Suehyeon Lee

Catalyze announced on the 3rd that it will host the meetup 'AI/InfraCon' focusing on the practical connection between Artificial Intelligence (AI) and Web3 infrastructure. AI/InfraCon will be held on the 17th at the Dreaum Sky Hall near Yeoksam Station in Seoul, in line with the main conference schedule of BUIDL Asia. The event will focus on the intersection of AI and Web3 infrastructure, highlighting the convergence of the two technologies. Numerous global speakers from the industry will participate in sessions, covering the synergy between AI and blockchain and the overall flow of major Web3 infrastructure. Global projects such as Axelar, Biconomy, Squid, Aethir, TRN Labs, and XRP Ledger will participate as partners in the event. Each project will share their technological direction and real-world application cases through presentation sessions or exhibition booths. Additionally, about 200 industry professionals are expected to attend, with networking opportunities for exchange beyond presentations. Particularly, projects leading Web3 technology are gaining attention at this event. Among the participating partners, Axelar and Biconomy have already proven the potential for expanding Web3 infrastructure through collaboration with global tech companies. Regarding this event, the organizer Catalyze stated, "AI/InfraCon will be a venue to confirm the connection possibilities between global projects and domestic companies and ecosystems, centered on Web3 and AI infrastructure technologies."

Bithumb announced on the 3rd that it has prepared special benefits exclusively for Bithumb members in collaboration with CJ CGV. To participate in the event, check the coupon code provided on the 'Partnership Discount' page on the CGV website by May 28, and register it on the Bithumb app. The event is open only to members who have completed Bithumb membership registration, customer verification (KYC), and account linking, and coupon registration is allowed only once per account. Various benefits are provided upon coupon registration. New Bithumb members can receive a 'CGV Combo Voucher' consisting of 2 movie tickets, 1 large popcorn, and 2 medium sodas, along with Bithumb points worth 30,000 KRW. Existing Bithumb members will receive 1 movie ticket. These benefits, including the movie tickets, can be used until May 31. Coupon codes registered by every Wednesday will be sent collectively via text message after 5 PM on the following Thursday. The movie tickets are for CGV regular 2D movies and can be registered and used through the CGV website or mobile before use. Moon Seon-il, Head of Bithumb Service, said, "The partnership with CJ CGV was planned to provide users with not only a virtual asset trading experience but also daily enjoyment through cultural content," adding, "We will continue to strive to provide practical benefits and services that can be felt in daily life, so that virtual asset investment can also be accepted as an experience that enriches life."

<Today's Major Economic Schedule> ▶︎3rd (Thu): △US March ISM Services PMI (Korea Time 23:00, Local Time 10:00) △US February Trade Balance (Korea Time 21:30, Local Time 08:30) △Speech by Federal Reserve Vice Chair Philip Jefferson (Korea Time 4th 01:30, Local Time 12:30) △Speech by Federal Reserve Governor Lisa Cook (Korea Time 4th 03:30, Local Time 14:30) <Today's Major Cryptocurrency Schedule> ▶︎3rd (Thu): △Wormhole(W) 1,387,500,000 Tokens Unlock △GMT(GMT) Town Hall

U.S. President Donald Trump has signed an executive order on reciprocal tariffs by country, and it is understood that Canada and Mexico are exempt. On the 3rd (local time), Watcher Guru reported on X that "Canada and Mexico are currently exempt from reciprocal tariffs." Currently, the United States imposes a 10% basic tariff on all countries and plans to impose reciprocal tariffs differently by country. The basic tariff will be implemented from the 5th, and reciprocal tariffs by country will be imposed from the 9th.

