Bitcoin records this year’s highest in Korean market, surpassing KRW 60M

The Russian authorities are in the process of bringing in a national registry for crypto mining equipment, with registration to be a mandatory requirement for all operators. That’s according to a report published by Russia’s state-owned news agency, Tass, on Feb. 3. The registry is being established by the country’s Ministry of Energy, with Yevgeny Grabchak, deputy minister of energy, heading up the project.Photo by Egor Filin on UnsplashThe measure is being introduced as part of a raft of amendments to existing mining regulations. The objective is to improve oversight relative to crypto mining activity within the Russian Federation.  Unauthorized mining has been a concern for the Russian authorities for some time. According to the TASS report on this development, the registry would make mining without equipment registration “impossible.” Late last year, a Russian government commission moved to ban crypto mining in specific regions of the country. Management of the power grid was understood to be the main motivating force. Crypto mining activity had caused power shortages in some areas.  A seasonal ban was implemented, running from December to mid-March, with the measure to be repeated each year until 2031. In August of last year, Russian President Vladimir Putin had signed into law legislation that recognized the legitimacy of crypto mining in Russia.  Illegal mining, particularly within these restricted regions, continues to be a concern for the authorities, prompting this latest measure. Additionally, the authorities plan on establishing clear criteria in order to define crypto mining and deal with gaps in current legislation which may be enabling illegal and unregistered operators to carry out such mining activity. According to a report last month by local news media outlet Prime, Russia saw a surge in demand for Bitcoin mining equipment in Q4 2024. Crypto equipment demand increased threefold in comparison with the same quarter in 2023. Addressing the need for a crypto equipment registry, the Russian government stated: “It is important to adapt the law ‘On Mining’ to the current situation, in particular, based on practical experience, to formulate clearer criteria for classifying activities specifically as the production of digital currency.” While efforts are being made to get a firmer grasp on unauthorized mining in areas that are being impacted by power shortages, work is also being done to use crypto mining as a mechanism to fully exploit surplus energy.  Last month, it was revealed that Russian state-owned power company Rosseti is evaluating Bitcoin mining as a means through which surplus energy can be utilized in low-demand regions. In a separate development, the TASS news agency also reported on Feb. 3 that crypto miners are now in a position to report their earnings via online accounts with Russia’s Federal Taxation Service (FNS). The TASS report stated: “A new function has appeared in the personal accounts of taxpayers. With the help of the online service, users can now send information about receiving digital currency to the tax authority.” The feature appears once the registered user submits an electronic signature. 

Crypto.com Plans to Launch Its Services in South Korea This YearIn an interview with local news outlet Global Economic, Patrick Yoon, General Manager Korea of Crypto.com, shared the global cryptocurrency exchange’s plans to launch its services in South Korea this year. Yoon, who previously held positions at Standard Chartered Bank and Visa, joined Crypto.com in September 2021.Expansion into KoreaAccording to Yoon, Crypto.com is actively preparing to meet the requirements for obtaining a real-name account from a Korean commercial bank. In Korea, virtual asset trading platforms are legally obliged to secure such a bank account in order to support the trading of the nation’s fiat currency, the Korean won. The exchange secured virtual asset service provider registration in South Korea last year through the acquisition of Korea-based virtual asset exchange OK-BIT.Photo by Anna Evlanova on UnsplashCollaboration with Korean ent industryDuring the interview, Yoon emphasized the growing global popularity of Korean entertainment content, including drama and music. He mentioned that Crypto.com is engaging in discussions with various Korean intellectual property holders and entertainment studios to explore innovative ways to introduce Korean culture and art to international crypto audiences. Notable collaborators include entertainment company Fantagio, K-pop girl group Mamamoo, content studio Astory, and production house Studio Dragon.Crypto.com’s global presenceFounded in 2016, Crypto.com has garnered an impressive user base of 80 million worldwide. The crypto exchange has been actively obtaining regulatory approvals in many countries, including France, the United Kingdom, Dubai, Australia, Italy, Greece, and the Cayman Islands.Recent developmentsCrypto.com also recently obtained a virtual asset service provider registration from the Bank of Spain, the central bank of Spain. Prior to this accomplishment, the company received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the central bank of Singapore. While Crypto.com continues to make progress in various jurisdictions, it made the strategic decision to discontinue its institutional offering in the United States due to limited demand in that particular market.

Gate.HK, cryptocurrency exchange Gate.io’s Hong Kong entity, is discontinuing its operations and has retracted its application for a crypto trading platform license with the local regulator. The company announced on Wednesday a planned "major overhaul" of its platform and has ceased new user registrations and deposits immediately. In compliance with local regulations, Gate.HK will delist all tokens—including major ones like Bitcoin, Ether and USDT—on May 28, urging users to withdraw their assets by August 28. The trading platform, which launched officially in May 2023, aims to re-enter the Hong Kong market in the future after securing the necessary approvals and contributing to the virtual asset ecosystem.Photo by Kelly Sikkema on UnsplashRegulatory environment and industry responseThe withdrawal of the license application, initially submitted in February 2023, was noted on the website of the Hong Kong Securities and Futures Commission (SFC) on May 22, without a disclosed reason for the withdrawal. The SFC mandates that crypto trading platforms without a submitted license application by Feb. 29 must shut down by May 31 or within three months upon receiving further notice. This regulation has impacted several platforms, including HKVAEX and Huobi HK, both of which have recently withdrawn their license applications and ceased operations or faced operational uncertainties in the region. Currently, the SFC is reviewing applications from 20 crypto firms, indicating significant interest among global exchanges in securing retail trading licenses in Hong Kong.