The Bank of Korea’s new governor is signaling a clear push into digital money experiments, framing central bank digital currencies (CBDCs) and tokenized deposits as a core part of Korea’s monetary toolkit. Shin Hyun-song, who began a four-year tenure after a Seoul inauguration ceremony, outlined a pragmatic path for the central bank to advance the second phase of its wholesale CBDC pilot and deepen international cooperation around digital payments.

In his first public address since taking office, Shin affirmed the Bank of Korea’s plan to push ahead with Project Hangang—the wholesale CBDC initiative designed to test blockchain-based settlement for large-value transactions—marking a step toward broader digital-finance capabilities. He also highlighted international collaboration efforts, including the Agora Project—a BIS-led consortium launched in April 2024 with seven central banks to explore cross-border tokenization and more efficient settlement. Shin argued these efforts will elevate the won’s standing in a digital-payments environment.

While Shin did not explicitly mention stablecoins in his inaugural remarks, previous reporting suggested openness to won-denominated stablecoins as part of Korea’s broader digital-monetary strategy. Reuters noted that Shin appeared receptive to such instruments when he was nominated as governor, though the formal speech did not reiterate that stance. The regulatory framework for stablecoins in Korea remains a point of contention, with lawmaker and regulator debates about whether won-pegged tokens should be limited to banks or opened to non-bank players.

Beyond central-bank digital money, Shin’s remarks come amid continuing regulatory discussions around the country’s stablecoin framework—and a broader push to integrate tokenized assets into public and cross-border payments. Cointelegraph has reported on the stalled bill and ongoing debates over whether issuance should be concentrated in traditional banking institutions or allowed to fintech and tech firms as well.

Key takeaways

• The Bank of Korea, under new Governor Shin Hyun-song, formalizes a push to advance Phase II of the wholesale CBDC pilot (Project Hangang) and to strengthen digital-monetary policy.]
• Shin ties Korea’s CBDC program to broader international cooperation on tokenization, citing the Agora Project as a strategic vehicle for cross-border payment efficiency and the won’s digital prominence.
• Domestic debates over won-denominated stablecoins remain unresolved; previous reporting indicates openness to such instruments, but the inaugural speech did not explicitly endorse them.
• A separate government-led initiative will test tokenized deposits for public spending, with a Sejong City pilot slated to begin and a full rollout planned for Q4 2026 as part of a regulatory sandbox.

Phase II of Hangang: Korea’s CBDC experiment intensifies

Shin’s inaugural remarks reinforced the Bank of Korea’s commitment to advancing the second phase of Project Hangang, a blockchain-backed wholesale CBDC effort designed to explore settlement workflows, liquidity management, and resilience in large-value transactions between financial institutions. The move sits within a broader strategy to modernize the financial system and reduce settlement risk through programmable money. The Hangang project is positioned as a practical test bed for credibility, interoperability, and security in a digital-money regime that could influence both domestic markets and regional payments corridors.

The emphasis on a phased, deliberate rollout reflects a central-bank approach that prioritizes stability and policy credibility as digital money concepts move from pilot labs toward potential real-world use cases. Shin’s framing suggests that the central bank sees CBDCs not as a speculative venture but as a core instrument for maintaining price and financial stability in an increasingly digitized economy.

Global coordination on asset tokenization

Shin highlighted ongoing international collaboration as a crucial element of Korea’s digital-monetary strategy. The Agora Project, an initiative launched by the Bank for International Settlements and seven central banks, seeks to explore how tokenization can improve cross-border payments and settlement efficiency. By aligning with global peers on standards, interoperability, and risk management, Korea aims to ensure that any domestic pilot is compatible with international liquidity and settlement rails. In Shin’s view, such cooperation could help elevate the status of the won in the evolving digital-payment landscape.

The BIS-backed effort sits alongside Korea’s own experiments, signaling a broader push to understand how tokenized digital assets can be integrated into current financial infrastructures without sacrificing security or monetary sovereignty. Market participants are watching how these international collaborations translate into concrete policy and technical frameworks that could shape regional and global payment flows in the years ahead.

