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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. 

A new report indicates that the global use of cryptocurrency is not only growing but also quickening, with the Asia-Pacific (APAC) region setting the pace. According to the sixth Chainalysis Global Crypto Adoption Index, released on Sept. 2, India has emerged as the new leader in overall adoption across 151 countries. The index analyzes where value is being transferred, how new users are entering the ecosystem, and which areas are experiencing the most rapid expansion.Photo by Naveed Ahmed on UnsplashIndia leads global crypto adoptionIndia now holds the top spot in the overall index, with the U.S. following in second place. The APAC region demonstrates significant momentum, with Pakistan (3rd), Vietnam (4th), Indonesia (7th), and the Philippines (9th) all securing positions in the top ten. Further down, South Korea and Japan are ranked 15th and 19th, respectively.2025 Global Crypto Adoption Index Top 20 Source: ChainalysisThe picture changes when the data is adjusted for per capita GDP, which highlights grassroots movements. By this measure, Ukraine ranks first, followed by Moldova, Georgia, and Jordan. Hong Kong comes in fifth, Vietnam sixth, while Singapore and South Korea rank 16th and 18th, respectively.2025 Global Crypto Adoption Index Top 20 (Pop. adjusted) Source: ChainalysisRegional transactions surge as APAC gains groundOn-chain transaction data confirms a shift in economic gravity. In the year ending June 2025, APAC's transaction value soared by 69% year-over-year, climbing from $1.4 trillion to $2.36 trillion. While Europe ($2.6 trillion) and North America ($2.2 trillion) still handle larger absolute volumes, growth is accelerating nearly everywhere. APAC's growth rate more than doubled from 27% to 69%, while Latin America's rose from 53% to 63%. In terms of capital entering the crypto market via centralized exchanges, the U.S. leads as the largest fiat on-ramp, processing over $4.2 trillion. This is approximately four times the volume of South Korea (over $1 trillion), while the EU recorded just under $500 billion. Asset preferences also show regional variations; Bitcoin accounted for 47% of purchases in the U.K. and 45% in the EU, but just over 20% in South Korea.  India's top ranking aligns with the latest domestic developments, such as the Independence Day launch of the Bitcoin Policy Institute India, which aims to focus on sovereign mining, policy, and education. Legal and security challenges in IndiaHowever, this rapid growth is accompanied by notable legal and security hurdles. In a high-profile case, an Indian anti-corruption court sentenced 14 individuals, including 11 police officers, to life in prison for a 2018 kidnapping and crypto extortion scheme. In another development, creditors of India's crypto exchange WazirX approved a new restructuring plan over a year after a $234 million hack allegedly linked to North Korea’s Lazarus Group. An earlier proposal was rejected by the Singapore High Court in April. The revised plan shifts oversight of recovery tokens—representing outstanding balances—from WazirX’s Singapore entity to Zanmai India, regulated by India’s financial authority, with repayments funded by profits and recovered assets. Some 150,000 creditors, representing $206 million in claims, voted between July 30 and Aug. 6 as WazirX also moved operations to a Panama-based unit called Zensui. Separately, on April 16, India’s Supreme Court dismissed a petition from 54 hack victims, ruling it lacked authority to legislate on crypto policy. While India’s headlines highlight the frictions of rapid growth, the broader picture is clearer. The Chainalysis index illustrates a global crypto market expanding across all income levels for varied reasons. In developed nations, clearer regulations and institutional involvement are key drivers. In many emerging economies, factors like remittances and access to U.S. dollars via stablecoins are more prominent. 

Genesis Ordered to Comply with Subpoena in Terraform Labs CaseGenesis, the troubled crypto lender and trading company, has been issued a compelling directive by a New York court. The court has mandated Genesis to comply with a subpoena within five days, following a failure to respond to previous requests by the October 9 deadline, relative to a case involving Singapore’s Terraform Labs.Photo by Michael Discenza on UnsplashTerraUSD collapse falloutThese requests are related to the 2022 collapse of the TerraUSD stablecoin, a cryptocurrency which was supposed to maintain a peg to the US dollar’s value until it lost that peg and collapsed. At the time, the demise of TerraUSD reverberated throughout the cryptocurrency markets.In response to this collapse, the US Securities and Exchange Commission (SEC) initiated a legal action against Terraform Labs, the company responsible for the token, and its co-founder Do Kwon, alleging that investors had been misled. Both Do Kwon and Terraform subsequently tried unsuccessfully to have the case dismissed.As part of the progression of this case, the SEC sought to question Do Kwon and gain access to company records held by the Singapore-headquartered firm. The defendants were ultimately unsuccessful in arguing their case in that instance on jurisdictional grounds.Failure to respondJudge Jed Rakoff, in a court order filed on Friday, highlighted Genesis’s non-compliance with the subpoenas, stating:“As of today, the Genesis Entities have failed to produce any documents in response to the Subpoenas.”These subpoenas were issued by the defendants to seek specific information from Genesis Global Capital, Genesis Global Holdco, and Genesis Global Trading on September 12.The court order does not specify the nature of the information sought. It is worth noting that Genesis extended substantial loans to the now-defunct hedge fund Three Arrows Capital (3AC), which was heavily exposed to the TerraUSD stablecoin. In January 2023, three Genesis entities filed for bankruptcy, and its trading arm ceased its US spot market operations in September.In addition to the challenge posed by Genesis’ non-compliance, Judge Rakoff is also wrestling with obtaining information from Do Kwon in connection with the legal proceedings. Kwon’s legal representatives have argued that he cannot physically come to the US as he is serving a jail sentence in Montenegro for possession of a counterfeit passport.However, Judge Rakoff has expressed his determination to ensure Kwon’s availability for cross-questioning and stated that Kwon will not be allowed to provide any declarations in the case without being subject to cross-examination.Citadel under scrutinyIn a related development, it emerged last week that Terraform Labs is accusing American market maker Citadel Securities of having sabotaged its TerraUSD stablecoin. As part of the Singaporean company’s pursuit of justice, it has called upon the United States District Court in the Southern District of Florida to force Citadel to furnish specific documents that relate to their trading activities during the period within which TerraUSD collapsed.Should it fail in that endeavor, Terraform has said that it will look to have the matter heard in Judge Rakoff’s court in New York.This legal development concerning Genesis marks a crucial juncture in the ongoing investigation into the TerraUSD stablecoin’s collapse and the actions of the entities involved, with Genesis now facing increased pressure to cooperate fully with the legal process.