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South Korean officials have unveiled a major international cryptocurrency crime ring involved in laundering approximately 150 billion won, equivalent to around $101.7 million, through an unauthorized foreign exchange scheme. 

The Korea Customs Service (KCS) announced on Monday that three Chinese nationals have been referred to prosecution for purported violations of the Foreign Exchange Transactions Act.

Large-Scale Cryptocurrency Laundering Scheme

Local media reports have pointed out that between September 2021 and June of last year, the suspects allegedly laundered their funds by allegedly manipulating both domestic and international cryptocurrency accounts in conjunction with Korean bank accounts. 

According to the KCS, the criminal activities were disguised as legitimate expenses, including cosmetic surgery fees for foreigners and educational costs for students studying abroad.

The accused ring utilized a complex operation to evade scrutiny from financial authorities. They reportedly bought crypto in multiple countries, transferred the assets to digital wallets in South Korea, converted them into Korean won, and funneled the money through various local bank accounts to further conceal their operations.

This action comes as South Korea is actively debating a new regulatory framework for its crypto market. Despite the growing popularity of digital assets as a common investment among local households, authorities have recently intensified their oversight on cryptocurrency transactions. 

South Korea Takes New Regulatory Steps

In a move towards greater regulation, the government revealed plans to broaden its anti-money laundering (AML) framework and emphasized the implementation of the Travel Rule—a compliance measure that requires sharing information on crypto transfers, effective even for transactions below 1 million won (approximately $680).

In addition to addressing money laundering concerns, the South Korean government outlined its 2026 Economic Growth Strategy, which includes plans to introduce Bitcoin (BTC) Exchange-Traded Funds (ETFs) this year. 

This announcement marks a significant policy shift, as cryptocurrency-based exchange-traded funds (ETFs) have been banned in South Korea since 2017. 

Despite reaffirming its position in 2024, post the US Securities and Exchange Commission’s (SEC) approval of similar products, the South Korean government has now pointed to the success of crypto funds in the US and Hong Kong as influencing factors for this change.

FSC Fast-Tracks Stablecoin Legislation

The country’s Financial Services Commission (FSC) is also set to expedite the next phase of its digital asset legislation this quarter, aiming to establish a clear regulatory framework for stablecoins. 

While the Second Phase of the Virtual Asset User Protection Act has faced delays until early 2026 due to disagreements between the FSC and the Bank of Korea (BOK), major policy decisions have been made. 

As reported by Bitcoinist, these will include investor protection measures like no-fault liability for cryptocurrency operators and safeguards that separate bankruptcy risks for stablecoin issuers.

South Korea is also ready to lift its longstanding ban on institutional cryptocurrency trading, with anticipations of this initiative commencing later this year. Reports suggest that the FSC may impose limitations on corporate cryptocurrency investments, restricting them to 5% of a company’s equity capital.

Featured image from DALL-E, chart from TradingView.com

Основатель венчурной компании Draper Associates Тим Дрейпер (Tim Draper) в интервью с ведущим подкаста Divot Дереком Андерсеном (Derek Andersen) сделал смелый прогноз по биткоину, предположив, что через шесть месяцев первая криптовалюта достигнет $250 000.

Власти Бермудских островов намерены сформировать первую национальную экономику, полностью работающую на блокчейне, и в этом правительству помогут американские компании Coinbase и Circle.

A Hong Kong industry group has urged the city’s regulators to ease aspects of the Organisation for Economic Co-operation and Development’s (OECD) crypto reporting rules ahead of its implementation.

Association Pushes To Soften CARF Requirements

On Monday, the Hong Kong Securities & Futures Professionals Association (HKSFPA) released a response to the implementation of the OECD’s Crypto Asset Reporting Framework (CARF) and the related amendments made to Hong Kong’s Common Reporting Standard (CRS).

In their official response, the association shared its concerns about certain elements of the CARF and CRS amendments, warning that they could create operational and liability risks for market participants.

Notably, the HKSFPA affirmed that it mostly supports the proposals, but urged regulators to ease the record-keeping requirements for dissolved entities. “We generally agree with the six-year retention period to align with existing inland revenue and CRS standards,” they explained, “but we have concerns regarding the obligations placed on individuals post-dissolution.”

The industry group argued that holding directors or principal officers personally liable for record-keeping after dissolution poses significant practical challenges, noting that former officers of dissolved companies may lack the resources, infrastructure, and legal standing to maintain sensitive personal data of former clients.

As a result, they suggested the government “allow for the appointment of a designated third-party custodian (such as a liquidator or a licensed corporate service provider) to fulfill this obligation, rather than placing indefinite personal liability and logistical burden on former individual officers.”

Moreover, the association also cautioned that the proposed uncapped per-account penalties for minor technical errors. They asserted that this could lead to “disproportionately astronomical fines for systemic software errors affecting thousands of accounts where there was no intent to defraud.”

To solve this, they proposed a “reasonable cap” on total penalties for unintentional administrative errors or first-time offenses to ensure that the per-account calculation “is reserved for cases of willful negligence or intentional evasion.”

Additionally, the group suggested a “lite” registration or a simplified annual declaration process for Reporting Crypto-Asset Service Providers (RCASPs) that anticipate filing Nil Returns, to reduce administrative costs while still satisfying the Inland Revenue Department’s oversight requirements.

Hong Kong’s Crypto Hub Efforts

Notably, Hong Kong is among the 76 markets committed to implementing the upcoming crypto reporting framework, which is the OECD’s new global standard for exchanging tax information on crypto assets.

The CARF is designed to prevent tax evasion by bringing crypto users across borders under global tax transparency rules, similar to the OECD’s existing CRS for traditional finance. Hong Kong will be among the 27 jurisdictions that will begin their first cross-border exchanges of crypto reporting data in 2028.

Over the past few years, Hong Kong financial authorities have been actively working to develop a comprehensive framework that supports the expansion of the digital assets industry, part of its strategy to become a leading crypto hub in the world.

As reported by Bitcoinist, the city is exploring rules to allow insurance companies to invest in cryptocurrencies and the infrastructure sector. The Hong Kong Insurance Authority recently proposed a framework that could channel insurance capital into cryptocurrencies and stablecoins.

Moreover, the Hong Kong Monetary Authority (HKMA) is expected to grant the first batch of stablecoin issuer licenses in the first few months of the year. The HKMA enacted the Stablecoins Ordinance in August, which directs any individual or entity seeking to issue a stablecoin in Hong Kong, or any Hong Kong Dollar-pegged token, to obtain a license from the regulator.

Multiple companies have applied for the license, with over 30 applications filed in 2025, including logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.

Владелец состояния в биткоинах на сумму $85 млн впервые за 13 лет перевел 909 BTC на другой кошелек.

Костромчанка решила инвестировать в цифровые активы для получения дополнительного дохода, однако попытка заработать на криптовалютах обошлась женщине в 1,1 млн рублей.