Potential of Blockchain Technology in Korean Journalism

Lawsuit Sees Further Chinese Crypto TV CoverageChina’s state broadcaster, CCTV, rarely covers the topic of crypto but in the space of the past three weeks, it has covered the subject twice, with the latest segment covering the news of the United States Securities and Exchange Commission (SEC) filing a lawsuit against global crypto exchange, Binance.Photo by Paolo Chiabrando on UnsplashBad pressThe segment, which aired on CCTV, provided a brief overview of the lawsuit, stating that the SEC accused Binance, its Co-Founder Changpeng Zhao (CZ), and its American affiliate Binance.US of violating US securities laws. The report also noted that the prices of Bitcoin and Binance’s native BNB coin experienced a decline following the news.The lawsuit filed by the SEC received significant media attention due to Binance’s position as the world’s largest crypto exchange. The crypto industry in the US has been under increased scrutiny following the recent troubles faced by FTX, another major player in the market. Prosecutors have alleged that FTX engaged in fraudulent activities that harmed its users.Many blame US regulators who spent hundreds of hours with FTX executives working on projects, and US Capitol Hill politicians, 33% of whom received money from FTX, as being culpable for the FTX collapse. Despite this, it’s clear that the collapse is being leveraged to effect a clampdown on the digital assets sector.It is worth noting that the CCTV broadcast also made mention of a lawsuit filed by the US Commodity Futures Trading Commission (CFTC) against Binance and CZ in March. This lawsuit, similar to the SEC’s, focused on the sale of crypto derivatives. It is unclear whether CCTV covered the CFTC lawsuit when it was initially filed.CCTV’s coverage of crypto-related news is rare, making this particular broadcast significant and garnering wider attention. The outcome of legal action taken by the SEC against Binance is being watched carefully as it will likely have implications for digital asset regulation going forward.Previous coverageIn a previous broadcast last month, CCTV aired a segment that featured cryptocurrencies, including the Bitcoin logo. Ironically, given the nature of this latest reporting, Binance’s CZ regarded that previous coverage as a noteworthy event. Historically, such coverage has often preceded bull runs in the crypto market. The segment showcased what appeared to be a Bitcoin ATM in Hong Kong, displaying a prominent blue Bitcoin logo and an option to “Buy Bitcoins.”NFTs were also highlighted in the segment. Many speculated that the coverage signified a softening of the stance of the Chinese authorities in relation to crypto. However, the video of the initial crypto segment was taken down from the broadcaster’s website shortly after CZ tweeted about it.Despite it not being the most positive of news, CCTV’s coverage of the Binance lawsuit and its previous segment on cryptocurrencies indicates a growing interest in the industry from mainstream media outlets. The attention from a state broadcaster like CCTV suggests that regulators and authorities in China are closely monitoring developments in the crypto space and considering their potential impact on the broader financial landscape.

Vietnam has launched a five-year pilot program imposing stringent new rules on the cryptocurrency industry, signaling a move toward tighter control over the rapidly growing sector. According to a Sept. 9 report from the Government Electronic Newspaper, cited by Cointelegraph, the resolution put the regulatory framework into immediate effect. The move aims to establish clear rules for the trading and issuance of crypto assets in the country.Photo by Silver Ringvee on UnsplashLocal currency and licensing requirementsUnder the new pilot program, all crypto transactions must be conducted in the local currency, the Vietnamese dong. The rules stipulate that only Vietnamese-registered enterprises may issue digital assets, while foreign investors can access them only through crypto asset service providers (CASPs) licensed by the Ministry of Finance. Firms seeking a license face high barriers to entry. Applicants must demonstrate profitable business operations for the two consecutive years preceding their application. Furthermore, CASPs are required to maintain a minimum capital of 10 trillion dong (approximately $379 million). The pilot also places firm restrictions on the nature of crypto assets themselves. They must be backed exclusively by real, tangible assets. The issuance of assets backed by fiat currencies or securities is prohibited. Broader legal contextThis pilot program follows the country's decision in June to officially legalize digital assets, with the new law set to take effect on Jan. 1, 2026. The legislation categorizes digital assets into two types: virtual assets, used for exchange or investment, and crypto assets, which rely on encryption for validation. The law clarifies that neither category includes securities, digital representations of fiat currency, or other financial instruments already defined under existing civil and financial laws. The framework also mandates that regulatory agencies implement robust measures to ensure cybersecurity and combat money laundering and terrorism financing. High adoption and tech initiativesThe government's focus on regulation comes as no surprise, given Vietnam's position as a global leader in cryptocurrency adoption. A recent study by Chainalysis ranked Vietnam fourth in its 2025 Global Crypto Adoption Index, highlighting widespread grassroots activity across both centralized and decentralized platforms, similar to trends seen in India and Pakistan. Beyond regulation, Vietnam is actively leveraging blockchain technology for national infrastructure. The government has deployed NDAChain, a national blockchain platform designed to authenticate and trace data origins. Developed by the National Data Association, it aims to provide a decentralized layer of trust for critical systems in e-government, finance, healthcare, and education, addressing the vulnerabilities of centralized data models. Hanoi's crypto ambitions also extend beyond its borders. Last month, Vietnam's Military Bank signed a memorandum of understanding (MOU) with Dunamu, the operator of South Korea’s largest crypto exchange, Upbit. The partnership is aimed at developing Vietnam’s financial landscape, with Dunamu providing expertise on establishing a crypto exchange, building a regulatory framework, and implementing investor protection measures. 