'Digital Asset Hegemony Competition and South Korea's Strategy' Forum U.S. Promotes Virtual Assets Under Trump's Leadership "South Korea Must Respond Quickly" Discussion on Legislative Direction Including Stablecoin Introduction Financial Services Commission "Will Accelerate Preparation of Phase 2 Virtual Asset Law" "U.S. President Donald Trump views virtual assets (cryptocurrency) as a new phenomenon and is responding to it. We must also respond quickly in line with this. While the direction of policy is important, speed is also a very important aspect." Min Byung-deok, a member of the Democratic Party of Korea, stated this in his opening remarks at the 'Digital Asset Hegemony Competition and South Korea's Strategy' forum held at the National Assembly Hall in Yeouido, Seoul on the 2nd. The forum, co-hosted by Min Byung-deok's office and the Digital Asset Policy Forum, was organized to discuss the global digital asset industry hegemony competition and our development direction. Min Byung-deok emphasized the need to secure clarity in domestic virtual asset regulations. He added, "For the development of the virtual asset market, it is necessary to clearly define what can and cannot be done. If this is achieved, I believe South Korea can lead this market." Lim Jong-in, representative of the Digital Asset Policy Forum, also pointed out the situation where virtual asset issues are not being discussed quickly in the country during his opening remarks. He said, "The U.S. designated Bitcoin (BTC) as a strategic reserve asset through an executive order by President Trump last March, and a virtual asset spot ETF already emerged last year," adding, "It is regrettable that we, despite being a digital powerhouse, have not been able to advance quickly in the virtual asset field." Lim further stated, "Due to various political environments last year, discussions on virtual asset issues were delayed, but I hope that the contents discussed in today's forum will be reflected in the Financial Services Commission's policy in the second half of the year." Discussion on Stablecoin Introduction and Virtual Asset Legislative Direction In the subsequent presentation, the introduction of stablecoins and the legislative direction of virtual assets were discussed. Lee Jong-soo, a professor at Seoul National University's Business School, explained about the adoption of stablecoins in the U.S., "In fiat-backed stablecoins, the U.S. dollar-based stablecoins have already secured an 80% market share. As demand for stablecoins increases, so does the demand for U.S. cash and bonds. This is why the U.S. chose stablecoins strategically instead of a central bank digital currency (CBDC)." Ultimately, the U.S. strategically chose stablecoins to maintain dollar hegemony. Professor Lee pointed out, "Recently, many tasks traditionally handled by traditional finance are being digitized and tokenized on the blockchain. In this situation, there are already digitalized bank app services in our country, and people are questioning why stablecoins are necessary," adding, "It is time to discuss policies that achieve a proper balance between stablecoins and central bank digital currencies (CBDC)." Ryu Kyung-eun, an associate professor at Korea University's School of Law, gave a lecture on the direction of the domestic virtual asset basic law through the U.S. case. Associate Professor Ryu stated, "There is a need to clarify the regulatory authorities' perspective on the virtual asset market through the basic law on virtual assets." He further mentioned the disappointment with the user protection law, saying, "The most disappointing aspect of the virtual asset user protection law is the omission of disclosure regulations. There was a question about regulating unfair trading without disclosure regulations. Therefore, when discussing the basic law, I believe it is necessary to establish a system for disclosure." He also emphasized the need for diversification of the virtual asset industry. He stated, "The current virtual asset industry is quite exchange-centric. There is a need to diversify this, and the first step for this is allowing corporate accounts." Financial Services Commission "Will Accelerate Preparation of Phase 2 Virtual Asset Law" In the final discussion, industry figures and financial authorities shared their thoughts on the development direction of virtual asset policies. Kim Jae-jin, vice chairman of the Digital Asset Exchange Joint Consultative Body (DAXA), pointed out the negative perception of the term 'virtual asset' and suggested the need to change the name to 'digital asset.' He emphasized, "The term 'virtual asset,' a simple translation of 'virtual asset,' carries negative connotations such as fiction and non-existence. The first step in industry development is the transition of terminology." Kim further argued that institutional arrangements are needed to attract foreign capital to secure competitiveness in the digital asset industry. He pointed out, "Domestic digital asset investors have already moved to overseas exchanges, but conversely, there is no influx of foreign investors," adding, "It is urgent to discuss improving accessibility for foreign investors in the digital asset market." Kim Sung-jin, head of the Virtual Asset Division at the Financial Services Commission, said that they will accelerate the establishment of a regulatory foundation. Kim stated, "The Financial Services Commission aims to push for the legislation of the phase 2 law in the second half of this year. However, many people are saying that we need to speed up. I agree with their opinions and plan to push forward as quickly as possible." He also mentioned the need to ease regulations on domestic exchanges. He explained, "There are several regulations applied only to our country's exchanges, and I fully agree with the opinion that they should be eased to match global trends. In fact, the main focus in opening corporate accounts was to provide global consistency to our country's exchanges." Kim also mentioned that they will carefully consider the currently hot topic of stablecoins. Kim stated, "Currently, there is a global focus on the payment function of stablecoins, and tests are being conducted to expand this to general commercial transactions. The Financial Services Commission is also aware of this demand and will consider how to reflect it in the phase 2 legislation, and we will think a lot about it practically."

