Korea’s DAXA Prohibits Relisting of Delisted Cryptos for a Year

Startale Group, a Japan-based Web3 solutions provider, has secured an additional $13 million investment from the Sony Innovation Fund, which is financed by Sony Group and focuses on backing venture companies. In a press release, Startale said the new funding would deepen its ongoing collaboration with Sony, with a focus on Soneium—an Ethereum layer-2 blockchain built using Optimism’s Superchain technology. Soneium is positioned as the flagship project of Sony Block Solutions Labs, a joint venture between Startale and Sony Group.Photo by Nikita Kostrykin on UnsplashSince launching in January 2025, Soneium has gained traction in the Web3 sector, according to figures cited by the company. Startale said the network has processed more than 500 million transactions over the past year, supports 5.4 million active wallets, and hosts over 250 decentralized applications.  The collaboration is intended to explore how blockchain technology could be applied to intellectual property management, creator monetization, and fan engagement, areas where Sony has an established global presence. Startale launches stablecoin on SoneiumThe ecosystem expanded further this month with the integration of Startale USD (USDSC), a stablecoin built on infrastructure provider M0 and backed by short-term U.S. Treasuries, according to Startale. The token is now live on Soneium, whose ecosystem includes partners such as Aave, Uniswap, and Chainlink.  Users can purchase USDSC through the Startale App, the company said, and use it for in-app trading, yield generation through deposits, and liquidity provision in the Startale USD pool on Uniswap in exchange for STAR Points. Startale’s push comes as more established Japanese companies explore blockchain-based initiatives at home and abroad. Matsumoto, a Fukuoka-headquartered printing company founded in 1932, has outlined a long-term concept to create a digital asset treasury for students, under which student activities would be recorded on the Solana blockchain. The company has said the records would not be used for ranking or evaluation, but instead to encourage learning and support future career opportunities. The company has also described a broader ecosystem in which business profits could be returned to children and their families through a portfolio of cryptocurrencies, positioning the concept as both an educational incentive and a potential source of financial support. Nomura’s crypto arm seeks U.S. bank charterJapanese firms are also seeking to expand their crypto operations overseas. Laser Digital, the crypto arm of Nomura, has applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter, according to The Block.  If approved, the charter would allow the firm to operate nationwide without obtaining custody licenses on a state-by-state basis, though it would not permit the acceptance of retail deposits. The company is also expected to offer spot crypto trading. Approval would place Nomura alongside firms such as Circle, Ripple, and BitGo, which have received conditional approval from the OCC to operate as federally regulated trust banks, subject to final requirements. 

Milk Partners Launches Blockchain-Powered Reward Points System in IndonesiaSouth Korean tech company Milk Partners, which operates blockchain-powered reward points platform MiL.k, has announced the official launch of its services in Indonesia, according to a report by local news outlet Etoday. MiL.k simplifies the process of handling and exchanging reward points from multiple companies by offering an integrated platform for users.Photo by Dino Januarsa on UnsplashLocal readinessIn order to provide stable local service, MiL.k has registered as an electronic system organizer (ESO) in Indonesia. Moreover, the platform has implemented a passport and identification card verification system to meet know-your-customer (KYC) requirements.As of today, Indonesian users can download the MiL.k app from the App Store and Google Play. Within this month, they will be able to utilize their reward points from two local companies: GetPlus, a loyalty point integration service, and Indonesia AirAsia, a budget airline.Southeast AsiaTo expand its reach and promote the platform further, Milk Partners has plans to collaborate with local partners on a range of promotional events. Additionally, the company aims to boost its marketing efforts in Southeast Asia, encouraging more businesses and projects to join the MiL.k platform.Cho Jung-min, CEO of Milk Partners, shared his excitement about the official launch of MiL.k in Indonesia, which is a significant step in the company’s global expansion plan. He stressed the commitment to providing reasonable and tangible services and asked for customers’ interest and support in this endeavor.Recent token listingIn line with this development is last month’s listing of the trading pair of MLK/IDR on Indodax, an Indonesian cryptocurrency exchange. MLK stands for Milk Coin, a key currency that can be exchanged for reward points on the MiL.k platform.

Beleaguered Indian crypto exchange WazirX took to social media on April 21 to clarify to the company’s creditors that it is moving closer towards restarting the platform. While the company hasn’t gone into bankruptcy following a $230 million platform hack which occurred in July of last year, it is going through a restructuring process via the Singapore High Court. Posting on the X social media platform, the company addressed concerns surrounding the restarting of operations.  It said that it understood that users were keen to see the platform restart, while reminding stakeholders that from the outset of the process, it had forecasted a first distribution of user funds and a restart of the platform within the April to May 2025 timeframe. Photo by matthew6910 on UnsplashMay court hearingThe firm outlined that its parent company, Zettai PTE Limited, has accomplished all steps to date, in order to bring about the re-emergence of the platform. It has put forward a scheme of arrangement to the court to distribute assets available to it to creditors and bring the trading platform back online.  It identified a May 13 court date as being pivotal to these plans, when the Singapore High Court will hold a sanction hearing and determine whether it confirms the company’s restructuring plan. WazirX added: “While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process. After the Scheme is sanctioned, the First Distribution and restart will follow within 10 business days from the Effective Scheme Date, as outlined earlier.” 85% payoutEarlier this month, 93% of WazirX creditors, accounting for 94.6% of the overall funds owed, voted in favor of the company’s restructuring plan. As part of the plan, users would be compensated with a payout over several distributions of 85% of the overall funds they held on the platform as of July 18, 2024. The company also plans to issue creditors with a recovery token, in an effort to provide them with further value over time. This communication from the company followed the announcement of a court judgement last week by India’s Supreme Court dismissing a lawsuit filed by 54 WazirX users who have lost funds due to the 2024 hack. While the action was dismissed, one of the plaintiffs pointed out on X that the Supreme Court hadn’t indicated that their action lacked merit. He added:”Our criminal writ petition against #WazirX & Nischal Shetty & others was dismissed on jurisdictional grounds.” On that basis, it would appear that the company may still have to deal with such a complaint if brought via a different forum. Over the course of the past 12 months, the WazirX hack stands out alongside an almost $1.5 billion hack at Bybit. In both cases, fingers have been pointed at notorious North Korean hacking group, Lazarus. According to a report published by Chainalysis last December, $2.2 billion had been stolen from crypto platforms in 2024.