Domestic stablecoins debate and regulatory context

The Korean policy environment around stablecoins remains unsettled. Earlier reporting indicated that Shin was open to won-denominated stablecoins, a stance that could influence how lawmakers frame future legislation. However, the current public address did not reiterate a stance on stablecoins, leaving the regulatory pathway ambiguous. A key point of contention is whether the issuance of won-pegged tokens should be restricted to commercial banks or opened to non-bank fintech and tech firms, a debate that continues to divide regulators and legislators.

Cointelegraph’s coverage of South Korea’s stablecoin framework highlights the tension between fostering innovation and maintaining financial stability and consumer protections. As the policy conversation evolves, market participants should monitor whether the government clarifies licensing paths, custody requirements, and reserve standards for any future stablecoin framework.

Tokenized deposits for government spending: testing digital public finance

On the public-finance front, Korea’s Ministry of Economy and Finance is moving to test blockchain-based payments for selected government expenditures as part of a regulatory sandbox for distributed ledger technology. The plan envisions tokenized deposits used to execute government spending, with a full rollout targeted for the fourth quarter of 2026. The initial phase will launch in Sejong City, under a framework that imposes limits on timing and eligible spending categories to manage risk while evaluating real-world applicability in public finance.

The pilot underscores a pragmatic approach: use a controlled environment to assess the feasibility, governance, and fiscal implications of tokenized deposits in government operations. If successful, this experiment could inform wider adoption of tokenized public-finance tools and potentially influence how sovereign payments are settled in a digitized economy.

What to watch next

Shin’s tenure signals that Korea intends to keep CBDCs and tokenized finance at the center of its monetary strategy, balancing innovation with stability. Key questions for the coming months include how Phase II Hangang will test interoperability with existing payment rails, what concrete standards emerge from Agora-like cooperation, and how lawmakers resolve the won-stablecoin debate. The Sejong-based tokenized-deposit pilot will also be a focal point, offering early indications of how tokenized public-finance tools could scale in a regulated environment.

Key Insights

• ARB price witnessed a rise of more than 10% with an almost 80% jump in trading volumes.
• The staking yield has risen above 221% to attract yield-driven investors.
• Resistance around $0.14 is crucial, and liquidity zones below the price make it volatile.

Recovery Strengthens as Volume Surges

After experiencing some impressive gains,

⚡️ UPDATE: Starknet, Aztec, and Arbitrum rank among the top Layer 2 projects by development activity, according to Santiment. pic.twitter.com/ceks121KIw

— Cointelegraph (@Cointelegraph) April 16, 2026

Arbitrum (ARB) tokens have demonstrated new signs of strength as bulls have become increasingly confident.

In fact, the tokens have seen a recovery of about 10% from their latest lows thanks to an uptick in trading activity. Specifically, there was a jump in volume of around 80% as new funds were flowing into the token.

When there is an uptick in volume and price at the same time, this is generally a positive signal. It seems that ARB tokens are now moving on to the next phase. Indeed, this comes after a long consolidation phase.

ARB’s Strength in the Face of Staking Yields Above 221%

An important factor that has contributed significantly to ARB’s current momentum is the increased yields from staking, which now exceed 221%. This factor adds another layer to the appeal of the asset in addition to its price performance, presenting itself as an attractive option to yield-seeking traders.

It should be noted that high staking yields typically play an important role in luring investors into buying an asset, especially in the current environment when traders are continuously seeking ways to boost their returns. Currently, increasing yields are one of the important factors that help sustain the demand for ARB despite volatility.

However, at the same time, the state of the ecosystem remains positive, as evidenced by the continuous development of the Arbitrum network.

Bullish Momentum Forms As Buyers Gain the Upper Hand

Analyzing the situation technically, there is now a stronger market structure formed in ARB. This is evident by the recovery of the price from the $0.088 support region as it rose towards the resistance level at $0.128, all while forming higher lows on the way up.

There are also indications in terms of the directional movement indicator. For one thing, the +DI is currently above -DI, reflecting the fact that there is more buying than selling activity in the market. The ADX, for its part, is hovering around 27.

