1. South Korea: Over 30% of Population Now Engaged in Cryptocurrency Investments link

According to data from the Bank of Korea, as of the end of November, the total number of cryptocurrency investors in South Korea surpassed 15.59 million for the first time, accounting for over 30% of the country’s population. The total asset size reached 102.6 trillion won (approximately $79 billion), with the daily trading volume nearing the total of the domestic stock market.

Fueled by expectations of crypto-friendly policies following Donald Trump’s election as U.S. president, Bitcoin prices surged nearly 35% in November, significantly boosting investment activity in South Korea’s crypto market. Among the five major exchanges, the average cryptocurrency holdings per investor reached 6.58 million won (approximately $5,070), with 610,000 new investors added in November alone. Additionally, the volume of deposits not yet invested in the market increased to 8.8 trillion won (approximately $6 billion).

2. South Korea Sanctions North Korean Hackers for Crypto-Related Cybercrimes link

The South Korean government has imposed sanctions on 15 North Korean individuals and one entity for their involvement in illicit cyber activities, including cryptocurrency theft. According to data from Chainalysis, North Korean hackers stole $1.34 billion worth of cryptocurrencies in 2024, accounting for 61% of the year’s total stolen funds.

The sanctioned individuals are all members of Bureau 313 under the Munitions Industry Department of the Workers’ Party of Korea. The South Korean Ministry of Foreign Affairs stated that North Korean IT personnel often disguise their identities and travel to countries such as China, Russia, Southeast Asia, and Africa to secure work orders from global IT companies while engaging in information theft and cyberattacks.

3. Japan Rejects Bitcoin in Forex Reserves, Citing Volatility Concerns link

A written response issued under the name of Prime Minister Shigeru Ishiba clarified the government’s stance on the possibility of holding cryptocurrency as a reserve asset. The statement noted that Japan currently has no knowledge of developments in countries like the United States regarding the adoption of Bitcoin reserves, as such plans remain in the discussion phase, making it “difficult for the government to express its position.”

The response further explained that under the legal framework governing the operation of special accounts, “cryptocurrencies do not fall within the category of foreign exchange and similar assets.” Japan’s current foreign exchange reserves aim to stabilize foreign currency assets and bond markets. The statement repeatedly emphasized that the special account prioritizes the safety and liquidity of foreign exchange reserves.

This indicates the government’s acknowledgment of the volatility of cryptocurrencies, including Bitcoin, and their inconsistency with the existing system. Prime Minister Ishiba’s official response reaffirms that Japan remains cautious as domestic and international discussions on incorporating cryptocurrencies into national reserve strategies continue to evolve.

4. Russian Finance Minister Confirms Bitcoin Usage in International Trade link

Russian Finance Minister Anton Siluanov announced on Wednesday that legislative changes now permit Russian businesses to utilize Bitcoin and other digital currencies for international payments. Earlier this year, Russia authorized the use of cryptocurrencies in foreign trade and took steps to legalize cryptocurrency mining, including Bitcoin.

In an interview with the Russia 24 television channel, Siluanov stated, “As part of the experimental framework, we can use Bitcoin mined in Russia for foreign trade transactions.”

5. China’s SAFE Issues Regulations Targeting Illicit Cross-Border Crypto Activities link

The State Administration of Foreign Exchange (SAFE) has announced the release and immediate implementation of the Interim Measures for the Administration of Bank Foreign Exchange Risk Transaction Reports. The regulation aims to strengthen banks’ management of foreign exchange risks, focusing on the early identification, warning, and resolution of high-risk transactions, including suspected fraudulent trade, underground banking, and illegal cross-border financial activities involving virtual currencies.

Key provisions include:

Clarifying Reporting Responsibilities: Banks must establish monitoring systems and submit reports on foreign exchange risk transactions.

Defining Reporting Scope: Activities involving suspected illegal or irregular cross-border capital flows are to be reported.

Specifying Report Contents: Reports must include basic transaction details and proposed response measures.

