OmniBOLT to Support BRC-20 Tokens on Lightning

The Thai government is planning to enable tourists to spend crypto via credit card, according to information revealed by Thailand’s finance minister on May 26.Photo by rc.xyz NFT gallery on UnsplashPichai Chunhavajira, the Southeast Asian nation’s finance minister and deputy prime minister, delivered a keynote speech at an investment seminar in Bangkok in which he outlined that while some countries enable people to purchase goods directly with cryptocurrency, another option is to allow consumers to link their digital assets with other services such as credit cards.  In that way, the consumer can spend crypto through credit card services. English language news outlet The Nation reported that Chunhavajira confirmed that the government is preparing to launch a pilot project that would allow tourists to spend crypto in this manner within Thailand. Seamless conversion from crypto to fiatWith this system, merchants would still receive payment in Thai baht. From the point of view of the user, crypto could be spent but any exchange between crypto and fiat currency would happen seamlessly and automatically via the credit card service provider’s platform.Discussions between officials from the Bank of Thailand and the Ministry of Finance are ongoing with regard to the proposed scheme. It’s understood that similar existing models which have been introduced overseas are being examined. It’s likely that the pilot program is the same as the project that was announced by Chunhavajira in January when he alluded to a program enabled for foreign tourists visiting the Thai tourist resort of Phuket. At that time, it was envisaged that the scheme would adhere to existing legal frameworks and implicate identity verification through a third party service provider, with conversion from crypto to Thai baht to be enabled such that there would be no material difference experienced by merchants. Targeting touristsThis is not the first occasion in which tourists have been targeted by crypto-related initiatives. Earlier this month, it was announced that Binance Pay, a crypto payment service offered by global crypto exchange Binance, had partnered with the government of the Buddhist kingdom of Bhutan to launch the world’s first national-level crypto tourism payment system. In July 2024, the governor of Jeju Province in South Korea advocated for the use of non-fungible tokens (NFTs) and crypto as part of Jeju Island’s tourism strategy. Last December the province announced a digital transformation roadmap that sets out a cashless future. Plans include the introduction of a system for converting digital assets and facilitating payment methods from neighboring countries like China and Japan. However, not all governments have been keen to facilitate tourists in spending crypto. In May 2023, the governor of the province of Bali in Indonesia cautioned foreign visitors to the region against the use of cryptocurrencies as a means of payment for goods and services. Governor Wayan Koster warned that visitors using cryptocurrency for payments could face severe consequences, including criminal penalties and deportation.

Dunamu, the operator of South Korea’s largest crypto exchange, Upbit, secured approval to renew its registration as a virtual asset service provider (VASP), ending 16 months of regulatory limbo that had clouded the domestic market.Photo by Daniel Bernard on UnsplashAccording to Newsis, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) granted the approval on Dec. 23. Industry participants view the decision as a stabilizing signal for the sector amid the country’s evolving crypto regulations. Under South Korean law, VASPs must renew their licenses every three years. Dunamu submitted its application by the statutory deadline of Aug. 21, 2024, but the review faced prolonged delays due to FIU staffing shortages and overlapping sanctions proceedings. Regulators had flagged Dunamu for alleged violations regarding customer due diligence and transaction restrictions, resulting in a 35.2 billion won ($24.4 million) fine. Prior to the fine, the FIU issued a disciplinary warning to Dunamu’s chief executive and ordered a three-month partial suspension of operations. Dunamu is currently contesting the suspension and warnings in court, with a fourth hearing scheduled for February 2026. Despite the ongoing litigation, the company stated it has addressed all regulatory issues and implemented measures to prevent recurrence. Market clarity fuels expansion, IPO ambitionsWith uncertainty surrounding the market leader resolved, observers expect other exchanges to feel emboldened to pursue expansion, including new business launches and potential initial public offerings (IPOs). Bithumb, the country’s second-largest exchange, is weighing a public listing as early as next year. Securing license renewal would bolster market confidence and expand the company’s strategic flexibility. Other major platforms, including Coinone, Korbit, and Gopax, filed renewal applications late last year. Each faces sanctions proceedings for alleged legal violations, leaving the market closely watching for FIU rulings. Exchanges recruit ex-regulatorsWith regulatory scrutiny remaining a constant challenge, South Korean exchanges are increasingly recruiting former senior financial regulators to navigate the legal landscape. Citing data from the FSC and the Financial Supervisory Service (FSS), Segye Ilbo reported that the flow of senior officials into the crypto sector has accelerated. Between January and November, eight former FSS officials at Grade 4 or above moved to crypto firms—well above the historical norm of one or two annually. Over the past two years, 16 former FSS officials have moved into the crypto industry, with nine joining Dunamu and seven moving to Bithumb. Industry insiders link the trend to the enforcement of the Virtual Asset User Protection Act in July 2024, which brought the sector under a formal regulatory framework. Exchanges are seeking the expertise of retired regulators to manage legal risk and strengthen government relations, particularly ahead of planned phase-two legislation focused on stablecoins. TradFi enters as systemic risks watchedAs digital assets move within official regulatory boundaries, traditional financial institutions are accelerating their entry into the sector. On Dec. 26, Korea Investment & Securities signed a memorandum of understanding (MOU) with Bithumb to collaborate on asset management services, Yonhap News reported. The partnership aims to combine the brokerage's equities expertise with the exchange's digital asset capabilities to offer tailored products. However, the deepening ties between crypto and traditional finance have drawn the central bank's attention. In a Financial Stability Report released Dec. 23, the Bank of Korea (BOK) noted that the correlation between Bitcoin and the S&P 500 has increased since 2020. The BOK attributed this to the introduction of crypto-related financial products, such as ETFs, and increased participation by institutional investors and publicly listed companies holding crypto. Spillover risks in South Korea remain contained given the limited level of corporate participation, despite the government’s move earlier this year to gradually permit corporate crypto holdings. However, the central bank warned that greater institutional participation enabled by regulatory easing could intensify risk transmission. The report underscored the need for safeguards to insulate Korean equities from crypto-market shocks. 

