Ripple hat die Bank of New York Mellon als Hauptverwahrstelle für die Reserven des firmeneigenen Stablecoins RLUSD ausgewählt.
South Korea’s crypto reform plans offer tax cuts and funding access to companies
- The move would give digital asset firms access to tax breaks and state funding.
- Dunamu paid ₩24 billion in taxes after losing venture status in 2018.
- Policy is part of President Lee’s pro-crypto economic strategy.
South Korea is moving to formally recognise crypto businesses as venture companies, a decision that could give the industry access to tax relief, government-backed loans, and startup funding for the first time.
The Ministry of SMEs and Startups has introduced a proposal to reclassify virtual asset firms, removing them from a list of restricted industries that includes gambling and nightlife.
If passed, the policy would reverse a long-standing rule that has blocked crypto startups from the country’s thriving venture ecosystem.
This legislative push follows years of regulatory exclusion, with one major flashpoint in 2018. Dunamu, the parent company of crypto exchange Upbit, lost its venture status and was forced to pay ₩24 billion ($18 million) in taxes.
Dunamu challenged the decision in court but lost, highlighting the financial consequences of South Korea’s previous stance.
The ministry now says it wants to acknowledge the innovative and entrepreneurial qualities of crypto companies, bringing them in line with other emerging technology sectors.
New law aligns with Seoul’s broader pro-crypto pivot
The proposal marks a significant departure from previous policy. Until now, crypto-related businesses have been grouped with sectors barred from receiving government support.
The proposed revision would remove virtual asset firms from this restricted category, allowing both new and existing startups to register as venture businesses without risking their certification.
The ministry argues that the new framework will expand South Korea’s venture ecosystem and promote growth in the blockchain and crypto industries.
Public feedback on the draft law is being collected until 18 August 2025, signalling the beginning of a formal legislative process.
If enacted, it would enable crypto firms to access the same support tools—such as tax cuts, subsidies, and loan guarantees—that are currently available to other recognised startups.
The change could also benefit companies that already hold venture status and want to expand into crypto, which previously risked losing their designation if they added digital asset operations to their business models.
President Lee’s crypto policies begin taking shape
The venture company proposal is one of several initiatives under President Lee Jae Myung’s new administration. Since taking office last month, Lee has made digital assets a cornerstone of his economic strategy.
His government is supporting the approval of spot Bitcoin exchange-traded funds (ETFs), exploring a won-based stablecoin, and reviewing the ongoing ban on institutional trading of cryptocurrencies.
Major South Korean banks are already responding. Some have filed trademarks for stablecoin products, while others are working on blockchain infrastructure and digital wallet services.
Industry legitimacy and investment may follow
The proposed legal amendment could have wide-reaching effects beyond tax incentives.
Recognising crypto firms as venture companies may lend credibility to an industry that has long operated on the fringes of formal finance in South Korea.
Greater legitimacy could attract institutional investors, encourage new business formation, and reduce compliance-related friction.
It may also align South Korea with other markets advancing similar policies, such as the European Union’s MiCA framework and Japan’s reforms to allow limited crypto fundraising.
With venture-backed crypto projects potentially gaining access to bank loans and innovation grants, the ecosystem may see accelerated development and a stronger foothold in South Korea’s broader tech economy.
Public submissions on the proposal are currently open, with final decisions expected later this year.
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Bitcoin (BTC)-Stimmung wird optimistisch: Hoffnung auf 110.000 US-Dollar
Laut Santiment hat das Verhältnis zwischen bullischen und bärischen Bitcoin-Kommentaren in den sozialen Medien einen Drei-Wochen-Höchststand erreicht, da die Händler optimistischer werden, dass Bitcoin die Marke von 110.000 US-Dollar überschreiten wird.
BONK price up 60% in 7 days: can the meme coin go higher?
- Exchange net flows remain negative, pointing to continued accumulation.
- Golden Crossover signal is forming between the 50 and 200-day EMAs.
- Elder Ray’s Index flips positive, suggesting buyer control.
BONK, the meme coin built on the Solana blockchain, has jumped nearly 60% over the past seven days, driven largely by market sentiment and speculation surrounding potential ETF-related demand.
With BONK breaking out of a long-term technical pattern and momentum indicators flipping bullish, traders are now watching closely to see whether the rally can push past a key resistance level at $0.00002840.
A potential Golden Crossover between two important moving averages is also forming on the daily chart, raising hopes of a sustained breakout if the signal is confirmed.
However, BONK is now trading at $0.00002128, down 5.95% in the last 24 hours.
BONK exits year-long wedge, approaches key resistance
BONK has officially broken out of a falling wedge pattern that has been forming over the last year on the daily timeframe.
The breakout was confirmed when the price surged past $0.00001550, a key level that had previously held the coin in a downward compression between lower highs and flat support.
Currently, BONK is consolidating near $0.00002203. Immediate resistance sits at $0.00002389, with another critical zone between $0.00002577 and $0.00002840.
