Grab partners with Solana ecosystem DePIN project to enhance mapping

The South Korean government and the Democratic Party of Korea (DPK) plan to finalize legislation governing Korean won–pegged stablecoins by March. According to local media outlet DataNews, the two sides will hold a closed-door meeting on Jan. 20 to discuss agenda items related to the proposed Digital Asset Basic Act, widely referred to as the second phase of South Korea’s cryptocurrency legislation. A key sticking point is who should be allowed to issue stablecoins. Financial regulators favor, at least initially, limiting issuance to consortia in which banks hold a majority stake (50% plus one share), citing concerns about financial-market stability. The Democratic Party, however, opposes granting banks majority control. Separately, the draft would require issuers to meet capital-adequacy standards and maintain reserves equal to at least 100% of outstanding stablecoins.Photo by Greg Willson on UnsplashCBDC pilots to streamline public fundsBeyond private stablecoins, the government is also exploring potential public-sector uses for central bank digital currencies (CBDCs), including pilot programs that would deploy CBDC-based deposit tokens. As part of a broader digital transformation push, officials aim to use CBDC rails for a significant portion of public funds administration. By June, CBDC-based deposit tokens are set to be used in an electric vehicle charging infrastructure project: buyers of approved chargers would receive tokens to help ensure subsidies go only to eligible purchases and to shorten settlement times. Regulators are also considering steps to expand institutional access to cryptocurrencies. Under one proposal, publicly listed companies would be allowed to invest up to 5% of their equity in digital assets annually. Eligible investments would be limited to the top 20 tokens traded on the country’s five largest exchanges, with the list reviewed every six months. It remains undecided whether stablecoins, including USDT, would be included. Another planned change would permit the trading of exchange-traded funds (ETFs) that track spot crypto prices. While current law does not recognize digital assets as eligible underlying assets for such products, that is expected to change under the forthcoming legislative revision. Exchanges say caps threaten growthAt the same time, proposed governance changes that could cap controlling stakes at around 15% to 20% have drawn pushback from industry groups. The draft Digital Asset Basic Act would reshape control structures at South Korea’s largest cryptocurrency exchanges—Upbit, Bithumb, Coinone, and Korbit—which together serve roughly 11 million users. Regulators at the Financial Services Commission (FSC) say the measures are intended to curb concentrated influence by founders and major shareholders, and are considering a framework modeled on rules for alternative trading systems (ATS) under the Capital Markets Act. Yonhap News reported that the Digital Asset eXchange Alliance (DAXA)—which includes the four exchanges above as well as Gopax—has warned the proposed governance restrictions could slow the growth of South Korea’s crypto industry. The group argued the changes would dilute the accountability of a clear controlling shareholder, particularly regarding custody and management of customers’ digital assets. DAXA urged regulators to adopt a framework aligned with global standards, warning that stricter caps could increase uncertainty for startups and discourage entrepreneurship and investment. Investors pour $2.4B into overseas crypto ETFsThe lack of domestically available spot crypto ETFs has also driven Korean investors to seek exposure overseas. According to the Korea Securities Depository, as cited by Edaily, Korean investors bought a net $2.37 billion of foreign crypto ETFs between Jan. 13, 2025, and Jan. 12, 2026, placing these products among the top 50 overseas securities by net purchases over the period. Those purchases included a mix of spot-linked products, crypto futures–based instruments, and funds tracking companies that hold digital assets on their balance sheets. Several of the most heavily purchased products involved leverage or options-based strategies, including the T-REX 2x Long BMNR Daily Target ETF ($573.1 million) and the YieldMax MSTR Option Income ETF ($493.9 million). Leverage-heavy demand has been a recurring feature of Korean retail trading. In an October report, Bloomberg noted that prospective homebuyers have increasingly turned to crypto in hopes of building capital, fueling appetite for higher-risk altcoins. Such tokens account for more than 80% of trading volume on local exchanges. 

