Korea’s ruling party retracts its pledges to approve spot bitcoin ETFs

DeFi investment platform Allbit.com adds portfolio and analytics servicesBlockchain firm Ozys, announced on Nov. 3 (local time) that it has added portfolio and analytics services to its comprehensive Web3 financial investment platform Allbit.com.Photo by rc.xyz NFT gallery on UnsplashIntegration with KlaytnThe beta version of Allbit.com was launched in March, with a trading view chart displaying real-time prices of cryptocurrencies based on trades that are made on KLAYswap, a major decentralized finance (DeFi) protocol launched by Ozys. KLAYswap is built on Korean tech juggernaut Kakao’s open-source public blockchain called Klaytn.Newest features“Users of KLAYSwap and KLAYSTATION can now easily check the status of their on-chain activities without having to track them separately,” explained Ozys CEO Roi Choi.The “My Portfolio” feature on the recently updated platform gives users a convenient way to monitor their asset balances, the liquidity on KLAYswap, and the staking status of KLAYSTATION, a staking tool based on the Klaytn network. For better risk management, the “Net Asset Trend” graphically displays daily changes in the user’s net asset value. Additionally, the “PNL (ROI) Dashboard” provides insights into profit and loss by showing real-time and periodic performance data. Whether tokens are held in a personal wallet or deposited into a particular service, the dashboard tracks token price movements to present users with an up-to-date view of their investment returns.Allbit.com customers can also keep up with activities on various wallets and market trends through their personalized watchlists and share their portfolios with others.Choi added that Ozys plans to add more functions to Allbit.com in the future to enhance the user experience and optimize convenience.

Binance’s Entry Followed by Increased Scrutiny on Foreign Executives in Korean Crypto FirmsSince Binance’s acquisition of South Korean crypto exchange GOPAX earlier this year, it appears that South Korean financial authorities have tightened their oversight of virtual asset service providers (VASPs), according to an article by local news outlet News1.Photo by Vadim Artyukhin on UnsplashAuthorities had previously instructed existing VASPs to report any changes in their location or registered executives. However, according to industry sources on Monday, authorities recently issued a notice to VASPs, emphasizing the importance of reporting the appointment of foreign executives as well. This change in authorities’ approach is not unrelated to the recent incidents involving Binance and GOPAX, which have caused ripples in the Korean market.Ongoing leadership changesBinance acquired a majority stake in Streami, the operator of GOPAX, back in February after GOPAX struggled to make principal and interest payments on its own decentralized finance (DeFi) service, GOFi, in the wake of the FTX collapse that happened in November 2022. In doing so, Binance injected capital into GOPAX in order to provide a solution for the issue.This marked Binance’s entry into the Korean market, with the number of monthly active users in the country soaring since then. A survey conducted in June by blockchain-based polling app Cratos also revealed that the Korean public had an overall favorable opinion towards the acquisition.Following the acquisition, Streami underwent multiple leadership transitions with Lee Jun-haeng resigning and Binance’s Asia Pacific Head, Leon Sing Foong, taking over. Shortly after, Foong also stepped down, and the baton was passed to Lee Joong-hoon, GOPAX’s former Vice President. It is also notable that Foong recently left Binance altogether amid regulatory scrutiny.Streami subsequently submitted reports to the Financial Intelligence Unit (FIU) under the Financial Services Commission in line with requirements to inform the regulatory body about these changes. However, the FIU has not yet granted its approval, likely due to the legal challenges Binance is currently facing in multiple jurisdictions worldwide.In a seeming effort to address this regulatory roadblock, Streami has recently decided to delegate yet another CEO whose identity has not yet been disclosed. This marks the third leadership shift in just half a year.On the other hand, crypto trading platform Crypto.com also acquired the exchange OKBIT last year. However, its process of entering the Korean market was quite different from that of Binance, as the platform received proper approval for changes in executive positions, such as the appointment of Rafael de Marco e Melo as Chief Financial Officer.Mounting roadblocksIt appears that authorities have now decided to form a more robust oversight system, including monitoring changes in foreign executive appointments at VASPs. However, some argue that such regulatory changes could be perceived as a hindrance for global exchanges looking to enter Korea’s lucrative crypto market where there is a high level of investor sentiment from up to seven million individual investors.To operate as a virtual asset business in the country, businesses must obtain preliminary certification for an Information Security Management System (ISMS) and register as a VASP. Obtaining ISMS certification is a time-consuming process, prompting overseas VASPs to enter the Korean market by acquiring businesses that have already received certification in Korea.However, if the entry barriers to Korea increase as authorities start to scrutinize changes in foreign executive positions, global VASPs may reconsider entering the market.

Thailand's Securities and Exchange Commission (SEC) has approved the leading U.S. dollar stablecoins USDT and USDC, expanding its list of approved cryptocurrencies within the Southeast Asian country.Photo by Tarun Ottur on UnsplashListing on regulated exchanges The approval was announced in a statement published on the SEC website on March 6. It means that Tether’s USDT and Circle’s USDC can now be listed on regulated exchanges in Thailand. The regulator had arrived at its decision to add the two stablecoins following a public consultation process regarding regulatory changes. Those changes were finalized last month and will now proceed to go into effect on March 16. The two stablecoins join five cryptocurrencies that had previously been approved. These include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM). Certain cryptocurrencies are also being used for the testing of payment settlement through the Bank of Thailand’s Programmable Payment Sandbox.   A regulatory sandbox is a controlled environment testing ground for products and services developed within the private sector. Back in June of last year, the Southeast Asian country’s central bank launched an enhanced regulatory sandbox focused on programmable payments.  USDT issuer Tether responded to the addition of its stablecoin within the approved cryptocurrency list, stating: “This approval enables USD₮ to be traded within the country, facilitating its listing on regulated exchanges and paving the way for USD₮ to be accepted for payments, which advances the region’s leadership in digital asset innovation.” Tether CEO Paolo Ardoino said that the company sees value in the Thai market and with that, it intends to continue to explore ways to broaden its service offering within Thailand. He added:  “We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure.” Stablecoin market growth According to DeFi data aggregation platform DefiLlama, the stablecoin market now stands at $227 billion in terms of market capitalization. This represents a 68% increase by comparison with the size of the market in 2023. It indicates that stablecoin adoption is on an upward growth trajectory. Digital assets are being used in many instances to facilitate international payments and remittances, particularly in emerging markets. In Europe, American investment bank JPMorgan recently forecasted that the introduction of the Markets in Crypto-Assets (MiCA) regulation will drive euro-pegged stablecoin growth.  Meanwhile, in the United States, S&P Global Ratings recently identified that a current lack of stablecoin regulation is acting as a barrier to broader institutional use. The company anticipates adoption growth once regulatory clarity has been achieved. Vlad Tenev, CEO of commission-free investing platform Robinhood, stated last month on Yahoo Finance’s Opening Bid podcast that stablecoin legislation will be passed in the U.S. in 2025. Tenev believes that applying a 4% interest rate to stablecoins would lead to a greater rate of adoption.