Thailand plans to enable tourists to spend crypto

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.

SBI Zodia Custody is discontinuing operations two years after its launch, Bloomberg reported. The joint venture was formed by Tokyo-based SBI Holdings and Zodia Custody, an institutional digital-asset platform backed by Standard Chartered, with ownership split 51% and 49% respectively.Photo by Haotian Zheng on UnsplashStrategic realignment behind exitAccording to people at the companies involved, the decision reflected shifting priorities at both partners. Zodia Custody chief executive Julian Sawyer described the move as a mutual alignment of strategy and said the company had prepared materials to seek local registration with Japan’s Financial Services Agency but had not filed an application before opting to exit. An SBI Holdings spokesperson said the dissolution did not signal a withdrawal from crypto custody or the company’s broader Asia strategy, describing the step instead as an effort to generate greater collective impact across SBI’s digital ecosystem. Security breaches shape regulatory climateThe retreat comes as overseas crypto businesses continue to face a cautious regulatory environment in Japan, a market shaped by several high-profile security breaches. Industry analyses have repeatedly noted that three of the largest crypto hacks targeted Japanese exchanges: Mt. Gox in 2014, Coincheck in 2018, and DMM Bitcoin in 2024. Mt. Gox lost about 850,000 BTC, now worth roughly $98 billion, and began making creditor repayments in July 2024 after years of legal proceedings. The repayment deadline was later extended to Oct. 31, 2025, and initial distributions totaled about 59,000 BTC, or just over 41% of the roughly 141,686 BTC earmarked for repayment, to an estimated 127,000 creditors. Coincheck’s 2018 breach involved what was then about $534 million in NEM tokens. Despite that episode, the company secured approval from the U.S. Securities and Exchange Commission (SEC) in November 2024 for a Nasdaq debut through a merger with Thunder Bridge. The transaction generated roughly $31.6 million in gross proceeds for the combined company. Moving forward, Coincheck is entering Europe through the acquisition of Aplo, a French-licensed digital asset brokerage. The most recent breach involved DMM Bitcoin, which had suspended operations after a May 2024 theft of more than 4,502.9 BTC. Its accounts and assets were transferred in March 2025 to SBI VC Trade, a cryptocurrency exchange owned by SBI Holdings, which said it would support 14 tokens previously listed on DMM that were not available on its own platform. Policy uncertainty as leadership shiftsAt the policy level, uncertainty is growing over Japan’s stance on crypto and blockchain following Prime Minister Shigeru Ishiba’s Sept. 7 announcement that he will step down. Ishiba, who took office in October 2024, has advocated for digital assets, with his latest remarks delivered at the WebX2025 event. There, he pledged greater state support for Web3 initiatives, describing the sector as a driver of innovation that could help address demographic decline and support broader economic change. Last month, Finance Minister Katsunobu Katō, seen as a potential contender to succeed Ishiba, said cryptocurrency could play a role in a diversified investment portfolio, noting its growing user base in Japan. While recent surveys show Sanae Takaichi and Shinjiro Koizumi as the leading preferences for the next Liberal Democratic Party leader, Katō has emphasized the need to foster a stable trading environment for digital asset stakeholders, balancing investor protection with industry innovation. Within this policy climate, SBI Zodia Custody’s shutdown underscores the operational and licensing challenges facing foreign-linked crypto ventures in Japan. 

Civic Group Files Embezzlement Complaint Against Former Kakao Chairman Over KLAY TokensA South Korean civic group, known as Economic Democracy 21, filed on Wednesday a prosecution complaint against Kim Beom-soo, the former chairman of the internet giant Kakao, and several executives from Kakao’s affiliated companies. The allegations at hand pertain to embezzlement, specifically revolving around the virtual asset known as KLAY.Photo by Tingey Injury Law Firm on UnsplashKlaytn’s native tokenKLAY represents the native token of the Klaytn blockchain, which was developed by GroundX, a blockchain subsidiary of Kakao.Legal breach claimsThe complaint, formally submitted to the joint crypto-crime investigation division of the Seoul Southern District Prosecutors’ Office, asserts that Kakao executives have breached the Act on the Aggravated Punishment of Specific Economic Crimes and the Capital Markets Act.Clandestine pre-salesWithin the detailed complaint, Economic Democracy 21 alleges that following the issuance of KLAY, Kakao’s executives conducted private pre-sales of KLAY tokens before their official listing. These pre-sales activities reportedly raised between KRW 150 billion and 300 billion ($113 million and $226 million). The accusation is that these funds were not channeled into business endeavors, but rather diverted for personal use.The complaint also contends that Kim and other executives withdrew KLAY tokens from the company under the guise of investments, compensation, and service fees related to “overseas investment business” since 2022. The civic group further asserted that these corporate leaders employed a program to manipulate transaction records, presumably with the intent of preventing third parties from discovering the nature of these transactions.