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South Korea plans to introduce a draft digital asset law this month, proposing a cap on single shareholder ownership at 15% to 20%

The Financial Services Commission of South Korea is coordinating inter-departmental differences on the government draft of the "Basic Law on Digital Assets," aiming to present it in November and is expected to advance it in the form of legislative action by lawmakers. Regulatory authorities are discussing setting a single shareholder ownership limit for cryptocurrency trading platforms at 15% to 20%, and providing existing platforms with a transition period of 1 to 2 years; considering property rights disputes, it may also change to only restrict voting rights.The bill proposes to change the access to trading platforms from a declaration system to a licensing system, with stablecoin issuers expected to adopt a bank-centered consortium model. Discussions are also underway regarding implementing strict liability for hacking attacks and system incidents, as well as listing violations of actual holding obligations for crypto assets as grounds for suspension of operations. On November 5, South Korea's Deputy Prime Minister and Minister of Economy and Finance, Lee Hyeong-ik, stated that he would consult with the National Assembly to postpone the implementation of the cryptocurrency asset income tax originally scheduled for next year by two years. The ruling party advocates prioritizing the formulation of this law, establishing an overall regulatory framework, and allowing a transition period for businesses and investors.

The hardware wallet distributor CryptoBilis changed ownership in March, with the equity pointing to a person from Heilongjiang, China

The Malaysian hardware wallet distributor CryptoBilis has been revealed to have changed ownership during the investigation into a suspected supply chain attack on Ledger devices. Newly disclosed company records show that an individual named Jiaming, with a registered address in Heilongjiang Province, China, has held 100% of the company's shares since August 3.The former co-founder of CryptoBilis confirmed that the company was acquired in March of this year, and the original shareholders subsequently withdrew from all operational, management, and administrative positions. The founding team has been unable to understand the actual operations of the company after the handover, only continuing to assist with some activity coordination, and stated that they are no longer part of the company, urging the current management to handle the matter transparently.As the change in ownership was exposed, CryptoBilis has come under scrutiny for its alleged involvement in the supply chain attack on Ledger hardware wallets, with related devices reportedly implanted with hidden modules capable of stealing recovery phrases. There is currently no conclusive evidence linking the change in ownership to the wallet theft incident. CryptoBilis has temporarily suspended sales and shipments of all brand hardware wallets at its stores and online channels in Malaysia, the Philippines, and Indonesia, and has closed offline stores until further notice.

first_img The U.S. SEC plans to amend the transfer agent rules to allow blockchain ledgers to serve as official records of securities ownership

The U.S. Securities and Exchange Commission (SEC) proposed a new rule last week to comprehensively revise the transfer agent rules that have been in place for decades, explicitly allowing electronic databases, including blockchain ledgers, to serve as the official record of securities ownership for the first time. If approved, blockchain is expected to become the "master security document," replacing the off-chain parallel ownership records that tokenized securities currently rely on.Currently, many tokenized securities operate on two sets of records: on-chain token ledgers and official shareholder registers. Once the proposal is passed, issuers and transfer agents may no longer need to maintain duplicate records and reconcile them after each transfer, thereby reducing operational friction and the risk of inconsistencies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer of the tokenized fund platform Centrifuge, stated that this proposal could transform the current "two-step" process into a "one-step" process, allowing the blockchain itself to act as the master security document.However, the proposal does not mean that tokenized securities are completely "permissionless." Joris Delanoue, CEO of the registered on-chain transfer agent Fairmint, pointed out that while the blockchain can remain open, assets must still comply with ownership and transfer rules, and regulatory controls such as identity verification and transfer restrictions are still embedded in the tokens. Transfer agents will still need to handle administrative matters such as shareholder death, inheritance, and legal notifications, with processing times potentially reduced from 3-5 days to 1 day. The 60-day public comment period for the proposal will end in early November.

Chairman of the Solana Foundation: Capital, assets, and ownership are entering a token super cycle

Lily Liu, the chair of the Solana Foundation, stated that funds, assets, and ownership are migrating to an all-weather internet infrastructure, forming a long-term token supercycle.Tokenization is not only about moving assets onto the chain but also about changing the assets themselves, allowing value to be issued, held, financed, and traded in a market that never closes.She believes that stablecoins have proven that funds can flow onto the chain globally, financial institutions are pushing for asset tokenization, and blockchain infrastructure is beginning to meet the demands of real economic activities for speed and cost, while AI economic agents require programmable money.With these factors converging, any value with clear ownership could be tokenized and gain broader distribution, financing, and trading channels.In the past year, the trading volume of RWA on Solana reached hundreds of billions of dollars, covering tokenized U.S. Treasury bonds, stocks, and private credit; during the same period, stablecoin transfer volume exceeded $4.7 trillion.Liu stated that tokenization can also allow more investors to break through geographic, minimum investment, and qualification restrictions, and enable the assets held to be used for collateral or to generate returns. Although the current on-chain market size is still far below that of traditional markets, the relevant infrastructure could potentially reach 5.5 billion internet users globally in the future.

first_img Thailand implements cryptocurrency travel regulations requiring verification of ownership of self-custody wallets

The Securities and Exchange Commission of Thailand (SEC) has officially approved the travel rule for crypto assets, requiring digital asset operators to verify the ownership or control of wallets when customers send or receive crypto assets to self-custody wallets, and to retain transaction-related information for at least five years for regulatory review. Pornanong Budsaratragoon, Secretary-General of the Thai SEC, stated that the rule aims to reduce the risk of digital asset operators being used for money laundering and terrorist financing.The new regulations were finalized after two rounds of public consultations this year, with the first round presenting a draft in March and a notification draft released in June. The Thai SEC stated that most stakeholders expressed support. As the travel rule is implemented, Thailand is considering expanding the access to regulated crypto products. On Monday, the Thai SEC proposed allowing intermediaries to offer specific crypto derivatives traded on regulated overseas exchanges to retail investors.In the days prior, regulators also advanced the draft rules for spot Bitcoin and Ethereum exchange-traded funds (ETFs) and simultaneously sought opinions on the foreign digital asset custodians used by funds investing in crypto assets. Thailand's move aligns with global regulatory trends, as the Financial Action Task Force (FATF) estimates that by 2026, 83% of surveyed jurisdictions will have enacted travel rule legislation.

The owner of the DOGE prototype Shiba Inu clarifies: the CATE token has no relation to me, only recognizing the DOG and COCORO projects

Doge prototype Shiba Inu Kabosu's owner Atsuko Sato clarified in a post that a series of CATE tokens circulating in the market recently have no connection to her. She stated that she had only posted a dynamic on Instagram previously, but that content was subsequently used by others without authorization to issue false tokens, creating the illusion of a connection with her. She expressed regret about this and pointed out that some accounts involved in spreading related information even include users with significant influence on the X platform.She emphasized that the only project currently authorized by her and responsible for managing her intellectual property is Own The Doge. She introduced that Own The Doge acquired Doge NFT in 2021 and launched the DOG token, while also being responsible for hosting Doge Day events, supporting charitable causes, and managing her intellectual property. In 2025, both parties collaborated to launch the COCORO token on the Base network.She stated that the profits obtained from the aforementioned projects will be used to care for her pet family members and support animal protection public welfare activities carried out by withkabosu. She urged the public to rely on officially released information and to remain vigilant about any unauthorized projects or tokens issued in her name, to avoid being misled by unrelated cryptocurrency projects.
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