1. Hong Kong SAR Government to Release Second Virtual Asset Policy Statement link

On February 26, during the presentation of the 2025–2026 budget, Hong Kong Financial Secretary Paul Chan announced that the Hong Kong SAR government is set to release its second Virtual Asset Policy Statement. This initiative aims to integrate the city’s traditional financial strengths with virtual asset technological innovations, enhancing the security and flexibility of the real economy while encouraging both local and international enterprises to explore related applications. Chan also stated that the government will launch a consultation on the licensing regime for over-the-counter virtual asset trading and custodial services within the year. Additionally, a bill regulating fiat-backed stablecoin issuers has been submitted to the Legislative Council, and upon its approval, the Hong Kong Monetary Authority will expedite the licensing process.

2. Pakistan to Establish a National Crypto Committee for Regulatory Framework link

According to Coindesk, citing local news outlet Dawn, Pakistan is planning to establish a National Crypto Committee to formulate cryptocurrency policies. Comprising government representatives, regulators, and industry experts, the committee will be responsible for policy development and collaboration with international partners to establish a standardized regulatory framework. This initiative follows a meeting on Tuesday between Finance Minister Muhammad Aurangzeb and foreign representatives, including a digital asset advisor to former U.S. President Donald Trump. While Pakistan’s Ministry of Finance had previously opposed crypto regulation, Aurangzeb now emphasizes a more open approach, underscoring the importance of developing a comprehensive regulatory framework.

3. Hunan Financial Bureau Discloses a Crypto Ponzi Scheme, Mastermind Profits Over ¥226 Million link

The Hunan Provincial Financial Committee Office has disclosed a major fundraising fraud case involving the GBC platform. Perpetrators Zhou, Tong, and Wu commissioned Chengdu Xingyi Network Technology Co., Ltd. to design the GBC platform’s desktop and mobile applications. The trio falsely claimed that GBC Coin and Wealth Coin were blockchain-based virtual currencies, recruiting investors across Zhengzhou’s Jinshui District and other regions. By the time the case was uncovered, the platform had developed a 47-tier membership structure with 59,548 accounts, handling transactions totaling ¥3.408 billion. Among these, 40,480 accounts suffered losses amounting to ¥629 million, while the main perpetrators illicitly profited over ¥226 million through fraudulent fundraising. Investigations revealed that GBC’s system merely generated arbitrary digital symbols devoid of any economic value. After trial proceedings, the Zhengzhou Intermediate People’s Court sentenced the individuals involved to prison terms ranging from thirteen to fifteen years.

4. South Korea’s FIU Imposes a Three-Month Restriction on Upbit’s New User Deposits and Withdrawals link

On Tuesday, South Korea’s Financial Intelligence Unit (FIU) announced regulatory measures against Upbit, the country’s largest cryptocurrency exchange. Under the new restrictions, Upbit will be barred from processing cryptocurrency deposits and withdrawals for newly registered users over the next three months. Upbit stated that it has already implemented necessary improvements and believes that certain factors were not fully considered by the FIU. The exchange plans to formally present its position through appropriate legal channels. The FIU’s sanctions remain subject to potential revision, and if lifted, new users will regain full service access. Existing users remain unaffected.

In response, Dunamu, the operator of Upbit, has filed a lawsuit with the Seoul Administrative Court, seeking to overturn portions of the FIU’s business suspension order and requesting a stay of execution.

5. Dubai Approves Circle’s Stablecoins USDC and EURC as Recognized Tokens link

The Dubai Financial Services Authority (DFSA) has officially approved Circle’s stablecoins, USD Coin (USDC) and EURC (EURC), as recognized tokens under its cryptocurrency regulatory framework. These are the first stablecoins to receive approval under this framework. Companies operating within the Dubai International Financial Centre (DIFC) can now integrate these stablecoins into digital asset applications, including payments and financial management.

6. Japan’s Metaplanet Issues ¥2 Billion Zero-Coupon Bonds to Increase Bitcoin Holdings link

The board of directors of Japanese publicly listed company Metaplanet has approved the issuance of its seventh series of zero-interest corporate bonds, totaling ¥2 billion (approximately $13.4 million), with a maturity date set for August 26, 2025. The funds raised will be used to purchase Bitcoin, in alignment with the company’s capital allocation plan announced on January 28. The repayment of these bonds is expected to be facilitated through the exercise of stock subscription rights from the 13th to the 17th series.

