From crypto trading, to innovations and solutions, to dApp building, to web3 gaming, the region of Asia is undeniably the leading continent in the blockchain industry.
What’s the significance? This article aims to report the recent happenings in the Asian region from January 12 to 17, 2025.
News Flash #1: North Korea Involved in $659M Crypto Theft in 2024
In a joint report by the national governments of South Korea, the United States of America, and Japan, hackers from North Korea were found to be accountable for $659 million worth of stolen cryptocurrencies in 2024.
- How? North Korean hackers were said to deploy “well-disguised” attacks by conducting numerous cybercrime campaigns that install malware to steal crypto assets.
- Display: The countries designated North Korea-affiliated hacking groups, including the Lazarus Group, as subject to sanctions.
- They also warned the blockchain technology industry about the ongoing targeting and compromise of a range of entities by these bad actors.
- Zoom Out: In 2024, North Korean hackers were said to have stolen:
- $235 million from the India-based bitcoin exchange WazirX.
- $50 million from Radiant Capital.
- $374.13 million from DMM Bitcoin, Upbit, and Rain Management.
Key Quote:
“Our three governments strive together to prevent thefts, including from private industry, by the DPRK (Democratic People’s Republic of Korea) and to recover stolen funds with the ultimate goal of denying the DPRK illicit revenue for its unlawful weapons of mass destruction and ballistic missile programs.”
Joint Statement of South Korea, the United States of America, and Japan
News Flash #2: Ex-Thailand PM Asks Country to Consider Crypto
In a move to push Thailand’s financial institutions forward, former Prime Minister Thaksin Shinawatra is convincing businesses and the country’s Securities and Exchange Commission (SEC) to “be more open” to cryptocurrency.
- The Reason: Shinawatra cited soon-to-inaugurate U.S. President Donald Trump’s pro-crypto plans, including appointing another pro-crypto personality, Paul Atkins, to the U.S. SEC.
- How? The country’s SEC should allow trading of stablecoins or other cryptocurrencies backed by real-world assets, the former official said.
- Zoom Out: The Thai government is already considering accepting crypto as a form of payment, with the resort island of Phuket a possible site for a pilot.
Key Quote:
“There will be no risk, it is just another currency in the world.”
Thaksin Shinawatra, Former Prime Minister, Thailand
News Flash #3: Malaysia Weighs Having Crypto Policy After PM Meets Binance’s CZ, UAE Execs
After Malaysia Prime Minister Datuk Seri Anwar Ibrahim met with Abu Dhabi officials and Binance Founder Changpeng Zhao, the Land of the Malays is said to be exploring establishing a crypto-related policy that could recognize the application of blockchain technology.
- About the Meeting: During Ibrahim’s three-day visit to the capital city of the United Arab Emirates, he discussed a potential crypto regulatory framework with Zhao and some of the country’s top regulators.
- Policymakers in the United Arab Emirates are expected to help the Malaysian government formulate its own crypto regulation.
- Why? The country head explained that Malaysia needs to adopt cryptocurrency-friendly regulations to keep pace with global financial developments.
Key Quote:
“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance. This is an evolution [that] happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system.”
Datuk Seri Anwar Ibrahim, Prime Minister, Malaysia
News Flash #4: South Korea Delays Approval of Crypto Trading for Businesses
The Financial Services Commission (FSC) of South Korea has expressed that it is still finalizing its policy review to approve corporate investments in digital assets, including cryptocurrencies.
- About the Verdict: The decision was made during the second Virtual Asset Committee meeting of FSC, which focused on the implementation of the country’s new crypto investor protection laws, according to local news agency Korea Times.
- Zoom Out: The approval has long been expected by crypto enthusiasts in the country, as the FSC hinted that the new policy is set to have initial roll-outs this year.
Key Quote:
“The issue of allowing accounts for corporations, which was discussed previously, has undergone extensive review through 12 subcommittee and task force discussions. We will report the results soon and proceed with the subsequent steps promptly.”
Kim So-Young, Vice Chairman, Financial Services Commission
News Flash #5: Real Estate Developer to Build ‘Crypto Tower’ in Dubai
Aiming to establish Dubai as a global hub for innovation and advanced technologies, real estate developers DMCC and REIT Development launched its joint project on Jumeirah Lakes Towers to build a “Crypto Tower.”
- About the Project: Crypto Tower is a 17-story building that will have state-of-the-art crypto and AI facilities as well as a gold bullion shop, NFT gallery, and car dealership and club.
- Crypto Tower Features: The building will have at least 150,000 square feet of leasable space.
- Nine floors are allotted for crypto startups and established businesses as offices.
- Three floors are allotted for blockchain incubators, venture capital firms, and investment companies.
- A dedicated floor will be for Chatoshi.ai for AI innovation.
- Zoom Out: The construction is expected to be complete by Q1 2027, with full operations beginning shortly thereafter.
Key Quote:
“The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3 and real estate. The launch of Crypto Tower is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology, as well as a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC
This article is published on BitPinas: Asia Weekly Crypto Recap | January 13 – 17, 2025
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