The absence of strong resistance between $0.00002840 and $0.00003670 makes this zone a potential price vacuum should buyers break above current ceilings.
However, traders remain cautious. A reversal below $0.00001806 could indicate a loss of breakout momentum, while a drop under $0.00001435 would nullify the wedge breakout entirely and bring the previous bearish structure back into focus.
BONK ETF speculation fuels investor interest
Speculation around BONK’s potential inclusion in future crypto ETF portfolios has contributed significantly to the recent price surge.
While no official confirmation has emerged, BONK has re-entered the conversation as institutional interest grows around meme coins and altcoins with high liquidity and community traction.
Social media discussions have been instrumental in amplifying the narrative, with investors pointing to BONK’s strong fundamentals on-chain.
The meme coin’s trading volume has increased in tandem with positive netflows, reflecting growing demand across centralised and decentralised exchanges.
Exchange outflows support bullish supply trend
Data from Arkham shows a prolonged period of negative netflows for BONK over the last year.
This suggests that more tokens are being withdrawn from exchanges than deposited, a typical sign of accumulation.
While the trend has moderated in the last 30 days, it remains negative, indicating neutral-to-bullish positioning.
The reduced exchange supply could play a major role in sustaining upward pressure, particularly if new demand continues to arrive on the back of speculative interest or positive technical developments.
The supply squeeze narrative has gained traction on platforms like X, where some users argue BONK may be gearing up for a sharp move once resistance levels are cleared.
Technical indicators turn bullish for BONK
One of the more significant developments on the BONK chart is the near-confirmation of a Golden Crossover.
This occurs when the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA, typically considered a bullish signal in technical analysis.
The Elder Ray Index, which measures bull and bear power by comparing price against a moving average, has also flipped into positive territory.
This suggests buyer strength is currently dominant over selling pressure, supporting the idea that bulls have regained control.
At the time of writing, BONK’s structure supports continuation if it can break above $0.00002577 and hold the gains.
Any rally past $0.00002840 would likely open the path to $0.00003670, as the price moves into a zone with few historical resistance points.
However, failure to maintain support above $0.00001806 could signal weakening momentum.
If BONK slides below $0.00001435, it may re-enter the bearish wedge structure it recently broke out from.
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BNY Mellon to custody Ripple’s stablecoin reserves
- Ripple partners with BNY Mellon to custody RLUSD reserves, aiming to enhance regulatory compliance and institutional trust.
- The move comes amid a surge of corporate and institutional interest in stablecoins, dubbed “stablecoin summer.”
- Ripple has also applied for a US banking charter and Federal Reserve master account to deepen its role in the US financial system.
Ripple has appointed the Bank of New York Mellon (BNY Mellon) as the primary custodian for reserves backing its US dollar-pegged stablecoin, RLUSD.
The partnership, announced Wednesday, aims to strengthen regulatory compliance and institutional credibility for Ripple and its stablecoin product.
BNY Mellon, the oldest bank in the United States and a major provider of financial services to institutional clients, will facilitate the movement of reserve assets and cash to support RLUSD conversions.
The arrangement marks a significant development in Ripple’s stablecoin strategy, which launched in December 2024.
“As primary custodian, we are thrilled to support the growth and adoption of RLUSD,” said Emily Portney, global head of asset servicing at BNY. “We are proud to be working closely with Ripple to continue propelling the future of the financial system.”
Institutional interest signals “Stablecoin Summer”
The collaboration between Ripple and BNY Mellon reflects a broader trend of traditional financial institutions entering the stablecoin space.
This wave of engagement, dubbed “stablecoin summer” by CNBC, is gaining momentum amid shifting regulatory dynamics in the US.
The Trump administration is rolling back restrictive crypto policies from the Biden era, while the Senate recently passed the GENIUS Act to set guardrails for US dollar-pegged stablecoins.
This regulatory clarity is attracting major corporate players. Amazon and Walmart are said to be exploring stablecoin initiatives, while companies such as Uber, Apple, and Airbnb are also reportedly assessing similar possibilities.
Stablecoins, which are digital tokens pegged to assets like the US dollar, aim to combine the speed and efficiency of blockchain networks with the price stability of fiat currencies.
Their growing appeal among institutions underscores their perceived utility in modernizing financial infrastructure.
Ripple Eyes US banking charter, federal reserve access
In addition to securing BNY Mellon as a custodian, Ripple recently applied for a US national banking charter and a Federal Reserve master account.
If approved, this would enable Ripple to hold RLUSD reserves directly with the central bank and integrate more deeply into the US payments system.
Ripple, founded 13 years ago, is best known for its cross-border payments platform serving banks, payment providers, and other financial institutions.
While its operations are largely international, the RLUSD launch represents a strategic move to expand its US footprint.
BNY Mellon’s involvement in crypto dates back to 2021, when it established a digital assets unit focused on servicing bitcoin and other cryptocurrencies.
The bank’s custodial partnership with Ripple is its latest step in supporting the broader digital assets ecosystem.
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