YM Lee

LG CNS said on the 22nd that it has, for the first time in South Korea, conducted a proof-of-concept with the Bank of Korea for an automatic settlement system for digital currency using agentic artificial intelligence (AI). The demonstration was carried out as part of the Bank of Korea’s central bank digital currency (CBDC) pilot project, “Project Hangang.” The setup enables an AI agent to automatically execute commercial transactions using deposit tokens, a blockchain-based form of digital currency. The proof-of-concept assumed a digital content production environment. Previously, purchasing digital assets such as images or audio sources required logging in and making payments repeatedly across multiple platforms, but in this system the AI agent performs the process on the user’s behalf. Within the scope of authority delegated by the user, buyer and seller agents search for and compare products before making a purchase decision. Settlement is automatically processed on the Bank of Korea’s digital currency platform by transferring deposit tokens between the buyer’s and seller’s e-wallets. The test also confirmed that deposit tokens could be a more suitable alternative than conventional card payments or account transfers, particularly for micropayment and high-frequency payment use cases where agent-to-agent transactions occur frequently. Based on the results, the Bank of Korea plans to further study ways to use not only deposit tokens but also various digital currencies, including stablecoins, as payment instruments. Kim Hong-geun, head of LG CNS’s Digital Business Division, said, “Through agentic AI technology, we verified the technical feasibility of an automatic settlement structure for digital currency, and we will continue to support the Bank of Korea in building its future payment infrastructure.” As the lead contractor for Project Hangang, LG CNS is responsible for blockchain technology development and building the digital currency platform, and it is currently preparing a pilot project for disbursing government subsidies based on the digital currency platform. It also plans to expand into businesses related to tokenized securities (ST) and stablecoins.

Digital-asset custodian BitGo (BitGo) has set its IPO price ahead of a U.S. stock market listing at a level above the previously indicated range. According to The Block on the 21st (local time), BitGo Holdings said it has priced its initial public offering (IPO) at $18 per share. This is above the previously proposed IPO price band of $15 to $17. Through the IPO, BitGo will raise about $212.8 million, and its post-listing valuation is estimated to exceed $2 billion. The offering consists of 11,821,595 shares of Class A common stock. Of these, 11,026,365 shares will be newly issued by BitGo, while existing shareholders will sell 795,230 shares. BitGo also granted the underwriters a 30-day over-allotment option to purchase up to an additional 1.77 million shares. BitGo shares are set to begin trading on the New York Stock Exchange (NYSE) under the ticker symbol 'BTGO' starting on the 22nd. The offering process is scheduled to be completed on the 23rd, with Goldman Sachs and Citigroup serving as lead underwriters. Market participants cite still-robust institutional demand for digital-asset infrastructure companies as a key factor behind the pricing above the top end of the range. BitGo’s IPO is the first major listing in the digital-asset industry in 2026. Founded in 2013, BitGo provides institutional digital-asset infrastructure services including custody, wallets, staking, and payments and settlement, and currently oversees about $104 billion in assets. In December 2025, BitGo received conditional approval for a U.S. banking charter alongside Ripple and Circle.

U.S. President Donald Trump said on the 21st (local time) that he has effectively settled on one person as the next chair of the Federal Reserve. According to Reuters, AFP and CNBC, Trump said in Davos, Switzerland, that “you could say the (Fed chair) contenders have been narrowed to three, but in effect it’s now down to two. I think it’s probably about one.” He said everyone in the running is excellent. He added that an interview with Rick Rieder, chief investment officer (CIO) for global fixed income at BlackRock, was “very impressive.” However, regarding Kevin Hassett, director of the White House National Economic Council (NEC), who had previously been viewed as the leading candidate, he said, “to be honest, I want to keep him in his current role,” adding, “I don’t want to lose him.” Trump also said he wants someone like former Chair Alan Greenspan. The current list of contenders for Fed chair includes Rieder and Hassett, as well as former Fed governor Kevin Warsh and Fed governor Christopher Waller, for a total of four names mentioned. By Case Han, Hankyung.com reporter case@hankyung.com

