Asia Crypto Weekly: Japan Bets on Bitcoin, South Korea Cracks Down on Exchanges
Japan’s Metaplanet to invest in Bitcoin ecosystem
Tokyo-based investment firm Metaplanet plans to invest roughly 4 bn yen (about $26 mln) into Bitcoin-related infrastructure and startups in Japan.
The company said it will launch a dedicated venture arm targeting sectors such as lending, payments, custody, stablecoins and derivatives. It has also signed a preliminary deal to invest up to 400 mln yen in JPYC, a regulated yen-backed stablecoin issuer.
A U.S. subsidiary based in Miami will focus on Bitcoin capital markets and cross-border investment flows between Asia and Western markets.
South Korea orders partial suspension of Bithumb
South Korean regulators have imposed a six-month partial suspension on Bithumb over anti-money laundering (AML) violations.
The sanction, approved by the Financial Intelligence Unit, includes a proposed fine of 36.8 billion won (around $24.7 mln) — the largest ever for a domestic exchange.
From March 27 to Sept. 26, new users will be restricted from transferring crypto to or from external wallets, though existing users can continue trading normally.
Banks line up for Hong Kong stablecoin licenses
Major financial institutions including HSBC and a consortium led by Standard Chartered are expected to receive Hong Kong’s first stablecoin issuer licenses.
The Hong Kong Monetary Authority is preparing to approve an initial group of issuers, with traditional banks seen as frontrunners. Final approvals and the number of licenses remain unconfirmed.
India arrests co-founder in $790M crypto fraud probe
Indian authorities have arrested a co-founder of Darwin Labs over alleged links to the GainBitcoin fraud scheme.
The Central Bureau of Investigation detained the suspect at Mumbai airport. Officials say the company helped build infrastructure used by the scheme, which promised investors 10% monthly returns in Bitcoin.
The case reportedly affected around 8,000 investors, with total losses estimated at $790 million.
South Korea liquidates seized Bitcoin after custody scandal
South Korean prosecutors have sold 320.8 Bitcoin previously held in government custody, raising about 31.6 billion won ($21.5 mln) for the state.
The assets were originally seized in an illegal gambling investigation but were temporarily lost in a phishing attack before being returned by hackers earlier this year.
Chinese investors challenge UK Bitcoin compensation plan
Chinese victims of an investment scheme are contesting a UK proposal to distribute compensation tied to roughly 61,000 seized Bitcoin linked to Zhimin Qian.
The dispute, now before the UK High Court, centers on whether authorities can retain gains from the asset’s appreciation since its 2018 seizure. The Bitcoin is currently valued at about £3.2 bn ($4.3 bn)
Alibaba backs Singapore stablecoin firm
Singapore-based payments firm MetaComp has secured new funding from Alibaba to expand its stablecoin infrastructure.
The company said total funding has reached $35 million. Its StableX Network aims to connect financial institutions and stablecoin issuers for cross-border settlements across Asia, the Middle East, Africa and Latin America.
U.S. sanctions tied to North Korea crypto fraud network
The U.S. Treasury has sanctioned six individuals and two companies accused of supporting a North Korean-linked fraud network.
According to the Office of Foreign Assets Control, the scheme used overseas IT workers and cryptocurrency channels to generate revenue allegedly tied to weapons programs.
Asia’s crypto landscape continues to split between rapid institutional adoption — particularly in Japan and Hong Kong — and intensifying regulatory scrutiny, especially in South Korea and India.
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