CoinFLEX founder: creditors not to interfere with OPNX

The local government of Busan, the second-largest city in South Korea, announced in a press release that it held the 3rd Busan Blockchain Regulation-free Zone Steering Committee (Committee) meeting at the Busan Eurasia Platform, a community center located near Busan Station.  The meeting took place last Thursday at 15:00 (KST), attended by 12 Committee members, including Busan’s Vice Mayor for Economic Affairs Kim Kwang-hee, Busan Technopark Chairman Kim Hyung-gyun, Busan International Finance Agency Chairman Lee Myung-ho and Busan Information Industry Promotion Agency Chairman Kim Tae-yeol.Photo by Finn on UnsplashThe meeting was intended to discuss strategies to revitalize the blockchain regulation-free zone (blockchain zone) and to attract new blockchain businesses to the region. Busan has been recently struggling with developing and attracting blockchain technology companies to the region, which has cast doubt on the city’s ability to retain its status as the regulatory sandbox zone.   New 24 members, new commitment to invigorating blockchain zone Established in October last year, the 3rd Committee comprises 24 new members who have expertise in blockchain technology. The Committee aims to raise awareness of the blockchain zone’s potential and foster the blockchain industry within the region.  Kim Sang-min, Vice CEO of healthcare company Erom, was appointed Committee Chairman at the meeting. Known as an expert in the blockchain ecosystem, Kim currently serves as a blockchain policy advisor for Busan and has experience in taking the lead in establishing the Busan Digital Asset Exchange (BDX) last year.  More meetings in store to become a blockchain hub The meeting focused on creating subcommittees in an effort to facilitate the Committee’s seamless operation. Moreover, members reached a consensus on holding meetings at any time when warranted, in both online and in-person formats.  During the meeting, Busan Vice Mayor Kim said the newly launched Committee will contribute to identifying innovative businesses with great potential that require both cutting-edge blockchain technologies and a regulatory sandbox environment. 

The United Arab Emirates (UAE) advanced its push to become a leading digital asset hub as crypto exchange Bybit received a full virtual asset platform operator license from the Securities and Commodities Authority (SCA). The permit enables Bybit to provide its entire range of products to UAE residents, the company said in an Oct. 9 press release. The clearance marks the culmination of a process that began when Bybit received preliminary approval from the SCA in February. The exchange says it is the first to complete the full licensing journey and notes that 2025 has been a year of major compliance wins, including new credentials in Europe and a return to the Indian market.Photo by Atikah Akhtar on UnsplashBitGo broadens institutional reach in DubaiInstitutional infrastructure is expanding alongside retail access. Crypto custody firm BitGo secured a broker-dealer license from Dubai’s Virtual Assets Regulatory Authority (VARA). The new authorization allows BitGo MENA to deliver regulated trading and intermediation services across the region through an integrated OTC desk and a digital platform supporting spot crypto trading in both dirhams and U.S. dollars. The UAE’s welcoming attitude toward digital assets is changing how major investors think about wealth. The Bitcoin Historian said on X that The Kanoo Group, which oversees about $20 billion in assets, intends to invest in Bitcoin. Bloomberg has reported that affluent families across the region are gradually diversifying beyond real estate and private enterprises. With around $1 trillion expected to shift to younger generations soon, many heirs are looking to allocate more toward cryptocurrencies, tokenized funds, and tokenized real-world assets (RWAs). New fund marks progress in tokenized financeThat growing appetite for digital exposure is now being met with new products. Last month Qatar National Bank (QNB) Group joined forces with Standard Chartered and DMZ Finance to launch the first regulated tokenized money market fund in the Dubai International Financial Centre. Using blockchain technology, the QCD Money Market Fund brings traditional financial assets on-chain, creating new yield opportunities for investors within the digital economy. The fund is managed by QNB Group, uses infrastructure provided solely by DMZ Finance, and has Standard Chartered serving as custodian of its assets. As the UAE deepens its role in global finance, regulators are also working to align with international standards. By 2027, it expects to adopt the OECD’s Crypto-Asset Reporting Framework (CARF), with cross-border data exchanges to begin in 2028. The Ministry of Finance has already signed the Multilateral Competent Authority Agreement to make this happen. The framework promotes automatic sharing of crypto-related tax information among member countries, underscoring the UAE’s commitment to global transparency as it expands its financial footprint. Recent developments show the jurisdiction striving for growth while strengthening oversight. Exchanges are gaining clarity on what they can offer, institutions are building trading rails, and investors are embracing tokenized products. They signal a market finding its balance between innovation and regulation. The coming years will reveal how well that balance can hold. 

India is strategically navigating the development of its digital rupee, with the Reserve Bank (RBI) actively addressing privacy concerns through technological solutions in its central bank digital currency (CBDC) pilot programs. According to a recent report by CoinDesk, a senior official with insights into these initiatives revealed that while progress is evident, the RBI is proactively exploring ways to ensure privacy in the use of the digital rupee.Photo by Julian Yu on UnsplashPursuing mechanisms to maintain anonymityThe RBI has introduced a new dimension to the discourse on privacy concerns associated with CBDC usage. The central bank official suggested that the RBI may seek legal backing from India’s finance ministry to enact legislation allowing customers to delete transactions for the purpose of maintaining anonymity. New-found urgencyPublic statements from the RBI suggested a lack of urgency in implementing a full-scale retail CBDC, coupled with a reluctance to provide a specific timeline. However, recent events indicate that an underlying sense of urgency may be emerging. In the past month, the retail CBDC achieved a notable milestone, processing one million transactions in a single day, with support from various banks. Several banks, including HDFC Bank, Kotak Mahindra Bank, Axis Bank, Canara Bank, IDFC First Bank and Union Bank of India, reportedly encouraged their employees to deposit funds in CBDC instead of fiat currency, contributing to this achievement. The official overseeing the CBDC development emphasized the necessity for experimentation and substantial efforts to ensure the security of the digital currency. While the settlement aspect is considered straightforward, addressing latency remains a priority for the RBI. No mandate on taxThe RBI, historically known for its opposition to crypto both domestically and globally, clarified that crypto taxation is not within its mandate. This clarification suggests that the RBI might not object if the Indian government decides to reduce the stringent taxes currently imposed on cryptocurrencies. The central bank clarified that it lacks the mandate to express a viewpoint on reducing a contentious tax that has stirred debate within the crypto industry. The RBI has been a driving force behind the adoption of wholesale and retail CBDC since late 2022 when it initiated pilot programs. The official emphasized that taxation matters fall under the government’s purview, reinforcing the RBI’s focus on its designated responsibilities. Similarly, the country’s judiciary recently turned down a plea to have it formulate a crypto regulatory framework, outlining that this too is up to the government to address. The central bank has a historical context of attempting to ban cryptocurrencies, with effective prohibitions in place between 2018 and 2020 until a Supreme Court order overturned the ban. Since then, the RBI has consistently expressed concerns about cryptocurrencies in various forums, including the Group of 20, where India played a leading role in coordinating global regulation in the crypto space. Recent utterances from the RBI governor, Shaktikanta Das, suggest that the regulator is disinterested in seeing the offering of spot crypto exchange-traded funds (ETFs) in India despite that eventuality coming to pass last month in the United States. Das also spoke positively recently about the tokenization of real-world assets using blockchain technology.