Kategorie: Crypto Markets

• MAS expands Ripple’s payment permissions for XRP and RLUSD services.
• The approval boosts Ripple’s role in fast, regulated APAC cross-border payments.
• Regional digital asset activity rises as Ripple deepens Singapore investment.

The Monetary Authority of Singapore (MAS) has approved an expanded range of payment activities for Ripple Markets APAC, the company’s local subsidiary.

This approval allows Ripple to grow its regulated payment services for banks, fintechs, and corporates in one of the world’s most tightly supervised financial markets.

Ripple can now offer a wider suite of digital payment token services linked to XRP and RLUSD.

It also gives the firm more room to deliver cross-border payment solutions that rely on digital assets to settle transactions faster and at a lower cost.

Ripple’s leaders say this development reflects the value of Singapore’s clear regulatory stance.

President Monica Long described MAS as a global benchmark for transparency and stable rules.

She said the decision strengthens Ripple’s plan to deepen its investment in the market and build infrastructure that supports faster global money movement.

MAS’s frameworks under the Payment Services Act give digital asset firms defined rules covering token issuance, custody, and payments.

Expansion aligned with rising APAC demand

The approval marks a surge in digital asset activity in the Asia-Pacific region, with a year-over-year increase of about 70%.

Ripple says Singapore sits at the centre of this growth thanks to its advanced policies and its early embrace of regulated digital token services.

Fiona Murray, Ripple’s Vice President and Managing Director for the region, said the expanded license equips the company to serve the institutions driving that growth.

She noted that regulated payment rails remain essential as cross-border activity accelerates across regional markets.

Ripple first established its Asia-Pacific headquarters in Singapore in 2017.

The company later secured a full MPI license, placing it among a select group of blockchain-focused firms approved to provide digital token services in the country.

Broader capabilities for institutional clients

With the updated permissions, Ripple can now support end-to-end payment flows through a single integration.

This includes collection, holding, token swaps, and payouts.

The system enables clients to avoid multiple infrastructure partners and reduces their reliance on additional banking relationships.

Ripple Payments, the company’s global solution, merges digital tokens with a payout network that handles conversion, compliance, and settlement operations.

By absorbing the technical and blockchain complexity, Ripple enables institutions to offer digital payment services more efficiently.

The company’s stablecoin, RLUSD, sits at the core of several of these services.

The stablecoin recently received recognition in Abu Dhabi as an Accepted Fiat-Referenced Token, allowing licensed firms in the Abu Dhabi Global Market to use it for regulated financial activities.

This adds momentum to Ripple’s broader expansion across the UAE and Asia.

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• HashKey moves closer to IPO after clearing Hong Kong listing hearing, boosting regulated crypto ambitions.
• HashKey leads Hong Kong’s licensed crypto trade but remains unprofitable despite a large client asset base.
• Firm expands globally with approvals in Dubai, Bermuda, and Ireland ahead of planned public listing.

Hong Kong’s push to build a tightly regulated digital asset market has taken another step as HashKey Holdings secures approval to move forward with an initial public offering.

The operator of the city’s largest licensed crypto exchange confirmed in a Dec. 1 disclosure that it cleared the Hong Kong Stock Exchange’s listing hearing, a milestone that positions the company to advance its plans.

The development arrives as Hong Kong continues to present itself as a controlled and legally defined alternative to the crypto restrictions on the mainland, while seeking to attract institutional and retail participation through licensed platforms.

IPO progress strengthens regulated market ambitions

HashKey has not revealed the size or timing of the IPO, but earlier reports in October indicated that the company had explored raising to $500 million.

The filing shows that JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International are acting as joint sponsors, reinforcing the city’s intention to anchor crypto activity within traditional financial structures.

Local media reported that funds raised through the offering would be directed toward technology upgrades, wider product development, stronger operational capacity, and the expansion of services into new markets.

HashKey is also prioritising the improvement of its risk management systems as part of a broader plan for long-term growth.

Licensing gives HashKey a strategic foothold

HashKey operates under the Securities and Futures Commission’s regulatory framework and was among the first digital asset companies approved to serve both institutional and retail investors under Hong Kong’s updated licensing regime.

The company holds a Type 1 licence, permitting it to deal in securities that include tokenised versions of assets categorised as securities.

It also holds a Type 7 licence, which allows it to run an automated trading platform.

Alongside this, HashKey’s asset management arm is licensed to manage portfolios consisting of up to 100 percent virtual assets.

It is one of 11 licensed virtual asset trading platforms serving retail users in Hong Kong.

This stands in contrast to mainland China, where crypto activity remains banned, highlighting Hong Kong’s continued position as a regulated gateway within the region.

Market share grows but losses persist

According to the filing, HashKey handled more than three quarters of the region’s onshore digital asset trading volume in 2024. It also held nearly HK$20 billion (US$2.56 billion) in client assets, underscoring its dominance within Hong Kong’s regulated crypto landscape.

