Last week in Asia, there were several noteworthy developments in the cryptocurrency industry that captured global attention. Japan’s Financial Services Agency (FSA) intensified its efforts to combat “illegal” cryptocurrency transfers by urging financial institutions to closely monitor transactions to crypto trading platforms and address any inconsistencies in sender and recipient details. Despite this crackdown, Bitcoin reached a record high of 7.9 million yen on the bitFLYER exchange, reflecting the vulnerability of the Japanese yen due to loose monetary policies and rising inflation.
In South Korea, the Financial Intelligence Unit (FIU) unveiled a comprehensive action plan for 2024 aimed at enhancing market security and anti-money laundering measures. The FIU intends to prevent unqualified virtual asset exchanges from dealing with the Korean won, showcasing its commitment to safeguard the integrity of the cryptocurrency market.
Additionally, South Korea’s gaming giant Com2uS formed a strategic partnership with the Oasys blockchain project to explore opportunities in the Web3 gaming sector. By combining Com2uS’s expertise in mobile game development with Oasys’s blockchain knowledge, they aim to create gaming experiences that leverage the power of Web3 technologies.
In Indonesia, the election of Prabowo Subianto and Gibran Rakabuming Raka signaled a pro-crypto stance from the new administration. With nearly 60% of the vote, the duo’s victory indicates a favorable shift towards embracing cryptocurrencies within a structured legal framework. They pledge to strengthen regulatory oversight and ensure tax compliance among crypto and stock traders.
Hong Kong also made strides in fighting crypto-related crimes, with the Hong Kong Police Force developing proprietary tracking technology to combat virtual asset transaction scams. Additionally, the Independent Commission Against Corruption is taking a proactive approach to address potential abuses of new technologies, highlighting Hong Kong’s commitment to staying ahead of criminal exploits in the crypto space.
Furthermore, Ethiopia’s state-owned Investment Holding Group partnered with Hong Kong’s West Data Group in a visionary project to establish a Bitcoin mining and AI training nexus. With a $250 million investment, this collaboration positions Ethiopia as a significant player in the global Bitcoin mining industry and opens doors for cross-continental collaborations in advancing technological infrastructure.
On a global scale, concerns about the misuse of digital currencies were addressed by Brian Nelson, Deputy Under Secretary for Terrorism and Financial Intelligence at the U.S. Treasury. He clarified that the reliance of terrorist organization Hamas on cryptocurrencies for financial support is minimal, dispelling speculations.
Leading cryptocurrency exchanges, such as MEXC Exchange, Bybit, and KuCoin, implemented stricter policies requiring proper Know Your Customer (KYC) verification for users from mainland China. This reflects a broader industry trend towards enhanced security measures and regulatory compliance, aiming to combat fraud and ensure adherence to global financial regulations.