Generations of controversy

KOREA

South Korea’s Jeonbuk Bank taps Ripple for cross-border payments

South Korea’s Jeonbuk Bank has partnered with blockchain payments company Ripple to deploy its cross-border payment system for business customers.

The service targets businesses including import-export companies, technology startups and online content creators. 

Ripple said its system would provide the bank with faster, less expensive remittance capabilities than conventional transfers routed through intermediary banks via the SWIFT messaging network, which can take several days. 

South Korean lawmakers seek expanded FIU powers over unregistered crypto firms

A group of South Korean lawmakers has introduced a bill to amend an existing financial law and expand the Financial Intelligence Unit’s (FIU) authority to investigate unregistered crypto businesses.

On Thursday, People Power Party lawmaker Eom Tae-young and nine other lawmakers filed the bill, which aims to add a new provision to the Act on Reporting and Using Specified Financial Transaction Information. 

Under the proposal, anyone could report suspected violations of the law to the FIU. The agency could investigate and analyze alleged violations, file complaints with the relevant authorities, request criminal investigations or provide information to investigators. 

South Korea moves to block Polymarket over gambling concerns

The Korea Media and Communications Commission said Polymarket’s structure and operations amount to illegal gambling despite its noncustodial design and smart contracts.

BitGo Korea secures VASP registration for institutional crypto custody

Regulators reportedly accepted BitGo Korea’s registration on Tuesday, two days before stricter VASP entry requirements took effect.

South Korea sets up Joint Virtual Asset Crime Investigation Unit

The Serious Crimes Investigation Agency will be formally established in October and include 2567 investigators looking into seven categories. A specific unit will combat phishing and virtual asset crimes.

Korea Exchange to open new fractional investment market

Novel Securities Market is due to open in November and trade in fractional investments and non-traditional securities like artworks, real estate and music copyright.

JAPAN

Japan’s SBI leads $68M Fasset round at $1B valuation

Stablecoin neobanking platform Fasset has raised $68 million in a Series C funding round led by Japan’s SBI Group at a $1 billion valuation.

The companies also plan to jointly operate a digital bank in Malaysia and distribute Fasset-issued tokens, according to SBI.

Laser Digital gets Japan’s first crypto exchange approval in 4 years

Nomura Group’s digital asset subsidiary, Laser Digital, received authorization to operate as a crypto asset exchange service provider under Japan’s Payment Services Act (PSA)

A list issued by Japan’s Financial Services Agency (FSA) on Friday showed that Laser Digital received the country’s first crypto exchange license in four years. The last platform to receive FSA authorization was Binance Japan in October 2022. 

Metaplanet expands Bitcoin treasury strategy to US with 2,100-BTC Nasdaq play

The proposed deal with Nasdaq-listed Super League Enterprise would give the Tokyo-based company a foothold in US capital markets while using existing Bitcoin rather than additional purchases.

Toyota Finance opens tokenized bonds to retail investors via mobile payment app

Retail investors can apply to buy the 1 billion yen bond without a securities account and receive perks through Toyota’s payment app.

MALAYSIA

Bitdeer signs $400M AI cloud computing deal for Malaysia facility

Bitcoin mining company Bitdeer’s artificial intelligence (AI) division, Bitdeer AI, signed a five-year customer deal covering about 50% of the capacity of its A102 Malaysia facility.

The deal was signed with an undisclosed AI customer of “high credit quality” and is expected to bring approximately $400 million in total revenue, Bitdeer revealed.

Bitdeer AI is targeting 350 megawatts of AI cloud data center capacity by the first quarter of 2028.

SINGAPORE

Singapore and Hong Kong compete on tax for fund managers

Singapore’s Monetary Authority has unveiled tax exemptions for fund managers and family offices. It will also expand a scheme to help attract investment professionals into the city state and launch a co-investment scheme for funds that base operations in Singapore.

The moves are in response to Hong Kong cutting its own taxes for fund managers as the two crypto hubs compete for business.

PAKISTAN

Pakistan opens crypto licensing portal

Pakistan’s Virtual Assets Regulatory Authority (PVARA) has opened its licensing portal for crypto exchanges and other virtual asset service providers (VASPs) operating in the country. 

