Minseung Kang

Global web3 venture capital firm Hashed and the Busan Digital Asset Exchange, which are jointly developing the web3 digital wallet 'Bidanjumeoni', will unveil it as early as next month. The initial version will be offered as a 'digital citizenship'‑based service excluding financial functions, and whether to apply stablecoins will be discussed in subsequent development stages. According to industry sources on the 25th, Hashed's subsidiary Shard Lab and the Busan Digital Asset Exchange have completed development of the 1st version of Bidanjumeoni and have begun stability checks for the official release. The Bidanjumeoni project was launched in May with the goal of building a web3 wallet for Busan citizens. The 1st version to be released is said to be a non-financial service that does not include stablecoins. The industry said companies such as Naver Financial have reviewed the possibility of participating as partners, but the only officially confirmed participants so far are Shard Lab and the Busan Digital Asset Exchange. Naver Financial is reported to have been in talks, but specific cooperation has not been confirmed. Whether financial functions will be expanded in the future and the composition of partners have not yet been decided. Hashed said, "The addition of financial services or additional partner participation is still under discussion and we are keeping various possibilities open." Details of the Bidanjumeoni service will be revealed at 'Blockchain Week in Busan (BWB) 2025' to be held in Busan on the 22nd of next month. The keynote will be delivered by Kim Seo-jun, CEO of Hashed. BWB 2025 is the largest regional blockchain event organized by the Busan Digital Asset Exchange. A Busan Digital Asset Exchange official said, "Detailed functions will be officially announced at the BWB event."

Canada's first stablecoin that meets the current regulatory framework, a Canadian dollar (CAD) stablecoin, has officially emerged. According to PR Newswire on the 25th, Stablecorp, a Canadian digital asset infrastructure firm, said it has received formal approval from Ontario's regulatory authority to distribute the stablecoin QCAD. As a result, QCAD has obtained the status of the first regulation-compliant CAD stablecoin in Canada. Stablecorp has been refining its issuance structure, reserve management, and disclosure standards through years of collaboration with the Canadian Securities Administrators (CSA). QCAD is structured to issue 1 token per 1 Canadian dollar of deposits, and all reserves are held at regulated financial institutions. The trust conducts regular audits and reporting of the reserves, and accordingly users can reliably use various financial functions such as fast payments, low fees, and cross-border transfers. Fred Pye, co-founder of Stablecorp, said, "After creating the first Canadian dollar-based token in 2020, we have been preparing the regulatory approval process for almost six years," adding, "Like when we first introduced a Bitcoin-based ETP, we have focused on implementing innovative products within the regulatory framework."

The second-stage basic law on digital assets, which includes stablecoin regulation, has been removed from the National Assembly review agenda, making passage within the year appear less likely. The main reason cited is that disagreements over major shareholder requirements and supervisory authority between the financial authorities, the Bank of Korea, and the industry have not been resolved. According to industry sources on the 25th, the Digital Asset Basic Act draft containing stablecoin regulatory provisions was excluded from the agenda at the National Assembly's Political Affairs Committee's First Subcommittee on Bill Review held the previous day. It was reported that, with inter-agency issues unresolved, there is a strong sentiment that it would be difficult to advance the bill through lawmakers' private bills alone. The core issues are the issuer of won-denominated stablecoins and the major shareholder requirements. The Bank of Korea maintains that a consortium of banks should hold at least 51% of the stablecoin issuer's shares. The virtual asset industry, however, warns that if banks participate as major shareholders, the technical scalability and innovativeness of stablecoins could be hindered. The allocation of supervisory powers remains another issue. The Bank of Korea is demanding joint inspection rights over stablecoin issuers, while the financial authorities say that would be excessive authority. Currently, bills related to stablecoins have been proposed in the National Assembly by Rep. Kim Eun-hye (People Power Party), Rep. Ahn Do-geol, and Rep. Kim Hyun-jung (Democratic Party of Korea). However, since issues among the relevant agencies have not been resolved, it appears that more time will be needed for full review.

Global blockchain and virtual asset (cryptocurrency) venture investment in Q3 totaled $4.65 billion (about 6.8463 trillion won), marking the second-largest quarterly result since the FTX collapse. Analysts say signs of recovery have become more apparent since last year's downturn. On the 25th (local time), Cointelegraph, citing a report by Galaxy Digital, said global VC investment in Q3 increased 290% from the previous quarter. This is the second-largest amount this year after Q1's $4.8 billion (about 7.0665 trillion won). The report explained that stablecoins, artificial intelligence, blockchain infrastructure, and trading firms have become the main investment focuses. In Q3, a total of 414 venture deals were completed, with the top seven accounting for half of total fundraising. Revolut raised $1 billion (about 1.4722 trillion won) as the largest round, Kraken raised $500 million (about 736.1 billion won), and crypto-focused bank Erebor raised $250 million (about 368 billion won). By company founding year, firms founded in 2018 attracted the most capital. However, the number of deals was highest for early startups founded in 2024. The share of pre-seed is steadily decreasing as the industry matures. Galaxy Digital pointed to a decline in interest in previously popular sectors such as NFTs and gaming, capital shifting to AI startups, and a high-interest-rate environment as causes of stagnation in VC investment. It also analyzed that institutional funds moving into spot Bitcoin exchange-traded funds and digital asset treasury management firms have dampened demand for early-stage company investment. By country, the U.S. accounted for 47% of total investment, the highest share. The U.K. was 28% and Singapore 3.8%. In terms of deal counts, the U.S. also led with 40%, followed by Singapore at 7.3% and the U.K. at 6.8%. The report said, "Following the Trump administration's pro-crypto policies and the implementation of the Genius Act, if the U.S. Congress passes additional market-structure legislation for the crypto market, the entry of traditional financial institutions into the industry will further expand."