Kim Sung-jin, head of the Virtual Asset Division at the Financial Services Commission, announced that they will accelerate the second phase of virtual asset (cryptocurrency) legislation. On the 2nd, Director Kim spoke at the 'Digital Asset Hegemony Competition and Korea's Strategy' seminar held at the National Assembly Members' Office in Yeouido, Seoul, saying, "The Financial Services Commission aims to legislate the second phase law in the second half of the year. However, many people say we need to speed up. We agree with these opinions and will proceed as quickly as possible." Director Kim also mentioned the need to ease domestic exchange regulations. He emphasized, "There are several regulations applied only to exchanges in our country, and I fully agree with the opinion that they should be eased to match global trends. In fact, the main focus in opening corporate accounts was to provide global compatibility to our country's exchanges." He also conveyed that the highly discussed stablecoins will be carefully considered during the second phase of the bill discussions. Director Kim stated, "Currently, there is global attention on the payment and settlement functions of stablecoins, and tests are underway to expand them to general commercial transactions. The Financial Services Commission is also aware of this demand and will carefully consider how to reflect it in the second phase legislation."

Assemblyman Min Byung-deok of the Democratic Party of Korea emphasized that we need to respond quickly in line with the U.S. virtual asset (cryptocurrency) policy trends. On the 2nd, Assemblyman Min spoke at the 'Digital Asset Hegemony Competition and Korea's Strategy' seminar held at the National Assembly Members' Office Building in Yeouido, Seoul, saying, "U.S. President Donald Trump is responding to virtual assets as a new phenomenon. We need to respond quickly in line with this." Assemblyman Min pointed out, "Last year, we laid the foundation for investor protection through the Virtual Asset User Protection Act, but the legislation of the second phase law is being delayed, which is concerning," and added, "I hope the financial authorities recognize that not only the direction of the policy but also the speed of implementation is important." Meanwhile, Assemblyman Min also mentioned the need for clarity in virtual asset regulation. He added, "For the development of the virtual asset market, it is necessary to clearly define what is permissible and what is not. If this is done, I believe Korea can lead this market."

Arthur Hayes, co-founder of BitMEX, pointed to April as the turning point for the cryptocurrency market. On the 28th (local time), according to Cointelegraph, Hayes predicted that "a new liquidity cycle will arrive in April, leading to a strong upward trend in the cryptocurrency market." Hayes also predicted that President Donald Trump's tariff policy would not affect the Federal Reserve's (Fed) monetary policy. In this regard, he argued that "the money supply will continue, and global liquidity will flow back in."

Terraform Labs announced that it will open a portal for creditor loss compensation claims. On the 28th (local time), Terraform Labs stated that it will open the 'Crypto Loss Claims Portal' for creditors on March 31st. The claim deadline is until 11:59 PM (Eastern Standard Time) on April 30, 2025. Creditors wishing to file a claim must register on the portal, submit proof of ownership such as a wallet address or an API key for inquiry, and complete the claim form. Submissions will not be possible after the claim deadline, and detailed procedures can be checked on the portal.

