HTX bounces back following DDoS attack

The South Korean government and the ruling party may postpone agreement on a unified proposal for the Digital Asset Basic Act, legislation that would include regulations on stablecoins. The bill represents the second phase of the country’s cryptocurrency regulatory framework, following the first phase that took effect in 2024 to strengthen investor protection.Photo by KS KYUNG on UnsplashAccording to Edaily, the two sides had planned a policy consultation on March 5 to finalize the draft. The meeting was later pushed back to this week but is now unlikely to take place, potentially delaying the government’s plan to complete stablecoin legislation by this month. The Digital Asset Basic Act is a comprehensive bill to regulate the crypto market, including issuance, distribution, disclosure, and listing of virtual assets. South Korea has more than 13 million crypto investors, and market participants see the legislation as a step toward reducing regulatory uncertainty. Meanwhile, the rapid rise of dollar-denominated stablecoins such as USDT and USDC has raised concerns that a slow regulatory response could undermine the country’s monetary sovereignty. Toss eyes dual role in KRW stablecoinsAmid ongoing debate over stablecoin regulation, Viva Republica, the operator of the payments app Toss, is preparing to move into the issuance and distribution of won-denominated stablecoins. At the 2026 Blockchain Meetup Conference last week, Seo Chang-whoon, corporate development director at Viva Republica, said Toss hopes to take on both roles in the stablecoin ecosystem, according to ZDNet Korea. “Toss would like to try serving both as a stablecoin issuer and as a distribution platform,” Seo said. The company is considering joining a consortium to issue a won-based stablecoin, which could include Toss, its financial affiliates, and traditional banks. Toss also plans to expand the token’s use through a dApp store, and indicated it may work with blockchain firms as it develops the business. Global firms are also studying the market potential for Korean won-backed stablecoins. DWF Ventures said in a report last week titled “South Korea’s KRW Stablecoin Opportunity” that a won-denominated stablecoin could offer meaningful benefits to domestic markets. The report argued that such a token could help reduce reliance on the U.S. dollar and curb capital outflows, while improving capital efficiency by allowing reserves to generate yield. With about 98% of South Koreans using digital payments, adoption could come quickly, the report said, adding that the system could also strengthen authorities’ ability to monitor and curb illegal activity. Survey finds modest optimism around BitcoinAmid growing expectations around stablecoin policy, a recent survey of South Korean crypto investors showed cautious optimism about Bitcoin’s price outlook this week. According to a weekly poll conducted last week by CoinNess and Cratos, 27.3% of respondents said they expect Bitcoin to rise or surge this week, up from 24% a week earlier. 32.2% predicted the price would move sideways, up from 28.1% the previous week, while 30.5% expected a decline or sharp drop, down from 47.9% a week earlier. When asked about market sentiment, 37% of respondents said they felt fear or extreme fear, while 32.2% described sentiment as neutral, and 30.8% said they were optimistic or extremely optimistic. Asked why they invest in cryptocurrencies, 33.9% of respondents said they see crypto as the only path to upward mobility. Another 32.5% cited confidence in the long-term value of Bitcoin and blockchain technology, while 25.5% pointed to its role as a hedge against instability in traditional finance. The remaining 8.1% cited volatility and 24/7 trading. According to CoinMarketCap data, Bitcoin was trading at $72,634.39 at the time of writing, up 9.34% over the past week. 