Overall, these factors suggest a bullish scenario despite there being resistance levels left unbroken thus far.

Crucial Resistance Zone at $0.14 Important

Even amid the encouraging developments, ARB must navigate a vital hurdle in the form of the $0.14 resistance zone. This resistance area has previously posed significant challenges, leading to selling actions and breakdowns. The market participants are keeping a close eye on this level, as a clear breakout would potentially open the doors for the following target at $0.18.

Nevertheless, the approach towards the resistance level brings a series of mixed indicators. According to the latest reports, there has been a positive inflow into exchanges, amounting to around $207.81K worth of ARB being transferred to the exchanges. The emergence of such activity implies that there might be plans for profit-taking after the recent recovery.

It is worth noting that such an indicator usually creates some selling momentum, particularly when approaching important levels of resistance.

Liquidity Zones Indicate Possible Volatility

The liquidity indicator shows that there are more threats hidden behind the price. Large clusters of liquidity are found near $0.12 and even lower. They usually serve as magnets in case of volatility, particularly for leveraged trades.

If the coin gets rejected from the resistance line, there is an increased probability of fast movement towards the clusters of liquidity. The process of liquidation becomes fast and efficient, resulting in a fast fall in the price.

Currently trading at $0.128, ARB is caught in-between the important resistance on the top and the high liquidity clusters on the bottom side. Such conditions create a high possibility of volatility in either direction.

Outlook: A Balanced Mix of Opportunity and Risk

The resurgence of ARB is attributable to factors such as improvements in technical structure, increases in yields, and investor interest. The cryptocurrency is proving to be an asset for investors interested in profit-making and earning some income from yield-generation.

That said, future projections are still unclear in the near future. Whether or not ARB succeeds in its rally will depend on whether the coin can break through the resistance point at $0.14. Meanwhile, the liquidity factors prevailing below the current levels imply that volatility is set to define the trend. Currently, ARB sits at a very interesting junction.

The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert cautioning Filipinos against investing in dYdX and six other crypto trading platforms. The regulator stated that these platforms are not registered or authorized to solicit investments in the country, raising concerns about investor protection and regulatory compliance.

In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, asserting that, based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest. The commission emphasized that none of the listed entities are registered or authorized under the Philippines’ crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services to obtain licenses and meet capital and operational requirements.

The SEC warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.

The advisory underscores a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from warnings to access restrictions. As part of this trend, regulators blocked access to Coinbase and Gemini on December 24, 2025, as part of their broader crackdown on unlicensed CASPs. This moment marked a significant escalation in the country’s approach to crypto-market oversight.

Key takeaways

• The SEC warns that dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium are not registered or authorized to solicit investments in the Philippines.
• Compliance with the CASP framework is mandatory for firms offering crypto-related services, including licensing and meeting capital and operational requirements.
• Violations carry potential criminal penalties under the Securities Regulation Code, including fines up to PHP 5 million and imprisonment up to 21 years.
• The case reflects a broader enforcement shift within the Philippines, moving from advisory warnings to direct access restrictions on unlicensed platforms.
• Regulatory tension in the region continues to shape the operating environment for both unregistered operators and licensed players seeking to serve Filipino investors.

Regulatory framework and CASP licensing in the Philippines

The SEC’s CASP framework regulates entities that provide crypto-asset services within the Philippines. Under this regime, platforms must secure the appropriate licenses and satisfy capital adequacy, governance, and operational standards before offering services to the public. The current advisory reiterates that the listed platforms have not demonstrated compliance with these requirements, creating a clear risk posture for investors who engage with them. The Securities Regulation Code, particularly Sections 28 and 73, governs the liability of individuals and entities that promote or solicit investments in unregistered offerings, reinforcing the bounds of permissible activity for crypto platforms in the country.

In this context, the Philippine authorities have signaled a tightening of enforcement that aligns with global regulatory intent to reduce unregistered or non-compliant crypto operations. The SEC’s release also underscores the need for rigorous vetting by market participants and third-party promoters to ensure that offerings meet local legal and prudential standards before presenting them to Filipino residents.