The Digital Asset Policy Forum announced on the 28th that it will hold a seminar on the theme of 'Digital Asset Hegemony Competition and Korea's Strategy' in collaboration with Assemblyman Min Byung-deok's office. The seminar will be held on April 2nd at 2 PM in the 7th conference room of the National Assembly Members' Office Building. This event is organized to forecast the impact of the U.S. Trump administration's digital asset policy on the global market and to discuss Korea's strategic response measures. The seminar will consist of keynote presentations and in-depth discussions by academic and industry experts in the digital asset field. The event will begin with opening remarks by Assemblyman Min Byung-deok and Lim Jong-in, the representative of the Digital Asset Policy Forum, followed by congratulatory speeches from key guests. The keynote presentations will be delivered by Professor Kim Sang-bae from the Department of Political Science and International Relations at Seoul National University, Professor Lee Jong-seop from Seoul National University, and Professor Ryu Kyung-eun from the Korea University School of Law. After the presentations, a comprehensive discussion will be moderated by Representative Lim Jong-in. Participants in the discussion will include Director Kim Sung-jin from the Financial Services Commission's Virtual Asset Division, Vice Chairman Kim Jae-jin from the Digital Asset Exchange Joint Consultative Body (DAXA), Professor Choi Jae-won from the Department of Economics at Seoul National University, Professor Hwang Seok-jin from the Graduate School of International Information Security at Dongguk University, and Attorney Han Seo-hee from Barun Law LLC, who will discuss the global hegemony competition in the digital asset industry and Korea's development direction. Lim Jong-in, the representative of the Digital Asset Policy Forum, stated, "This seminar is a meaningful opportunity to explore Korea's strategy for responding to the digital asset industry's challenges and future innovations in the era of global hegemony competition," adding, "It will be an opportunity to analyze the impact of policy changes by the U.S. Trump administration on the domestic market from various angles and to discuss strategic response measures." Meanwhile, registration for the event is available on the Digital Asset Policy Forum's website.

The European Union (EU)'s insurance supervisory body has proposed regulations regarding insurers' holdings of virtual assets (cryptocurrencies) and capital requirements. According to Cointelegraph on the 28th (local time), the European Insurance and Occupational Pensions Authority (EIOPA) included in its technical advice report submitted to the European Commission a regulation stating that "insurers must maintain capital equivalent to the full amount of held virtual assets." This is a much stricter standard than for traditional assets like stocks or real estate, and EIOPA stated in a separate announcement that applying a 100% stress level is a reasonable measure considering the inherent risks and high volatility of virtual assets.

In Hong Kong, the world's first 'Tokenized Money Market Exchange-Traded Fund (Money Market ETF)' will be launched this April. According to WuBlockchain on the 28th (local time), the Hong Kong Securities and Futures Commission (SFC) has approved the tokenized money market ETF solution jointly developed by HashKey Group and Bosera International. This product is structured to issue short-term financial market ETFs based on the Hong Kong dollar and the US dollar in token form on the blockchain, and it will be issued on the HashKey Chain.

Doona, which operates the cryptocurrency exchange Upbit, announced on the 28th that it will hold a quiz event to prevent Ponzi schemes. Recently, as reports of Ponzi schemes targeting cryptocurrencies have been increasing, Upbit has been quick to strengthen investor protection. First, Upbit swiftly restricted withdrawals to Quantvine, one of the suspected fraudulent firms. In addition, Upbit is conducting a quiz event for users to prevent Ponzi schemes, thereby engaging in protective activities through investor education. The Ponzi scheme prevention content prepared by Upbit includes detailed explanations of unfamiliar Ponzi schemes, methods of preventing damage, and guidelines on how to respond if scammed. Users wishing to participate can study the Ponzi scheme prevention content and take the quiz. Upbit will draw 10,000 winners from those who score full marks on the quiz and award a total of 1 Bitcoin (approximately 129 million KRW). This Ponzi scheme prevention quiz event can be participated in through the Upbit website announcements until the 31st, and users can attempt once daily until they achieve a perfect score. A Doona representative stated, "We are holding a quiz event to raise awareness about the increasingly sophisticated Ponzi schemes," and added, "We plan to continue providing beneficial educational content to protect our customers' valuable assets."

