Kazakhstan shuts out 980 non-compliant crypto exchanges in 2023

Several Japanese companies, including Remixpoint and Metaplanet, have been increasing their Bitcoin (BTC) holdings, underscoring the growing institutional interest in cryptocurrencies in the region.Photo by Kanchanara on UnsplashRemixpoint, an energy consulting firm listed on the Tokyo Stock Exchange, recently announced an additional purchase of 32.83 BTC valued at 500 million yen ($3.4 million), according to local news outlet CoinPost. This acquisition took place on May 13 at an average price of 15.23 million yen ($104,270) per BTC, bringing the company's total BTC holdings to 648.82 BTC. Remixpoint's crypto portfolio, including BTC, is now valued at 11.1 billion yen ($76 million) and also comprises Ethereum (ETH), Solana (SOL), XRP and Dogecoin (DOGE). The firm began actively accumulating BTC late last year, motivated by multiple factors, including the positive price trend following the latest Bitcoin halving event, increased market activity after the latest U.S. presidential election and the growth in institutional participation, particularly after the approval of spot crypto ETFs in the U.S. Metaplanet becomes a major BTC holderAnother notable player, Metaplanet, a publicly traded Japanese company specializing in Bitcoin investment, has positioned itself as one of the largest BTC holders globally. As of May 12, Metaplanet’s Bitcoin yield reached 170%, with total holdings of 6,796 BTC. This places it as the 11th largest Bitcoin holder worldwide and the largest in Asia, surpassing El Salvador, which currently holds 6,177 BTC, according to data from Arkham. Metaplanet's ongoing Bitcoin accumulation aligns with CEO Simon Gerovich's advocacy for Bitcoin. In a March podcast, Gerovich said he encourages his friends to allocate "100% of their net worth into Bitcoin." The company’s strategic goal is to amass 10,000 BTC by the end of 2025 and 21,000 BTC by 2026. Reinforcing its influence, Metaplanet appointed Eric Trump, the second son of pro-crypto U.S. President Donald Trump, to its newly formed Strategic Board of Advisors in January. Evolving crypto policies, including national reservesBefore Trump's second term, Gerovich expressed his expectation that other countries would follow the U.S. once it established a national Bitcoin strategic reserve—a move formalized by President Trump through an executive order in March. In a related development, Ukraine is reportedly drafting a bill to create a similar reserve in collaboration with Binance. Meanwhile, in Taiwan, lawmaker Ko Ju-Chun has been advocating for adding Bitcoin to the country's national reserves. In a similar trend, another Japanese firm, Value Creation, disclosed plans last month to acquire 100 million yen ($660,000) worth of Bitcoin, further reflecting the growing interest among Japanese companies in crypto investments. Complementing this corporate adoption trend, Japan's Financial Services Agency (FSA) has been shaping its regulatory framework for cryptocurrencies. The agency aims to redefine digital assets as financial products under the Financial Instruments and Exchange Act, a move viewed as an attempt to balance innovation with investor protection. Building on this approach, an FSA discussion paper released on April 10, which remained open for public feedback until May 10, proposed classifying crypto assets into two categories: those used for fundraising and business activities, and those that are not—such as BTC and ETH. This regulatory evolution, alongside increasing corporate investment in BTC, reflects Japan's efforts to adapt to the evolving global crypto landscape.