Enhancing Internal Management: Measures emphasize internal controls, confidentiality, and robust documentation management.

6. Ng Kit Chuang Proposes Including Bitcoin in Hong Kong’s Exchange Fund Assets link

Hong Kong legislator and chairman of the Legislative Council’s Web3 and Virtual Asset Development Subcommittee, Johnny Ng, stated in an interview that Hong Kong could leverage its “One Country, Two Systems” framework to pioneer the inclusion of Bitcoin in its Exchange Fund assets. This initiative could also explore pathways for the nation to utilize its Bitcoin holdings effectively.

Ng highlighted that Bitcoin’s price significantly impacts precious metals with limited practical utility, such as gold and silver. Despite Bitcoin also lacking inherent utility, its advantages in storage and portability surpass the high storage and logistical costs associated with gold and silver. Consequently, traditional precious metals may be replaced by Bitcoin in terms of storage and trading preferences due to its lower associated costs.

Ng further noted that while Bitcoin can serve as a tool for asset appreciation, substantial holdings are required to realize notable benefits. At present, Bitcoin’s primary role for governments would lean more towards preserving value rather than driving asset growth.

7. Cambodia Approves Regulated Operations for Crypto Assets link

The National Bank of Cambodia (NBC) has, for the first time, permitted commercial banks and payment institutions to offer services involving Class 1 crypto assets, including secured or stable cryptocurrencies. However, unsecured cryptocurrencies like Bitcoin remain prohibited. This directive aims to regulate operations and businesses involving digital currencies. All commercial banks or payment institutions wishing to provide crypto-related services must obtain prior approval from the NBC.

8. Do Kwon Extradited to the U.S. with Additional Money Laundering Charges Filed link

Montenegro’s Prime Minister Milojko Spajic announced on Tuesday that the country has completed the extradition of Terraform Labs co-founder Do Kwon, handing him over to the United States. Montenegro emphasized that the extradition reflects its commitment to upholding the rule of law.

Do Kwon faces dual prosecutions in New York and Seoul related to the collapse of the TerraUSD stablecoin in 2022, which resulted in $40 billion in losses. He was previously arrested in Montenegro for using a forged passport.

U.S. prosecutors allege that Do Kwon knowingly facilitated transactions exceeding $10,000 that involved illicit proceeds. This charge, not included in the initial eight counts filed in March 2023, was added as a superseding indictment in May 2024 and remained sealed until his January 2 court appearance, where it was unsealed. During the hearing, Do Kwon pleaded not guilty to all charges and agreed to pretrial detention. It remains uncertain whether U.S. authorities will consider a plea deal or proceed with a criminal trial.

9. Malaysia’s Regulator Orders Bybit to Cease Local Operations link

Bybit and its CEO, Ben Zhou, have been on the Securities Commission of Malaysia’s investor warning list since July 2021. The Securities Commission has issued directives to Bybit, including:

Bybit must disable its website and mobile applications, or any other digital application platform, in Malaysia within 14 business days starting from December 11, 2024.

Bybit must immediately cease the dissemination of advertisements to Malaysian investors, whether via social media posts or any other means.

Bybit is instructed to terminate any Telegram support groups provided to Malaysians.

Ben Zhou, as the CEO of Bybit, is specifically responsible for ensuring compliance with these directives. As of now, Bybit has complied with all the Securities Commission’s instructions.

10. Global Blockchain Leadership Rankings: Singapore, Hong Kong, and Estonia Top the List link

ApeX Protocol’s latest research shows that Singapore ranks first globally in blockchain technology, with an overall score of 85.4. The country boasts 1,600 blockchain patents, 2,433 related job positions, and 81 cryptocurrency exchanges, demonstrating remarkable performance. Hong Kong ranks second with a score of 82.7, leveraging its strong financial infrastructure to promote the integration of blockchain technology. Estonia follows closely in third place with a score of 81.5. Despite a population of only 1.4 million, Estonia holds 95 blockchain patents and hosts 52 exchanges.

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