Hong Kong’s OSL crypto exchange receives $91M boostBC Technology Group, the owner of the licensed OSL exchange, has secured a HK$710 million ($90.9 million) investment from BGX.Photo by Precondo CA on UnsplashBringing clarity to BitgetX market withdrawalBGX is reportedly associated with Seychelles-incorporated crypto exchange Bitget. The investment, which was announced via statements published by both BC Technology Group and BGX on their respective websites on Tuesday, brings further clarity to the rationale behind Bitget’s recent decision to withdraw its BitgetX platform from the Hong Kong market.BitgetX was believed to be working towards crypto licensing in Hong Kong. Its decision on Monday to stop pursuing a virtual asset trading platform (VATP) license and withdraw from the market entirely had been perceived as a weakness of the regulatory regimen in Hong Kong. However, it now appears that it was just clearing the way for involvement in crypto trading brought about through its investment in OSL, an entity that has already acquired a trading license within the Chinese autonomous territory.BGX has entered into an agreement to acquire a 29.97% stake in BC Technology, OSL's parent company, pending shareholder approval. According to an announcement, BGX CEO Patrick Pan Zhiyong is set to become one of two new executive directors as part of this investment. Pan, concurrently serving as the CEO of BitgetX, will also oversee the transition as Bitget steps back from the market, scheduling its platform closure for Dec. 13.Sale rumors deniedReports emerged in October that BC Technology Group was considering the sale of OSL based on a $128 million valuation. Contrary to those reports, BC Technology vehemently denied any intentions to sell OSL, emphasizing its commitment to maintaining the exchange’s operations. The company dismissed such speculation as “factually inaccurate and highly misleading,” underscoring its dedication to navigating the evolving crypto landscape.Bitget, responding to inquiries from the South China Morning Post (SCMP), asserted its independence from BGX, stating that it is “an independent entity” with no legal or commercial connections to the crypto firm.BGX is incorporated in the Cayman Islands and wholly owned by Liu Shuai, the founder of Shenzhen Qianhai Junchuang Fund Management and Singaporean crypto fund Foresight Ventures. Liu’s investment portfolio includes Bitget, as well as U.S. crypto media group The Block, which was acquired by Foresight Ventures, according to reports earlier this week.The incorporation of BGX into BC Technology’s ecosystem introduces a dynamic player with diverse investments across the crypto space. Against the backdrop of Hong Kong’s changing regulatory landscape, with the introduction of a mandatory licensing scheme last year, BC Technology’s OSL was the first exchange to obtain a voluntary license from the Securities and Futures Commission (SFC) in 2020. The asset management division of the company received a trading license in May of this year. In August, OSL, along with HashKey, received approval from the SFC to upgrade their licenses, allowing them to serve retail investors.The evolving regulatory environment reflects Hong Kong’s ambition to position itself as a crypto hub, attracting both institutional and retail participants. While that endeavor is not without its challenges, the city hasn’t been adversely affected by BitgetX's withdrawal from the market, given this related investment in OSL.

Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody SolutionAssemble Protocol, a blockchain-based global point integration platform headquartered in Hong Kong, has announced a partnership with Ceffu, previously known as Binance Custody, according to South Korean blockchain news outlet Bonmedia.Ceffu serves as the sole institutional custody partner of Binance Exchange, the world’s largest cryptocurrency exchange based on trading volume. It started as a custodian platform in 2021 and underwent a rebranding from Binance Custody to Ceffu in February. Ceffu offers support for a diverse range of digital assets, including BTC, ETH, BNB, LTC, and XRP.Photo by rc.xyz NFT gallery on Unsplash$1M minimum depositThrough this collaboration, ASM, the native token of Assemble Protocol, has been included in the list of Ceffu’s supported assets, enabling ASM holders to securely store their tokens in the custodian’s cold storage. The custody service imposes a minimum deposit requirement of $1 million worth of digital assets.Reward points to ASM tokenAssemble Protocol offers users the ability to unify their reward points obtained from various debit and credit cards into ASM. By integrating these scattered rewards, users can conveniently manage and utilize their points through a unified digital currency. The platform also rewards participants within its ecosystem with tokens based on their contributions. The more participants contribute, the greater their rewards. Moreover, advertisers can pay fees to Assemble Protocol to promote their products within the ecosystem.Park Kyu-do, CEO of Assemble Protocol, expressed his appreciation for Ceffu’s support of ASM, emphasizing the security and transparency it offers for storing assets. Park also mentioned that the collaboration with the Binance ecosystem will lead to further expansion of the protocol.Meanwhile, Assemble Protocol plans to launch mobile and desktop versions of Assemble 2.0 later this year.