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South Korea’s Jeonbuk Bank has partnered with Ripple to deploy a blockchain-based cross-border payment system for business customers including import-export firms, technology startups, and content creators. Ripple said the system would offer faster and less expensive remittances than conventional SWIFT-routed transfers. South Korean lawmakers also introduced a bill to expand the Financial Intelligence Unit’s authority to investigate unregistered crypto businesses, while regulators moved to block Polymarket over gambling concerns and accepted BitGo Korea’s VASP registration for institutional custody. Japan granted Nomura Group’s Laser Digital its first crypto exchange license in four years under the Payment Services Act. Pakistan’s Virtual Assets Regulatory Authority opened its licensing portal, requiring companies providing virtual asset services on or before March 5 to submit a no-objection certificate application by Sept. 5 or cease operations. In the UAE, Capital.com plans to offer spot crypto services after its affiliate secured a virtual-asset license, and Bitcoin.com integrated the USDU stablecoin into a self-custodial wallet. Singapore and Hong Kong are competing through tax policy changes aimed at attracting fund managers.
Key Elements
South Korea’s Jeonbuk Bank has partnered with Ripple to deploy a blockchain-based cross-border payment system for its business customers, marking one of the most significant institutional adoptions of the technology by a traditional Korean financial institution to date. The announcement came during a week in which Asian regulators and financial firms moved in sharply different directions: South Korea pushed to expand enforcement powers over unregistered crypto businesses, Japan granted its first crypto exchange license in four years, and Pakistan formally opened its licensing portal for virtual asset service providers.
The Jeonbuk Bank service targets import-export companies, technology startups, and online content creators. Ripple positioned the deployment as an operational upgrade rather than a consumer-facing novelty, arguing that conventional transfers routed through intermediary banks using SWIFT messaging can take several days. By contrast, the company said its system would enable faster and less expensive remittance capabilities for the bank’s commercial clients.
South Korean lawmakers also introduced a bill to amend the Act on Reporting and Using Specified Financial Transaction Information, aiming to expand the Financial Intelligence Unit’s authority over unregistered crypto firms. People Power Party lawmaker Eom Tae-young and nine other lawmakers filed the proposal on Thursday. Under the bill, anyone could report suspected violations to the FIU, which would then be able to investigate and analyze alleged breaches, file complaints with relevant authorities, request criminal investigations, or provide information to investigators.
If passed, the measure would broaden oversight capacity beyond traditional reporting frameworks, increasing compliance pressure across the domestic crypto ecosystem, particularly for smaller businesses operating without formal registration.
Regulatory Crackdown and Custody Milestones
South Korean regulators were also reported to be scrutinizing Polymarket, with the Korea Media and Communications Commission stating that the prediction market’s structure and operations amount to illegal gambling despite its noncustodial design and use of smart contracts.
On the custody side, BitGo Korea secured VASP registration for institutional crypto custody. Regulators reportedly accepted the registration on Tuesday, two days before stricter VASP entry requirements took effect, a sequencing detail that could affect other firms assessing their compliance timelines.
The country also plans to establish the Serious Crimes Investigation Agency in October, with 2,567 investigators across seven categories and a dedicated unit aimed at combating phishing and virtual asset crimes. For businesses and users, a targeted unit indicates regulators may treat digital-asset-related fraud and impersonation as a specialized enforcement priority rather than a general cybercrime category.
The Korea Exchange is expected to open a new fractional investment market called Novel Securities Market in November, supporting fractional investments and non-traditional securities such as artworks, real estate, and music copyright.
Japan’s First Exchange Approval in Four Years
Japan’s Financial Services Agency granted Nomura Group’s digital asset subsidiary Laser Digital authorization to operate as a crypto asset exchange service provider under the Payment Services Act. The approval, published on the FSA’s list on Friday, marks the country’s first crypto exchange license in four years. The last platform to receive FSA authorization was Binance Japan in October 2022.
For investors and traders, each newly authorized venue increases choice for Japan-based market participants who prefer regulated counterparties. The approval also signals that Japan’s framework can still produce new licenses for qualified operators after a period of slower approvals.
Beyond exchange licensing, Metaplanet reportedly expanded its Bitcoin treasury strategy to the US through a proposed arrangement with Nasdaq-listed Super League Enterprise, using existing Bitcoin rather than additional purchases. Separately, Toyota Finance opened tokenized bonds to retail investorsyen bond without a securities account and with perks delivered through Toyota’s app
Pakistan Opens Licensing Portal as UAE Expands Access
Pakistan’s Virtual Assets Regulatory Authority opened its licensing portal for crypto exchanges and other virtual asset service providers operating in the country. Companies providing virtual asset services on or before March 5 must submit an application for a no-objection certificate by Sept. 5 or cease operations, according to the PVARA licensing website.
“The licensing window is officially open, creating a clear pathway for businesses to enter Pakistan’s regulated virtual asset market, with defined standards for consumer protection, governance, compliance and market integrity,” PVARA said on LinkedIn.
In the UAE, Capital.com plans to offer spot crypto services after its affiliate, Capital Vault, secured a virtual-asset license from the country’s Capital Market Authority. Once live, UAE clients would be able to buy and hold actual crypto through the Capital.com app, with Capital Vault responsible for execution, custody, and settlement.
Bitcoin.com also integrated USDU, the UAE’s first central bank-registered US dollar stablecoin, into a self-custodial wallet, expanding access beyond institutional distribution channels.
Singapore and Hong Kong Compete on Tax Policy
Singapore’s Monetary Authority unveiled tax exemptions for fund managers and family offices and expanded a scheme aimed at attracting investment professionals. The government also plans to launch a co-investment scheme for funds that base operations in Singapore.
The announcement comes as Hong Kong cuts its own taxes for fund managers, reinforcing a regional pattern in which crypto-related finance and traditional asset management compete through fiscal policy as well as regulatory posture. While these measures are not exclusively tied to crypto, they matter because many digital asset strategies sit within broader investment platforms, meaning tax advantages can influence staffing, fund structure decisions, and where compliance infrastructure is built.
With more licensing portals, more targeted FIU authority, and fresh exchange authorizations in play, the next questions are straightforward: which proposed South Korean rules make it through the legislative process, how quickly Japan’s newly authorized operator pipeline expands, and whether Pakistan’s licensing window results in continued market consolidation or a shift toward regulated-only services.
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Source: finance.biggo.com