Enforcement actions and investor protection concerns

The advisory comes amid an active enforcement posture designed to safeguard investors from unregistered and potentially risky platforms. By warning promoters of criminal liability and detailing possible penalties, the SEC aims to deter both direct solicitations and ancillary marketing that could mislead the public into engaging with non-compliant services. The regulatory approach reflects a preference for robust licensing and oversight to mitigate systemic risks associated with crypto trading and investment schemes lacking proper registration.

The Philippines’ enforcement trajectory has included high-profile actions targeting unlicensed platforms. In 2024, regulators moved to block access to Binance after a compliance deadline expired and directed app stores to remove the trading platform’s mobile app from local devices. The pattern continued into 2025, with further advisories naming major exchanges such as OKX, Bybit, KuCoin and Kraken for offering crypto services without registration. These measures illustrate the authorities’ willingness to restrict access and sanction non-compliant operators, reinforcing the importance of licensing as a prerequisite for market participation.

For legitimate players, the landscape remains one of continued growth within a regulated framework. Examples include PDAX’s partnership with Toku to enable stablecoin salary payouts, and GoTyme Bank’s digital banking initiative that expanded into crypto services with Alpaca, signaling a bifurcated market where compliant firms can innovate under regulatory supervision while unregistered platforms face increasing scrutiny and enforcement risk.

According to Cointelegraph, regulators have broadened the crackdown to encompass unlicensed virtual-asset service providers and established crypto exchanges, underscoring a pervasive policy shift toward greater accountability and consumer protection in crypto markets.

Broader policy context and international implications

The Philippines’ enhanced enforcement stack sits within a broader global push to codify crypto-asset activities through licensing, reserve capital requirements, and transparent operations. While the specifics of each jurisdiction differ, the trend toward stricter control—especially over platforms that solicit investments or promise returns—has become a common feature of regulatory narratives in many markets. In this environment, policymakers are balancing innovation with investor protection, financial stability, and anti-money-laundering (AML) objectives.

From a policy and market-structure perspective, the Philippines’ actions may influence cross-border service models and partner ecosystems. For institutions operating in or contemplating entry into the Philippine market, the CASP licensing regime creates a clear compliance highway: robust governance, capital adequacy, and ongoing regulatory reporting. As global standards evolve, the Philippine approach also interacts with broader conversations around licensing equivalence, cross-border enforcement cooperation, and the alignment of local rules with regional and international AML/KYC norms, as well as potential synergies or frictions with frameworks such as MiCA in the European Union.

For investors and corporate users, the evolving landscape emphasizes due diligence and validation of licensure status, functional licensing, and the governance posture of entities offering crypto-related services in the Philippines. It also highlights the importance of internal compliance programs, risk assessments, and clear communication channels to ensure alignment with local securities laws and crypto-asset regulations.

Closing perspective: the SEC’s public advisory marks a continuing phase of regulatory consolidation in the Philippines, with further guidance and potential licensing clarifications likely to follow as authorities refine the CASP regime and solidify enforcement norms. Market participants should monitor forthcoming regulatory filings and policy updates to anticipate changes in licensing criteria, enforcement timing, and permissible product offerings.

Key takeaways

• DOGE is up 1% and is now trading at $0.095.
• The memecoin could rally towards the $0.10 psychological level in the near term.

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are all displaying signs of renewed strength on Tuesday, as bullish technical setups emerge across major meme coins. 

DOGE and SHIB are testing key resistance zones, with a close above these levels potentially signaling further upside. Meanwhile, PEPE continues its recovery, finding support near the crucial 50-day Exponential Moving Average (EMA), setting the stage for a potential rally continuation.

Derivatives data support a bullish outlook for Dogecoin

Dogecoin is up 1% in the last 24 hours and could rally higher in the near term amid a bullish outlook from the broader crypto market.

Bitcoin has reclaimed the $76,000 level, while Ether is now trading above the $2,300 mark once again.

Meanwhile, Dogecoin is looking to embark on a breakout above the $0.10 psychological level if the bullish trend persists.

