Korea’s FSS Seeks to Protect Investors from Crypto Exploit Losses

Crypto licensing developments in Singapore over the course of 2024, allied with feedback from industry insiders, suggest that the city-state has furthered its development as a crypto industry hub in the Asia-Pacific (APAC) region.Photo by Mike Enerio on UnsplashDoubling up on licensing issuanceAccording to a report published by Lianhe Zaobao, a Chinese language newspaper in Singapore, the Monetary Authority of Singapore (MAS), had issued twice the number of Major Payment Institution (MPI) licenses in 2024 by comparison with the previous year. Four licenses were issued in 2023 to Crypto.com, Coinbase, Ripple and Blockchain.com. That compares with 13 licenses issued in 2024 to companies such as GSR, BitGo, Anchorage, Upbit and OKX. This uptick in licensing signals a regulatory regime that is innovation-friendly, resulting in Singapore becoming a key destination for startup companies in the crypto and Web3 space. Risk-adjusted regulatory approachAccording to William Croisettier, chief growth officer at ZKCandy, Singapore is primed to continue its development as a leading crypto hub for Web3 businesses within the APAC region. ZKCandy is a gaming-focused hyperchain within the zkSync ecosystem that has developed due to a collaboration between the Ethereum layer-2 zkSync network and Southeast Asia’s largest gaming developer, iCandy. Croisettier spoke to Cointelegraph on the matter recently, stating: “The country adopts a risk-adjusted approach to crypto regulation, focusing on the biggest digital currencies to protect investors. Singapore also makes it easy for new crypto firms to interact with local banking partners, a provision considered a luxury in other parts of the world.” Mouloukou Sanoh, co-founder and CEO of Dubai-based Mansa Finance, a DeFi platform that provides liquidity to cross-border payment companies, has also spoken positively about Singapore’s status within the crypto sector. Sanoh stated: “With its clear regulations and support for innovation, Singapore attracts top companies and talent, fostering a thriving ecosystem. This proactive approach signals a strong commitment to digital finance, contrasting with Hong Kong's more cautious stance.” Positive study findingsThese views correlate with a recent study carried out by ApeX Protocol, a multi-chain liquidity platform. The study applied a ranking to ten jurisdictions based on factors such as jobs created in the blockchain field, the number of crypto exchanges located within a jurisdiction and the number of blockchain-related patents filed. On that basis, it found that Singapore topped the rankings, ahead of Hong Kong in second place. Singapore was found to have 81 crypto exchanges located within the city-state, over 1,600 blockchain-related patents filed and 2,433 crypto-sector jobs created. A recent survey conducted by CoinDesk found that from a crypto adoption perspective, Thailand, followed by the United Arab Emirates (UAE) and India, lead the APAC region. Of the 10 countries surveyed, Singapore weighed in in seventh place with a 23% adoption rate, just one percentage point behind Hong Kong with 24%. As Hong Kong and Singapore compete to attract crypto-related business, both still have room for improvement when it comes to the crypto adoption metric in comparison with other Asian countries. 

Pakistan’s newly appointed Minister of State for Crypto and Blockchain, Bilal bin Saqib, has been spending time in the United States recently with a view towards collaborating with the Trump administration and Wall Street on matters related to digital assets and digital asset regulation. Pakistani TV channel 24 News HD reported on June 4 that bin Saqib met with Bo Hines during a visit to the White House in Washington, D.C. Hines was appointed by U.S. President Donald Trump earlier this year as the executive director of the President’s Council of Advisors on Digital Assets. Ways to broaden cooperation between Pakistan and the U.S. with regard to the digital assets sector were a primary topic covered during their meeting. Consideration was given to the potential for future partnerships between the two nations, with a particular emphasis on strategic alignment on digital asset policy.Photo by Kanchanara on UnsplashStrategic Bitcoin ReserveBitcoin was also a topic of conversation during the meeting. Last week, bin Saqib, who also heads up the South Asian nation’s newly formed Pakistan Crypto Council (PCC), appeared at the Bitcoin 2025 conference in Las Vegas to announce that “the Pakistani government is setting up their own government-led Bitcoin Strategic Reserve.” In his keynote address, he stated that Pakistan would hold Bitcoin in a national wallet and would “never ever sell them.” Following his meeting with Hines, bin Saqib took to X, stating:”We’re building strong bridges with the U.S. on Bitcoin reserves, stablecoins, and digital asset frameworks.” Responding to bin Saqib’s X post, Faizan Siddiqi, a Pakistani expat and COO of Canadian advertising services firm, MonetizeMore, underscored the importance of the meeting for an emerging generation in Pakistan inspired “to believe in a brighter, decentralized future.” In addition to meeting with Hines, bin Saqib also met with officials from the White House Counsel’s office, engaging with them on blockchain governance and legal framework matters. New York meetingsFollowing his meeting in Washington, D.C., bin Saqib moved on to New York. A video clip posted by the PCC to the X social media platform on June 6 showed bin Saqib meeting with New York City Mayor Eric Adams. The Pakistani minister thanked Adams for all he is doing for the crypto ecosystem, while inviting him to visit Pakistan and to consider a partnership between New York and the PCC. While in New York, bin Saqib also met with Brandon Lutnick, chairman of global financial services firm Cantor Fitzgerald and son of former Cantor Fitzgerald Chairman Howard Lutnick, who was appointed by U.S. President Donald Trump to the position of secretary of commerce back in February.  While Cantor Fitzgerald is a well-established traditional finance (TradFi) firm founded in 1945, the company has embraced digital assets more recently. Cantor has taken on leading stablecoin issuer Tether as a client, having also invested in the company. Last month, the firm launched its first Bitcoin fund. It’s understood that bin Saqib discussed tokenization, Bitcoin mining, the future of Web3 in Pakistan and potential for collaboration with Lutnick. Last month, Pakistan allocated 2,000 MW of surplus electricity to Bitcoin mining and AI data centers.

Hyosung TNS and APoT Join Hands to Promote NFT Portal ServiceSouth Korean IT infrastructure and financial solutions provider Hyosung TNS announced that it is teaming up with APoT Platforms, a company specializing in developing blockchains for real-world assets (RWAs), to promote NFTtown — Hyosung TNS’ portal service dedicated to providing information, news, and educational content on NFTs.Photo by Andrey Metelev on UnsplashBringing real-world assets to blockchainAPoT Platforms is equipped with technology that is able to embed data on RWAs, such as artwork and luxury goods, thereby connecting them to the blockchain. The company also maintains an extensive network of collaborative relationships with various NFT artist organizations and communities both domestically and abroad.Hyosung TNS plans to bring APoT’s artist network to NFTtown, allowing users to easily access information regarding NFT artists and their works.The two companies will also work together on other efforts, including introducing NFT artworks, digital product transfers, and events for NFT holders.NFT art exhibitionAs the first step of their collaboration, they plan to exhibit and sell works by renowned NFT artists such as Han Kwang-suk, Quiet Eye, and HAN (Han Sun-ok) this month at the Lotte Department Store Ilsan’s Spazio We;R Gallery.