Social media platform X is introducing a new onboarding feature, 'Starterpacks,' that allows users to follow key accounts in Bitcoin and the broader crypto space all at once. On the 22nd (local time), Nikita Bier, X's head of product, said via his account that the Starterpacks feature is expected to roll out within the next few weeks. Starterpacks are designed to let new users instantly follow curated bundles of accounts tailored to specific interests. According to Bier, Starterpacks currently come with more than 1,000 pre-built categories across major topics including crypto, news, politics, fashion, technology, business and finance. In the crypto category, bundles will be offered by sub-interests such as Bitcoin, memecoin trading, developers and on-chain analytics. He explained, "Over the past few months, we've selected influential accounts across fields worldwide and organized them into Starterpacks," adding that "the goal is to help new users easily discover not only large accounts but also accounts that are genuinely active in each area." The feature is being read as a sign that X is moving in earnest to boost early account growth and improve user retention. Bier said X's core edge lies in interest-based timelines, noting that previously it took a long time for users to search for and follow accounts on their own.

Expectations are growing that debate in the U.S. Senate over a crypto market-structure bill could be delayed for several weeks. The shift comes as “cost-of-living relief” agendas—such as inflation and housing costs—have risen to the top of the priority list. On the 21st (local time), Bloomberg, citing people familiar with the matter, reported that the Senate Banking Committee is likely to put off deliberations on the crypto market-structure bill for the time being as it concentrates on implementing President Donald Trump’s measures to stabilize housing costs. Earlier on the 21st, President Trump signed an executive order restricting Wall Street institutional investors’ purchases of single-family homes. The move is viewed as a centerpiece of the administration’s effort to ease pressure from rising housing and living costs ahead of the November midterm elections. As a result, the Senate Banking Committee is expected to prioritize institutional implementation of the executive order, raising the possibility that crypto-bill talks will be pushed down the agenda. The crypto market-structure bill has previously seen its markup schedule postponed in both the Senate Banking Committee and the Agriculture Committee, despite bipartisan agreement. Adding to the uncertainty, Coinbase—a key lobbying force—has withdrawn its support for the bill in protest of provisions related to stablecoins and decentralized platforms. Analysts say the weakened legislative momentum has increased the likelihood of further delays. Republicans are focused on delivering policy wins ahead of the midterms. Recent polls and Polymarket forecasts put the probability of Democrats winning a House majority at around 80%, fueling concerns that if crypto legislation slips until after the election, the Trump administration’s ability to push its agenda could be undermined. While the Trump administration has treated crypto policy as a major agenda item since taking office, the analysis is that with voters’ top concern shifting to the cost of living, adjustments to the legislative calendar are likely unavoidable in the near term.

The U.S. Senate Agriculture Committee has released a revised version of legislation governing the structure of the crypto-asset market and will begin a formal review process next week. However, it has not reached a final agreement with Democrats, leaving political differences still unresolved. According to materials released on the 21st (local time) by Eleanor Terrett, host of Crypto America, the Senate Committee on Agriculture, Nutrition, and Forestry published the latest legislative text of the crypto market structure bill. The bill is an amended and supplemented version based on a draft previously discussed on a bipartisan basis, with a central provision granting the Commodity Futures Trading Commission (CFTC) regulatory authority over digital commodities. Sen. John Boozman, chairman of the Senate Agriculture Committee, said in a statement, "We broadly reflected stakeholder input as we strengthened consumer protections and granted new authorities to the CFTC," adding that "we improved the legislation through months of discussions and collaboration." He also expressed gratitude for the contributions of Sen. Cory Booker and his staff. Boozman, however, voiced disappointment that a final agreement with Democrats was not reached. He said, "Differences in views remain on fundamental policy issues," adding, "It is regrettable that we were unable to reach a complete agreement." Even so, Boozman made clear he would not delay the legislative process any further. "Now is the time to move this legislation forward," he said, adding that he "looks forward to next week’s scheduled markup." Based on the revision, the Senate Agriculture Committee is set to hold an official markup meeting next Tuesday at 3 p.m. (U.S. Eastern Time). If it clears the process, the crypto market structure bill is more likely to advance to the stage of debate on the Senate floor.

