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

Bullish Emerges as a Bidder for Bankrupt FTX ExchangeBullish, a Gibraltar-based crypto exchange with strong ties to Asia, has emerged as a prominent bidder for the bankrupt trading platform FTX, which filed for bankruptcy protection in November last year.Photo by Kelly Sikkema on UnsplashValuable customer baseUp until that point, FTX was a thriving player in the cryptocurrency market. However, it is now in the process of seeking new ownership or financial restructuring to resurrect its operations. In a report published on Tuesday, The Block outlined that according to sources familiar with the situation, Bullish is eager to acquire FTX primarily for its valuable customer base.The news follows the filing of a stakeholder brief to the bankruptcy court in Delaware in the United States by the FTX Debtor on Monday. The brief outlined that the Debtor, led by new CEO John Ray, has reached out to more than 75 bidders to evaluate the potential relaunch of the FTX exchange business.Bullish aims to leverage FTX’s existing user network, intending to convert as many of them as possible into Bullish customers. However, it’s worth noting that this complex negotiation process may face challenges and uncertainties along the way.Asian connectionsAlthough it’s incorporated and registered in Gibraltar, only 4% of the company’s staff are Gibraltar-based. Meanwhile, the firm has offices in Singapore and Hong Kong with those locations accounting for 49% of the company’s overall workforce, according to LinkedIn data. Back in November the firm confirmed that it wasn’t one of the many crypto businesses with exposure to the FTX collapse.Bullish was founded by Brendan Blumer, with Bloomer currently acting as the exchange’s Chairman. Blumer previously founded Block.one, the developer behind the EOS blockchain. He also successfully founded and later exited Okay.com, Hong Kong’s largest digital property agency.Other Asia-centric players in the crypto sector had expressed interest in buying the FTX business (or parts of the business) earlier in the year. These included Singapore’s BSQ Capital and Gamepay, India’s CoinDCX, Japan’s 5G networks developer Docomo and e-commerce giant Rakuten, and Hong Kong’s OKC Holdings.Tribe Capital interestThe Block article also outlines that US-based Tribe Capital is another significant bidder in the running. Tribe Capital had FTX within its venture portfolio prior to the exchange’s downfall and subsequent bankruptcy at the close of the previous year. It had also appeared on the list of 363 sales parties back in June, and prior to that still, it had expressed its interest in buying the business.To establish a clear timeline for its business restructuring efforts, the estate has set a deadline for new bids, which falls on September 24. The FTX estate is still at an early stage in trying to resuscitate the business. Even if it’s successful in that endeavor, it’s not expected that a new business will emerge until Q2 2024 at the earliest.Separately, a criminal prosecution against FTX Founder Sam Bankman-Fried is progressing with a trial scheduled to take place in New York in October. Presently Bankman-Fried is incarcerated in a New York City jail while he awaits trial, having been found to have breached his bail conditions on the grounds of witness tampering.

