Kyobo Life Insurance joins Circle’s Arc testnet amid growing crypto interest in Korea

In a first for Bolivia, Japanese automaker Toyota saw one of its vehicles purchased with the stablecoin USDT, according to a recent X post by digital asset trust company BitGo. The transaction underscores growing cryptocurrency adoption in the Latin American country, which is grappling with soaring inflation and a shortage of U.S. dollars. The transaction was facilitated by a partnership between Toyosa (the official Toyota distributor in Bolivia), BitGo, and Tether, the issuer of the USDT stablecoin. The sale highlights the increasing use of digital assets for commercial and retail payments, as the global stablecoin market cap recently reached an all-time high of $293 billion at the time of publication. Confirming the milestone, Tether CEO Paolo Ardoino stated on the social media platform X that, in addition to Toyota, the USDT stablecoin is now also accepted by distributors of BYD and Yamaha vehicles in Bolivia.Photo by Christina Telep on UnsplashCrypto use surges amid inflation and dollar shortage The development comes as Bolivia faces 25% inflation, the highest in 34 years. With the local economy under pressure, many Bolivians are moving their money into cryptocurrencies in an effort to protect their savings, according to Bloomberg. U.S. dollars have become increasingly scarce. Unofficial exchange rates have jumped to 14 bolivianos per dollar, nearly twice the government's rate. That gap is pushing people toward stablecoins like USDT, which are easier to access and hold their value. The shift is already showing up in payment trends. Digital transactions surged more than fivefold in the first half of 2025, reaching nearly $300 million. Regional adoption and Toyota’s blockchain pushThe rise in crypto use in Bolivia is part of a broader shift across Latin America. According to a recent report from analytics firm Chainalysis, crypto adoption in the region jumped from 53% to 63% in the 12 months ending June 2025. The only region to outpace this growth was Asia-Pacific, which saw a 69% year-over-year increase. El Salvador stands as another prominent example in the region, having adopted Bitcoin (BTC) as legal tender in September 2021 and currently holding over 6,300 BTC in its treasury. Separately, Toyota Motor Corporation has been actively exploring applications for blockchain technology. In March, its subsidiary Toyota Financial Services, in collaboration with Daiwa Securities and MUFG Bank, launched its first security token bonds on Progmat, a platform founded by MUFG with backing from other big banks like Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho. The initiative is aimed at strengthening the Toyota Group’s ties with individual investors and supporting the growth of the digital bond market. 

South Korea Reveals Guidelines for Public Officials’ Virtual Asset DisclosureSouth Korea’s high-ranking government officials will soon be obliged to divulge specific information regarding their virtual asset holdings, including types and quantities, as part of their wealth declaration process. The Ministry of Personnel Management (MPM) issued a press release yesterday, announcing revisions to the Enforcement Decree of the Public Service Ethics Act. These amendments are slated to come into effect on December 14.Photo by Chris Boland on UnsplashIn addition, officials holding positions of rank one or higher will be required to disclose the methods through which they acquired their virtual assets. They must also furnish documentation of transaction records for a period of one year.These amendments to the decree come in the wake of the revised Public Service Ethics Act, which was passed in May. The primary aim of this act is to make it obligatory for government employees to declare their virtual asset holdings. The changes to the decree can be summarized into five main points.Types and amountsFirst, officials obligated to disclose their wealth must report the types and amounts of virtual assets. The prices of virtual assets traded on Upbit, Bithumb, Coinone, and Korbit — all virtual asset service providers (VASPs) designated by the Commissioner of the National Tax Service — are required to be reported using the average daily price observed on the reporting day. As for other assets, their values should align with their most recent market prices. In cases where determining these prices is not feasible, they should be reported at reasonable values that reflect transaction prices.Acquisition methodsSecond, high-level public officials must explain how they acquired virtual assets. Under the existing regulation, officials are obligated to reveal both the date and method of acquisition, along with the source of funds. However, following the adoption of the updated decree, they will also be required to provide analogous information for virtual assets.Year-long transaction historyThird, comprehensive guidelines will be established to outline the process of reporting virtual asset transaction history records. Officials subject to the disclosure requirement must divulge all virtual asset transactions conducted within the past year, even if they do not possess such assets on the day of reporting. They are obligated to furnish documentation prepared by VASPs.Officials and their family membersFourth, officials are required to permit VASPs and other relevant institutions to provide the Government Ethics Committee with information on virtual asset holdings owned by both themselves and their family members. This will be facilitated through the inclusion of virtual assets in the existing information provision agreement, similar to the approach applied to other types of assets such as real estate.Addressing conflict of interestLastly, the revised decree could potentially impose restrictions on certain public officials with regard to possessing virtual assets, especially when their responsibilities encompass tasks like formulating relevant policies, granting approval for virtual assets, and overseeing taxation matters related to them. The outcomes of these restrictions will be reported on an annual basis to the Government Ethics Committee.In a briefing regarding this development, MPM Vice Minister Lee In-ho underscored the significance of the amended decree as the regulatory framework for enforcing the requirement of public officials to declare their virtual assets. He highlighted the Korean government’s commitment to ensuring that public servants adhere to accurate reporting practices concerning virtual assets, thereby preventing unlawful accumulation of wealth.