The Vietnamese government has officially opened applications for licenses to operate crypto exchanges, marking the start of full-scale oversight within the formal regulatory framework. By setting the minimum capital requirement at about $400 million, it has sharply raised the barrier to entry. According to The Block on the 21st (local time), the State Securities Commission under Vietnam’s Ministry of Finance has begun accepting license applications from companies seeking to run crypto-asset trading platforms. The move is a follow-up measure under the “Resolution on Pilot Operation of the Crypto-Asset Market (Resolution No. 05/2025/NQ-CP).” Under the new licensing regime, applicants must have at least VND 10 trillion in paid-in capital, equivalent to roughly $400 million. Licenses are limited to Vietnamese entities, and foreign ownership is capped at 49%. Alongside the capital requirement, strict standards will also apply across staffing, security, and overall systems. This contrasts with Hong Kong and Singapore, which combine relatively lower capital requirements with tight supervision. Analysts say Vietnam has opted to set a high capital threshold from the outset, pursuing a strategy that encourages a more limited market structure centered on domestic financial institutions. The licensing process is the step that moves the regulatory framework into the execution phase after Vietnam recognized crypto assets as property under civil law in June 2025. The Ministry of Finance said at least 10 domestic securities firms and banks have expressed interest in applying for licenses. However, local industry participants also expect a bifurcated market to emerge initially, with users likely to use both licensed domestic exchanges and overseas platforms in parallel. Vietnam is working to address its placement on the Financial Action Task Force (FATF) gray list by strengthening investor protection and anti-money-laundering measures.

At the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, Coinbase—seen as a leading voice for the U.S. crypto industry—clashed head-on with the European central banking camp. Differences over whether stablecoins should pay interest and Bitcoin’s monetary status were laid bare in public. According to CoinDesk on the 21st (local time), at a panel titled “Is Tokenization the Future?” held the previous day, Coinbase CEO Brian Armstrong defended interest-bearing stablecoins and Bitcoin’s role, while Banque de France Governor François Villeroy de Galhau pushed back strongly, citing financial stability and monetary sovereignty. At the center of the dispute was whether fiat-pegged stablecoins should be allowed to pay interest. Armstrong argued that yield-bearing stablecoins are necessary for consumer benefit and global competitiveness. “People have the right to earn more on their money,” he said, adding, “China has said it will pay interest on its central bank digital currency (CBDC), and offshore stablecoins already exist.” He warned that “if only U.S.-regulated stablecoins are barred from paying rewards, competitiveness will shift overseas.” Villeroy, however, warned that privately issued tokens that pay interest could pose structural risks to the traditional financial system. Asked whether a digital euro could pay interest, he drew a firm line: “The answer is clearly no,” he said, stressing that “the public objective is to safeguard the stability of the financial system.” Also on the panel were Ripple CEO Brad Garlinghouse, Standard Chartered CEO Bill Winters, and Euroclear CEO Valérie Urbain. Garlinghouse said “competition is positive, and fair rules are important for both banks and crypto companies,” while Winters lent support to Armstrong, saying, “Tokens without yield are less attractive as a store of value.” The debate also extended to crypto legislation in the U.S. Armstrong addressed Coinbase’s recent withdrawal of support for the digital asset market structure bill, the CLARITY Act, saying that “legislation hasn’t stopped—it’s in a negotiation phase.” He argued that “U.S. crypto legislation must not move in a direction that bans competition,” and sharply criticized traditional finance lobbying in Washington. The sharpest exchange centered on Bitcoin. Armstrong raised the possibility of a “Bitcoin standard” as an alternative amid depreciation in fiat currency value. Villeroy responded that “currency and monetary policy are part of democratic sovereignty,” underscoring the role of central banks. Armstrong immediately countered that “Bitcoin is a decentralized protocol with no issuer,” adding that “because no country or company controls it, it is more independent than a central bank.” Despite the heated back-and-forth, there was some common ground. In a post on social media after the session, Garlinghouse described the exchange as a “spirited debate,” noting that all panelists agreed innovation and regulation ultimately need to coexist.

