Bithumb Eliminates Trading Fees to Attract Investors and Gain Greater Market Share

KICA partners with PiLab and CODE for Web3 authentication servicesThe Korea Information Certificate Authority (KICA) has signed a memorandum of understanding (MOU) with two new business partners — dApp provider PiLab and CODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit — according to local news outlet Kyunghyang Games. The three companies’ CEOs attended the signing ceremony and vowed to establish a credible authentication system to contribute to a healthy Web3 environment.Photo by GuerrillaBuzz on UnsplashEstablishing secure and compliant solutionsThrough this collaboration, the companies plan to leverage their respective capabilities to develop and distribute Web3 authentication services that comply with virtual asset service providers’ (VASPs) Know Your Customer (KYC) verification procedures as well as international standards such as the crypto Travel Rule. “We aim to create a secure and efficient environment for both providers and users of various Web3 services in line with global regulatory trends,” explained Park Do-hyun, CEO of PiLab.Setting new standardsKim Sang-jun, CEO of the KICA, anticipates that the KICA’s expertise and capabilities in identity verification and security authentication in Web2 would help the collaboration become a new benchmark in the Web3 authentication industry. “Eventually, we will expand our services to include SoulBound tokens (SBTs), enhancing identity verification, license certification and attribute certification, solidifying our position as a leading company in the Web3 industry,” he said.Furthermore, CODE CEO Lee Sung-mi emphasized the importance of complying with international standards like the crypto Travel Rule for a healthy Web3 service environment. She also pledged to ensure that CODE would use its capabilities to establish a solid connection between VASPs and the Web3 service market.This collaboration represents a strategic move towards shaping the future landscape of Web3 authentication and security services, combining the strengths of these companies to meet the evolving needs of the industry.

Hong Kong court grants trademark injunction against HuobiThe Hong Kong Special Administrative Region High Court has resolved a trademark dispute between X-Spot Global Limited and Huobi Global Limited, ruling in favor of X-Spot.Back in June, X-Spot alleged that Huobi Global infringed on its trademark rights related to the “Huobi” name. In the legal process which followed, the court sided with X-Spot, compelling Huobi Global to cease using the “Huobi” trademark or any similar name or logo in Hong Kong.Photo by Tingey Injury Law Firm on UnsplashPotential confusionThe court’s official judgment highlighted concerns about potential confusion among the public and industry professionals arising from Huobi Global’s use of the “Huobi” trademarks. It emphasized that such confusion could lead people to believe that X-Spot Global, as the registered trademark owner, is actively engaged in cryptocurrency business associated with the trademark. In response, the court dismissed Huobi Global’s plea to revoke the service order and halt negotiations, also instructing the covering of X-Spot Global’s legal expenses.Post-acquisition conflictThe background to this dispute originates in the acquisition of Huobi Global last year. It’s widely believed that TRON blockchain network founder Justin Sun purchased the exchange for $1 billion although Sun has subsequently suggested that he is just an advisor to the crypto exchange business. The acquisition was made by About Capital Management, an entity associated with the controversial crypto entrepreneur.In May of this year, Sun claimed that Wei Li, a brother of Huobi founder Leon Li, had unjustly profited from the sale of Huobi’s native HT token. The disagreement escalated and as a consequence of that conflict, it became apparent that the acquisition agreement explicitly prohibited the buyer from using the “Huobi’’ trademark.Leon Li accused the cryptocurrency exchange of violating the acquisition agreement’s rules by unauthorized use of the “Huobi” trademark. This legal battle has shed light on the strained relationship between Leon Li and Justin Sun.The court’s decision adds a layer of complexity to Huobi Global’s legal challenges, intensifying existing regulatory issues. Notably, the cryptocurrency exchange is already grappling with a recent order from Malaysian authorities to cease operations in the country due to alleged illegal activities.The ruling comes at a critical juncture for Huobi Global. In September the business rebranded to HTX, signaling aspirations for global expansion amidst a shifting legal landscape. At the time, Justin Sun provided the rationale behind the rebrand. Taking to the X social media platform, he wrote:“It’s very hard for foreigners, Westerners, to pronounce ‘Huobi’… It doesn’t make any sense to them.” Sun went on to explain that the word Huobi means fire and coin in Chinese, adding, “That’s why we rebranded as HTX for international branding.”In light of this trademark infringement injunction decision, it could equally be speculated that the company was acting in advance of an unfavorable ruling in compliance with the terms of the business acquisition agreement.In reaching a decision on the matter, Judge Mimmie Chan J noted the lack of a defense mounted by Huobi against the trademark infringement action.

According to a report published on March 31 by Nikkei, a Tokyo-based financial news outlet, the Japanese authorities are gearing up to categorize digital assets as financial products, while in the process broadening the scope of insider trading restrictions. While the publication didn’t cite a particular source, it reported that the Japanese Financial Services Agency (FSA) is expected to file a draft amendment related to the existing Financial Instruments and Exchange Act in 2026.Photo by M.S. Meeuwesen on UnsplashFrom payment to investment productCurrently, Japan’s Payment Services Act categorizes crypto assets as a means of settlement. That categorization looks at these assets from the perspective of a payment tool rather than considering them as investment products. The move is understood to be part of a broader effort to copper-fasten crypto sector oversight. Earlier this month, the Japanese cabinet approved a proposal that seeks to amend the Payment Services Act.  At the time, it had been suggested that the amendment would look to exclude crypto assets from being classified as securities, while also bringing about a reduction in the capital gains tax rate as it is applied to digital assets. It’s likely that crypto assets will find themselves in a distinct category, apart from securities like stocks and bonds. Crypto adoptionActivity related to crypto assets has been growing in Japan. 7.34 million active accounts were found to be responsible for crypto transactions in Japan in January. That amounts to a tripling in such crypto transaction activity over the course of five years. Japan enjoyed greater adoption at a very early stage in the global development of crypto. However, following the Mt. Gox crypto exchange collapse in 2014, which at the time accounted for the loss of 7% of Bitcoin’s supply, regulators responded by clamping down on the sector.  That situation led to greater investor protection for Japanese investors but it presented as a difficulty for Japan-based exchanges to compete globally with other exchange businesses overseas. A conservative stance taken by the FSA has also held back crypto exchange-traded fund (ETF) approval and adoption. Bitcoin ETFs were approved in the United States over a year ago. Earlier this month, Astar Network founder Sota Watanabe outlined that the current ruling party in Japan plans to remove crypto assets from a securities classification, alongside other changes which could potentially lead to the approval of crypto ETFs. The Liberal Democratic Party has also put forward crypto tax reforms that, if implemented, would see a 20% tax rate brought into effect where capital gains on digital assets are concerned.The finer detail with regard to the nature of insider trading restrictions as they will be applied to crypto assets has yet to be revealed. Nikkei speculated that such restrictions would likely be similar to those applied to conventional financial products. Last week, the Asia Web3 Alliance Japan, a crypto advocacy group, put forward a proposal to the U.S. Securities and Exchange Commission (SEC) that, if implemented, would see collaboration between the U.S. regulator and Japan’s FSA, its central bank and the Ministry of Economy, Trade and Industry. The objective of the proposal is to bring about cross-border regulatory clarity related to the further development of the Web3 ecosystem in both Japan and the U.S.