Binance withdraws Abu Dhabi bid amid global licensing reevaluationLeading global crypto exchange Binance has chosen to withdraw its bid for a trading license in Abu Dhabi, according to information gleaned from the Abu Dhabi Global Market (ADGM) register and a report published by Reuters on Thursday.Photo by Demid Druz on UnsplashChange of directionThe local subsidiary company responsible for the application, BV Investment Management Limited, initially submitted its licensing bid on Nov. 15, 2022. Much has changed in the crypto space and in the fortunes of Binance over the course of the past year, leading the firm to withdraw its application on Nov. 7.This proposed license would have granted Binance the authority to pool and invest funds from professional investors. The decision to retract the bid is part of Binance’s broader reevaluation of its overall strategy going forward. “When assessing our global licensing needs, we decided this application was not necessary,” a spokesperson from the company told Reuters.Adapting to new circumstancesMuch has changed for Binance in 2023. The company has been combating regulatory pushback in multiple jurisdictions worldwide, not least in the United States, where Binance founder Changpeng Zhao (CZ) recently reached a plea agreement with U.S. prosecutors and agreed to pay $4.3 billion for violations related to money laundering and sanctions laws.As part of that process, CZ stepped down as CEO, passing the leadership to Singaporean Richard Teng. Teng is a former regulatory executive who previously oversaw the exchange’s regional operations. A spokesperson for the company maintained that this recent decision relative to licensing in Abu Dhabi is entirely unrelated to the recently agreed-upon settlement in the United States.UAE tiesWhile Binance may be dropping its attempts to gain licensing in Abu Dhabi, in July the company acquired a Minimum Viable Product (MVP) license from the Virtual Assets Regulatory Authority in the United Arab Emirates’ (UAE) other major center, Dubai. The UAE is also the location where CZ has established his home.Some had speculated that the company had also established its headquarters within the UAE. However, CZ has always refused to disclose the firm’s global headquarters, instead suggesting that the firm has no global headquarters. Teng has taken a similar approach.Binance was originally founded in China in 2017. It then shifted its headquarters to Japan and later established a base in Malta to circumvent regulatory challenges in China. Similarly, it’s thought that regulatory scrutiny provides the rationale for the company’s ongoing stance in refusing to confirm the location of its corporate headquarters.Despite regulatory challenges, Binance had previously expressed a focus on expanding its operations in the Middle East, known for its crypto-friendly environment and specific regulatory frameworks. Binance holds various crypto licenses from regulators in the region. In May of last year, it acquired a Category 4 crypto-asset service provider (CASP) license from the Central Bank of Bahrain.The exchange maintains registrations and licenses across Europe, Asia and other regions. It’s had mixed fortunes in its endeavors over recent months, driven out of some markets while making in-roads in others. Earlier this week, its Binance Japan subsidiary became fully operational. Last week, regulators in the Philippines moved against the company due to regulatory irregularities.