Additionally, on Tuesday, Metaplanet announced the acquisition of an additional 135 BTC, bringing its total holdings to 2,235 BTC.

7. Singapore’s Metro Department Store Announces Acceptance of Stablecoin Payments link

Singapore’s Metro Departmental Store has announced its acceptance of stablecoin payments, making it the first local department store to support this payment method. Customers can now use USDT, USDC, and WUSD for purchases both in-store and online, with plans to integrate FDUSD in the near future.

Metro has partnered with crypto payment firm dtcpay, with COO Owen stating that the initiative aims to spearhead the digital transformation of the retail sector and cater to the growing demand for tech-driven shopping experiences. According to *Chainalysis* data, Singapore’s stablecoin transaction volume reached nearly $1 billion in Q2 2024, underscoring the strong market appetite for digital payment solutions.

8. Chinese Man Allegedly Killed in Jeju Hotel Over Crypto Transaction Dispute link

A Chinese man was found dead in a hotel in Jeju, South Korea, suspected to have been murdered during a cryptocurrency transaction. South Korean police have arrested four Chinese suspects, including two women in their 30s, a man in his 30s, and a man in his 60s. It has been confirmed that the suspects fled with 85 million Korean won, which belonged to the victim. Investigations into the motive and details of the crime are currently ongoing.

9. FBI Confirms North Korean Hackers Behind $1.5 Billion Bybit Heist link

The FBI has issued a Public Safety Announcement (PSA) confirming that the North Korean hacking group is responsible for the theft of approximately $1.5 billion worth of digital assets from the Bybit exchange. The FBI stated that the hackers acted swiftly, converting part of the stolen assets into Bitcoin and other digital currencies, then dispersing them across thousands of addresses on multiple blockchains. It is anticipated that these assets will be further laundered and eventually converted into fiat currency.

To prevent the stolen assets from circulating, the FBI urges all relevant parties — including RPC node operators, exchanges, cross-chain bridges, blockchain analytics firms, DeFi services, and other virtual asset service providers — to block all transactions linked to or originating from the addresses used by the hackers for laundering purposes.

10. Ethereum Foundation Appoints Hsiao-Wei Wang and Tomasz Stanczak as Co-Executive Directors link

The Ethereum Foundation has announced the appointment of Hsiao-Wei Wang and Tomasz Stanczak as Co-Executive Directors. According to the announcement, Hsiao-Wei Wang, who served as a researcher at the Foundation for seven years, has been instrumental in the development of the Taiwanese community and is deeply familiar with Ethereum’s core values. Tomasz Stanczak, known for his leadership at NethermindEth, has built a strong talent network. The Foundation stated that the new structure will support the continuous growth of the Ethereum ecosystem.

The Foundation also congratulated Danny Ryan for joining the Etherealize team as a co-founder, where he will work on promoting Ethereum’s openness. Ryan previously served as an EVM researcher at EF, focusing on scalability and privacy research.

Ethereum core developer Tim Beiko tweeted, “If we handle things correctly, we will remember today as one of the most important turning points in Ethereum’s history. The past few months, to put it mildly, have been tumultuous. While it’s clear that many things need to change for Ethereum to succeed, it’s easy to go too far and lose its magic in the pursuit of extreme optimization. This week’s announcement gives me confidence that we’ve found the right balance between these two extremes.” Beiko continued, “Tomasz Stanczak is the only person I can imagine joining the Ethereum Foundation from outside and immediately getting to work, helping us accelerate our development. Hsiao-Wei Wang’s profound understanding of how research evolves into standards and ultimately into production clients, coupled with his perspective as a long-time EF member, complements Tomasz’s background in a unique way.”

Vitalik Buterin, Ethereum’s founder, shared a post on X (formerly Twitter), stating, “What Ethereum needs is a large number of young people with the same cypherpunk vision. All the OGs are tired now; it’s time for the next generation.”

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