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Korea to Tighten Scrutiny of Crypto Exchange Shareholders Amid Rising ConcernsSouth Korea’s financial regulator is stepping up efforts to evaluate the qualifications of majority shareholders of cryptocurrency exchanges, according to a report by local news outlet Newsis. This initiative follows instances where majority shareholders of local exchanges, including Bithumb, found themselves embroiled in criminal proceedings. Drawing parallels with the banking sector, the regulator is scrutinizing the credentials of majority shareholders to ensure compliance and integrity within the cryptocurrency exchange landscape.Photo by Terrence Low on UnsplashRevamping reporting requirementsThe Financial Intelligence Unit (FIU) under the Financial Services Commission recently set up a task force to revamp the reporting requirements for crypto exchanges.The upcoming requirements are anticipated to be integrated into the reporting forms that cryptocurrency exchanges must complete, starting in October of next year. Essentially, these stipulations will determine whether existing exchanges, such as Upbit, Bithumb, and Coinone, can sustain their operations in the future.Periodic evaluationAccording to the Enforcement Decree of the Financial Transaction Reports Act, all virtual asset service providers (VASPs), including exchanges, are mandated to submit a renewal report every three years. Upbit, having been the first to submit its initial report in October 2021, will join other crypto exchanges in updating their reports in October 2024.A majority shareholder qualification assessment is a process in which the government periodically checks whether majority shareholders have the necessary qualifications to operate a financial company. Through this process, the FIU aims to curb potential illicit activities by majority shareholders, who hold significant sway over cryptocurrency exchange operations, thereby mitigating any potential harm to the users.Regulatory grey areaThis measure emerged from concerns that majority shareholders of exchanges have existed in a regulatory grey area. In fact, under the Financial Transaction Reports Act, only exchange representatives and registered officers are required to report and undergo examination when declaring VASPs. This leaves the actual owners and controllers — the majority shareholders — unidentified and unexamined.The current circumstances involving VASPs are markedly different and more concerning compared to other financial sectors. In the banking sector, restrictions are placed on share ownership and voting rights if majority shareholders have breached financial laws or if they are capital entities forbidden from owning a bank. Similarly, online peer-to-peer lenders and large lenders are also under obligation to have their majority shareholders scrutinized, as they fall under analogous regulations.Fraud and manipulation allegationsThe heightened scrutiny is also thought to have been sparked by recent allegations of fraud and market manipulation involving some majority shareholders of Korean exchanges. For instance, Mr. Kang Jong-hyun, a majority shareholder of Bithumb, is currently facing a criminal trial for allegations of fraudulent and unfair trade activities under the Capital Markets Act. Additionally, Song Chi-hyung, the majority shareholder of Upbit and chairman of Dunamu, is facing a Supreme Court trial over alleged price manipulation through wash trading.Moves to amend legislationMeanwhile, efforts are underway in the National Assembly to amend the existing legislation. Yun Chang-hyun, a lawmaker from the ruling People Power Party and a member of the National Policy Committee, has recently proposed a bill to revise the Financial Transaction Reports Act. The amendment seeks to implement a majority shareholder screening system for VASPs.The proposed amendments would obligate VASPs, including crypto exchanges, to disclose information about their majority shareholders in their reports, thereby enabling the FIU to scrutinize any past financial crimes or economic offenses committed by these majority shareholders.