Dogecoin’s derivatives data suggests that the bulls are currently in control of the market. The futures Open Interest (OI) now reads $1.23 billion, up from the $986 million recorded on Monday. 

The increase in OI suggests that retail traders are opening more positions in anticipation of a bullish move by Dogecoin. 

Dogecoin could extend gains with a close above the 50-Day EMA

Similar to other leading cryptocurrencies, the DOGE/USD 4-hour chart remains bearish and efficient. It has surpassed the 50-day EMA at $0.95 following its 2.4% rally on Monday. 

DOgecoin been consolidating beneath this resistance for over a month and briefly broke above it last week, but struggled to maintain support.

If DOGE closes its daily candle above the $0.095 level and holds, the altcoin could extend its rally toward the 100-day EMA at $0.105. 

The Relative Strength Index (RSI) on the daily chart is at 52, above the neutral level of 50, signaling weakening bearish momentum. Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows green histogram bars, reinforcing the positive outlook.

On the downside, if DOGE fails to hold above the 50-day EMA, it could face a potential correction, bringing the price back toward the February 6 low of $0.080.

Shipowners are receiving fraudulent messages asking for crypto payments in exchange for safe passage across the Strait of Hormuz, and at least one may have been taken in, Reuters reported Tuesday.

Marisks, a Greek maritime risk services company, issued a warning saying several shipping companies had received messages from scammers posing as Iranian authorities and asking for bitcoin or USDT. The firm said it believed at least one ship fell victim to the scam and was fired upon while trying to pass through the strait over the weekend, Reuters said.

Shipping traffic through the strait has largely been blocked by Iran since Feb. 28, when the U.S. and Israel initiated a war on the Middle East country. According to Reuters, there are roughly 20,000 oil tankers and other freighters stranded in the Gulf.

A week ago, U.S. President Donald Trump ordered a naval blockade of the Strait of Hormuz and has since seized one Iranian vessel trying to evade the operation.

On April 9, Tehran, ⁠which controls the chokepoint, proposed crypto tolls on vessels in exchange for safe transit. Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said the crypto fees would likely be charged in bitcoin.

Marisks issued its alert on Monday. Iran has not made any comment, Reuters added.

“These specific messages are a scam,” Marisks said, assuring the messages did not come from official Iranian sources.

“After providing the documents and assessing your eligibility by the Iranian Security Services, we will be able to determine the fee to be ⁠paid in ​cryptocurrency (BTC or USDT). Only then will your ​vessel be able to transit the strait unimpeded at the pre-agreed time,” said the fraudulent message cited ​by Marisks, according to Reuters.

The shipping company did not immediately respond to a CoinDesk request for comment.

The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert warning Filipinos not to invest in dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments in the country.

In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, stating that based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest. 

The regulator said none of the listed entities are registered with the Commission or hold the required authorization under its crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the Philippines to obtain licenses and meet capital and operational requirements.

The SEC also warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.

The advisory highlights a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from warnings to access restrictions. On Dec. 24, 2025, Philippine regulators blocked Coinbase and Gemini as part of their broader crackdown on unlicensed CASPs. 

Broader crackdown on unlicensed crypto operators

The latest advisory comes as Philippine regulators continue to step up enforcement against crypto platforms operating without local authorization.

In 2024, authorities moved to block access to Binance after a compliance deadline expired, with regulators also directing app stores to remove the trading platform’s app from users’ devices in the country. 

Related: Cambodian lawmakers propose severe prison time for crypto scammers

The crackdown has since expanded to include other major platforms. In August 2025, the SEC issued an advisory naming 10 exchanges, including OKX, Bybit, KuCoin and Kraken, for offering crypto services without registration, warning that their activities exposed Filipino investors to risks. 

While regulators have targeted unlicensed operators, compliant firms have continued rolling out crypto products. In 2025, PDAX partnered with Toku to enable stablecoin salary payouts, while digital bank GoTyme launched crypto services with Alpaca, allowing users to buy and hold digital assets within its app.

Magazine: Telegram avoids Philippines ban, yen carry trade going onchain: Asia Express