Calls are resurfacing in the U.S. Senate to push ahead with legislation on crypto market structure. The warning is that if lawmakers miss the current window—when the administration is supportive and political momentum is in place—the opportunity to institutionalize the framework could vanish. On the 21st (local time), U.S. Republican Sen. Cynthia Lummis called on X for swift action on the CLARITY Act, a digital-asset market structure bill formally titled the Digital Asset Market Clarity Act. She stressed that the legislation is designed to bring together a wide range of stakeholders across the crypto ecosystem. Lummis said the CLARITY Act is not a bill driven by a single camp, but one built on broad consensus across the digital-asset industry. With support from the administration and political momentum converging, she argued there is no reason to delay. She particularly underscored the time factor. Because today’s environment may not last indefinitely, she said, concrete action is needed before the window closes. The remarks are seen as reflecting concerns that a shift in the political landscape or a market shock could rapidly alter the regulatory environment. In Congress, discussions over a crypto market structure bill have been moving forward in parallel, centered on the Senate Agriculture Committee and the Senate Banking Committee. However, disagreements over the scope of DeFi regulation, conflicts of interest, and provisions related to stablecoins have slowed the legislative pace. "Real progress comes from building real coalitions," Lummis said. "We have the administration, and we have momentum. What we need now is to act before the opportunity disappears."

U.S. stocks closed higher across the board after President Donald Trump rolled back tariffs he had warned would be imposed on eight European countries. On the 21st (local time) on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 588.64 points (1.21%) from the previous session to finish at 49,077.23. The S&P 500 gained 78.76 points (1.16%) to 6,875.62, while the Nasdaq Composite, weighted toward tech shares, jumped 270.50 points (1.18%) to close at 23,224.82. Trump said he had decided to scrap the 10% tariff that was set to take effect on the 1st of next month on eight European countries that oppose U.S. annexation of Greenland. Attending the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, Trump wrote on his social media platform Truth Social that “based on a very productive meeting with NATO Secretary General Mark Rutte, we created a framework for a future agreement on Greenland and effectively the entire Arctic region,” explaining the reason for the reversal. Trump had previously said on the 17th that the U.S. would impose tariffs on eight countries—Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland—which had dispatched troops to Greenland: 10% starting next month and 25% from June 1. Concerns that the threat of “Greenland tariffs” against European allies could trigger “Sell America” (selling U.S. assets) led to a “triple whammy” in markets a day earlier, with U.S. equities, U.S. Treasury prices and the dollar falling together. On the day, major big tech stocks such as Nvidia (2.87%), Nvidia (2.87%), Tesla (2.91%) and Alphabet (1.98%) advanced, while key semiconductor names including Intel (11.72%), AMD (7.65%) and Micron (6.54%) also surged. Netflix fell 2.18% as profit-taking emerged despite fourth-quarter earnings beating estimates, with investors disappointed by the modest extent of the beat. According to CME’s FedWatch tool, the fed funds futures market priced in a 95.0% probability that the U.S. central bank (Fed) would hold rates steady this month. The Cboe Volatility Index (VIX) fell 3.19 points (15.88%) from the previous session to 16.90. Go Jeong-sam, Hankyung.com reporter jsk@hankyung.com

A forecast has emerged that the market for tokenized assets will surge in the coming years as the on-chain migration of traditional financial assets accelerates. The analysis says tokenization could become a core pillar of the financial system if regulatory clarity improves and institutional-grade infrastructure is built out in earnest. According to The Block on the 21st (local time), ARK Invest, led by Cathie Wood, said in a report that the tokenized asset market could exceed $11 trillion by 2030. The current real-world asset (RWA) tokenization market is estimated at roughly $19 billion to $22 billion, implying growth of about 50,000% to 58,000% over the next five years to reach that level. ARK Invest wrote that “widespread adoption of tokenization is likely to take off after regulatory clarity and the buildout of infrastructure at a level suitable for institutional investors.” Tokenized assets are described as digital representations of financial instruments traded on blockchains in place of legacy intermediary infrastructure, offering potential benefits such as lower costs, faster settlement, improved liquidity, fractional ownership, and 24-hour trading. Institutional moves toward tokenization have also been expanding rapidly. The New York Stock Exchange (NYSE) is developing a blockchain-based platform to support 24-hour trading of tokenized stocks and exchange-traded funds (ETFs), subject to regulatory approval. F/m Investments has also sought approval from US regulators to record ownership interests in a 3-month US Treasury ETF on a blockchain. Custodian bank State Street has launched a digital-asset platform that supports money market funds, ETFs, tokenized deposits, and stablecoins, while London Stock Exchange Group (LSEG) has introduced a digital settlement hub spanning blockchain and existing payment systems. At present, the tokenized asset market is dominated by Treasury-type assets centered on US Treasuries. However, ARK Invest expects the share of bank deposits and globally listed equities within the tokenization market to expand rapidly over the next five years, with asset transfers moving beyond the pilot stage into broader implementation. Even if the market reaches $11 trillion by 2030, tokenized assets would still account for only about 1.38% of global financial assets, the report said. ARK Invest assessed that “with most global assets still remaining off-chain, traditional assets represent the biggest growth opportunity for on-chain expansion.”

