo OfficeLaser Digital Asset Management, the digital asset subsidiary of Japanese financial giant Nomura, is taking significant steps in its global expansion strategy by opening a new office in Tokyo, Japan. That’s according to a statement published by the firm on Monday.Photo by Jaison Lin on UnsplashNomura executive appointmentTo lead this strategic move, Hideaki Kudo, a seasoned professional with a distinguished career at Nomura, has been appointed as the Representative Director and Head of Laser Digital’s Japanese operations.Kudo’s impressive journey within the Nomura Group began in 2007 when he joined Nomura Asset Management, where he later held the position of Senior Portfolio Manager. Over the years, he played a pivotal role in contributing to the group’s success. His expertise caught the attention of Nomura’s Digital Company, where he served as an Executive Director, responsible for shaping the group’s digital asset strategy. Kudo’s track record includes spearheading essential projects such as the development of security tokens and orchestrating Japan’s first-ever real estate security token offering.Commenting on his new role at Laser Digital, Kudo expressed his excitement, stating:“It’s exciting to join Laser as they expand operations to Japan. Since 2019, I have been managing Nomura’s advancements into the digital asset space, and I am delighted to now join the Laser team on their journey.”Earlier this year the firm strengthened its venture capital arm through the appointment of industry veteran Florent Jouanneau as a new partner.Zurich-headquartered Laser Digital, launched by Nomura last autumn, is led by Co-Founders Steven Ashley and Jez Mohideen. Ashley, a former leader of Nomura’s wholesale division, emphasized the importance of having 24/7 operational management to optimize support for their trading business.Setting their sights on Japan for expansion into the Far East, Kudo’s extensive experience at the Digital Company is expected to be invaluable for Laser Digital’s development and growth. Laser Digital uniquely combines the discipline and capabilities of global investment banking with the expertise of a crypto-native team.Broader expansion strategyLaser Digital’s expansion into Japan aligns with a broader trend of crypto companies seeking growth opportunities in Asia, as noted by Laser Digital CEO Jez Mohideen. In a recent interview, Mohideen expressed optimism about the crypto ecosystems in Japan and Hong Kong, highlighting the potential for significant growth in the region.He also emphasized the importance of regulatory clarity in Asia and the Middle East, suggesting that these factors would play a pivotal role in driving crypto adoption. In August, Laser Digital secured a crypto license from Dubai’s virtual asset regulatory authority, enabling the provision of virtual asset broker-dealer and investment services from its Dubai entity. Last month the company received in-principle approval from the Abu Dhabi Global Market (ADGM), further solidifying its presence in the Middle East.As Laser Digital continues to expand its global footprint, the appointment of Hideaki Kudo and the establishment of a new office in Tokyo mark significant milestones in the company’s journey to provide comprehensive digital asset solutions to clients worldwide. With Kudo’s leadership and Nomura’s backing, Laser Digital is attempting to position itself for further success in the burgeoning crypto industry.