Harvest Global CEO considers offering BTC and ETH ETFs to mainland Chinese investors

Samjong KPMG and Xangle to explore on-chain data for crypto accountingSamjong KPMG, the South Korean branch of accounting giant KPMG, is set to collaborate with digital asset data research platform Xangle to conduct a joint study focused on discovering different ways to apply on-chain data in the realm of cryptocurrency accounting. That’s according to a report by local news outlet The Korea Economic Daily.On-chain data encompasses all transaction records found on a blockchain. This type of data enables real-time verification of transactions, benefiting from the blockchain’s transparency and decentralized framework. Despite these advantages, the complexity of accessing and interpreting on-chain data is often seen as a barrier to entry, requiring specialized knowledge.Photo by Sasun Bughdaryan on UnsplashCrypto accounting and tax filingThe partnership between the two entities is poised to tackle challenges in the crypto sector faced by enterprises. Samjong KPMG will use this collaboration to improve their cryptocurrency consulting services, offering solutions in areas like virtual asset issuance, asset management and disclosure, internal controls and the accounting and tax filing complexities associated with cryptocurrencies.ERP solutions for virtual assetsMeanwhile, Xangle will have the opportunity to gain insights into the practical needs and concerns of businesses in relation to on-chain data as the company is currently developing enterprise resource planning (ERP) solutions for virtual assets. The joint effort will enhance Xangle’s ability to align technical data with real-world business applications.Park Sung-bae, a Partner at Samjong KPMG, commented on this development, stating that the accounting firm plans to utilize the outcomes of their joint study with Xangle to address the uncertainties surrounding virtual asset disclosure requirements. This initiative is aimed at improving accounting transparency within South Korea’s cryptocurrency market.Lee Hyun-woo, Co-CEO of Xangle, highlighted that the company has concentrated on establishing the necessary infrastructure for processing on-chain data and conducting research to deepen their understanding of it. He added that their latest collaboration with Samjong KPMG will enhance Xangle’s expertise in the areas of cryptocurrency taxes and accounting. Lee underlined the platform’s commitment to streamlining the accounting processes related to virtual assets, viewing it as an initial step towards facilitating broader Web3 adoption.

Singaporean Authorities Uncover $1.3M Crypto Mining ScamFour foreign nationals are facing charges in a Singaporean court related to a cryptocurrency mining investment scheme that allegedly cheated investors out of over S$1.8 million ($1.3 million).According to reports in local media, the accused individuals are associated with A&A Blockchain Technology Innovation, a Singaporean company that was previously investigated for potential cheating offenses related to the very same crypto mining scheme in 2022. The accused include Dutch national Yang Bin, who was the Chairman of A&A Blockchain at the time of the offenses, and Lu Huangbin, Wang Xinghong, and Chen Wei, who held various roles within the company. Lu, Wang, and Chen are Chinese nationals.Photo by Arul Kumaran on UnsplashConspiracy to cheat chargesThe four individuals are collectively facing twelve counts of engaging in a conspiracy to cheat, involving the aforementioned sum of money. Additionally, they are charged with carrying out payment services without the required license.The charges are connected to a cryptocurrency mining investment scheme offered by A&A Blockchain between May 2021 and February 2022. The scheme promised investors a fixed daily return of 0.5 percent, luring them in by falsely claiming ownership of a large number of cryptocurrency mining machines.Unlicensed crypto exchangeDuring the period of August 2021 to February 2022, A&A Blockchain operated a cryptocurrency exchange named AAEX, facilitating the trading of multiple cryptocurrencies. However, the company operated without a proper license from the Monetary Authority of Singapore (MAS) for providing payment services in the country.Under the Penal Code, those convicted of cheating offenses can face penalties that include fines, imprisonment for up to a decade, or both. The accused face a total of 12 cheating charges, out of which 10 are amalgamated charges. If convicted of an amalgamated charge, the punishment could be doubled for a single incident of the offense. Furthermore, engaging in payment services without the necessary license can lead to a jail term of up to three years, a fine reaching S$125,000 ($92,000), or both.The cases against Chen, Wang, and Yang have been adjourned until next month. Meanwhile, Lu’s pretrial conference is scheduled for a later date in September. The charges against these individuals come in the wake of a large-scale operation targeting anti-money laundering offenses within the city-state.The operation resulted in the arrest and charging of ten individuals suspected of forgery, money laundering, and resisting arrest. The group had reportedly amassed assets worth approximately S$1 billion ($736 million), residing in affluent properties and owning luxury vehicles.Good actorsThe nascent nature of crypto is being used as a cover for scammers and while those bad actors get a disproportionate level of coverage, there are plenty of good actors engaging positively with the innovation at hand.As an example of genuine efforts being made in crypto mining, Beijing-based Canaan, a leading mining equipment manufacturer, intends to hold an event in Singapore next month to celebrate ten years in the business. Singapore is also home to well-known crypto miner, Bitdeer, a company with significant mining operations in North America, Bhutan, Norway, and elsewhere.As the industry matures and makes a better fist at self-regulation, in tandem with ever-improving regulations and controls at a national level, scammers using crypto-related activities as a foil for their criminal enterprise will be forced out of the sector.