Decentralized social media protocol Farcaster has been acquired by developer infrastructure company Neynar. With Farcaster’s operator fully transitioning to Neynar, a full-scale reshaping of the ecosystem’s structure is set to begin. According to Cryptopolitan on the 22nd (local time), Neynar said it acquired Farcaster, an Ethereum- and Optimism-based decentralized social protocol, from its existing operator Merkle. The acquisition price was not disclosed. Farcaster previously raised a cumulative approximately $180 million in funding and was valued at around $1 billion following a Series A led by Paradigm in May 2024. Following the deal, Neynar will assume full responsibility for maintaining and managing the Farcaster protocol. Along with operating Farcaster-related clients, Neynar will also manage the Clanker service, and some members of the Clanker team will join Neynar. Neynar explained that “many Farcaster-based services are already running on our infrastructure, so this will be a natural integration.” Neynar plans to accelerate the buildout of a developer-centric ecosystem through the acquisition. The company outlined a vision of creating a structure that supports builders from the idea stage through to generating recurring revenue. The plan is to expand Farcaster beyond a simple social platform into an experimental space centered on the developer community. Neynar said it sees Farcaster’s core value not in the product, but in the community. The company assessed that Farcaster’s long-accumulated developer base has served as the foundation for new ideas to be tested and spread quickly. Going forward, it plans to expand global utility by combining software creation, crypto-asset payment rails, and an on-chain ecosystem. The acquisition is not expected to bring immediate changes to the service structure of Farcaster, Neynar, or Clanker. Neynar denied any possibility of shutting down clients or halting the protocol, adding that the existing pricing model and features will remain in place. It added, however, that the development environment will be simplified further and accessibility improved. Previously, Farcaster acknowledged limits to achieving sustainable social network growth by the end of 2025 and announced a strategic pivot toward wallet and trading features. Co-founder Dan Romero said at the time that the social-first strategy failed to deliver results and that the company would focus on the wallet and trading functions that had shown growth. This acquisition is interpreted as a full-fledged structural overhaul following that pivot.

The U.S. Senate Agriculture Committee is expected to soon release draft revisions to legislation governing crypto-asset market structure. Still, analysts say it remains unclear whether the bill has sufficient legislative momentum, amid disagreements over DeFi regulation, conflicts of interest, and stablecoin provisions. According to Cointelegraph on the 21st (local time), Senate Agriculture Committee Chairman John Boozman said the committee plans to publish revisions to the Digital Asset Markets Clarity Act (CLARITY Act) before the end of business that day. The committee is also scheduled to hold a markup hearing on the bill next Tuesday. The Agriculture Committee is one of two Senate committees reviewing market-structure legislation for crypto assets. While a draft was released in early November last year, the timetable for discussions was recently disrupted after Coinbase withdrew its support for the bill in the Senate Banking Committee. Some expect this could also affect the Agriculture Committee’s schedule. Some Senate Democrats argue the bill should include additional provisions regulating DeFi. Combined with language addressing potential conflicts of interest and concerns over stablecoin reward structures, it is still uncertain whether the bill has secured enough political backing to clear the committee. For now, it is not clear how the Banking Committee’s delayed markup will affect deliberations in the Agriculture Committee. In the Senate, there is a view that the bill will need approval from both the Banking Committee, which oversees securities regulation, and the Agriculture Committee, which oversees commodities regulation, before it can proceed to a floor vote. President Donald Trump has said he plans to sign a crypto market structure bill “soon,” speaking at the World Economic Forum (WEF) in Switzerland on the 21st. However, there are also concerns that as the political calendar intensifies ahead of the November midterm elections, it could constrain progress on the legislation. Republicans are expected to need cooperation from some Democratic lawmakers to pass the bill.

