Korean bank taps Ripple for payments, Pakistan opens crypto licensing: Asia Express
Asia’s biggest crypto hubs are locked in a tax-cut arms race, while Ripple will help Korea’s Jeonbuk Bank move money across borders.
Korea's Jeonbuk Bank has collaborated with blockchain payments firm Ripple to implement its cross-border payment system for business clients. This system bypasses conventional transfers through intermediary banks via the SWIFT messaging network, offering a faster and less expensive remittance solution. South Korean lawmakers have proposed a bill to expand the Financial Intelligence Unit's authority to investigate unregistered crypto businesses, allowing individuals to report suspected violations.
The Korea Media and Communications Commission has deemed Polymarket's operations as illegal gambling, despite its noncustodial design and smart contracts. In October, the Serious Crimes Investigation Agency will be formally established, comprising 2567 investigators focused on seven categories, including virtual asset crimes. Pakistan's Virtual Assets Regulatory Authority (PVARA) has opened its licensing portal for crypto exchanges and other virtual asset service providers (VASPs), requiring applications by September 5 or ceasing operations.
Capital.com, a trading platform, will offer spot crypto services in the UAE following its affiliate's virtual-asset license approval. OKX has restricted employees and travelers from using Anthropic's AI model due to non-compliance with geographic restrictions. China's Alibaba shares dropped after selling $10.2 billion in shares at a discount to fund AI initiatives.
Taiwanese authorities have dismantled a money laundering network purchasing USDT via Hong Kong exchanges.
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