Bitget Adopts Stricter KYC Measures in Line with Global RegulationsBitget, the cryptocurrency derivatives exchange registered in Seychelles, has announced a significant update to its Know Your Customer (KYC) requirements.Announced via a blog post published to its website on Sunday, the move is aimed at enhancing user security and ensuring compliance with evolving global regulatory guidelines, joining other exchanges like KuCoin and OKX in tightening its KYC policies.Photo by Brett Jordan on UnsplashChanges taking effect in SeptemberStarting from September 1, Bitget will enforce level 1 KYC verification for all new users accessing its services, including depositing and trading digital assets. Existing users are also required to complete this level 1 verification by October 1. After this deadline, users who have not completed the verification will have limited functionality on the Bitget platform, including only being able to withdraw, cancel orders, redeem subscriptions, and close positions. They will be unable to initiate new trading orders.The KYC process involves verifying users’ identities and is commonly used by regulated entities to assess risk. Bitget emphasizes the importance of this verification process to maintain a secure trading environment and comply with regulatory recommendations.Following an industry trendBitget’s decision to reinforce its KYC standards aligns with the broader trend observed across the cryptocurrency exchange landscape. In the wake of increased regulatory scrutiny earlier this year, many exchanges have taken steps to strengthen their verification procedures. KuCoin, for instance, introduced mandatory identity checks in July to align with global Anti-Money Laundering (AML) regulations. Similarly, OKX is implementing a KYC process for identity verification, with a deadline also set for September.As regulatory frameworks evolve worldwide, cryptocurrency exchanges are under increased pressure to align with stricter standards. Bitget’s decision to enhance its KYC measures signifies its intention to maintain a secure and compliant trading environment for users, and to appease global regulators. This announcement follows a series of proactive steps taken by the exchange this year, indicating its dedication to navigating the changing regulatory landscape and promoting user security.Bitget has made headlines throughout the year for various developments, including the inclusion of Liquid Staking Derivatives (LSDs) as a margin option for crypto futures customers. As recently as last week, the platform garnered attention within the crypto sector, having gotten itself embroiled in a legal dispute with crypto influencer Evan Luthra.Earlier this year the platform acquired the Singapore-based BitKeep cross-chain wallet business. It’s believed that acquisition has assisted the company in achieving further growth in 2023, with 20 million users.Bitget invested $10 million in Fetch.ai, an artificial intelligence platform, and launched a referral program to expand its user base. Moreover, Bitget’s collaboration with comedian Adam Devine for a promotional campaign underscored its innovative marketing strategies.Bitget’s adoption of stricter KYC measures reflects the broader trend of exchanges bolstering their verification procedures in response to global regulatory changes. As regulatory expectations continue to evolve, exchanges worldwide are revisiting their policies to ensure a secure and trustworthy trading environment for their users.

In a significant move to propel Thailand towards becoming a digital asset hub, the Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading. VAT exemptionAccording to the Bangkok Post, the decision became effective on Jan. 1. It aims to foster the growth of the digital asset industry and support the country's growing digital economy. Paopoom Rojanasakul, secretary to the finance minister, underscored the ministry's commitment to promoting digital assets as a viable fundraising tool. By suspending the requirement to pay 7% VAT on income derived from cryptocurrency and digital token trading, authorities seek to encourage investment in the digital asset market. This VAT exemption extends beyond authorized digital asset exchanges to include brokers and dealers under the supervision of the Securities and Exchange Commission (SEC). The move aligns with Thailand's ambition to position itself as the region's premier digital asset hub. Moreover, the Finance Ministry and SEC are actively amending the 2019 Securities and Exchange Act to enhance regulations concerning digital investment tokens, bringing them more in line with securities.Photo by Markus Winkler on UnsplashAttracting offshore digital asset sector investmentThailand's attractiveness to offshore digital asset investors has grown substantially in recent years. The new tax policies are poised to further bolster the country's position in the global digital asset market. Last month, the Thai SEC adjusted the rules governing digital token investments, raising the investment ceiling that had been imposed on retail investors where initial coin offerings (ICOs) relative to infrastructure and real estate are concerned. Furthermore, the Commission has updated criteria for custodial wallet provider businesses, enabling them to extend their services to digital asset business operators, thereby facilitating smoother operations within the digital asset ecosystem. However, Mr. Paopoom emphasized the importance of balancing development with financial stability. While fostering innovation in the digital asset sector, the government remains mindful of safeguarding the integrity of the financial system. Despite these advancements, the SEC has made it clear that it will not permit the trading of spot bitcoin exchange-traded funds (ETFs) in Thailand. This decision contrasts with the recent approval of bitcoin ETFs in the United States and moves towards approving crypto ETFs in Hong Kong, reflecting Thailand's cautious approach to cryptocurrency-related financial products. Nevertheless, Thailand continues to attract global crypto exchanges, with industry giants such as Binance establishing a presence in the country. Last month, Binance announced the launch of crypto exchange services to the general public in Thailand through Gulf Binance, a joint venture with Thailand’s Gulf Innova. The VAT exemption on digital asset trading represents a pivotal step in Thailand's journey towards embracing the digital economy. With supportive regulatory measures and a dynamic market environment, Thailand aims to take its place as a leading player in digital assets.