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Crypto

Fed proposes mandatory customer identification for payment stablecoin issuers

The U.S. Federal Reserve has issued a draft rule that would require payment stablecoin issuers to conduct customer identification checks. The proposal would require issuers to collect legal name, date of birth or formation, physical address and a government ID number before opening a new customer account. The Fed will take public comments for 60 days. The move follows the Genius Act signed in July 2025 and aligns with other U.S. agencies\' stablecoin-related rulemaking.

Fintech

Financial regulators to tighten protection of PG settlement funds, cancel licenses or registrations after repeated suspensions

South Korea\'s financial authorities will strengthen protection for settlement funds held by payment gateway (PG) firms and tighten soundness rules to prevent a repeat of the TMON and WeMakePrice non-settlement incident. PG firms will be required to have settlement funds managed externally through bank deposits, trusts or payment guarantee insurance, with the external management ratio rising to 100 percent from the third year. Capital requirements and disclosure rules for large operators will be raised, and repeated business suspensions within five years could lead to license or registration cancellation.

AI & Enterprise

Physical AI alliance recast as execution platform, starts push for homegrown full stack

South Korea\'s government and industry will build a \"K-physical AI full stack\" linking local AI chips, models, software, robots, networks and data centres, shifting the alliance from policy discussion to an execution platform. The Ministry of Science and ICT launched the Physical AI Alliance\'s second term in Seoul. It will compress 40 tasks into three projects: a full stack platform, training centres and a physical AI promotion law. The alliance also reorganises its groups and links projects to R&D, pilots and policy finance.