Binance founder Changpeng Zhao has been sued in a U.S. federal court on allegations of aiding Hamas's financing. The new charges were filed just one month after he was pardoned by President Trump. On the 25th (local time), the Financial Times (FT) reported that about 300 Americans harmed by Hamas's attack filed a civil lawsuit against Zhao and Binance in the U.S. District Court in North Dakota. The complaint alleges that Binance concealed the flow of funds related to U.S.-designated Foreign Terrorist Organizations (FTOs) such as Hamas, Hezbollah, the Islamic Revolutionary Guard Corps (IRGC), and Palestinian Islamic Jihad (PIJ), providing 'substantial assistance.' The plaintiffs contend that Binance maintained a structure vulnerable to money laundering for a long time and that flows to certain wallets amounted to hundreds of millions of dollars before and after the attack. According to the complaint, based on public blockchain data, since the 7th of last month at least $50 million in transactions linked to Hamas, the IRGC, Hezbollah and others were routed through Binance. The complaint also alleges that wallets believed to have been directly operated by Binance transferred more than $300 million to certain wallets before the attack and more than $115 million after the attack. A plaintiffs' lawyer said, "Binance effectively left it possible for terrorist groups to store and move large sums of money while evading detection," and claimed some related accounts remain active. He added, "There is currently no evidence that Binance has materially improved its anti–money laundering systems." Zhao admitted last year to violating anti–money laundering (AML) obligations imposed by U.S. authorities and was sentenced to four months in prison. Binance also agreed in 2023 to settle U.S. government allegations of money laundering and sanctions violations, paying a $4.3 billion fine. President Trump pardoned Zhao last month, describing the case as "a prosecution brought amid overzealous regulatory enforcement by the prior Biden administration," but the pardon was controversial. The controversy intensified when it emerged shortly before the pardon that Binance had secured a $2 billion investment from a UAE-based fund that uses a stablecoin issued by a Trump family company.

A report said that cases of criminal organizations using virtual assets (cryptocurrency) as a means to conceal and launder criminal proceeds are rapidly increasing. According to materials submitted by the National Police Agency to Rep. Wi Seong-gon of the National Assembly's Public Administration and Security Committee on the 25th, virtual assets seized and forfeited by the police through September this year amounted to 134.4 billion won. This is a 1519% increase compared to 2023 (8.3 billion won). Among the total amount of recovered criminal proceeds of 529.6 billion won this year, the share of virtual assets also exceeded 25%, expanding significantly. In particular, it was found that criminal organizations laundered funds by converting money collected in mule bank accounts into virtual assets and then transferring it to overseas organizations using electronic wallets. Organizations that operated from overseas fraud hubs such as Sihanoukville and Phnom Penh were also found to have used the same method. Recently, methods using unverified private exchanges or virtual asset ATMs have emerged, increasing the difficulty of tracing. Meanwhile, the police are operating a response team of 148 personnel nationwide in provincial police agencies dedicated to seizure and forfeiture before prosecution and are tracking the flow of funds. However, since seized virtual assets cannot be sold until a court ruling is finalized, delays in recovering losses due to price fluctuations have been pointed out as a structural problem. It is also reported that cases of recovery procedures being halted due to non-cooperation by overseas exchanges continue.

Strategy (formerly MicroStrategy) was again found to be excluded from inclusion in the U.S. Standard & Poor's (S&P) 500 index. On the 25th, according to BeInCrypto, the S&P Dow Jones Indices committee said that SanDisk will join the S&P500 on the 28th, replacing Interpublic Group. Immediately after the announcement, SanDisk's stock jumped more than 9% in after-hours trading. By contrast, Strategy failed to meet the requirements for S&P500 inclusion and was excluded again. Strategy, which holds 648,008 bitcoin (BTC) with an estimated value of about $72.3 billion and is the world's largest 'bitcoin treasury company', was reportedly judged by the index committee to have bitcoin volatility directly reflected in corporate performance as the greatest risk. Strategy reported net income of about $3.8 billion in the third quarter, but quarterly results have swung widely along with bitcoin price fluctuations. It also failed to meet the 'four consecutive quarters of profit' requirement needed for S&P500 inclusion. In fact, it recorded about a $4.2 billion loss in Q1 2024, leaving its performance stability unestablished. Meanwhile, Strategy's stock is down about 35% from its July peak. News that MSCI is considering removing Strategy from U.S. and global indices is adding to investor concern. The market has commented that "a bitcoin-centric business structure is, in the long term, at odds with traditional index calculation methods."