Companies providing virtual asset services on or before March 5 must submit an application for a no-objection certificate (NOC) by Sept. 5 or cease operations, according to the PVARA licensing website.

“The licensing window is officially open, creating a clear pathway for businesses to enter Pakistan’s regulated virtual asset market, with defined standards for consumer protection, governance, compliance and market integrity,” PVARA said on LinkedIn. 

UAE

Capital.com plans UAE spot crypto services after affiliate wins licence

Trading platform and contracts for difference (CFD) broker Capital.com plans to offer spot crypto services to clients in the United Arab Emirates after its affiliate, Capital Vault, secured a virtual-asset license from the country’s Capital Market Authority (CMA). 

Once the service goes live, UAE clients will be able to buy and hold actual crypto through the Capital.com app, with Capital Vault providing execution, custody and settlement.  

Bitcoin.com integrates UAE-registered US dollar stablecoin into self-custodial wallet

The integration expands access to USDU, the UAE’s first central bank-registered US dollar stablecoin, as it builds distribution beyond institutional channels.

HONG KONG

OKX restricts Claude access for Hong Kong employees

OKX was forced to restrict employees in Hong Kong and those traveling through China, from using Anthropic’s Claude artificial-intelligence model after the company account was temporarily suspended for not complying with geographic restrictions. OKX reportedly spends up to $8 million a month on tokens across various LLMs.

Standard Chartered to distribute HKDAP

It’s reportedly the first bank to distribute Hong Kong’s new regulated stablecoin HKDAP, which is backed by Anchorpoint Digital.

Alibaba raises $10.2 billion to fund AI ambitions

Shares in China’s Alibaba slid after it sold off $10.2 billion shares at an 8.7% discount to help fund its AI ambitions. The money raised will fund chips, AI infrastructure and models.

TAIWAN

Taiwan busts money laundering network using USDT

Taiwanese authorities have reportedly dismantled a money laundering network that has been purchasing USDT via Hong Kong exchanges.

Bitcoin’s strongest weekly advance since March 2023 pushed the asset close to $80,000, but analysts said further gains may depend on easing US bond yields, continued spot ETF demand, and progress on the CLARITY Act.

Can Bitcoin hold near $80,000 after its strongest rally since 2023?

Bitcoin (BTC) traded near $79,800 on Aug. 24 after climbing from below $64,000 on Aug. 19. The cryptocurrency reached approximately $79,550 during the rally, its highest level since May.

The gain amounted to roughly 24% over the week, according to Gadi Chait, investment manager at Xapo Bank, making it Bitcoin’s strongest weekly advance since March 2023.

US policy developments helped trigger the move. On Aug. 19, the US Treasury announced that it would at least double the maximum size of its liquidity-support buybacks for nominal Treasury securities with maturities of 10 to 30 years.

The operations will increase from a maximum of $2 billion to at least $4 billion each, beginning Sept. 9. Markets interpreted the decision as an effort to improve liquidity in long-dated government debt after yields reached levels that weighed on risk assets.

Bitcoin also benefited from renewed expectations for clearer US crypto rules after President Donald Trump urged lawmakers to advance the CLARITY Act. The proposed legislation remains subject to action in the Senate, where its progress could provide the market with another policy catalyst.

ETF inflows strengthened the Bitcoin rally

Chait said the sources of demand behind the rally were as important as the size of the price increase.

“Approximately $1.9 billion flowed into US spot Bitcoin ETFs, providing evidence of genuine investor demand, while record short liquidations added further momentum.”

US spot Bitcoin ETFs recorded five consecutive trading days of inflows during the week ending Aug. 21. The approximately $1.9 billion total marked a sharp return of institutional demand after funds struggled to attract consistent capital earlier in the year.

The inflows also showed that forced buying in derivatives markets was not the rally’s only source of support. Traders holding leveraged short positions were liquidated as Bitcoin broke through resistance levels, creating additional market orders that accelerated the advance.

Justin d’Anethan, head of research at Arctic Digital, said changing expectations around US rates brought investors back to an asset that had underperformed for several months.

“In the case of Bitcoin, with pent-up demand and a multi-month underperformance, the trade wrote itself and algos along with sophisticated trading firms and asset managers piled back in.”

