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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. 

Gyeonggi-do Province Mandates Senior Officials to Report Crypto HoldingsSouth Korea’s most populated province which encircles Seoul has taken a proactive step towards regulating virtual assets by notifying the legislation of an amendment to the code of conduct for public officials. As reported by local news outlet Yonhap News Agency, the Gyeonggi-do province will gather public comments on the amendment until July 25.Photo by Ryoo Geon Uk on UnsplashProvincial levelUnder the revised code of conduct, Gyeonggi-do officials will be prohibited from engaging in property transactions or investments related to virtual assets, using any virtual asset information acquired during the course of their duties. Provincial officials are also forbidden from providing virtual asset information to others to aid their property transactions or investments.Implementation next monthThe amendment compels public officials whose duties involve crypto-related projects, as well as high-ranking officials with an obligation to report their wealth, to declare their virtual assets. Once reviewed by the Ordinance and Rules Review Committee early next month, the amendment will be implemented immediately.National levelA Gyeonggi-do official explained that the decision to preemptively amend the code of conduct regarding virtual assets was made in anticipation of the implementation of the revised Public Service Ethics Act. This act, passed during the National Assembly’s plenary session in May, mandates high-level government officials to report their virtual assets and is set to become effective on December 14.Gyeonggi-do’s crypto surveyGyeonggi-do has been active in taking measures related to crypto assets. In a recent announcement, the province revealed its plan to conduct a survey among residents, aimed at hearing their experiences with unfair virtual asset trading practices. The survey is scheduled to run from August to November and was prompted by a growing number of residents suffering unfair losses from crypto investments amidst an economic slowdown.

Japanese Bitcoin treasury company Metaplanet, whose shares are listed on the Tokyo stock exchange (3350/TYO), has taken an important step towards its goal of holding 210,000 BTC by 2027. ‘Asia’s largest-ever equity raise’The firm’s CEO, Simon Gerovich, took to the X social media platform on June 6 to outline details of what he termed “Asia’s largest-ever equity raise.” Gerovich stated that Metaplanet had raised 770.9 billion yen ($5.4 billion) by means of moving strike warrants, implicating 555 million shares. Moving strike warrants are a type of equity warrant through which the strike price changes over time. Photo by Cullen Cedric on UnsplashGerovich claimed that the warrants were issued at a premium to the market due to Metaplanet’s “high volatility and deep liquidity.” The Metaplanet CEO stated that the firm is targeting 100,000 BTC by the end of 2026 and 210,000 by the end of 2027. On June 2, the firm announced that it had acquired its latest tranche of Bitcoin, adding another 1,088 BTC to its corporate treasury. The company paid an average Bitcoin unit price of 15,519,019 yen ($107,000). Metaplanet has adopted the treasury playbook first pioneered by Michael Saylor’s Strategy (formerly MicroStrategy), acquiring the leading crypto asset through a combination of equity issuance, debt financing and opportunistic buying.  Russell Okung, a former professional American football player and well-known Bitcoin proponent, took to X on June 6 to highlight that Saylor “lit the match” through Strategy in the United States.  Okung stated: “Metaplanet just launched the rocket in Asia. When capital moves, narratives follow.”He added that “Metaplanet didn’t just buy Bitcoin. They’re directing global attention toward Japan.” Both Metaplanet and Strategy have appealed to investors who are otherwise not in a position to gain exposure to Bitcoin directly, either as a result of regulatory issues or concerns with regard to the custody of the digital asset.  Corporate treasuries adopting BitcoinIn addition to these companies who have led first with a Bitcoin treasury as their primary attraction, other corporates have added Bitcoin to their corporate treasuries while maintaining their focus on other business activities.  Announcements have come thick and fast over the course of recent weeks, particularly in the Asian region.  A number of Nasdaq-listed companies, including Hong Kong-based Reitar Holdings, Indonesian fintech firm DigiAsia, Malaysia-based Treasure Global and South Korea-based K Wave Media, have all announced the addition of Bitcoin to their corporate treasuries.  Metaplanet’s new funding round will put it on track to achieve the goal of obtaining 210,000 BTC by 2027, equating to approximately 1% of the entire Bitcoin supply. The Japanese firm’s shares have risen in price by over 275% since the beginning of this year. According to BitcoinTreasuries.net, Strategy remains the largest corporate treasury holder of Bitcoin with 582,000 BTC. It’s followed by MARA Holdings, Twenty One, Riot Platforms, Galaxy Digital Holdings and CleanSpark. Tesla, Hut 8 Mining Corp and Coinbase Global also feature prior to Metaplanet which comes in tenth place.