Worldcoin resumes services in South Korea after two months of suspended operation 

The Central Asian republic of Kazakhstan is planning to establish a pilot project that will enable the use of crypto as a means of exchange for goods and services within a specific zone. That’s according to a statement published on Akorda.kz, the official website of the President of Kazakhstan. The statement incorporates the text of a keynote speech delivered by President Kassym-Jomart Tokayev at the Astana International Forum. Tokayev stated: “We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services, and even beyond.”Photo by Engin Akyurt on PexelsWorking towards digital transformationThe initiative forms part of Kazakhstan’s efforts to make progress in terms of digital transformation, as well as an aspiration to become an IT hub within the Eurasia region.  For the purposes of the pilot program, the use of cryptocurrencies for the payment of goods and services has been authorized by the government within a pre-defined sandbox environment. Alatau City, an urban development located north of the Kazakhstani city of Almaty, has been chosen for the pilot scheme. Alatau has been established as a special economic zone and planned to become a hub for new technology and knowledge, alongside global tourism. It hosts the Innovation Technology Park together with the Kazakhstan National Nuclear Center, Institute of Nuclear Physics and the Physics & Technology Institute.It’s envisaged that the existing technology and knowledge base within Alatau will support its expansion into the area of crypto payments and blockchain development. In addition to crypto payments, other blockchain-based technologies related to taxation systems, investment and decentralized identity systems will be nurtured and encouraged within the Alatau special economic zone. Potential Eurasian crypto hubIn a recent opinion piece published by the Russian-language government-backed newspaper Kazakhstanskaya Pravda, Kanysh Tuleushin, Kazakhstan’s vice minister of digital development, suggested that the Central Asian republic has the potential to position itself as the region’s leading crypto hub.  Tuleushin also suggested that crypto mining operators could help to modernize the country’s energy sector, playing a role in stabilizing the country’s power grid, while making use of surplus electricity. Kazakhstan had proven to be a popular destination for Bitcoin miners in the past. However, the sudden influx of miners following a ban on the activity in China in 2021 was unplanned for.  The surge in electricity demand put the country’s electricity grid under pressure, leading to blackouts in some cases. In 2023 President Tokayev signed legislation into law that limited the energy use of domestic crypto miners. Despite that negative experience, it appears that Tuleushin has seen the benefits that the activity can bring when regulated and planned for. Back in March, it emerged that lawmakers in Kazakhstan had proposed the creation of a crypto bank. One obstacle to the creation of the bank is a lack of a crypto regulatory framework. According to a report published earlier this month, the National Bank of Kazakhstan is now in the process of preparing a regulatory framework for digital assets.