Bhutan Partners With Bitdeer on Crypto Mining FundSingapore-based Bitcoin mining firm Bitdeer has entered into a partnership with the commercial arm of the Royal Government of Bhutan to jointly develop green digital asset mining operations within the Kingdom of Bhutan.Bitdeer issued a press release on Wednesday to announce the partnership. Druk Holdings and Investments (DHI) acts as the commercial arm of the Royal Government of Bhutan. It was formed pursuant to a Royal Charter in 2007 with the mandate of making investments on behalf of Bhutan while optimizing usage of resources.Driving growthAccording to the information provided, the two companies will “launch the partnership through establishing a closed-end fund with an estimated size of up to US$500 million.” The initiative will see a canvas for funding commencing at the end of this month. Bitdeer’s role in the partnership is that of a general partner while DHI will act as a strategic limited partner.Bitdeer’s Chairman, Jihan Wu, expressed his enthusiasm in gaining access to Bhutan’s zero-emissions hydropower resources through the partnership. Wu stated that the fund represents “a pathway to foster global stakeholder networks that are driving growth and innovation in the technology sector in Bhutan.”Once funding has been raised, that capital will be channeled directly into greenfield operations on the ground in Bhutan. That encompasses the construction of data centers and what the joint parties to the initiative describe as “the acquisition of cutting edge technology.”Photo by Singkham on PexelsDigital transformationUjjwal Deep Dahal, CEO of DHI, stated: “The partnership with Bitdeer to launch a carbon-free digital asset mining data center represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation.”Bhutan is executing on a plan to accelerate digital transformation and economic diversification by exploiting opportunities in emerging sectors. Further evidence that this is part of a broader longer term strategy emerged recently. Dahal had told a local Bhutanese publication that DHI had been engaged in bitcoin mining on behalf of the Kingdom since bitcoin had a unit price of $5,000. In that interview, Dahal acknowledged that the involvement from the outset of its bitcoin mining activities was part of a broader, long term strategy.Bitdeer’s Asia expansionAlthough Bitdeer is Singapore-based, its operations up until this point have been focused on facilities located in Northern Europe and North America. According to this latest announcement, the bitcoin miner sees this partnership as a “crucial expansion into Asia for Bitdeer.” A shift in geographical focus may be well timed by Bitdeer as it emerged today that President Joe Biden in the United States is considering the imposition of a 30% tax on crypto mining.The bitcoin miner completed a long overdue special purpose acquisition company (SPAC) merger with Blue Safari Group last month. As part of that process, it listed on the Nasdaq. That public listing process has been a baptism of fire for the company as shortly afterwards, the company traded down 30% from the point of its initial listing.A corporate filing made by the company with the Securities and Exchange Commission (SEC) provides more detail with regard to Bitdeer’s plans in Bhutan. “We expect to generate 100 MW out of the 550 MW power supply from Bhutan, where the construction of a mining data center is expected to begin in the second quarter of 2023 and complete in the third quarter of 2023,” the filing states.

Chinese City Unveils Plan to Develop MetaverseThe city of Zhengzhou in China recently announced a set of policy proposals aimed at supporting the growth and development of metaverse companies in the region. These initiatives, introduced by the municipal government, include the establishment of a dedicated fund worth 10 billion yuan ($1.42 billion) to facilitate the advancement of the metaverse industry.Photo by Jéan Béller on UnsplashDraft policy proposalsAccording to the government’s draft which was published on Wednesday, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to 200 million yuan ($28.34 million). In addition, these companies will be eligible for various other benefits, such as rent subsidies, to help facilitate their operations.It’s worth noting that the policy extends beyond companies with headquarters in Zhengzhou. Any company engaged in metaverse-related use case development within the city, regardless of their headquarters location, can apply for funding. Projects certified as viable by the municipal government can receive up to 5 million yuan ($710,000) in financial support.While the specific date for fund allocation has not been disclosed yet, the municipal government of Zhengzhou has outlined its long-term vision for metaverse development in the city. It anticipates that metaverse-related industries in Zhengzhou will generate an annual revenue exceeding 200 billion yuan ($28.34 billion) by the end of 2025.Stimulating metaverse developmentThese policies apply to local enterprises operating in two distinct areas. Firstly, research endeavors focused on metaverse-related technologies, such as virtual reality, augmented reality, and brain-computer interfaces, are eligible for support. Secondly, the utilization of metaverse technologies in real-world industries, including education, entertainment, and commerce, can also qualify for funding.In addition to the dedicated fund, the government of Zhengzhou plans to collaborate with other governmental agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion) in funding. This funding will be allocated to support various metaverse-related development projects. Furthermore, the city intends to provide cash rewards to metaverse companies upon their listing on China’s primary stock exchanges, aiming to incentivize growth and market participation.The comprehensive plan encompasses crucial technologies in the metaverse industry, such as blockchain, next-gen computer rendering, human-computer interfaces, and artificial intelligence. Furthermore, it strives to establish a digital asset market leveraging non-fungible token (NFT) technology.Broader metaverse strategyZhengzhou joins a growing list of Chinese cities and provinces that aspire to become leaders in the country’s metaverse development. The metropolis of Shanghai, located in the southeastern region, is actively pursuing its own metaverse aspirations. It predicts that its metaverse industry will achieve annual revenues of 350 billion yuan ($49.6 billion) by the year 2025.Elsewhere in China, there has been plenty of activity relative to Metaverse development. Zhengzhou belongs within Henan Province, and at a provincial level, administrators established a metaverse fund earlier this month. Around the same time-frame, Alibaba Cloud, the cloud division of the Chinese e-commerce giant, partnered with layer one blockchain project Avalanche with a view towards creating a metaverse launchpad.As the metaverse continues to evolve and gain prominence worldwide, it will be intriguing to observe the progress and impact of the policies implemented by Chinese cities like Zhengzhou. The concerted efforts to foster metaverse development reflect a broader global trend of recognizing the significance of virtual environments and their potential to reshape various aspects of society.