Despite its scale, the company remains unprofitable. HashKey recorded a net loss of HK$506 million in the first half of 2025, though this represented an improvement from the HK$777 million loss logged during the same period a year earlier.

The filing noted that performance has shifted in line with market volatility, which continues to shape activity across the sector.

HashKey has been working to expand its presence through investment initiatives, including the launch of a $500 million perpetual fund focused on institutional participation in digital asset treasury projects.

The fund aims to support blockchain ecosystems such as Ethereum and seeks to contribute to long term adoption and capital movement.

Global approvals broaden HashKey’s reach

In addition to its Hong Kong operations, HashKey has extended its regulatory footprint in 2025 by securing conditional approval to operate in Dubai.

It has also obtained regulatory permissions to run licensed platforms in Bermuda and Ireland, signalling an effort to widen its global relevance ahead of its public listing.

These gains support Hong Kong’s attempt to reinforce its position as a regulated crypto centre and highlight how the city is using licensed actors to shape a defined market structure for digital assets.

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• The new legislation builds on the Digital Asset Basic Act by adding detailed rules for stablecoin oversight.
• The framework outlines how global stablecoins like USDT and USDC will be treated in Korea.
• Officials warn delays could leave Korea behind other regions that tightened rules in 2025.

South Korea is taking a major step toward formalising how won-based stablecoins will be issued and supervised, after lawmakers settled a long-running dispute over who should control the process.

A closed-door meeting brought clarity to the core question of authority, with policymakers agreeing that banks should lead the effort while still allowing tech firms to participate.

The move comes at a time when crypto adoption is rising among people aged 20 to 50, and when global players continue to dominate stablecoin markets.

With a December deadline approaching, officials want to finalise a structure that supports innovation but keeps monetary stability at the centre of regulation.

Consortium model defines the role of banks and tech firms

A Dec. 1 report by Maeli Business Newspaper said lawmakers agreed on a consortium model where banks maintain majority control of stablecoin-issuing entities.

Tech companies will still be able to participate, but financial institutions will take the lead to reduce systemic risks.

The goal is to create a Korean-style stablecoin framework that mirrors the safeguards of traditional finance, with clear rules governing reserves, issuance, and supervision.

The model was designed to align with the Bank of Korea’s concerns about protecting the money supply.

It also provides a common structure for private companies, reducing the risk of fragmented products entering the market without consistent stability mechanisms.

By setting shared standards early, policymakers hope to shape a domestic stablecoin ecosystem that can support innovation without compromising financial security.

Government faces Dec. 10 deadline for its proposal

Senior Democratic Party lawmaker Kang Joon-hyun said the government must submit its proposal by Dec. 10. If it misses the deadline, lawmakers will move ahead with their own version of the bill.

The aim is to pass the legislation during the National Assembly’s January extraordinary session, after consultation with the ruling People Power Party and the president’s office.

This new act expands on the Digital Asset Basic Act passed earlier this year.

That earlier law established licensing rules for issuers, requirements for reserve protection, and compliance obligations for virtual asset service providers.

The upcoming bill fills in the remaining regulatory gaps by specifying how stablecoins should be managed when they operate like traditional financial instruments.

It also provides clearer guidance for US-based stablecoins such as USDT and USDC, which have become increasingly influential in Korea’s growing digital asset market.

Push to match progress in global markets

Officials warn that delays could leave Korean companies trailing behind their global competitors.

The US, EU, and Japan strengthened their stablecoin rules in 2025, creating a more defined landscape for exchanges and financial institutions.

Korean regulators want to avoid losing momentum, especially as domestic interest in crypto continues to rise.

The updated framework aims to reduce uncertainty for developers, financial firms, and exchanges.

By bringing digital assets closer to mainstream financial oversight, authorities hope to support responsible growth and give consumers access to well-regulated products.

The focus is on keeping the domestic market aligned with international standards while maintaining space for private-sector innovation.

Lawmakers discuss wider reforms on security and markets

The meeting also covered planned updates to financial security and capital-market rules.

After recent hacking incidents at major financial companies, officials intend to revise the Electronic Financial Transactions Act.

Proposed changes include tougher penalties and stronger enforcement following cyber breaches.

Lawmakers are also working with opposition parties on a set of capital-market reforms.

These include rules that would require mandatory tender offers in certain corporate situations.

They also plan to update share-allocation standards so that everyday investors have fairer access to offerings.

The goal is to improve transparency and strengthen market integrity as Korea reshapes its financial regulatory environment.

The post South Korea moves to tighten stablecoin rules with a bank-led model appeared first on CoinJournal.

• BNB traded above $880 as cryptocurrencies looked to bounce higher.
• The gains could see bulls target the $1,000 mark and beyond, helped by overall market sentiment.
• Technical indicators, however, paint a mixed picture.

BNB price is showing early signs of recovery amid a turbulent market week for altcoins, with the price having slipped off intraday highs of $903.