He said leveraged traders were caught on the wrong side of the breakout, producing what he described as the largest single-day short liquidation event. Profit-taking and selling from investors who had been waiting to exit could now produce a short-term pullback as the market absorbs the move.

Rising bond yields test the Treasury narrative

Jeff Mei, chief operating officer of crypto exchange BTSE, said enthusiasm surrounding the Treasury buybacks had cooled as bond yields began rising again.

“The size of these buyback operations is relatively small compared to the overall Treasuries market, which is over $30 trillion.”

Treasury buybacks are designed to support market liquidity by replacing older, less actively traded securities with newly issued debt. They do not amount to quantitative easing because the Treasury must finance its operations, while Federal Reserve asset purchases create central bank reserves.

Mei said the market would need to see whether the Treasury expands the program beyond the initial $4 billion maximum for each operation. Without an increase, the program’s effect on the broader bond market may remain limited.

D’Anethan viewed rates as the rally’s main driver, arguing that ETF flows, regulatory developments and large investor activity had failed to move Bitcoin substantially until expectations surrounding Treasury policy changed.

Chait said the macro shift also strengthened Bitcoin’s longer-term case as US government debt continued rising.

“As rising debt fuels concerns about potential currency debasement, its fixed supply and independence from any government or central bank become increasingly relevant.”

Bitcoin could reach $90,000 if US catalysts hold

Mei said Bitcoin could establish a range between $80,000 and $90,000 if the Treasury expands its buybacks and the CLARITY Act makes material progress by mid-September. A Federal Reserve rate cut or another form of monetary support could provide further upside, he added.

The scenario remains conditional because higher yields increase the relative appeal of government debt while raising borrowing costs across the financial system. A lack of new policy support or weakening ETF demand could therefore leave Bitcoin vulnerable after its rapid advance.

“Without further positive catalysts and sustained investor confidence, it’s also possible that Bitcoin could give back recent gains and fall again to the $70k mark,” Mei said.

The CLARITY Act provides another near-term US catalyst, although its passage is not guaranteed. Investors will be watching whether lawmakers move the bill forward and whether proposed rules translate into clearer conditions for exchanges, token issuers and institutional market participants.

Bitcoin charts point to a possible trend reversal

D’Anethan said bullish engulfing patterns had appeared on Bitcoin’s daily and weekly charts, while a similar monthly signal was developing but had not yet been confirmed by the candle’s close.

The patterns followed an extended period in which several momentum indicators remained in oversold territory. Their recovery may support a longer-term reversal, although the speed of the recent rally increases the possibility of consolidation or profit-taking.

Bitcoin’s immediate challenge is holding the area around $77,000 to $80,000 after reaching its three-month high. A sustained break above $80,000 would support Mei’s $80,000–$90,000 scenario, while a deeper retracement would bring $70,000 back into focus.

The mid-$60,000 range could become a broader accumulation area for long-term investors if Bitcoin fails to hold $70,000, according to d’Anethan. Near-term direction, however, will likely depend on bond yields, ETF demand and whether US policy developments produce concrete action after the initial rally.

Zcash price surged more than 70% over the past week to an eight-year high near $885 before retreating below $820, as Grayscale’s ETF conversion plan and an NU7 governance vote drew traders toward ZEC.

Zcash price pulls back after reaching $885

According to data from crypto.news, Zcash (ZEC) price traded near $820 at the time of writing after reaching approximately $885 earlier in the session, according to exchange data. The privacy coin gained more than 70% during the past seven days and reached its highest level since 2018.

The rally accelerated after ZEC cleared $562.50, which marked the upper boundary of its previous trading range on the daily chart. Buyers then pushed through successive levels at $625, $687.50, and $750.

ZEC moved as much as 77% above its August consolidation area near $500 before sellers emerged around $875. Its daily candle subsequently fell about 4%, with the price slipping from an opening level near $854 to approximately $820.

The retreat has not yet erased the wider breakout. ZEC remains above the former $750 resistance identified by Rand Group, which said the level would need to become support for another bullish wave to develop.

The daily Bull Bear Power reading stood at 376.58, showing that buying pressure remained elevated despite the pullback. However, the size of the indicator’s recent increase also reflects how far and quickly ZEC has moved away from its earlier range.