A couple of recent reports have revealed how North Korean hackers have been moving funds to a Cambodian crypto payments platform while further insight has come to light with regard to how these hackers are compromising crypto companies. Huoine PayOn July 15, Reuters reported that Cambodian currency exchange and payments firm Huione Pay had received in excess of $150,000 in digital currency from a wallet associated with notorious North Korean hacking group Lazarus. Analysis of blockchain data demonstrated that the funds had been received by the Phnom Penh-headquartered payments firm in June 2023 and February 2024. Photo by allPhoto Bangkok on Unsplash‘Pig butchering’It’s understood that Lazarus stole those digital assets from three crypto firms during the months of June and July of 2023. While Huione has suggested that it was oblivious to the origin of the funds, a blog article by blockchain analytics company Elliptic, published to its website on July 10, suggested that “Huione Guarantee is an online marketplace that has become widely used by scam operators in South East Asia.”  Elliptic went on to assert that some of these scammers employ “pig butchering” techniques, where fraudsters manipulate the victim into investing into fraudulent crypto schemes. It added that “merchants on the platform offer technology, data and money laundering services, and have engaged in transactions totaling at least $11 billion.” The National Bank of Cambodia explained to Reuters that the company is not permitted to trade crypto and that it "would not hesitate to impose any corrective measures" against Huione. The platform is believed to have strong ties to Cambodia’s ruling family. One of the firm’s three directors is understood to be a cousin of the Cambodian Prime Minister, Hun Manet. The Lazarus hacking group is believed to have masterminded a $305 million hack of Japanese cryptocurrency DMM Bitcoin in May of this year. Pseudonymous on-chain investigator ZachXBT claimed on X that $35 million of the proceeds had been laundered through the Huione platform. Compromising crypto businessesIn a related development, a report by DL News published on July 15 has found that North Korean hackers are employing a new tactic in order to compromise crypto businesses. The hackers are scanning the internet for job postings advertised by the companies they’re targeting and submitting bogus applications. A report by the United Nations Security Council has revealed that in excess of 4,000 North Koreans have taken up employment with international technology firms. Part of the social engineering-based tactics employed by the hackers includes contriving to get employees within targeted companies to install malware.  Oftentimes, the resumes and LinkedIn profiles of real people are used in order to find a way in via the recruitment process. A report by DeFiLlama suggests that $664 million has been lost via instances of crypto hacking within the first half of 2024. 

South Korean retail investors are pulling back from cryptocurrencies after months of falling prices, rotating capital into domestic equities in a sharp reversal from last year’s trading boom, according to a report by Bloomberg.Photo by Timothy Ries on UnsplashCrypto prices have declined since October, leaving many individual traders nursing heavy losses. In January, trading volumes on local exchanges have dropped roughly 65% year-on-year. By contrast, trading value on the KOSPI, the primary benchmark index of Korea's stock market, has surged 221% over the same period, reflecting a decisive shift in retail risk appetite. Korean investors—who had heavily favored volatile altcoins—are now reallocating funds into domestic and overseas equities, particularly artificial intelligence and robotics stocks. Brokerage margin balances have surpassed 30 trillion won ($20.8 billion), suggesting speculative capital has migrated rather than disappeared. South Korea has long been one of the world’s most retail-driven crypto markets, with individual investors playing an outsized role in price formation and trading volumes. The recent downturn, however, has exposed the risks of a market concentrated in smaller tokens. The rotation back to equities has also coincided with political momentum around boosting the stock market, including President Lee Jae-myung’s pledge to push the KOSPI toward 5,000. Ownership limits spark debateAs retail enthusiasm cools, regulatory questions are moving to the forefront. A debate has emerged over potential limits on major shareholders’ stakes in crypto firms—a proposal that has stirred controversy over governance and competitiveness. According to MoneyToday Broadcasting MTN, Democratic Party lawmaker Min Byoung-dug recounted a recent dinner conversation in Seoul in which Eric Trump, the second son of U.S. President Donald Trump, reportedly reacted skeptically to the idea. Trump was said to have questioned whether such ownership restrictions would be conceivable in the United States. Supporters argue that ownership caps could strengthen oversight and reduce excessive concentration of control in crypto firms. Critics warn they could deter investment and weaken Korea’s position in an increasingly competitive global market. Innovation continues despite slowdownEven as crypto volumes shrink, financial innovation tied to digital assets is pressing ahead. Decentralized exchange Lighter said on X that it will support perpetual futures contracts linked to major Korean equities. The products include exposure to Samsung, SK Hynix, and Hyundai, as well as a KOSPI index-based contract with 10x leverage. The move reflects a broader convergence between crypto platforms and traditional financial assets.  Regional competition intensifiesKorea’s regulatory direction is also being watched across Asia. Speaking at the Consensus Hong Kong, lawmaker Johnny Ng said the city could draw lessons from South Korea and the United Arab Emirates in shaping its crypto framework. According to CoinDesk, he noted that the UAE has established a robust regulatory structure with dedicated oversight, while Korea operates a government body tasked with supervising crypto activities. As financial centers compete to attract crypto businesses, clarity in regulation has become a strategic differentiator. For now, Korea’s crypto market appears to be recalibrating rather than collapsing—with retail traders retreating, policymakers debating guardrails, and new leveraged products testing the boundaries of innovation. Whether this marks a transition toward a more mature phase or merely a pause in speculative fervor may depend on how the country balances investor protection with growth.