The state of South Carolina in the United States has officially withdrawn its staking-related lawsuit against Coinbase. On the 28th (local time), Paul Grewal, Chief Legal Officer (CLO) of Coinbase, announced on X that "South Carolina has become the second state after Vermont to withdraw its staking service-related lawsuit." As a result of this decision, Coinbase users in the South Carolina region are expected to be able to use the staking service again soon. Coinbase has evaluated this outcome as progress for all U.S. consumers and expressed hope that similar changes will follow in other states that still restrict staking.

Bithumb announced on the 28th that it will hold an event titled '100 Tons of Pork Belly for the First 100,000 Members' in collaboration with E-Mart, offering benefits worth up to 105,000 KRW to new members. This event is targeted at first-time Bithumb members and will run for four weeks from March 28 to April 24. After joining Bithumb, completing customer verification (KYC), and linking an account, participants can receive a Bithumb new member event coupon from the E-Mart app and register it in the Bithumb app to participate. Upon completion of participation, a Bithumb reward of 50,000 KRW, which can be used for virtual asset trading, will be immediately provided. The first 100,000 participants will also receive an 'Emarticon' worth 35,000 KRW, which can be used to purchase approximately 1kg of domestic pork belly at E-Mart. Additionally, by completing the 'Welcome Mission' to familiarize themselves with Bithumb from joining to the first transaction, participants can receive an additional reward of 20,000 KRW, allowing them to receive benefits up to 105,000 KRW. Moreover, from April 4 to 13, a 'Landers Shopping Festa: Shop and Get Bitcoin' event will also be held on the E-Mart app for ten days. By entering the event, participants can win benefits such as ▲1 Bitcoin (BTC) ▲10,000 KRW Emarticon ▲1,000 KRW e-money through a draw. To participate, click 'Enter' on the event page and register the issued coupon code in the Bithumb app. During the event period, shopping over 100 KRW at E-Mart and accumulating points in the E-Mart app allows for an additional entry. Moon Sun-il, head of Bithumb services, said, "This event was planned with E-Mart to provide substantial benefits to first-time Bithumb members and to make virtual asset trading easily accessible," adding, "We will offer a differentiated virtual asset experience so that even those new to Bithumb can use it comfortably and conveniently."

<Today's Major Economic Schedule> ▶︎28th (Fri): △UK Q4 GDP (KST 16:00, Local 03:00) △US February Personal Consumption Expenditure Price Index (KST 21:30, Local 08:30) <Today's Major Cryptocurrency Schedule> ▶︎28th (Fri): △Ronin Alchemy API Integration

The United States Securities and Exchange Commission (SEC) has reportedly officially concluded its investigation into the cryptocurrency exchange Crypto.com. On the 28th (local time), according to sources cited by Eleanor Terrett, host of Crypto in America, the SEC has decided to end its investigation into Crypto.com without imposing any sanctions. This investigation began in October last year when the SEC sent a Wells Notice to Crypto.com. In response, Crypto.com filed a lawsuit, claiming abuse of jurisdiction by the SEC. However, the lawsuit was withdrawn shortly after Paul Atkins, who is known to be pro-cryptocurrency, was nominated as the SEC Chairman in December.

The US Department of Justice (DOJ) announced that it has seized over $200,000 in virtual assets (cryptocurrency) used to fund the Palestinian militant organization Hamas. According to Cointelegraph on the 28th (local time), the virtual assets seized by the DOJ amount to a total of $200,140 and were traced from a fundraising virtual asset wallet suspected to be operated by Hamas. The wallet was found to have been used for laundering over $1.5 million in virtual assets since October 2024. The money laundering was carried out through transactions utilizing multiple virtual asset exchanges, over-the-counter (OTC) brokers, and suspicious fundraisers. Meanwhile, the assets seized by the DOJ are stored in at least 17 different wallets.