Native American tribes in the U.S. state of Connecticut have thrown their support behind the state government’s crackdown, arguing that prediction-market operator Kalshi is siphoning off tribal casino revenues. They contend that prediction markets are, in effect, operating illegal gambling. According to Decrypt on the 21st (local time), 16 federally recognized tribes in Connecticut submitted an amicus brief to the court backing the state’s regulatory action against prediction markets. They claimed Kalshi is diverting casino revenue outside the tribes without their consent, in violation of the Indian Gaming Regulatory Act. Earlier, in December 2025, Connecticut issued cease-and-desist orders to Kalshi, Robinhood, and Crypto.com, demanding they halt unlicensed online gambling operations. State regulators said the firms were offering sports event contracts to Connecticut residents, and ordered them to immediately stop providing the services and to suspend allowing users to withdraw funds. Kalshi, for its part, filed a lawsuit alleging that the Connecticut Department of Consumer Protection is threatening criminal and civil penalties. The tribes, however, were not included as direct parties in the suit, and tribal groups conveyed their position to the court through third-party filings. In their brief, the tribes argued that “Kalshi is acting as if Congress has authorized it to enter tribal lands and extract gaming revenue,” adding that “prediction markets infringe on tribes’ inherent gaming authority.” The argument is similar to a lawsuit filed in July 2025 by California tribes against Kalshi. Prediction markets, meanwhile, have been expanding rapidly. Data compiled by a DeFi data platform show the industry’s weekly trading volume is around $6 billion. Kalshi was valued at $11 billion after raising $1 billion in 2025, while rival Polymarket is also bulking up through major fundraising.

The North Atlantic Treaty Organization (NATO) has formally articulated its position that it will prevent Russia and China from expanding their influence amid rising geopolitical tensions surrounding Greenland. The United States, Denmark and Greenland plan to mount a joint response on both the economic and military fronts. According to Walter Bloomberg on the 21st (local time), a NATO spokesperson said, "Denmark, Greenland and the United States will continue to cooperate with a focus on preventing Russia and China from securing economic and military footholds in Greenland." The spokesperson added that this reflects shared interests in maintaining a strategic balance in the Arctic. NATO stressed that security in the Arctic, including Greenland, is a core task for the entire alliance. The spokesperson said, "Discussions among NATO allies in relation to the framework mentioned by President Trump will focus on ensuring Arctic security," adding, "In particular, the collective efforts of the seven allies that are part of the Arctic will be central." Greenland has recently emerged as a stage for competition among the U.S., China and Russia as its strategic value has come into sharper focus as a geopolitical chokepoint and in terms of resources and shipping routes. NATO’s decision to coordinate is widely seen as reaffirming its resolve to cement security leadership in the Arctic.

U.S. ETF manager F/m Investments has formally applied to the Securities and Exchange Commission (SEC) for approval to tokenize exchange-traded fund (ETF) shares on a blockchain. If approved, it would mark the first instance of tokenizing shares of a registered ETF. According to The Block on the 21st (local time), F/m Investments submitted a request for regulatory relief and approval to the SEC to pursue share tokenization for its 3-month U.S. Treasury ETF, “TBIL.” The structure would record ownership of the ETF on a permissioned blockchain ledger. F/m Investments said the filing is the first case in which a formal request for regulatory relief has been made to the SEC to tokenize shares of a registered investment company. The firm added that it is focused on using blockchain as a means of recording ownership while keeping the existing ETF structure intact. Alexander Morris, CEO of F/m Investments, said the tokenization trend is inevitable. He stressed that existing investor rights would not change even if ETF shares are tokenized. The company explained: “If approved, the existing shares of the TBIL ETF will be represented on a permissioned ledger while maintaining the same CUSIP and rights, fees, voting rights, and economic terms.” F/m Investments drew a clear distinction between this structure and stablecoins or unregistered digital tokens. It emphasized that tokenized ETF shares would remain within the framework of the Investment Company Act of 1940, and that board oversight, daily disclosures, as well as third-party custody and audit arrangements would be maintained as they are. Interest in tokenizing ETFs and stocks is spreading across traditional finance. The New York Stock Exchange (NYSE) is developing a platform to support on-chain trading and settlement of tokenized U.S. stocks and ETFs, subject to regulatory approval.

