Thai SEC seeks to revoke license of troubled Zipmex exchange

Korbit relists blockchain gaming token WEMIXKorbit, a major fiat-to-cryptocurrency exchange in South Korea, is relisting WEMIX, a cryptocurrency issued by blockchain gaming company Wemade. Korbit’s decision follows in the footsteps of its local competitors, Coinone and Gopax, who have also recently reinstated WEMIX. The WEMIX token is used to pay transaction fees, stake and vote on governance proposals.Starting at 1:00 a.m. UTC on Dec. 7, Korbit users gained the ability to create a WEMIX wallet and deposit the token on the exchange. Trading and withdrawals of WEMIX will be enabled at 3:00 p.m. UTC on the same day.The Korbit exchange only accepts WEMIX deposits originating from the Wemix network. Deposits of WEMIX sent from other blockchain networks, including BNB Beacon Chain, Ethereum and Klaytn, may be processed improperly and carry the risk of becoming irretrievable.Photo by Asa E-K on UnsplashDecision reversal and underlying rationalesOver a year ago, the Digital Asset eXchange Alliance (DAXA), a coalition of the five Korean fiat-to-crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — collectively decided to delist WEMIX from all their platforms. This decision was based on several concerns, including unreliable disclosure of the token’s circulating supply, provision of inadequate and misleading information to investors and inconsistencies in the data provided during the explanation period. These issues collectively eroded trust in the company.However, Korbit has determined that the previously identified issues with WEMIX have been addressed. The exchange observed that the circulating supply of WEMIX has been reduced to a level that aligns with the schedule initially submitted to DAXA. The launch of the WEMIX mainnet rectified the discrepancy where the circulating supply displayed on crypto data platforms like CoinMarketCap was twice the actual figure. Additionally, the collateral that Wemade had deposited in decentralized finance (DeFi) protocol Kokoa Finance has been recovered.The crypto trading platform also believes that Wemade has resolved the problem of providing misleading information to investors by making corrections to its third-quarter earnings report.Regarding data fallacies, Korbit holds the view that the game publisher has taken steps to address the inaccuracies in the data previously provided to the alliance. These efforts to reduce uncertainty and fulfill disclosure responsibilities include several measures: Wemade now live-updates the circulating supply of WEMIX and other pertinent details on its official blog. The gaming company has also entrusted the management of its non-circulating WEMIX supply to Ceffu, the sole institutional custodian for Binance, a global crypto exchange. Furthermore, Wemade now makes announcements about token movements whenever they occur.Restrictions imposed on GopaxMeanwhile, Korbit stated its commitment to complying with voluntary regulations and common listing guidelines established between DAXA members. This statement is particularly noteworthy in light of the recent developments with Gopax. Gopax faced the three-month suspension of its voting rights from DAXA, following the relisting of WEMIX.

Japan’s cryptocurrency market has surged to become the fastest-growing in the Asia-Pacific region, driven by a government overhaul of its digital asset policies. On-chain transaction value jumped 120% in the year ending June 2025, according to a new report from Chainalysis. The expansion signals renewed activity in a market long characterized by its cautious approach. The Japanese government is increasingly open to crypto as a mainstream investment class through a series of reforms, including proposed friendlier tax laws and the licensing of regulated stablecoins, aiming to attract investment and foster a domestic Web3 industry.Photo by Daniel Hehn on UnsplashOverhauling a strict tax codeA central pillar of the reform is a proposed change to Japan’s tax code, which currently subjects crypto gains to rates of up to 55%, compared with a flat 20% on stock profits. The ruling Liberal Democratic Party is backing proposals to introduce the same 20% rate for crypto starting in fiscal 2026, along with rules that would allow investors to carry forward losses for up to three years. The measures, which require parliamentary approval, are intended to align digital assets more closely with traditional financial instruments. Uncertainty has emerged, however, with Prime Minister Shigeru Ishiba’s decision to resign. Ishiba has been supportive of the crypto industry, and the LDP’s leadership election on Oct. 4 could reshape the policy outlook. Sanae Takaichi is seen favoring tighter oversight, Shinjiro Koizumi more receptive to digital assets, and Finance Minister Katsunobu Kato stressing a balance between investor protection and innovation. Paving the way for a stablecoin eraThis political transition coincides with a shift in the Japanese market, which remains heavily concentrated in just a few assets. Over the past year, yen-denominated trading was dominated by XRP with $21.7 billion in volume, outpacing Bitcoin ($9.6 billion) and Ethereum ($4.0 billion). While political developments add unpredictability to the outlook, successful regulatory reforms could set the stage for positive change. One potential catalyst is the government’s recent licensing of the first issuer of a yen-backed stablecoin. Stablecoin issuer JPYC received Japan’s first funds transfer service provider license in August, with its launch anticipated in October. Broader access to stablecoins, digital tokens pegged to fiat currencies like the U.S. dollar or yen, is expected to provide Japanese traders and institutions with a more familiar tool for settlement. Major financial players are also moving in this direction. SBI Group, a leading financial conglomerate, recently deepened its partnership with Ripple to distribute RLUSD, an enterprise-grade U.S. dollar-backed stablecoin, in Japan. SBI plans to make the regulated stablecoin available by March 31, 2026. Corporate Japan bets on blockchainAt the same time, SBI Group also recently partnered with infrastructure provider Startale Group to build a blockchain-based trading platform for tokenized real-world (RWA) assets like stocks. The venture is a bet on the burgeoning tokenization market, which Ripple and Boston Consulting Group (BCG) project could reach nearly $19 trillion by 2033. Alongside moves by major financial groups, Japan is also nurturing its homegrown Web3 talent through the J-StarX Program, coordinated by JETRO Dubai and sponsored by the Ministry of Economy, Trade and Industry. This year, more than half a dozen Japanese startups, together raising over $17 million, were selected for the initiative, spanning blockchain infrastructure, AI-driven platforms, and advanced fintech solutions.  Since August, the cohort has been preparing for international exposure, with showcases scheduled at GITEX GLOBAL 2025 in Dubai and a visit to Abu Dhabi’s Hub71 in October. The initiative reflects Japan’s strategy of expanding overseas networks for its startups while positioning them to access the UAE’s growing Web3 and fintech markets. 

