Japan’s Remixpoint adding $3.2M in Bitcoin to its treasury

Hong Kong regulator, the Securities and Futures Commission (SFC), which oversees Hong Kong’s securities and futures markets, is understood to be planning to give the go-ahead for crypto derivative products to be offered to professional investors within the Chinese autonomous territory. Chinese English-language newspaper China Daily reported on June 4 that the proposed move forms part of Hong Kong’s efforts to expand its digital assets-related product offering in order to further bolster its position as a leading regional hub for the sector. Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, told the publication that the SFC will open up crypto derivatives trading to professional investors in the city “in an orderly, transparent and secure manner.”Photo by Florian Wehde on UnsplashBoosting liquidity to spot marketsChina Daily claimed that the SFC outlined that the crypto derivatives product will enable efficient risk transfers, while boosting the liquidity of the underlying spot markets. TokenInsight data suggests that the global crypto derivatives market has reached $21 trillion in trading volume over the course of Q1 2025. By comparison, derivatives trading dwarfs spot trading, given that spot trading weighed in at just $4.6 trillion over the same period. Liquidity in the underlying spot markets can be enhanced by a broadening of crypto derivatives product offerings in instances where digital assets are traded for immediate payment and delivery. Their availability will also appeal to professional traders and investors who need access to derivatives as part of their overall strategies in order to hedge positions and add leverage when required. Industry interestReaction to news of the Hong Kong SFC’s plans has largely been positive. Back in February, Jean-David Péquignot, chief commercial officer (CCO) with the world’s largest crypto derivatives exchange Deribit, told the South China Morning Post that opening up availability of crypto derivatives products was the one item missing from Hong Kong’s push towards development as a hub for the digital assets sector. At the time, he stated:“Hong Kong is this central financial hub in the world and a big one in Asia. If regulators can solve the derivatives piece, it is a place where we love to be.” On that basis, Péquignot suggested that Deribit, headquartered in Dubai, would be interested in establishing itself in Hong Kong, suggesting that “Asia is a big market for derivatives.” He added:“We want to be in Asia. We just need to find the right place and time to engage with regulators and get a regulatory framework to work with.” The company’s acquisition by Coinbase was announced last month for $2.9 billion. Regulatory approach questionedWhile many see the move towards the approval of crypto derivatives in Hong Kong as bullish, not everyone perceives the regulator’s approach in this instance to be positive. Pseudonymous crypto trader “Pickle Cat” outlined on X that “opening crypto derivatives only to 'professional investors' isn’t progress.”  The trader points out that good regulation would concentrate on controlling issuance and not circulation. Suggesting that the SFC has missed the point in its approach, the trader claims that the regulator would serve the crypto derivatives market best by verifying what backs such products while not restricting how such tokens move. 