While prices hovered about 1.4% down in the past 24 hours, changing hands around $882, means bulls could eye a return to the key $900 mark and target $1,000.

Market optimism, institutional interest, and technical indicators could align for this to happen within the coming days or weeks.

Notably, the cryptocurrency’s resilience above $800 comes as Bitcoin stabilizes above $91,000 following a rebound from lows near $80,000.

While the market is mixed, bulls are showing resilience.

BNB price outlook

Although prices have dipped more than 35% from recent all-time highs, market experts remain bullish on BNB’s trajectory.

Even as short-term volatility persists, technical analyses suggest the token could reach an average price of $1,000 in the coming months.

Momentum could push the BNB price beyond the psychological level of $1,200 and then the ATH above $1,370.

Short-term, technical indicators support a mixed picture. BNB’s 50-day moving average is sloping and acting as a key hurdle around $1,050, while the relative strength index (RSI) at 40 signals neutral territory but with a potential dip before oversold recovery.

However, price saw a breakout above the resistance line of a falling wedge, and the MACD hints at a bullish crossover.

If BNB clears the $900 resistance, we could see a swift move to $1,000, potentially aligning with broader market stabilization.

As well as broader sentiment, BNB’s utility in the Binance ecosystem positions it for outperformance in a risk-on environment.

What’s bullish for BNB price?

Several key factors are converging to ignite BNB’s next leg higher, with the spotlight firmly on institutional inflows and whale dynamics.

At the forefront is the freshly filed VanEck BNB ETF, submitted to the SEC on November 21 for listing on Nasdaq.

The spot ETF would hold BNB directly, tracking the BNB Index without initial staking, although future yields via third-party providers could be added with notice.

If approved, VBNB could mirror the success of Bitcoin and Ethereum ETFs, unlocking billions in traditional capital and enhancing BNB’s legitimacy.

Many see this as a game-changer for altcoin exposure, and social hype has surged.

Broader market stabilization is another tailwind.

Bitcoin’s rebound, following recent dovish remarks from New York Fed President John Williams, helped bulls. This eased last week’s panic selling, where BTC plunged below $80,000.

Losses for BTC dragged altcoins down.

Exchange-traded product flows have also flipped positive after consecutive net outflows. Despite subdued large-whale demand overall, inflows at support levels around $800 suggest discounted buying ahead of a rally.

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• Upbit patched a wallet flaw after a $30M Solana-related hack.
• Withdrawals were halted, and stolen funds were partly frozen following the attack.
• Authorities probe possible Lazarus Group involvement.

South Korea’s largest cryptocurrency exchange, Upbit, has revealed a serious internal wallet vulnerability while conducting an emergency audit in the wake of a $30 million hack.

The discovery comes as the company continues to investigate irregular Solana-based withdrawals that triggered the security review, raising concerns about potential risks to private keys within the platform’s wallet system.

Flaw discovered after emergency audit

The emergency audit, launched following the detection of abnormal activity on Nov. 26, uncovered a flaw in Upbit’s internal wallet software that could allow attackers to mathematically derive private keys by analysing blockchain transactions.

CEO Oh Kyung-seok, in a published announcement after the audit, explained that while blockchain data is normally public but secure, the company’s own wallet implementation produced weak and predictable signature data, creating the theoretical risk.

Upbit emphasised that the flaw was discovered only after the systemwide review and did not appear to be directly linked to the hack itself.

The exchange has since patched the vulnerability and conducted a comprehensive inspection of all related networks and wallet systems to ensure no further weaknesses remain.

Upbit to cover all losses using its own reserves

The Upbit hack, which resulted in losses totalling roughly 44.5 billion KRW, including approximately 38.6 billion KRW in customer assets, prompted immediate action from the exchange.

Withdrawals were suspended, and remaining assets were moved to cold storage to prevent further losses.

About 2.3 billion KRW of the stolen funds, equivalent to around $1.5 million, has already been frozen.

Oh Kyung-seok described the situation as a reminder that no security system can be considered completely infallible.

Kyung-seok has assured customers that Upbit would cover all losses using its own reserves and pledged to strengthen security measures across the platform.

The exchange has committed to resuming deposits and withdrawals only after the final verification of its wallet systems.

South Korean authorities are investigating the hack

South Korean authorities have launched an investigation into the incident, with early intelligence reports pointing to potential involvement by the North Korea-linked hacking group Lazarus.

While Upbit and regulators have not publicly confirmed this, the company continues to collaborate with law enforcement and blockchain projects to recover and freeze stolen assets wherever possible.

The incident has prompted Upbit to conduct a broader security review of its entire infrastructure.

The exchange noted that irregular withdrawals from Solana-related wallets, including tokens such as ORCA, RAY, and JUP, served as a catalyst for the emergency audit and subsequent vulnerability discovery.

By conducting a full overhaul of wallet systems, Upbit aims to prevent similar breaches in the future.

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