President Xi Jinping of China is reported to have emphasized his willingness to improve bilateral relations in a call with U.S. President Trump. On the 24th, overseas economic breaking-news channel Walter Bloomberg, citing Xinhua News Agency, reported that President Xi told President Trump, "The relationship between China and the United States is maintaining positive momentum." President Xi also said, "The two countries should expand the list of cooperation" and "They should jointly safeguard the achievements of the post-World War II international order." In the call, President Xi said, "Taiwan's return to China is a core element of the international order since World War II." He reportedly added, "We must strive for further progress in bilateral relations and open up new spaces for cooperation."

A projection has been made that virtual asset (cryptocurrency) exchange-traded fund (ETF) products could be launched in more than 100 types over the next 6 months. On the 24th, Eric Balchunas, Bloomberg's senior ETF analyst, said on X (formerly Twitter) that "a total of 5 spot cryptocurrency ETFs will be listed sequentially within the next 6 days." He said, "While the specific launch schedules for individual products have not all been disclosed, given the current trend, it is possible that new spot ETFs will exceed 100 and be supplied steadily over the next 6 months."

Bitmain, the world's largest holder of Ethereum (ETH), said it purchased an additional 69,822 ETH last week. On the 24th (local time), according to PR Newswire, Bitmain said that as of the 23rd it holds 3,629,701 Ethereum, 192 Bitcoin (BTC), cash of $800 million, and other assets, totaling about $11.2 billion. This is approximately 3% of the total Ethereum supply. The company plans to increase its long-term holding ratio to 5%. Tom Lee, Fundstrat's chairman and chairman of Bitmain's board, said, "Bitmain purchased an additional 69,822 ETH last week," and added, "Although Ethereum's price has been weak recently, considering a future upswing cycle, the risk-reward is favorable." Bitmain operates businesses based on the Bitcoin and Ethereum networks and maintains a strategy of long-term accumulation of crypto assets through mining, regular purchases (DCA), capital raising, and so on. Its Ethereum holdings are the largest among global companies, and it ranks second among all crypto treasury companies after MicroStrategy. Meanwhile, Bitmain plans to launch 'MAVAN (Made in America Validator Network)' in early next year to strengthen its own staking infrastructure.

Christopher Waller (Christopher Waller), a Federal Reserve governor, said he supports a rate cut at the December Federal Open Market Committee (FOMC). According to overseas economic news channel Walter Bloomberg on the 24th (local time), Waller said, "I support a rate cut at the December meeting (advocating for a rate cut)." Waller said, "Although inflation has risen slightly recently, it will come down again," and explained that the inflation rate excluding tariff effects is "at the 2.4~2.5% level." He also assessed that "inflation is not a big problem in a situation where the labor market is weakening." On the price impact of tariffs, he added, "It's not that large and is a one-off (one-off) effect."

The European Central Bank (ECB) has again raised a warning that stablecoins could erode the deposit base of eurozone banks and harm global financial stability. On the 24th (local time), according to cryptoasset specialist media CoinDesk, the ECB pointed out in a research report that "the rapid growth of stablecoins could create a structural risk of retail deposits leaving the banking sector." According to the outlet, stablecoins' market capitalization currently exceeds $28 billion, accounting for about 8% of the total cryptoasset market. The ECB said, "The largest stablecoin issuers, Tether and Circle, hold substantial amounts of US Treasury securities," and "if large-scale redemptions (run) occur, the sale of reserve assets would be inevitable, which could undermine the functioning of the US Treasury market and lead to a financial crisis." The report went on to say, "Stablecoins could destabilize banks' funding structures," and emphasized the need for regulation.

U.S. President Donald Trump said the United States' tariff policy would lead to a "record-high increase in revenue" and emphasized that large-scale fiscal effects will begin to materialize. On the 24th (local time), President Trump wrote on Truth Social that "hundreds of billions of dollars in revenue have already been generated by tariffs imposed by the United States, but the full effect has not yet been reflected." He explained that many importers temporarily accumulated excessive inventory to avoid tariff burdens, delaying the time when the actual burden would be felt. President Trump said, "Now that that inventory has begun to be depleted, there will be no room to evade tariffs going forward," and "tariff revenue will increase explosively (skyrocket), and record amounts of money will flow into the United States." He added, "This 'Tariff POWER' will bring the United States unprecedented national security and wealth." Trump also criticized forces opposing the tariff policy, saying they "represent hostile foreign interests and do not care about America's prosperity and security." He said, "I look forward to a decision by the U.S. Supreme Court on this urgent issue," and added, "We will make America great again without interruption."