Korean Banks Impose Crypto Exchanges to Maintain a Reserve of at Least 3B KRWIn a significant step towards regulating the cryptocurrency market and ensuring the safety of virtual asset users, South Korea’s Federation of Banks (KFB) has collaborated with financial authorities and virtual asset exchanges to establish the “Guidelines for the Operation of Real Name Accounts for Virtual Assets.” The KFB, as a group of banks and financial institutions, facilitates cooperation between its members and promotes the development of the financial industry.Photo by rc.xyz NFT gallery on UnsplashThe guidelines come as a response to the increasing need for stronger money laundering prevention measures and standardization in the crypto industry. The first step towards this was taken in 2018 when crypto exchanges became obliged to establish a real name account at a bank in order to provide Korean Won (KRW) deposit and withdrawal services to their customers. Currently, the exchanges that won such bank accounts are Upbit, Bithumb, Coinone, Korbit, and Gopax.However, this policy brought with it a set of challenges, including differing practices among various cryptocurrency exchanges, leading to inconveniences for users. Additionally, varying user protection measures, such as reserve requirements, caused confusion in the market.3 billion KRW in reservesTo address these issues, the new guidelines aim to clarify how banks operate cryptocurrency real-name accounts and bolster overall security. One of the key changes is the requirement for crypto exchanges to maintain a reserve of at least 3 billion KRW ($2.36 million). This reserve fund serves as a precautionary measure to address potential financial losses resulting from hacking incidents or system failures at crypto exchanges.Furthermore, the guidelines mandate banks to manage deposit and withdrawal limits by categorizing user accounts into limited and normal accounts. A limited account will not be converted to a normal account, which grants higher deposit and withdrawal limits, until the user’s transaction purpose and the source of funds are verified.Enhanced due diligenceIn addition, banks will perform annual enhanced due diligence (EDD) for individual account holders. This thorough review will encompass users’ identification, transaction purposes, and the origin of funds.User asset segregationTo safeguard users’ funds, crypto exchanges will be required to ensure that customer deposits are held separately or placed in trust. Regular due diligence at crypto exchanges will also be conducted by banks, with mandatory visits occurring at least once a month. Moreover, third-party services will be engaged to perform independent due diligence every quarter on crypto exchanges, providing an additional assessment of their operations.The official launch of these new guidelines is scheduled for January of next year. However, the requirement of depositing at least 3 billion KRW will come into effect earlier, starting in September of this year. Additionally, the implementation of guidelines for expanding deposit and withdrawal limits is anticipated in March of next year.

Amid the ongoing cryptocurrency market slowdown, a South Korean analyst said a rebound will hinge on effective policy measures and sustainable business models.Photo by Kanchanara on UnsplashAnalyst urges policy and profitabilityAccording to an analysis by iM Securities researcher Yang Hyun-kyung, cited by local outlet Etoday, the current downturn stems from several factors: a liquidity crunch in short-term funding markets, a strengthening U.S. dollar, rising risk aversion, and a prevailing narrative of a cyclical correction. Yang noted that a strong dollar typically drains market momentum, as tighter global liquidity prompts investors to deleverage and reduce exposure to risk assets. He added that growing uncertainty over potential U.S. rate cuts in December has further fueled risk aversion among institutional investors, putting selling pressure on both major cryptocurrencies and altcoins. While the expected resolution of the U.S. government shutdown may create a more favorable environment for a modest technical rebound, Yang argued that the crypto sector still needs to develop profitable business models and gain growth momentum through supportive policy measures. Brokerage frames crypto as diversifierDespite the current headwinds, another Korean brokerage firm released a quarterly report framing digital tokens as an emerging alternative asset class. According to Etoday, Hanwha Investment & Securities CEO Jang Byung-ho wrote in the report that the primary goal of retail investment is to preserve purchasing power. He drew a parallel to the U.S. market in the 1980s, when bond investors would have seen their returns erode had they failed to recognize equities as a viable investment vehicle. Citing that lesson, Jang suggested investors consider digital assets as a new pillar for portfolio diversification. Diverging approaches from global central banksThese evolving viewpoints on crypto come against a complex global macroeconomic backdrop. From one perspective, the People’s Bank of China (PBOC) has begun quantitative easing (QE). Otavio Costa, a macro strategist at Crescat Capital, shared a chart on X showing that the value of the PBOC’s balance sheet assets is on track to surpass that of the U.S. Federal Reserve. Costa predicted the Fed would soon follow suit, stressing that investors are underexposed to hard assets. This potential easing contrasts with speculation that the Bank of Japan (BOJ) may raise interest rates next month. One BOJ board member noted at a recent policy meeting that most conditions for a hike have already been met and added that a move is likely once wage negotiations scheduled for spring point to sustained pay growth, as long as the global economy avoids major disruptions. These diverging policy directions have mixed implications for the crypto market. Typically, dovish measures like QE are seen as supportive, as increased liquidity tends to boost risk appetite. Rate hikes, by contrast, withdraw liquidity from the system, limiting the upside for risk assets like digital tokens. As economic conditions evolve and the industry adapts, investors will be watching closely to see how these shifts shape the market’s next moves.