Grayscale ETF filing adds an institutional catalyst

The price advance followed Grayscale Investments’ latest amended registration statement for the Grayscale Zcash Trust.

Grayscale is seeking to convert the existing trust into an exchange-traded product expected to trade on NYSE Arca under the ticker ZCSH. An accompanying filing said shares were anticipated to begin trading on or around August 25, subject to regulatory approvals.

The proposed structure would give eligible US investors exposure to ZEC through a regulated brokerage product without requiring them to hold the token directly. The registration statement does not mean the SEC has approved the conversion, and the planned listing date remains subject to completion of the regulatory process.

The filing also disclosed non-binding discussions involving DCG International Investments Ltd., a Digital Currency Group subsidiary. Under the potential transaction, the company could contribute about 200,000 ZEC to the trust in exchange for shares.

At the valuation cited when the amendment was reported, the proposed contribution was worth approximately $110 million. The filing describes the transaction as being under discussion, meaning it should not be treated as a completed ZEC purchase or confirmed capital allocation.

Grayscale reported that the trust had about $263.5 million in assets under management as of August 21. The proposed conversion would bring a privacy-focused crypto asset into the US spot ETF market, although Zcash continues to face regulatory and exchange-access risks linked to its privacy features.

NU7 vote follows the Ironwood snapshot

A separate Zcash-specific event may have added demand for shielded ZEC ahead of the rally. According to the NU7 vote announcement on the Zcash Community Forum, Valar Group and Project Tachyon scheduled an approximately 18-day coinholder vote beginning August 25.

Voting eligibility was based on spendable, shielded ZEC held in the Ironwood pool at mainnet block height 3,459,350. The snapshot was expected at approximately 19:00 UTC on August 24, after which holders could move their funds without losing their voting rights.

Voting is scheduled to close on September 14 at 19:00 UTC. The process requires at least 1 million eligible ZEC to meet its minimum participation threshold, while supported wallets allow holders to vote privately and publish only aggregated results.

The ballot will help determine the scope of the planned NU7 network upgrade, including possible changes to Zcash’s issuance schedule and block-production model. The snapshot may have encouraged some holders to transfer tokens into the Ironwood shielded pool, but available data does not establish how much of the price increase came directly from voting-related transfers.

Zcash price faces resistance at $875

The 4-hour chart shows that ZEC remains above the Bollinger Bands’ middle line near $803.35. Holding that level would keep the short-term breakout structure intact, while a sustained drop below it could expose the psychological $800 level.

ZEC’s 4-hour Relative Strength Index fell to 62.89 after previously moving into overbought territory. The indicator’s moving average remained higher at 72.14, suggesting that momentum has cooled as the price pulled back from its peak.

The first upside barrier sits between $870 and $875. The daily Murrey Math chart marks $875 as an extreme overshoot level, while the upper 4-hour Bollinger Band stands near $910.56.

A decisive close above $875 could allow buyers to test $910 and then $937.50. The latter is identified on the daily chart as a zone where the risk of a bearish reversal may increase.

On the downside, $812.50 is the first key level to monitor. ZEC was trading only slightly above that line at the time of the chart capture, making it the immediate test for buyers after the intraday reversal.

Below $812.50, the Bollinger midpoint near $803 and the former breakout level at $750 provide the next support areas. A fall below $750 would weaken the breakout and could open a deeper correction toward $696 and $687.50.

Liquidation clusters could increase ZEC volatility

CoinGlass’ 24-hour liquidation heatmap showed concentrated leveraged positions on both sides of ZEC’s market price.

The largest nearby upside liquidity cluster appeared around $872 to $874, matching the chart’s immediate resistance zone. Additional liquidation levels were visible around $882 to $886, which could attract price if ZEC regains upward momentum.

Below the market, a strong concentration appeared near $818 to $820, with further liquidity around $808 and $800. ZEC briefly moved toward these lower clusters during its late-session decline before rebounding above $817.

Liquidation heatmaps show where leveraged positions may face forced closure, but they do not predict which level the price will reach first. With ZEC trading between dense clusters near $800 and $875 after a weekly gain exceeding 70%, a sharp move in either direction could trigger another round of liquidations.