Huobi Aims for Hong Kong License Within 6–12 MonthsAccording to Justin Sun, the founder of layer one blockchain Tron and advisor to Huobi, the cryptocurrency exchange could have obtained a crypto trading license in Hong Kong by the end of the year.Photo by Pixabay on PexelsApplication submissionIn an interview with CoinDesk TV on Friday, Sun revealed that Huobi recently submitted an application to become a virtual asset service provider (VASP) in Hong Kong. While the approval process typically takes up to 18 months, Sun expressed optimism that a decision could be reached within the next six to twelve months.A legacy Chinese cryptocurrency exchange was driven out of the country a few years ago following the implementation of a crypto trading ban, and is now a Seychelles-headquartered company which currently has offices in Singapore, Japan, South Korea, and the United Kingdom.It had been previously understood that at least 10 companies with Chinese founders, including OKX, Bybit, and Huobi, had either announced or were known to be planning to announce their bid for licenses in Hong Kong. Sun’s comments today add clarity to the matter.Sun highlighted that during this grace period, which spans the next 18 months, the specific details of regulations will be developed. This includes guidelines on compliance with customer withdrawals and anti-money laundering requirements. He further explained that with the approval, Huobi Hong Kong will be able to operate, onboard customers, establish banking relationships, and serve its user base effectively.In a strategic move, Huobi relocated its headquarters from Singapore to Hong Kong, driven by the city’s aspirations to become a leading virtual asset hub as early as this summer. The exchange’s decision to establish a presence in Hong Kong positions it favorably to leverage the emerging opportunities in the region.Expectations of more applicantsWhile it’s not entirely clear who else has applied, Sun speculated that five to six other major players could follow suit. Among the potential contenders mentioned were OKX, Gate.io, Bitget, and ByBit. This suggests a potential wave of interest in Hong Kong as a regulatory-friendly jurisdiction for virtual asset trading.When asked about Huobi’s plans to enter the Canadian market and compete with established players like Coinbase and Kraken, Sun made it clear that Huobi has no immediate intentions to operate in Canada. He emphasized the importance of prioritizing friendly jurisdictions, with a specific focus on regions like the Caribbean, Hong Kong, and Japan.Hong Kong’s regulatory approach towards cryptocurrencies and virtual asset service providers has gained attention in recent months. The city’s commitment to establishing a robust framework for digital asset trading and ensuring compliance with international standards has drawn interest from industry players seeking regulatory clarity and stability.As Huobi progresses through the application process and awaits a decision on its VASP license, the outcome will have significant implications not only for the exchange itself but also for the broader crypto ecosystem in Hong Kong. The successful acquisition of a license by Huobi could set a positive precedent, attracting more exchanges to establish a presence in the region and further solidifying Hong Kong’s position as a leading virtual asset hub in Asia.The developments in Hong Kong’s regulatory landscape will be closely monitored by industry participants as they shape the future of virtual asset trading in the city.