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Crypto Exchange Korbit Raises Daily KRW Deposit Limits From 300K to 5MKorbit, one of the leading cryptocurrency exchanges in South Korea, raised the daily deposit limit for its customers as of 16:00 KST on September 25. This move aligns with the early implementation of the operation guidelines of real-name bank accounts for cryptocurrencies, which is scheduled to be introduced in January next year. Korbit collaborates with Shinhan Bank, utilizing its real-name accounts to facilitate Korean won transactions.Photo by manseok Kim on PixabayUser protection and AMLThe operation guidelines have been established to fortify the protection of virtual asset users and to bolster efforts against money laundering. Financial authorities, the Korea Federation of Banks, and cryptocurrency exchanges have collaborated to initiate these measures at every local exchange starting next January. Meanwhile, exchanges are obliged to maintain reserves in their banks beginning this month, ensuring they are poised to provide compensation for involuntary losses in the event of hacking incidents or system failures.Investor inconvenience and market confusionSince the introduction of the real-name bank account system in 2018, banks and crypto exchanges have had different terms of use and user protection measures, leading to varied deposit and withdrawal limits as well as reserve levels across different exchanges. These inconsistencies have resulted in inconvenience to customers and have sown confusion in the market. In response, the entities in question have agreed to implement a shared set of guidelines for real-name bank accounts from January next year.Daily limit of KRW 300K to KRW 5MWith the implementation of these guidelines, Korbit has elevated the current daily deposit limits from KRW 300,000 (approximately $222) and KRW 1.5 million to KRW 5 million. Moreover, once the bank authenticates the user’s transaction purpose — for instance, purchases of KRW 5 million or more in virtual assets in a month following the initial KRW deposit — and verifies the source of the funds, the constrained account can transition to a standard account. This adjustment allows the daily deposit and withdrawal limit of up to KRW 500 million.The limitations associated with constrained and standard accounts apply solely to fund transfers between the crypto exchange and the bank. When holders of Shinhan accounts initiate fund transfers to accounts in other banks, the limitations imposed by Shinhan continue to apply.Oh Sejin, CEO of Korbit, expressed enthusiasm that the higher deposit limit enabled by the new guidelines would improve investor convenience and draw in new customers. He added that the crypto exchange is committed to collaboration with Shinhan Bank, aiming to enhance user protection and anti-money laundering (AML) measures.

Russia is moving closer to establishing a comprehensive legal framework for cryptocurrency, a regulatory shift intended to integrate digital assets into the mainstream economy while simultaneously cracking down on unlicensed market participants. Photo by Egor Filin on UnsplashCrypto enforcement slated for 2027According to a report from the Parliamentary Gazette, the new package of regulations is planned to be prepared by the end of June, while from July 1, 2027, liability for illegal activity by crypto intermediaries is expected to be introduced. Anatoly Aksakov, head of the State Duma’s Committee on the Financial Markets, said that the legislation is intended to establish clear rules for the market, including strict oversight of crypto exchanges. He added that the draft law could be considered in its first reading within the next month. While the legislation seeks to normalize digital assets, officials have emphasized that the market will not be a free-for-all. The proposed framework would introduce administrative, financial, and potentially criminal liability, with enforcement modeled on existing laws governing illegal banking activity. Aksakov noted in earlier comments reported by TASS that while crypto may become a fixture of daily life, it would have clear boundaries. The government plans to cap annual crypto purchases by retail investors at 300,000 rubles (approximately $3,800). This regulatory drive coincides with an increase in crypto’s role in Russia’s cross-border transactions. Following the invasion of Ukraine, Western sanctions severed Russian banks from the SWIFT messaging system, prompting Moscow to seek alternative channels for international settlements. New data suggests these alternative payment rails have gained rapid traction. A report by TRM Labs revealed that sanctions-related crypto activity in 2025 was dominated by Russia-linked flows, a trend driven largely by the explosive growth of A7A5, a ruble-pegged stablecoin. The firm reported that A7A5 processed over $72 billion in total volume