Indian railways to explore NFT ticketing during Holi festival

One in every two South Koreans has experience investing in cryptocurrency, Herald Business reported, citing a recent survey. The findings from the Korea Financial Consumers Protection Foundation’s (KFCPF) 2025 Virtual Asset User Survey were presented at a financial academic conference in Seoul on Feb. 27. The survey showed that people in their 30s were more likely to have invested in cryptocurrency than any other age group. Participation also rose notably among women and older adults. In particular, the average investment amount among older investors increased by roughly 2.3 times compared with 2023.Photo by Precondo CA on UnsplashCryptocurrencies ranked second among preferred investment vehicles, trailing stocks but ahead of real estate and bonds. About half of crypto investors access exchanges at least three times a week, the survey found. Around 40% have used additional exchange services, including crypto lending. Investors with less than 1 million won ($680) in holdings accounted for 25.3% of respondents. They also accounted for a disproportionately large share of reported financial damages, including losses stemming from exchange bankruptcies or hacks. Many were found to invest without fully understanding the risks involved. Experts urge stronger investor safeguardsLee Jung-min, a researcher at the Korea Financial Consumers Protection Foundation (KFCPF), said there has been a recent increase in debt restructuring applications from investors overwhelmed by interest payments and loans tied to crypto trading. She called for stronger safeguards to curb excessive investment hype and restore market confidence, as well as clearer legal guidelines on how user assets should be returned in cases of exchange failures or hacks. Citing the foundation’s research, Lee said many small-scale investors—particularly those with less than 1 million won ($680) in holdings or those who relied on online trading tip groups—had suffered financial harm. With disputes over small transactions rising, she added that regulators are considering a binding dispute resolution framework for small claims that could eventually be extended to crypto trading. Kim Eun-mi of the Korea Inclusive Finance Agency (KINFA) warned that the crypto market’s high volatility and information gaps pose heightened risks to financially vulnerable groups. She underscored the need for stronger safeguards, similar to those in place for vulnerable borrowers in traditional finance, and added that greater transparency over how policy loan funds are used would help authorities determine whether such programs are being diverted into crypto investments. KINFA CEO Kim Eun-kyung added that while the number of crypto participants has surpassed 10 million, consumer protection measures have not kept pace with the market’s rapid growth. Experts are calling for stronger financial education for older adults with limited knowledge of digital assets and low-income young people. Jung Dae, head of the Korean Academy of Financial Consumers, said 2024 figures from the Seoul Bankruptcy Court show particularly high rates of personal rehabilitation and bankruptcy among people in their 50s and 20s, driven largely by failed post-retirement businesses in the former group and heavy spending on online gaming and crypto investments in the latter. He urged policymakers to pair targeted interventions with rigorous research.  Crypto complaints jumpComplaints related to cryptocurrency surged in South Korea last month, as Bitcoin fell about 45% below its October peak. Cases categorized as “virtual currency” jumped from just 68 in December to 2,054 in February—more than a 30-fold increase—and were 55.5 times higher than a year earlier, according to SBS Biz, citing data released Feb. 27 by the Korea Consumer Agency and the National Council of Consumer Organizations. Analysts said the spike in crypto-related cases was largely linked to a promotional campaign by a trading platform that changed the terms of its API-linked subsidy program midway, triggering a wave of investor inquiries. Meanwhile, a weekly survey of Korean investors conducted by CoinNess and Cratos points to deepening pessimism in the market. Just 10.3% of respondents expect Bitcoin to rise this week, down from 15.5% a week earlier, while 64.2%—up from 52.8%—predict further declines. More than 61% said they feel fearful or extremely fearful, and only 11.2% expressed optimism. Still, despite mounting bearish sentiment and online claims that the crypto boom is over, 60.9% said they see extreme pessimism as a potential buying opportunity. 

