Crypto.com faces criticism for forcing through 2021 token burn rollback

Duncan Chiu, a member of Hong Kong's Legislative Council, has expressed concerns over the stringent regulations imposed on cryptocurrency exchanges by the Securities and Futures Commission (SFC). In an opinion piece for the Hong Kong Economic Journal, Chiu argued that these rigorous standards have deterred major global exchanges from entering the Hong Kong market, undermining confidence in the region's commitment to developing Web3 technologies. He highlighted the recent withdrawal of license applications by prominent exchanges such as OKX, Gate.io and HTX as indicative of the flaws in the current regulatory framework.Photo by Chapman Chow on UnsplashLicensing system and industry developmentChiu criticized the fragmented approach to policy development for Hong Kong’s virtual asset market, noting that various aspects like VATP (Virtual Asset Trading Platforms), stablecoin issuance and virtual asset over-the-counter trading are managed by different departments without strategic industry consideration. He also mentioned feedback from license applicants who feel that the authorities lack a forward-thinking vision for fintech and are applying traditional financial principles too rigidly to the dynamic and innovative sector of Web3. Furthermore, Chiu pointed out the disconnect between the industry and regulators, particularly in the experience required of management in licensed crypto operations versus the practical experience of regulators in Web3, complicating effective communication and progress. 

Antpool overtakes Foundry as largest bitcoin mining poolAntpool, a Singapore-headquartered open access mining pool that supports ten cryptocurrencies, has recently surpassed Foundry USA to become the foremost bitcoin mining pool in terms of monthly blocks mined.That’s according to a report published by TheMinerMag, a bitcoin mining industry publication run by New York public relations firm BlocksBridge Consulting.This development indicates a shift in bitcoin mining pool dynamics since January 2022. According to Bitcoin network data, Antpool mined 1,219 blocks in November, slightly edging out Foundry USA’s 1,216 blocks. The total rewards for Antpool’s miner clients reached 8,672 BTC, excluding the 83.6 BTC designated for refunds.Photo by Norman Wozny on UnsplashBitmain affiliateAntPool is an affiliate company of leading crypto mining equipment manufacturer, Bitmain. This surge in Antpool’s hashrate aligns with Bitmain’s substantial importation of over 4,800 metric tons of Antminer S19XP and S19XP Hydro to its U.S. subsidiary in Georgia between June and November. These imports have contributed to an estimated total hashrate exceeding 37 EH/s. The exact activation status of Bitmain’s imported hashrate and whether it is utilized for its own purposes, remains unclear.Foundry USA had previously held the leading position in mining pools since early 2022, benefiting from the rise of North American mining operations following China’s crackdown in 2021. While Antpool consistently secured the second position, its hashrate began closing the gap on Foundry USA around June this year.China vs. U.S. competitive dynamicThe two companies dominate bitcoin mining. With one having a parent company headquartered in China and the other being U.S.-centric, their positioning in terms of overall blocks mined is being seen by some as a reflection of competition between entities in China and the United States in terms of bitcoin mining dominance. Addressing that dynamic in response to CoinDesk recently, CryptoQuant Web3 Analyst Bradley Park wrote:“China is aggressively mining ahead of the approval of a Bitcoin ETF. As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity. This is because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty.”The bitcoin hashrate has been climbing continuously throughout 2023, reaching new all-time highs along the way.It’s worth noting that despite Antpool’s dominance in blocks mined, data from BTC.com reveals that the company’s self-reported real-time hashrate consistently lags behind Foundry USA’s over the past three months. The cause of this discrepancy remains uncertain, raising questions about variance or reporting errors affecting Antpool’s real-time hashrate.Bitmain established Antpool in 2014, and it was later spun out of Bitmain to become an independent entity in 2021. Meanwhile, Foundry is a wholly owned subsidiary of Digital Currency Group (DCG). Both Bitmain and DCG have been facing financial challenges over the course of the past year.In a separate development, Foundry took to social media platform X on Thursday to confirm that it is discontinuing support for The Graph protocol, Axelar Network, Polkadot and Flow. The firm said that the changes were decided upon in order to better align the business with its strategic business goals.

South Korea’s benchmark stock index, the KOSPI, crossed the 5,000 mark for the first time on Jan. 22, sparking excitement across the market. With investor sentiment improving, the ruling Democratic Party of Korea (DPK) has floated the idea of using digital assets to help boost the KOSDAQ—Korea’s secondary stock market—toward the 3,000 level.Photo by Burak The Weekender on PexelsThe proposal was raised during a luncheon at the Blue House attended by DPK members and President Lee Jae-myung. During the meeting, DPK lawmaker Min Byeong-dug highlighted the role cryptocurrencies could play in expanding the KOSDAQ, according to the Maeil Business Newspaper. While the KOSPI is home to large, established firms with strict listing requirements, the KOSDAQ operates under looser standards and primarily lists small and medium-sized companies, including startups. Leveraging STOs and stablecoinsMin’s argument is that the KOSDAQ could grow further if these companies begin using digital asset tools such as security token offerings (STOs), won-pegged stablecoins, and other crypto-based products. The lawmaker also pushed back against the idea that traditional banks should be the principal force behind won-backed stablecoin initiatives—putting him at odds with the direction favored by the Bank of Korea. The Korean government and the DPK aim to finalize legislation covering won-pegged stablecoins by March, as debate continues over which entities should be allowed to issue them. Citing financial stability concerns, regulators have signaled that early issuance should be restricted to bank-led consortia in which lenders maintain a controlling stake. However, the push to frame digital assets as a new engine for market growth comes at a time when South Korea’s crypto trading activity has cooled sharply. Data from CoinGecko, cited by the Maeil Business Newspaper's Telegram channel, showed that combined daily trading volume across the country’s five largest exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—totaled 3.46 trillion won ($2.36 billion) on Jan. 18, down more than 80% from a year earlier. Average daily trading volume in January 2025 hovered near 10 trillion won ($6.8 billion), driven in part by optimism that Donald Trump’s return to the U.S. presidency would boost the market. Exactly a year later, that momentum has faded, with daily volume falling below five trillion won ($3.4 billion) and only briefly rising above that level on Jan. 6 and Jan. 14. The slowdown is also visible in pricing. Bitcoin, the world’s largest cryptocurrency, is currently trading at around $89,000, roughly 30% below its all-time high recorded on Oct. 7, 2025, and has fallen 6.58% over the past week. Investors demand utility as hype fadesRegardless of price fluctuations, the legislative push suggests an ongoing interest in treating digital assets as a functional layer of the financial system. For Min’s proposal to translate into real support for the stock market, however, the crypto products linked to KOSDAQ growth would need to prove clear practical value. That emphasis is echoed in investor sentiment. A recent weekly survey by CoinNess and Cratos of 2,000 Koreans found that the most common belief about what altcoin projects need to survive is real-world usefulness and the ability to generate revenue: 37.5% of respondents chose that option. Another 21.8% pointed to listings on major exchanges, while 20.2% cited the importance of a compelling narrative aligned with market trends. Meanwhile, 10.9% said a large community mattered most, and 9.6% said altcoins are unlikely to succeed under any circumstances.