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Crypto

KOSPI at 8,400 raises question of when bitcoin will rise as Ethereum foundation infighting spreads

South Korea\'s KOSPI has broken above 8,400 for the first time and is up 100 percent this year, led by a semiconductor rally and inflows into leveraged chip ETFs. By contrast, domestic crypto trading value has fallen about 80 percent and the so-called kimchi premium has turned negative. Attention is also on the U.S. Clarity bill, a proposed federal bitcoin reserve law, and debate inside the Ethereum Foundation over priorities and governance.

Crypto

Binance expands Korea derivatives as Upbit, Bithumb volumes lag

As trading volumes at South Korean digital asset exchanges such as Upbit and Bithumb cool, global exchange Binance is expanding products aimed at the domestic market, including Korea ETF-linked perpetual futures. Upbit and Bithumb volumes are down more than 84 percent from peaks. The FIU decided to suspend part of Bithumb’s business for 6 months and fine it 36.8 billion won for alleged breaches of the Act on Reporting and Using Specified Financial Transaction Information.

Crypto

Asia local-currency stablecoins account for less than 1 percent, speed is key - Tiger Research report

Tiger Research said in a report that Asia’s local-currency stablecoins account for less than 1 percent of the $300 billion global stablecoin market and that speed of response is crucial before a dollar-centred ecosystem becomes entrenched. It said about 99 percent of stablecoins are dollar-pegged and outlined regulatory approaches in Singapore, Hong Kong, Japan, China and South Korea. The author said careful design is needed but caution must not turn into delay.