Terraform Labs civil trial proceeds with confidential filingsSingaporean blockchain development firm Terraform Labs, the creator of the failed Terra blockchain protocol, has reached an agreement on a protective order in their ongoing civil case with the United States’ Securities and Exchange Commission (SEC).Photo by Thomas Habr on UnsplashData shielded from public disclosureThe decision, sanctioned by the U.S. District Court Judge Jed Rakoff in the Southern District of New York on Wednesday, ensures that materials marked as confidential by the involved parties will remain shielded from public disclosure. The court is obligated to seal any discovery filings labeled confidential ahead of the trial.Judge Rakoff conveyed his likelihood of denying requests to unseal these confidential documents, although the order did not delve into the specific rationale for maintaining their confidential status beyond citing “good cause.” The finalized agreement on this protective order took place on Dec. 18, with legal representatives from both the SEC and Terraform Labs, including co-founder Do Kwon, giving their consent. Kwon, presently detained in Montenegro, faces potential extradition to the United States or South Korea.Pivotal momentThe depegging of Terraform’s stablecoin TerraUSD (UST) from the U.S. dollar marked a turning point in the cryptocurrency sector. This event is believed to have significantly contributed to the crypto market downturn in 2022, as it had a knock-on effect on countless other crypto businesses and platforms that were over-exposed to the flawed algorithmic currency.That chain of events led to the SEC taking action after the fact. However, it has subsequently also pursued a much criticized “regulation by enforcement” policy relative to the crypto sector. To that end, the Commission has pending cases against Coinbase, Ripple, Kraken and Binance, among others.In February, the SEC accused Terraform Labs and Do Kwon of conducting a multi-billion dollar crypto asset securities fraud by offering and selling unregistered securities. As proceedings have unfolded, both Terraform and the SEC have traded unsuccessful attempts to obtain summary judgment.Far-reaching consequencesThe ongoing SEC vs. Terraform civil case carries potential far-reaching consequences in terms of legal precedents within the cryptocurrency sector. In a separate ruling in August, the court allowed Terra to issue subpoenas to FTX entities as part of FTX’s bankruptcy proceedings. Judge Rakoff, in November, accepted confidential materials from Jump Crypto Holdings for discovery in this case.Troubled crypto lender Genesis Trading has also been tangled up in the proceedings with the courts directing it to comply with a subpoena initiated by Terraform Labs. The outcome of this case is poised to offer essential legal guidance for numerous companies operating in the crypto space.The SEC’s regulatory approach toward cryptocurrency firms in the United States has been subject to considerable debate and criticism. The commission’s alleged “regulation by enforcement” strategy, especially in dealings with major players in the crypto industry, has drawn accusations.While many in the U.S. have been unhappy with “regulation by enforcement,” the upside is that over the longer haul, the courts will be able to eventually furnish the regulatory clarity that the SEC refuses to provide. The ongoing scrutiny of regulatory approaches and the outcomes of cases like Terraform Labs vs. SEC will undoubtedly shape the future legal landscape of the cryptocurrency industry.

Early on Thursday bitcoin surged to a record high in terms of its valuation in Japanese yen, outpacing its valuations in other leading fiat currencies such as U.S. dollars, euros, British pounds and Australian dollars. Currency devaluationThis increase in yen valuation can be attributed to the recent depreciation of the Japanese currency against the backdrop of continued money printing by the Bank of Japan (BoJ) and resurging inflation, which have collectively weakened sentiment surrounding the yen. Fiat currencies, including the Japanese yen, lack backing by hard assets and derive their value solely from market perceptions. The current rally of bitcoin is indicative of the prevailing market sentiments, with the yen exhibiting particular vulnerability among major fiat currencies. For instance, early market activity on Thursday witnessed bitcoin, often hailed by proponents as digital gold, hitting a fresh all-time high of 7.9 million yen on Tokyo-based cryptocurrency exchange bitFLYER. In contrast, the cryptocurrency's dollar-denominated price hovered above $52,000, still 32% below its peak of $69,000 in November 2021. This price disparity underscores the strain on the Japanese yen, fueled by the Bank of Japan's persistent liquidity easing measures, rising inflationary pressures and indications of economic fragility.Photo by jun rong loo on UnsplashEntering recessionThis recent surge coincides with reports confirming Japan's descent into an economic recession by the end of the previous year, slipping to fourth place behind Germany in terms of the world’s largest economies. While central banks worldwide, including the Federal Reserve, aggressively raised interest rates in attempts to curb inflation, the Bank of Japan maintained near-zero interest rates and continued printing fiat currency. A recession characterized by inflation without corresponding growth prompts investors to seek refuge in safer havens like gold and digital gold. With that, there could be further opportunities for bitcoin to make further in-roads in Japan. In 2023, Japan's core inflation, excluding volatile food and energy components from the consumer price index (CPI), rose by 3.1%, marking its most significant increase since 1982. Consequently, the yen depreciated to a 33-year low against the dollar, declining by 13% and 7.5% against the dollar previously, with an additional 6.4% decrease this year. Bitcoin's persistent premium in Japanese yen terms suggests that it may continue to maintain higher valuations unless the Bank of Japan accelerates its exit from the ultra-loose monetary policy it has been pursuing. That would make yen holdings relatively more attractive compared to other assets. Although a complete regulatory framework for digital assets in Japan is still lacking, the country has recently moved to make tax rules more crypto-friendly. Bitcoin's elevated valuation against the Japanese yen underscores the challenges facing Japan's fiat currency, driven by monetary policy decisions and economic uncertainties.