India’s HPCL Embraces Blockchain Tech to Streamline Purchase OrdersHindustan Petroleum Corporation Limited (HPCL) has forged a partnership with Zupple Labs, an Indian Web3 startup, to upgrade its purchase order processes through blockchain.Photo by Zbynek Burival on UnsplashTamper-proof documentationAccording to local media publication Business Today, the collaboration leverages blockchain technology to issue tamper-proof digital purchase orders via LegitDoc, ensuring instant verification on the NEAR blockchain. The move is a significant step toward enhancing transparency and efficiency in the purchase order system, addressing long-standing challenges in the industry.Notably, HPCL has awarded purchase orders worth $52 billion in the past five years, making these orders economically significant. Until now, automating purchase order verification for third-party requests outside of HPCL proved to be particularly challenging, resulting in substantial manual labor to process external verification requests.With the implementation of LegitDoc, historically fraud-prone purchase orders can be seamlessly issued to the relevant stakeholders. This breakthrough empowers participants to verify the authenticity of these orders with a simple click, reducing the risk of forgery and expediting the verification process.HPCL’s use of blockchain technology in partnership with Zupple Labs serves multiple purposes. It aims to combat purchase order forgery, simplify vendor access to trade finance through collateralization, and provide evidence of turnover, ultimately facilitating participation in public procurement processes. The facility will soon be accessible to both the public and vendors, with the launch set for October.Neil Martis, the founder of LegitDoc, expressed his enthusiasm about HPCL’s adoption of their technology. He noted:“It’s exciting to see an oil conglomerate such as HPCL use our technology LegitDoc, to secure billions of dollars’ worth of purchase orders. This serves as a testament to the confidence that businesses and governments have placed in our blockchain platform over the years in protecting important documents.”Utilizing two blockchainsThe approach taken in this instance relies on the use of two parallel blockchains which act as settlement layers: the NEAR public blockchain and permissioned private blockchain Hyperledger Fabric. As of mid-October, 3,000 purchase orders had been issued using blockchain.HPCL’s move to digitize and secure its purchase order system not only benefits the corporation but also has industry-wide implications. By promoting digital automation and trust, it sets a precedent for transparency and efficiency in the oil and gas sector. This adoption of blockchain technology aligns with a global trend of enhancing digital trust and streamlining operations across various sectors.Further application of blockchain techIt’s worth noting that this isn’t the first instance of Zupple Labs’ blockchain technology-based solutions being employed by the government in India. LegitDoc has previously been adopted by the administration of Gadchiroli, Maharashtra, for issuing tribal caste certificates in 2022, in that instance by way of the Polygon blockchain.Moreover, the technology played a pivotal role in issuing COVID-19 vaccine certificates in Maharashtra in 2021, while over 100,000 degree certificates were issued in 2022. These instances underscore the versatility and growing acceptance of blockchain technology in modern governance and business processes.