One in every two South Koreans has experience investing in cryptocurrency, Herald Business reported, citing a recent survey. The findings from the Korea Financial Consumers Protection Foundation’s (KFCPF) 2025 Virtual Asset User Survey were presented at a financial academic conference in Seoul on Feb. 27. The survey showed that people in their 30s were more likely to have invested in cryptocurrency than any other age group. Participation also rose notably among women and older adults. In particular, the average investment amount among older investors increased by roughly 2.3 times compared with 2023.Photo by Precondo CA on UnsplashCryptocurrencies ranked second among preferred investment vehicles, trailing stocks but ahead of real estate and bonds. About half of crypto investors access exchanges at least three times a week, the survey found. Around 40% have used additional exchange services, including crypto lending. Investors with less than 1 million won ($680) in holdings accounted for 25.3% of respondents. They also accounted for a disproportionately large share of reported financial damages, including losses stemming from exchange bankruptcies or hacks. Many were found to invest without fully understanding the risks involved. Experts urge stronger investor safeguardsLee Jung-min, a researcher at the Korea Financial Consumers Protection Foundation (KFCPF), said there has been a recent increase in debt restructuring applications from investors overwhelmed by interest payments and loans tied to crypto trading. She called for stronger safeguards to curb excessive investment hype and restore market confidence, as well as clearer legal guidelines on how user assets should be returned in cases of exchange failures or hacks. Citing the foundation’s research, Lee said many small-scale investors—particularly those with less than 1 million won ($680) in holdings or those who relied on online trading tip groups—had suffered financial harm. With disputes over small transactions rising, she added that regulators are considering a binding dispute resolution framework for small claims that could eventually be extended to crypto trading. Kim Eun-mi of the Korea Inclusive Finance Agency (KINFA) warned that the crypto market’s high volatility and information gaps pose heightened risks to financially vulnerable groups. She underscored the need for stronger safeguards, similar to those in place for vulnerable borrowers in traditional finance, and added that greater transparency over how policy loan funds are used would help authorities determine whether such programs are being diverted into crypto investments. KINFA CEO Kim Eun-kyung added that while the number of crypto participants has surpassed 10 million, consumer protection measures have not kept pace with the market’s rapid growth. Experts are calling for stronger financial education for older adults with limited knowledge of digital assets and low-income young people. Jung Dae, head of the Korean Academy of Financial Consumers, said 2024 figures from the Seoul Bankruptcy Court show particularly high rates of personal rehabilitation and bankruptcy among people in their 50s and 20s, driven largely by failed post-retirement businesses in the former group and heavy spending on online gaming and crypto investments in the latter. He urged policymakers to pair targeted interventions with rigorous research.  Crypto complaints jumpComplaints related to cryptocurrency surged in South Korea last month, as Bitcoin fell about 45% below its October peak. Cases categorized as “virtual currency” jumped from just 68 in December to 2,054 in February—more than a 30-fold increase—and were 55.5 times higher than a year earlier, according to SBS Biz, citing data released Feb. 27 by the Korea Consumer Agency and the National Council of Consumer Organizations. Analysts said the spike in crypto-related cases was largely linked to a promotional campaign by a trading platform that changed the terms of its API-linked subsidy program midway, triggering a wave of investor inquiries. Meanwhile, a weekly survey of Korean investors conducted by CoinNess and Cratos points to deepening pessimism in the market. Just 10.3% of respondents expect Bitcoin to rise this week, down from 15.5% a week earlier, while 64.2%—up from 52.8%—predict further declines. More than 61% said they feel fearful or extremely fearful, and only 11.2% expressed optimism. Still, despite mounting bearish sentiment and online claims that the crypto boom is over, 60.9% said they see extreme pessimism as a potential buying opportunity.