Asia's weekly TOP10 crypto news (Jan 6 to Jan 12)

Jan 12, 2025

1. Russia to Liquidate Bitcoin Seized in Infraud Hacking Case link

The Russian Ministry of Finance has announced plans to liquidate Bitcoin assets seized in connection with the Infraud hacking case. The first batch to be sold includes approximately $10 million worth of Bitcoin confiscated from former Investigative Committee officer Marat Tambiev. Tambiev had reportedly received 1,032.1 BTC from the Infraud hacking group.

As Tambiev had distributed the Bitcoin across multiple wallets, law enforcement authorities had to obtain separate court rulings for each wallet. The first batch of assets set for liquidation is currently stored in a Ledger Nano X hardware wallet.

2. Former PBoC Governor Zhou Xiaochuan: Global Public Debt Nears $100 Trillion link

Zhou Xiaochuan, former Governor of the People’s Bank of China, recently highlighted the potential risks posed by digital encrypted assets to global financial stability and security during the “Boao Forum for Asia New Year Outlook 2025” event. He noted that the outlook for international economic recovery in 2025 remains uncertain, with the intensifying debt crisis pushing global public debt closer to $100 trillion. Emerging markets are also facing significant external financing costs and exchange rate pressures.

In this context, encrypted assets could play a complex role, particularly in the absence of effective regulation, potentially exacerbating systemic financial risks. Zhou stressed the need for enhanced global regulatory cooperation on encrypted assets and for improved standards governing digital currency transactions.

3. CF40: Cryptocurrency Emerges as an Integral Component of the Global Financial Ecosystem link

The China Finance 40 Forum, a prominent Chinese think tank with ties to official institutions, published an article asserting that cryptocurrencies have evolved from being peripheral tools for “money laundering” and “speculation” to becoming an integral component of the global financial ecosystem. This transformation has been driven by a combination of technological innovation, institutional participation, regulatory development, and shifting societal perceptions.

4. Thailand to Pilot Cryptocurrency Payments in Phuket, Says Deputy Prime Minister link

Thailand’s Deputy Prime Minister and Finance Minister, Pichai Chunhavajira, announced at the Thai Marketing Association seminar on Wednesday that the country will launch a new cryptocurrency payment initiative, starting with the popular tourist destination of Phuket. This project will enable foreign tourists to use digital assets for shopping in the city. Pichai emphasized that the pilot program will adhere strictly to existing legal frameworks, ensuring full compliance with all applicable laws. Under the initiative, foreign visitors can register their Bitcoin through Thai exchanges, complete identity verification, and use cryptocurrency to pay for goods and services in Phuket.

5. South Korea’s Weekly News

5.1 South Korea’s FSC to Gradually Permit Corporations to Trade Virtual Assets link

The South Korean Financial Services Commission (FSC) has announced plans to gradually permit corporate entities to participate in virtual asset trading and to phase in real-name verification for corporate accounts. According to the newly released 2025 Financial Policy Roadmap, the FSC aims to enhance the regulatory framework, including the introduction of a “Second-Stage Bill” on virtual asset issuance and circulation. This legislation will address the management of stablecoins and establish behavioral rules for exchanges.

Additionally, the FSC will amend the Act on Reporting and Using Specified Financial Transaction Information to implement a shareholder qualification review system for virtual asset operators, tighten social credit requirements, and refine self-regulatory standards for meme coins. To bolster market oversight, the FSC plans to integrate advanced forensic technologies to strengthen its capacity to investigate unfair trading practices.

5.2 Jeju Island to Launch NFT-Based Tourism Card Project in 2025 link

Jeju Island, South Korea, has announced plans to launch an NFT-based tourism card project in 2025. The initiative will integrate with the local blockchain-based stablecoin, Tamna Jeon, offering tourists multiple benefits, including travel subsidies, membership perks, and discounts at attractions.

Jeju Governor Oh Young-hoon stated that the region is steadily advancing its digital transformation strategy, aiming to incorporate Web3 technologies like NFTs into various public services. The NFT tourism card project will initially undergo a pilot phase targeting domestic tourists in the latter half of 2025.

6. Polymarket Faces Ban in Singapore Amid Regulatory Crackdown link

When accessing the prediction platform Polymarket in Singapore, users encounter a block message stating:

“You are attempting to access an illegal gambling website hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed operator of online gambling in Singapore. Individuals found gambling with unlicensed service providers may face a fine of up to SGD 10,000 or imprisonment for up to 6 months.”

7. Bybit to Halt Trading Services for Indian Users from January 12, Withdrawals Remain Operational link

Bybit has announced that due to recent policy changes by Indian regulatory authorities and previously implemented restrictions, Indian users will temporarily be unable to open new trades or use any products on the platform starting January 12, 2025, at 16:00. Withdrawal functions will remain operational. The announcement states that no new orders can be placed for any trading products, including cryptocurrencies and fiat currencies. For any existing derivatives positions, users will be restricted to a “close-only” mode.

8. Kazakhstan Blocks Over 3,500 Illegal Crypto Exchanges in Latest Regulatory Move link

Kazakhstan’s regulatory authority, AFM RK, has announced that it has blocked over 3,500 illegal cryptocurrency exchanges. In 2023, AFM also blocked access to Coinbase on the grounds of violating digital asset laws. In 2024, the authorities, in collaboration with the National Security Committee and the Ministry of Culture and Information, shut down 36 illegal crypto exchanges with a total trading volume of approximately 6 billion Kazakhstani tenge (about $113 million) and froze and confiscated assets worth 4.8 million USDT. Additionally, two cryptocurrency Ponzi schemes were uncovered, with 545,000 USDT refunded to victims and 120,000 USDT frozen.

9. Do Kwon Faces a Maximum Prison Sentence of 130 Years link

The U.S. Department of Justice announced that Terraform Labs co-founder Do Kwon has been extradited from Montenegro to the United States and made his initial court appearance on December 31, 2024, at the Manhattan federal court. He faces nine federal charges, including commodity fraud, securities fraud, telecommunications fraud, and conspiracy to commit money laundering, with a maximum sentence of 130 years in prison. The core accusations in the indictment include: falsely promoting the stability of Terra, manipulating the Luna Foundation Guard (LFG), controlling the Mirror protocol, falsifying Chai’s usage of Terra, and abusing Genesis Coins. The indictment alleges that Do Kwon artificially inflated the value of assets like UST and LUNA through false statements and market manipulation, resulting in over $40 billion in investor losses. Do Kwon’s preliminary trial is scheduled for January 8, 2025. Previously, Do Kwon pleaded not guilty to all charges and agreed to remain in detention pending trial.

10. Tianfeng Securities: AI and Cryptocurrency Represent Plan A and Plan B for Sustaining Dollar Dominance link

Tianfeng Securities, in its report, stated that AI represents Plan A for maintaining the dominance of the U.S. dollar, while cryptocurrency serves as Plan B for hedging against the challenge to the dollar’s status. However, whether it’s Bitcoin or AI, energy remains an unavoidable core element. Thus, the essence of currency is credit, the essence of credit is order, the essence of order is technological competition, and the essence of technological competition is energy efficiency. Over the past two years, gold has become a favorite among investors as a beneficiary of de-dollarization. However, MAGA cannot tolerate any challenge to the dollar’s monetary hegemony, which is why Trump needs an alternative to preserve the dollar’s position. This alternative must be something that the U.S. can control and exert influence over. Gold is likely no longer an option, while cryptocurrencies, represented by Bitcoin, may still have a chance.

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