Top 10 Crypto Developments This Week
1. Hong Kong Unveils Digital Asset Policy Framework 2.0
Hong Kong's government reinforced its commitment to becoming a global digital asset hub with the Digital Asset Development Policy Declaration 2.0. The LEAP framework emphasizes:
- Regulatory optimization
- Tokenized product diversification
- Cross-sector collaboration
- Talent development
Financial Secretary Paul Chan noted this balances innovation with stability to enhance Hong Kong's financial leadership.
2. Korean Banks Consortium to Launch KRW Stablecoin
Eight major Korean banks – including KB Kookmin and Shinhan – are collaborating with blockchain associations to establish a stablecoin joint venture. Two models under consideration:
- Trust-based
- Deposit-backed
Target launch: Late 2024 to early 2025.
3. Japan Moves to Regulate Crypto Under Financial Instruments Law
Proposed reforms would:
- Allow Bitcoin ETFs
- Implement 20% flat-rate crypto taxation (vs current 55% maximum)
Final decision expected after June 25 financial committee review.
4. Fed Chair Powell Maintains Cautious Stance
Jerome Powell emphasized:
- No immediate rate cuts
- Monitoring inflation impacts from new tariffs
- Continued data-driven decision making
5. Bhutan's Bitcoin Reserves Reach $1.3B (40% of GDP)
The Himalayan kingdom has:
- Six hydro-powered mining facilities
- Long-term HODL strategy
- Plans for crypto tourism payments
6. UAE Fund Invests $100M in WLFI Token
Aqua1 Fund's major purchase coincides with World Liberty Financial's new app launch and corporate token adoption talks.
7. Turkey Tightens Crypto Anti-Money Laundering Rules
New requirements include:
- Transaction memos (20+ characters)
- 72-hour withdrawal delays for first-time transfers
- Stablecoin transfer limits ($3k daily/$50k monthly)
8. Barclays to Block Crypto Transactions Starting June 2025
The UK banking giant cites:
- Volatility risks
- Lack of investor protections
Affects all Barclays-issued payment cards.
9. OKX Considering US IPO
Sources indicate the exchange is exploring a American listing after its April 2024 US market re-entry.
10. Coinbase to Launch US Perpetual Futures July 2025
Products will include:
- Nano Bitcoin (0.01 BTC)
- Nano Ethereum (0.10 ETH)
First CFTC-regulated crypto derivatives of their kind in the US.
Key Industry Fundings
| Company | Amount Raised | Focus Area |
|---|---|---|
| OpenRouter | $40M | AI Model Marketplace |
| Zama | $57M | Crypto Encryption |
| Digital Asset | $135M | Blockchain Development |
| GTE | $15M | Decentralized Exchange |
| Yield.xyz | $5M | DeFi Infrastructure |
👉 Explore crypto investment opportunities
FAQ Section
Q: When will Korean banks' stablecoin launch?
A: Expected between Q4 2024 and Q1 2025 following regulatory approvals.
Q: What's special about Japan's proposed crypto tax?
A: It would slash maximum rates from 55% to 20% for separated taxation.
Q: Why is Bhutan accumulating Bitcoin?
A: To leverage surplus hydroelectric power and diversify national reserves.
👉 Stay updated on crypto regulations
Q: How will Turkey enforce new crypto rules?
A: Through transaction monitoring, withdrawal delays, and platform audits.
Q: What alternatives do Barclays customers have for crypto?
A: Direct wallet transfers or specialized crypto banking services.
Q: When might OKX IPO happen?
A: No official timeline, but industry observers suggest 2025-2026.