Galaxy, the crypto-focused financial group led by Mike Novogratz, is expected to launch a $100 million crypto hedge fund. According to a Financial Times report on the 21st (local time), Galaxy plans to roll out a hedge fund in the first quarter of this year that can take positions on both price increases and declines. The fund is said to have already secured $100 million in commitments from family offices, high-net-worth individuals and some institutional investors. The new fund will invest up to 30% of total assets in crypto tokens, with the remainder allocated to shares of financial services companies expected to be affected by digital asset technology and related regulatory changes. Galaxy will also participate as a seed investor, though it did not disclose the amount. The fund launch comes amid a recent correction in the crypto market. Bitcoin is down about 28% from its peak in October last year, and has also fallen 5% this week, trading around $90,000. In an interview with the Financial Times, Joe Armao, who oversees the fund at Galaxy, said the one-way rally phase of the current cycle may be entering its final stage. He added that he remains positive over the medium to long term on major crypto assets such as Bitcoin, Ethereum (ETH) and Solana. Armao said Bitcoin remains an asset that is hard to ignore this year, given the possibility of additional rate cuts by the Federal Reserve and trends in the equity and gold markets. He added that structural changes are emerging not only among crypto companies but across the broader traditional financial services sector, including banking, payments and financial software. Galaxy operates a crypto investment banking and asset management business and currently manages about $17 billion in digital assets. The company previously reported a profit of $505 million in the third quarter of 2025.

Bank of Korea (BOK) Governor Lee Chang-yong said on the 21st, “By building our own sovereign (in-house) AI, the BOK’s ability to leverage data will increase,” adding that “only a handful of countries—such as the United States and China—have central banks capable of building their own AI, aside from Korea.” Lee made the remarks at an ‘AX (AI Transformation) Conference’ held with Naver at the BOK Annex Conference Hall on Namdaemun-ro, Seoul. The BOK also unveiled and demonstrated BOKI (Bank of Korea Intelligence), a BOK-dedicated AI developed jointly with Naver. Lee said, “If I had to name the most important topic across the economy and society in recent years, it would be artificial intelligence without exaggeration,” adding that it is “one of the topics I discuss most frequently with other central bank governors and heads of supervisory authorities.” He noted, “Major central banks and supervisory authorities around the world are actively moving to build their own AI,” and said they are focusing on “automation and advancement of statistics and information collection, support for monetary policy through macro and financial analysis, monitoring and operation of payment and settlement systems, supervision of financial institutions, and financial stability analysis.” What differentiates the BOK’s AI from these efforts is that it is an “in-house AI.” Lee explained, “Except for a small number of countries such as the United States, China and Korea that have independent AI software development capabilities, most countries choose to use AI services provided by global leaders such as OpenAI, Microsoft and Google, while securing elements such as data security on their own rather than developing AI models themselves.” Lee emphasized that building an in-house AI will also help the AI industry ecosystem. He said, “Fostering the industry ecosystem so the AI industry can continue to grow carries very important significance from an industrial policy perspective,” adding, “Developing AI in cooperation with Naver is expected to serve as an opportunity to further invigorate Korea’s AI industry through public-private collaboration.” The BOK expects the newly introduced BOKI to improve data governance. Lee said, “In the process of preparing for AI adoption, we standardized about 1.4 million internal documents into a form that AI can understand, and we also plan to introduce a system to manage and share our knowledge assets in an integrated way,” adding, “In the past, work data tended to be managed more as an individual’s asset than the organization’s, and there was a strong perception that only by taking charge of a particular task could one continue to carry out key work based on that information. But with the introduction of AI-based data governance, the privatization of knowledge will gradually become more difficult.” Reporter Kang Jin-kyu josep@hankyung.com