that year, while a wallet cluster tied to the A7 sanctions evasion network A7 was connected to at least $39 billion. TRM Labs identified A7 as a key bridge between Russian entities and partners in China, Southeast Asia, and Iran, signaling a concerted effort to bypass U.S. dollar-based systems. Illicit volumes hit record $158BThese numbers come as illicit crypto usage rises worldwide. According to TRM Labs, criminal transaction volume hit a record $158 billion in 2025—a 145% increase over the previous year. Yet, despite this surge, illicit activity accounted for a smaller share of the total market, falling from 1.3% in 2024 to 1.2% in 2025. Beyond Russian sanctions evasion, researchers also highlighted the burgeoning scale of Chinese-language money laundering networks (CMLNs). TRM Labs identified Chinese-language escrow services and underground banking as a distinct, high-growth sector. Adjusted crypto volume for these networks rose from roughly $123 million in 2020 to over $103 billion in 2025. Meanwhile, Chainalysis offered a smaller estimate, finding that CMLNs processed $16.1 billion in illicit crypto funds in 2025. The firm estimates that the illicit on-chain laundering market has surged from $10 billion in 2020 to over $82 billion today. This growth is supported by a sharp expansion in infrastructure, with the ecosystem now utilizing over 1,799 active wallets. Over the past five years, these operations accounted for roughly 20% of all illicit crypto funds—a share that has grown faster than illicit inflows to centralized exchanges. 

China’s GAPP proposes ban on gaming crypto token conversionChina’s gaming industry hit a significant speed bump on Friday as the General Administration of Press and Publication (GAPP) unveiled a draft proposing substantial changes to the regulation of in-game tokens, signaling a strategic shift in the country’s stance on digital currencies in gaming.Photo by blurrystock on UnsplashImplementing more stringent controlsThe proposed regulations by GAPP bring about a ban on the conversion of game tokens into physical goods or legal tender. These guidelines, spanning 64 articles, impose stringent requirements on gaming companies. These include mandatory licensing in China, a two-year data retention policy, adherence to national and socialist values in content and the eradication of anonymous user registrations.One significant aspect of the guidelines is Article 23, which specifically addresses the use of game tokens. It proposes restrictions on exchanging them for physical goods, services or legal tender.The regulatory landscape becomes more complex due to the ambiguity surrounding cryptocurrencies, which are not recognized as legal tender in China. Although a warning was issued about the risks inherent in non-fungible tokens (NFTs), they remain legal in China. NFTs feature prominently within blockchain-based gaming.Game providers are also confronted with new limitations on inducements, such as bonuses for registration or daily logins, and are mandated to implement measures against irrational consumer spending.Gaming sector falloutIn the wake of these developments, several Chinese tech giants experienced a significant market downturn in Hong Kong. Tencent, a global gaming powerhouse and one of China’s most valuable companies, saw a 12.4% drop on Friday, marking its worst day since October 2008. This decline erased a massive 367 billion Hong Kong dollars ($47 billion) from Tencent’s market value.NetEase, another gaming giant, witnessed a 25% dive in Hong Kong afternoon trade, recording its most substantial daily loss since its listing in June 2020. Additionally, Bilibili and Kuaishou, prominent players in video-sharing and short-video platforms, experienced declines of 9.7% and 7.2%, respectively, given their involvement in online gaming.Market uncertaintyWith this latest development, the future of gaming crypto tokens remains uncertain in China, with investor confidence having been hit hard. Putting the matter in context on Friday, Stansberry Research Analyst Brian Tycangco took to the X social media platform, stating:”Govt regulation will effectively render prevailing business models irrelevant due to uncertainty regarding monetization. Games are inherently reward-based and if you clamp down on the use of rewards/incentives, you turn an entire industry on its head.”The guidelines, open for public consultation until Jan. 22, 2024, have not yet been legally enacted. This time frame allows for feedback and potential adjustments before enforcement.Notably, the Web3 gaming sector has witnessed substantial activity, with approximately a million unique active wallets engaged daily over the past three months, according to DappRadar. Industry experts, including Yat Siu of Animoca Brands, anticipate a potential surge in user engagement, emphasizing the potential impact of these regulations on the gaming industry’s trajectory.