South Korea and Pakistan advance crypto regulations as Ripple partners with Jeonbuk Bank

Jeonbuk Bank partners with Ripple for faster cross-border payments

South Korea’s Jeonbuk Bank has teamed up with blockchain payments company Ripple to offer faster and cheaper cross-border payments for its business customers. The service targets import-export companies, technology startups, and online content creators.

Ripple’s system aims to replace traditional transfers that rely on the SWIFT network, which can take several days and involve intermediary banks. The bank expects the new service to reduce costs and speed up transactions.

Key developments in Asia’s crypto sector

• Jeonbuk Bank will use Ripple’s technology for cross-border payments.
• Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened a licensing portal for crypto exchanges and service providers.
• Japan’s Financial Services Agency approved Laser Digital, a subsidiary of Nomura Group, as the country’s first crypto exchange in four years.
• South Korea’s Financial Intelligence Unit (FIU) may gain expanded powers to investigate unregistered crypto businesses under a new bill.
• Bitdeer’s AI division signed a $400 million deal to provide cloud computing services in Malaysia.

Pakistan launches crypto licensing for exchanges

Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened a licensing portal for crypto exchanges and other virtual asset service providers (VASPs). Companies operating in Pakistan before March 5 must apply for a no-objection certificate (NOC) by September 5 or risk shutting down.

The PVARA stated that the licensing process aims to establish clear standards for consumer protection, governance, compliance, and market integrity. The move creates a regulated pathway for businesses to enter Pakistan’s virtual asset market.

Japan approves first crypto exchange in four years

Japan’s Financial Services Agency (FSA) has authorized Laser Digital, a digital asset subsidiary of Nomura Group, to operate as a crypto asset exchange service provider. This is the first such approval in Japan since October 2022, when Binance Japan received its license.

Laser Digital’s authorization comes under Japan’s Payment Services Act (PSA). The FSA’s list of approved exchanges now includes the company, marking a significant step in Japan’s crypto regulatory landscape.

South Korea proposes stricter oversight of crypto firms

A group of South Korean lawmakers, led by People Power Party member Eom Tae-young, has introduced a bill to expand the Financial Intelligence Unit’s (FIU) authority. The proposal would allow the FIU to investigate unregistered crypto businesses and accept reports of suspected violations from the public.

Under the new provision, the FIU could analyze alleged violations, file complaints, request criminal investigations, or share information with investigators. The bill aims to strengthen oversight of the crypto industry in South Korea.

What is confirmed

• Jeonbuk Bank has partnered with Ripple to use its cross-border payment system for business customers.
• Pakistan’s PVARA has opened a licensing portal for crypto exchanges and service providers, with a September 5 deadline for applications.
• Japan’s FSA approved Laser Digital as a crypto exchange, the first such approval in four years.
• South Korean lawmakers have proposed a bill to expand the FIU’s powers over unregistered crypto firms.
• Bitdeer’s AI division signed a $400 million deal for cloud computing services in Malaysia.

What is still unclear

• The identity of Bitdeer’s AI cloud computing customer remains undisclosed.
• It is not confirmed how many crypto businesses in Pakistan will apply for the new licensing before the September 5 deadline.
• The timeline for when Jeonbuk Bank’s Ripple-powered payment service will launch is not specified.

Why these developments matter

These updates reflect growing regulatory clarity and adoption of crypto technologies in Asia. South Korea’s partnership with Ripple could set a precedent for faster, cheaper cross-border payments in the region. Pakistan’s licensing portal provides a legal framework for crypto businesses, potentially reducing risks for users.

Japan’s approval of Laser Digital signals renewed confidence in crypto exchanges after a four-year gap. Meanwhile, South Korea’s proposed bill shows efforts to tighten oversight of unregistered crypto activities, which could improve transparency and security for investors.

Sources

• Cointelegraph