Binance APAC Head Urges the Korean FIU to Approve Gopax’s Exec Changes

Crypto.com Plans to Launch Its Services in South Korea This YearIn an interview with local news outlet Global Economic, Patrick Yoon, General Manager Korea of Crypto.com, shared the global cryptocurrency exchange’s plans to launch its services in South Korea this year. Yoon, who previously held positions at Standard Chartered Bank and Visa, joined Crypto.com in September 2021.Expansion into KoreaAccording to Yoon, Crypto.com is actively preparing to meet the requirements for obtaining a real-name account from a Korean commercial bank. In Korea, virtual asset trading platforms are legally obliged to secure such a bank account in order to support the trading of the nation’s fiat currency, the Korean won. The exchange secured virtual asset service provider registration in South Korea last year through the acquisition of Korea-based virtual asset exchange OK-BIT.Photo by Anna Evlanova on UnsplashCollaboration with Korean ent industryDuring the interview, Yoon emphasized the growing global popularity of Korean entertainment content, including drama and music. He mentioned that Crypto.com is engaging in discussions with various Korean intellectual property holders and entertainment studios to explore innovative ways to introduce Korean culture and art to international crypto audiences. Notable collaborators include entertainment company Fantagio, K-pop girl group Mamamoo, content studio Astory, and production house Studio Dragon.Crypto.com’s global presenceFounded in 2016, Crypto.com has garnered an impressive user base of 80 million worldwide. The crypto exchange has been actively obtaining regulatory approvals in many countries, including France, the United Kingdom, Dubai, Australia, Italy, Greece, and the Cayman Islands.Recent developmentsCrypto.com also recently obtained a virtual asset service provider registration from the Bank of Spain, the central bank of Spain. Prior to this accomplishment, the company received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the central bank of Singapore. While Crypto.com continues to make progress in various jurisdictions, it made the strategic decision to discontinue its institutional offering in the United States due to limited demand in that particular market.

Kaspersky Says Crypto Phishing on the Rise in the PhilippinesThe Philippines witnessed a significant increase in detected cryptocurrency-related attacks last year while Vietnam recorded the highest level in Southeast Asia, according to cybersecurity firm Kaspersky.Photo by Markus Spiske on UnsplashEase of crypto accessVietnam topped the list with over 64,000 detections. Meanwhile, the Philippines recorded 24,737 cases of crypto-phishing attacks in 2022, up from 9,164 cases in 2021, making it the second-highest number in Southeast Asia.Adrian Hia, Managing Director for Asia Pacific at Kaspersky, attributed the rise to the ease of accessing cryptocurrency in the Philippines. He explained that as users increasingly turn to mobile devices, they are inadvertently exposing themselves to potential breaches, as malware can be installed through various touch points.Research published by Malaysian crypto data aggregator, CoinGecko, earlier this month, also points to the Philippines as having the second highest level of interest in crypto in Southeast Asia, after Singapore.Targeting popular platformsCybercriminals commonly target accounts of popular online gaming platforms and crypto wallets using advanced stealers or “stalkerware” that allow them to spy on individuals through their mobile devices, Kaspersky stated. The firm’s monitoring data revealed that malware is spreading through legitimate channels such as official marketplaces and advertisements in popular apps.Across Southeast Asia, the total number of crypto-phishing detections decreased to 147,649 in 2022 from 164,330 in 2021, according to Kaspersky. However, only Singapore (down 74%), Thailand (down 51%), and Vietnam (down 15%) observed declines in detections. Besides the Philippines, crypto-related attacks also increased in Indonesia (from 19,584 in 2021 to 24,642 in 2022) and Malaysia (from 16,071 to 16,767).Kaspersky discovered an average of 400,003 new malicious files per day in 2022, representing an increase of 20,000 files per day compared to the previous year. Hia emphasized that scammers are relentless in their efforts to steal cryptocurrency due to its increasing popularity and adoption, particularly in Southeast Asia. He urged cryptocurrency adopters in the region to stay informed about the latest tricks used by crypto phishers to protect their digital assets.Email-based attacksRoman Dedenok, a spam analysis expert at Kaspersky, revealed that crypto phishers often employ email-based attacks to target crypto users. He explained that scammers entice victims with the prospect of participating in a cryptocurrency giveaway, offering popular digital assets such as Bitcoin, Ethereum, Litecoin, Tron, or Ripple.The scammers provide a three-point guide to claim the free cryptocurrency along with a link to the “promotion” website. Clicking on the link leads users to a phishing site where they are prompted to specify the wallet to which they want the funds transferred.In response to the growing cybersecurity concerns, Kaspersky is engaging in discussions with government institutions worldwide. In the Philippines, while the central bank does not directly regulate cryptocurrency, it has established guidelines for virtual asset service providers. The Chairman of the Securities and Exchange Commission (SEC) in the Philippines, Emilio Aquino, recently delayed publication of a regulatory framework for crypto, on the basis of having “to make sure people don’t get burned.”Entities involved with virtual assets are required to obtain a license from the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to comply with regulations.

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.