Emerging as one of the world’s major crypto hubs, the United Arab Emirates (UAE) is set to host Abu Dhabi Finance Week, described as the region’s largest financial and investment event, in the capital next month. Scheduled to take place from Dec. 8 to 11, the conference will feature leading figures from both traditional finance and the crypto industry. Notable speakers from traditional finance include Bridgewater founder Ray Dalio, Morgan Stanley International CEO Clare Woodman, and Franklin Templeton CEO Jennifer Johnson. Representing the crypto sector will be Binance CEO Richard Teng, Solana Labs CEO Anatoly Yakovenko, Circle CEO Jeremy Allaire, among others.Photo by Saj Shafique on UnsplashHashed, ADGM host Web3 policy talksAmong the partners for the four-day event is Seoul-based venture capital firm Hashed, which opened its Abu Dhabi office last year. The expansion followed its partnership with Hub71, the city’s global tech ecosystem, which aims to help more Korean startups expand into the Emirates. According to South Korean news outlet News1, Hashed, jointly with Abu Dhabi Global Market (ADGM) Emerging Tech, will host the Web3 Leaders Roundtable. The event will feature two sessions: one exploring next-generation digital infrastructure, where artificial intelligence and blockchain converge with the real economy, and another focusing on digital asset regulations, particularly how policies can be designed to balance innovation with oversight. Bybit courts UAE talentAbu Dhabi’s growing appeal as a hub for digital asset businesses is also underscored by crypto exchange Bybit’s recent participation in the annual NYU Abu Dhabi Career Fair. Concluding on Oct. 30, the event marked the trading platform’s first talent outreach initiative in the UAE. The participation comes after Bybit obtained a full virtual asset platform operator license from the Securities and Commodities Authority (SCA) last month. The occasion gave Bybit an opportunity to engage with students and recent graduates. The growing adoption of cryptocurrency in the country is reflected in Du’s launch of a crypto mining service aimed at individual users. As one of the UAE’s two major telecom operators, Du is leveraging its nationwide data centers to allow residents to rent the necessary computing power on a subscription basis to mine digital assets, according to a report by the Emirates-based newspaper The National. Du’s cloud platform powers user miningJasim Al Awadi, Du’s chief information and communications technology officer, said the new service is powered by Cloud Miner, a platform introduced last year under the company’s sub-brand Du Tech. He explained that as the service evolves, users will gain access to a calculator that estimates their potential monthly Bitcoin earnings. Du also intends to continue enhancing and expanding its mining-as-a-service offering. The launch coincides with a period of volatility in the crypto market. On Nov. 5, Bitcoin fell below the $100,000 mark for the first time since June 23, dropping to $99,992.01 against USDT on Binance before recovering to above $103,000. 

Iranian authorities last week introduced new restrictions on stablecoin transactions, limiting individuals to an annual purchase cap of $5,000 and a total holding limit of $10,000. According to a report from Iran International, licensed digital platforms have one month from the effective date to enforce these new regulations on all users.Photo by Hadis Malekie on UnsplashRial decline fuels stablecoin uptakeThe move coincides with the continued devaluation of the national currency, with the Iranian rial reaching an all-time low of 1,136,500 per U.S. dollar on Sept. 27. This currency plunge occurred just before the reimposition of United Nations sanctions, which took effect at 00:00 UTC on Sept. 28. Since then, the rial has weakened further, reaching a new low of 1,170,000 per U.S. dollar as of publication, as per data from Bonbast.  For many Iranians, stablecoins like USDT have become an essential financial tool, providing a hedge against inflation and a means to transfer funds internationally, bypassing the traditional banking system. The adoption of these U.S. dollar-pegged digital assets has reportedly grown since the escalation of conflicts with Israel and the U.S. earlier in the year. These new financial controls follow recent actions by the U.S. to counter what it describes as Iranian "shadow banking" networks. On Sept. 16, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Iranian financial operatives and their network of companies in Hong Kong and the United Arab Emirates (UAE). A press release stated these entities used cryptocurrency and front companies to transfer funds from oil sales, benefiting Iran’s IRGC-Qods Force (QF) and its Ministry of Defense and Armed Forces Logistics (MODAFL). The U.S. Treasury asserts these funds are funneled into regional proxy groups and the development of advanced weapons programs.U.S. dollar to rial chart Source: BonbastHack on Iran’s top crypto platformIran’s private digital currency sector has also faced mounting security pressures. In June, Nobitex, the country’s largest crypto exchange, was hit by a major exploit that drained about $90 million in assets, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), Tron (TRX), and TON. A pro-Israel hacker group known as Predatory Sparrow, or Gonjeshke Darande, later claimed responsibility in a post on X. The attack took place during heightened military tensions that began with Israeli strikes on Iranian military and nuclear facilities on June 18, 2025. According to analysis by TRM Labs, digital assets are increasingly integral to Iran's efforts to navigate international sanctions and advance its geopolitical interests. Iranian exchanges, including Nobitex, process billions in cryptocurrency transactions. These platforms have been noted for permitting large withdrawals without stringent Know Your Customer (KYC) protocols and for employing sophisticated methods to obscure the origins and destinations of funds. At the same time, these exchanges are not used solely for state-level purposes. For many ordinary Iranians, grappling with inflation and economic isolation, digital assets represent a practical tool for safeguarding savings and maintaining limited access to the global economy, underscoring the dual role that cryptocurrency plays in the country.