Despite ongoing fluctuations in the cryptocurrency market, analysts suggest that sustained institutional activity is likely to underpin a near-term rebound. As Bitcoin recovered above $90,000 on Dec. 5, market observers began weighing potential risks against growing evidence of corporate and sovereign adoption.Photo by Austin Hervias on UnsplashStructural risks seen as limitedAccording to South Korean news outlet Etoday, Hong Sung-wook, a researcher at NH Investment & Securities, said that the recent slump in both Bitcoin and Strategy stock may weigh on shareholders but does not fundamentally threaten the company’s solvency. He noted that concerns that typically emerge during Bitcoin downturns seldom reflect new underlying risks. Addressing the potential removal of Strategy from the MSCI index, pending review results expected by Jan. 15, Hong indicated that the impact would likely be limited, as the firm has already exhausted its capacity to make additional Bitcoin purchases. However, he cautioned that prolonged share price weakness could force companies to reevaluate digital asset treasury (DAT) models. Such a shift, he warned, could trigger corporate sell-offs that would burden the broader market. Hong also addressed concerns related to stablecoins and future technology. Despite S&P Global Ratings assigning Tether its lowest grade of "weak," Hong observed that the issuer maintains reserves exceeding the USDT in circulation, rendering a mass withdrawal crisis unlikely. Regarding the threat of quantum computing, he argued that the timeline remains uncertain and that the Bitcoin network could mitigate future risks through consensus-driven protocol upgrades. Policy moves may offer market tailwindsLooking ahead, the analyst identified several constructive developments that could bolster the market, including the potential passage of a U.S. crypto market structure bill early next year. He also pointed to the anticipated nomination of Kevin Hassett as Federal Reserve Chair by President Trump. Hassett is expected to favor interest rate cuts, creating a potentially favorable macro environment. Additionally, Vanguard’s decision to permit the trading of select third-party crypto ETFs and mutual funds was cited as significant, given the asset manager’s historically conservative stance on digital assets. While the market has shifted into a broader risk-off mode, institutional demand for Bitcoin has continued to build, including activity that began well before the recent pullback. The Czech central bank recently established a $1 million test portfolio comprising Bitcoin, a USD stablecoin, and a tokenized deposit to research payment futures, though it clarified that it does not currently plan to add digital assets to its international reserves. In the academic sector, a Form 13F filing with the U.S. SEC revealed that Harvard Management Company, which oversees a $56.9 billion endowment, held 6.8 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of Sept. 30, a threefold increase from the previous quarter. Furthermore, BlackRock CEO Larry Fink reportedly stated at the New York Times DealBook Summit 2025 that multiple sovereign wealth funds have begun accumulating Bitcoin, according to Forbes. Korean banks advance crypto integrationThis shift toward institutional acceptance is also materializing within South Korea’s traditionally conservative banking sector. The Maeil Business Newspaper reported that Woori Bank recently became the first major South Korean lender to display real-time Bitcoin prices on its trading floor, allowing dealers to track the asset alongside equities and foreign exchange rates. Concurrently, Hana Financial Group announced a partnership with Dunamu, the operator of the Upbit exchange, to develop blockchain-based remittance services, according to The Korea Economic Daily. By leveraging Hana’s global network and Dunamu’s technology, the initiative aims to reduce settlement times and costs for cross-border payments. Hana intends to introduce the technology for transactions between its Korean offices and overseas branches as early as the first quarter of next year, with broader expansion planned as domestic regulations evolve. Hana intends to launch the service at overseas branches as early as the first quarter of next year, with gradual expansion planned as domestic regulations evolve.