Hana Financial Group, one of South Korea’s largest financial institutions, plans to establish a new task force focused on digital assets, according to a report by News1. The move comes as the cryptocurrency market continues to expand and institutional adoption grows worldwide.Photo by POURIA 🦋 on UnsplashGroupwide crypto task forceThe company intends to use the task force to develop a coordinated response system linking its banking, card, and securities subsidiaries. It also plans to introduce crypto-related products, services, and infrastructure in line with forthcoming legislation on digital assets. As its first initiative, the task force will focus on stablecoin-related projects, including issuance and reserve management. Another key objective is to build a merchant network that enables customers to make payments using stablecoins. Beyond its crypto initiatives, Hana Financial Group also aims to expand the use of artificial intelligence (AI) to advance its digital finance capabilities. Ongoing AI research at the Hana Institute of Technology will serve as the foundation for integrating AI across the group’s subsidiaries, with a particular focus on enhancing sales divisions. Commenting on the initiative, Chairman Ham Young-joo said the group will strengthen its capabilities in both crypto and AI, underlining the transformative potential of digital assets in capital markets and payment networks. Paycoin expands retail acceptanceThe rising adoption of cryptocurrencies in South Korea is reflected in Paycoin’s (PCI) recent expansion into the convenience store chain Emart24. Operated by Danal Fintech, the blockchain affiliate of Danal, Paycoin now allows customers to make purchases with its PCI tokens at Emart24 locations, according to a report by Etoday. With 7-Eleven scheduled to start accepting PCI later this month, the digital asset will soon be usable across all four major convenience store chains in the country, joining CU and GS25, which already support it. Building on this momentum, Paycoin aims to expand its utility across a wider range of sectors, including restaurants, sports facilities, shopping malls, and accommodations. The platform has already established a presence at well-known eateries such as Domino’s and Pizza Hut, as well as at Dal.Komm, Danal’s coffee chain. Market manipulation probesHowever, the growing acceptance of digital assets has also brought side effects—specifically, a rise in crypto-related crimes. Amid stricter oversight, South Korea’s Financial Supervisory Service (FSS) has voted to refer alleged cryptocurrency market manipulators to law enforcement. The decision concerns two separate cases, Edaily reported. In the first case, a suspect is accused of generating illicit profits by artificially inflating the price of a particular cryptocurrency. The individual reportedly accumulated tokens worth billions of Korean won before placing a series of sell orders at higher prices. Using an application programming interface (API), the suspect repeatedly executed these orders, prompting ordinary investors to buy in and drive prices even higher—ultimately securing profits for the manipulator. The second case involves multiple individuals accused of employing similar methods across various tokens. They allegedly used APIs to automate trades, creating false impressions of high trading volumes and inflated prices to reap unlawful gains. These developments offer a broader view of how South Korea’s nascent digital asset industry is taking shape. The growing presence of cryptocurrencies in everyday life reflects Seoul’s push to align with the global trend of embracing crypto as both a new payment method and an emerging asset class. While crime prevention and investor protection remain key concerns, forthcoming legislation is expected to give regulators clearer guidelines. Ranked 15th worldwide in crypto adoption in this year’s Chainalysis study, South Korea continues to stand out as a market that merits close attention from investors and industry observers alike. 

Singaporean takes helm at Binance as CZ steps asideIn a significant leadership shift, Richard Teng, a seasoned professional with an extensive background in regulatory affairs, has assumed the role of Chief Executive Officer at Binance.News of the appointment came on Tuesday, in a tumultuous day in the crypto sector that saw Binance Founder and CEO Changpeng Zhao (CZ) step down following criminal charges in the U.S.Photo by Syed Hussaini on UnsplashStarting out at Binance SingaporeTeng, a Singaporean industry veteran, initially joined Binance in 2021 as the CEO of Binance Singapore, demonstrating his efforts at bolstering global compliance for the crypto giant. His trajectory within the organization has been noteworthy, progressing from leading regional markets to ultimately becoming the CEO. Binance’s official statement highlights Teng’s diverse experience, overseeing regions such as the Middle East and North Africa (MENA) and Europe, culminating in his responsibility for all markets outside the U.S.Before joining Binance, Teng held the position of CEO at the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). He had taken up that role following a spell as Chief Regulatory Officer at SGX, a Singapore-based multi-asset exchange, where he showcased his leadership in regulatory divisions, specifically shaping policies related to listing trading and clearing activities.Teng’s career is further distinguished by a 13-year tenure at the Monetary Authority of Singapore (MAS), where he served in various capacities, including Director of Corporate Finance. His involvement in regulatory matters spanning banking, insurance and capital markets, particularly during the late 1990s transformation of Singapore’s financial services sector, underscores his deep understanding of industry dynamics.In a statement, Teng expressed his commitment to leveraging his three decades of financial services and regulatory experience to guide Binance’s innovative team. Taking to the X social media platform, he stated:”We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.”Setting prioritiesWhile the broader crypto community was still digesting the settlement that had been struck by Binance and CZ with the Financial Crimes Enforcement Network (FinCEN), the U.S. Commodities Futures Trading Commission (CFTC) and the Office of Foreign Assets Control (OFAC) in charges related to money laundering, unlicensed money transmission and sanctions violations, Teng was already setting out his objectives going forward.Teng outlined that his focus will turn towards “reassuring users that they can remain confident in the financial strength, security and safety of the company.” Secondly, the industry veteran intends to concentrate efforts on “collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections.” Lastly, Teng highlighted “working with partners to drive growth and adoption of Web3” as another area where he will focus his attention.Analysts from American multinational financial services giant JPMorgan said on Wednesday that they see the Binance settlement as a positive for the crypto space as it removes uncertainty and risk from the company and the sector overall.