Metaplanet’s Japan Bitcoin bet, Bithumb ordered suspension: Asia Express

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Everything that happened in crypto news in Asia over the past seven days: Asia Express.

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Metaplanet to invest in Japan Bitcoin infrastructure and startups
Bithumb hit with six-month partial suspension over AML breaches
HSBC, Standard Chartered venture tipped for stablecoin licenses
India arrests tech co-founder in $790 million crypto fraud case
South Korea closes chapter on government Bitcoin custody scandal
Chinese victims contest UK proposal for seized Bitcoin
Alibaba backs Singapore stablecoin payments firm MetaComp
US sanctions individuals tied to North Korea crypto fraud network
Metaplanet to invest in Japan Bitcoin infrastructure and startups

Bitcoin treasury company Metaplanet plans to invest about 4 billion yen ($26 million) to develop Bitcoin-related financial infrastructure in Japan.

Metaplanet said it will launch a new venture arm to back domestic startups in areas such as lending, payments, custody, stablecoins and derivatives.

Metaplanet also signed a preliminary agreement to invest up to 400 million yen in JPYC, which issues a regulated yen-denominated stablecoin.

A separate US subsidiary in Miami will focus on digital credit and Bitcoin capital markets, as well as linking Asian and Western investors.

Bithumb hit with six-month partial suspension over AML breaches

South Korean regulators have imposed a six-month partial business suspension on Bithumb for violations of the countrys anti-money laundering rules, along with a proposed fine of about 36.8 billion won (about $24.7 million).

The sanction was approved on Monday by the Financial Intelligence Unit and includes the largest fine ever imposed on a domestic exchange, according to Yonhap News Agency.

From March 27 to Sept. 26, the platform will be barred from allowing new customers to transfer crypto to or from external wallets.

Existing users can continue trading normally, and new users will still be able to buy, sell and deposit or withdraw Korean won.

Read also Features Should we ban ransomware payments? It’s an attractive but dangerous idea Features Cleaning up crypto: How much enforcement is too much?
HSBC, Standard Chartered venture tipped for HK stablecoin licenses

HSBC and a joint venture led by Standard Chartered are expected to receive Hong Kongs first stablecoin issuer licenses, according to the South China Morning Post.

The Hong Kong Monetary Authority is reportedly preparing to approve a small initial group of issuers, with note-issuing banks seen as leading candidates.

The regulator has not confirmed the names of any successful applicants or finalized the number of licenses to be granted.

India arrests tech co-founder in $790 million fraud case

Indias Central Bureau of Investigation has arrested a co-founder of Darwin Labs over suspected links to GainBitcoin, a platform at the center of a major crypto fraud investigation.

Authorities detained Ayush Varshney at Mumbai airport after issuing a travel alert tied to the ongoing probe.

Investigators said the company helped build key technical infrastructure used by the scheme, including investor platforms and crypto payment systems.

Officials estimate the case affected about 8,000 investors, with losses reported at roughly $790 million.

South Korea closes chapter on government Bitcoin custody scandal

South Korean prosecutors have reportedly sold Bitcoin held in government custody after it was returned by hackers.

The Gwangju District Prosecutors Office said it sold 320.8 Bitcoin, adding about 31.59 billion Korean won (around $21.5 million) to the state treasury.

Authorities seized the funds in an investigation into an illegal gambling website. The crypto was in government custody before it was lost in an August phishing attack. The hackers returned the cryptocurrency last month.

In a separate case, South Korean authorities lost about $5 million in crypto after the tax office distributed a press release that included a photo of a hardware wallet alongside its passwords.

Read also Features Should we ban ransomware payments? It’s an attractive but dangerous idea Features Cleaning up crypto: How much enforcement is too much?
Chinese victims contest UK proposal for seized Bitcoin

Chinese victims of an investment scheme are reportedly contesting a UK proposal to distribute compensation linked to about 61,000 seized Bitcoin in the Zhimin Qian case.

The Financial Times reported that lawyers representing thousands of investors argue the arrangement could allow authorities to retain much of the cryptocurrencys appreciation since it was confiscated in 2018.

The dispute has reached the UK High Court, where judges will consider whether English or Chinese law should govern claims to the assets.

The Bitcoin, seized during a London money-laundering investigation tied to the case, is currently valued at roughly 3.2 billion pounds, or about $4.3 billion.

Alibaba backs Singapore stablecoin payments firm MetaComp

Singapore-based payments firm MetaComp has secured fresh backing from Alibaba as part of a new funding round aimed at expanding its stablecoin infrastructure.

The company said the Pre-A+ round brings its total capital raised to $35 million, with participation from investors including Spark Venture.

MetaComp plans to use the funds to grow its StableX Network, which connects financial institutions and stablecoin issuers for cross-border settlement.

The platform aims to expand across Asia, the Middle East, Africa and Latin America as demand rises for regulated digital payment rails.

Read also Features Should we ban ransomware payments? It’s an attractive but dangerous idea Features Cleaning up crypto: How much enforcement is too much?
US sanctions six tied to North Korea crypto fraud network

The US Treasury has imposed sanctions on six individuals and two companies accused of supporting a North Korean fraud network.

The Treasurys Office of Foreign Assets Control said the scheme used overseas tech workers to generate revenue believed to support North Koreas weapons programs.

Authorities also flagged cryptocurrency activity linked to the network, identifying addresses across multiple blockchains tied to the operation.

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source: https://www.tradingview.com/news/cointelegraph:34f6d867f094b:0-metaplanet-s-japan-bitcoin-bet-bithumb-ordered-suspension-asia-express/