Bybit joins quest for VATP license in Hong Kong

Japanese regulators are scrambling to police a chaotic fringe of opportunistic crypto projects, even as the country’s traditional banking heavyweights and global exchanges race to establish themselves in a rapidly expanding digital asset market.Photo by Aditya Anjagi on UnsplashOn the regulatory front, authorities are considering a criminal investigation into “Sanae Token,” a token named after Prime Minister Sanae Takaichi, DL News reported. Issued in late February on the Solana blockchain, the token was created by NoBorder, a video production team and decentralized autonomous organization led by Japanese entrepreneur and YouTuber Yuji Mizoguchi. As of late January, NoBorder had not obtained a crypto exchange license and reportedly had not applied for one. Takaichi says govt never authorized tokenBefore reports of the investigation emerged, Takaichi said in a March 2 statement on X that she had no knowledge of the project and that the government had not authorized it. She added that the clarification was necessary to prevent the public from being misled. According to Phantom wallet data, the token has a total supply of 1 billion and is currently trading at $0.00415291, giving it a market capitalization of roughly $4.2 million. The Financial Services Agency (FSA) is conducting voluntary interviews with involved parties to establish the facts. As regulators move to curb opportunistic actors exploiting a nascent but expanding market, established global crypto firms are continuing to deepen their presence in the region. Crypto exchange Binance plans to secure five additional regulatory licenses in Asia this year, according to Nikkei Asia. The exchange currently holds licenses in Japan, Australia, India, Indonesia, New Zealand, and Thailand. It is also expected to gain a South Korean license through its planned acquisition of local exchange Gopax. Binance aims to expand its total number of licensed jurisdictions to more than 20 by securing further approvals across Asia. TradFi deepens crypto pushJapan’s traditional financial institutions are also accelerating their blockchain efforts. South Korean news outlet Newspim reported that Bank of Japan Governor Kazuo Ueda announced plans to technically verify a blockchain-based system that would digitize a portion of current account deposits for settlements. Made at FIN/SUM 2026, a major fintech event co-hosted by Nikkei and the FSA, the comments suggest the central bank is moving beyond merely studying a central bank digital currency and may begin experiments linking its funds directly to blockchain infrastructure. Further underscoring this institutional push, Cointelegraph reported that Mitsubishi UFJ Financial Group (MUFG), one of Japan’s three largest banks, will conduct a joint stablecoin pilot program alongside Mizuho Bank and Sumitomo Mitsui Banking Corporation. 

Korean Travel Rule Solution Provider CODE to Start Charging Monthly Fees Next MonthSouth Korean Travel Rule solution provider CODE, established in collaboration between local cryptocurrency exchanges Bithumb, Coinone, and Korbit, has announced the implementation of service fees starting next month. Up until this point, CODE has been offering its services free of charge. The notification regarding this change was issued to CODE’s clientele, which includes various crypto exchanges, as reported by local tech news outlet Digital Daily.Photo by Kenny Eliason on UnsplashTravel RuleThe Travel Rule regulations, set by the Financial Action Task Force (FATF) and Korean legislation, require Korean trading platforms to maintain records of both the sender and recipient’s information for virtual asset transactions exceeding 1 million KRW ($780). The FATF, founded in 1989 and headquartered in Paris, is an international financial watchdog dedicated to combating global money laundering and terrorist financing.More competitive priceCODE is anticipated to offer its services at a more competitive price of 1 million KRW ($780), in contrast to its rival VerifyVASP (VV), which introduced a monthly fee of $1,800 earlier this year. VV is a product developed by Lambda 256, a subsidiary of Dunamu, the parent company of Upbit, the largest cryptocurrency exchange in Korea.CODE launched its services in March last year. Among its crypto exchange members are Gopax, Cashierest, and Coredax. In December, the Travel Rule solution provider appointed Lee Sung-mi, the former compliance officer of Bithumb, as its new CEO, and since then, it has accelerated its monetization plan. Prior to Lee’s appointment, Coinone CEO Cha Myung-hun had been at the helm of CODE.

Circle introduces Circle Mint with zero-fee USDC mintingIn a move designed to enhance accessibility and compliance, Circle, the issuer of leading U.S. dollar stablecoin USDC, has introduced the “Circle Mint” facility.Singapore launchIn a recently published blog article on its website, the company outlined that the zero-fee minting service is set to launch initially in Singapore. In June, Circle Internet Singapore, the company’s Singapore-incorporated subsidiary, secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). In this most recent announcement, the firm indicated that given the MPI licensing award, it was most appropriate to launch the service initially in Singapore.Circle executives, alongside its co-founder and CEO Jeremy Allaire, were attendees at the Singapore Fintech Festival on Wednesday, an annually organized knowledge platform for the global fintech community. Taking to the X platform, Allaire stated:“It was an honor to host [Singapore President, Tharman Shanmugaratnam] with the @circle team at @sgfintechfest where we officially launched Circle Mint Singapore.”Photo by Mike Enerio on UnsplashCircle Mint facilityCircle Mint Singapore will attempt to strategically position itself as a trusted gateway to the world of digital currencies, emphasizing compliance with MAS regulations. For Singapore-registered entities, the facility offers a range of benefits.Rather than a traditional bank account, Circle Mint is a digital wallet that enables users to send, receive and store digital assets. There will be no minting fees as part of the offering. Customers will be able to take advantage of a zero-fee product offering for both the minting and redemption of USDC. The move eliminates additional risks and additional fees, as well as the ability to do away with the lengthy transaction times often associated with brokers and resellers.Circle Mint Singapore has been designed to align seamlessly with MAS regulations. In that way, the company can reassure its customer base that financial activities are conducted efficiently, securely and compliantly within the regulatory framework.Instant availabilityInstant availability is another feature that Circle is enabling through its Circle Mint product offering. Fiat funds from users’ bank accounts can be swiftly and automatically converted to USDC. That’s thanks to the instant settlement networks of participating banks. Circle Mint Singapore is also planning to expand access to regional banking rails for near-instant settlement, streamlining transactions for users.As digital currency adoption gains momentum in the Asia Pacific (APAC) region, Circle Mint Singapore’s initiatives have the potential to play a pivotal role in making digital currencies more accessible for businesses in this dynamic market.Asian market emphasisIn addition to this latest product offering, other recent activities of the global financial technology firm in recent weeks suggest that it has placed a strong emphasis on market growth in the APAC region.In September, the firm partnered with Southeast Asian super-app Grab. As part of that collaboration, Circle’s Web3 services platform is being integrated into the app to facilitate blockchain-enabled solutions. The move will see Grab’s 25 million users exposed to the facility of a digital wallet within the app.Similarly, the following month, Circle followed up with a deal with Taiwan FamilyMart, a convenience store chain, and the BitoPro cryptocurrency exchange. Once again, Circle’s Web3 services platform is being integrated, this time into the FamilyMart app, so as to enable the redemption of loyalty points in USDC.