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Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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Last updated: 

August 13, 2025

South Korea’s government is set to fast-track pro-business crypto reforms, including stablecoin regulations.

The South Korean newspaper Metro Seoul reported that the Presidential Committee on State Affairs announced its plans at a public briefing on August 13.

South Korea Crypto Reform Taking Shape

The committee spoke of a five-year plan for state administration, naming 123 state affairs-related tasks.

Among these tasks named were “the construction of a digital asset ecosystem” and “developing the domestic cryptoasset market.”

Both were identified as “key national tasks” for the administration, which took office in early June this year following the election of President Lee Jae-myung.

Lee has spoken repeatedly about his intention to build up the domestic crypto sector, with deregulation and stablecoin regulation high on his agenda.

The President appears keen to let domestic firms issue won-pegged stablecoins. Leading banks and IT companies have reacted by registering scores of stablecoin-related trademarks.

Others are hurriedly rolling out crypto-related business plans, aware that this may allow non-financial firms to develop advanced payment platforms.

However, one of President Lee’s key campaign pledges was left off the five-year plan, namely the dissolution of the Financial Services Commission (FSC).

The FSC is the nation’s top financial regulator. Its Financial Intelligence Unit (FIU) polices the country’s crypto exchanges, issuing operating permits and conducting periodic on-site inspections.

It also enforces anti-money laundering and terrorist financing protocols at the trading platforms.

FSC: Vociferous Critic No More?

In previous years, the FSC has been a vociferous critic of the crypto sector. But in recent years, as governments have relaxed their hardline stance to the industry, it has spoken in favor of reform.

Under the proposal, FSC’s supervisory duties were to transfer to the Financial Supervisory Service.

The FSC’s policy-related tasks were due to transfer to the Ministry of Strategy and Finance.

But Lee’s plan to scrap the FSC proved controversial, even among senior ministers. While his offices have yet to confirm that the President has shelved the policy, the five-year plan appeared to suggest the proposal may have moved to the back burner.

There was no mention of the regulatory reorganization move on the plan. And seven of the 123 tasks were assigned to the FSC.

The newspaper added that crypto reforms are a “key focus” for both the government and the National Assembly this year.

As such, reforms are “expected to gain momentum” in the weeks ahead, Metro Seoul wrote.

‘Time to Play Catch-up’

Political leaders are concerned that South Korea is being left behind. They note that over the past two years, the global crypto market has expanded by about 262%.

While crypto investment has spiked in the US, the European Union, and Japan, driven by institutionalization drives, the same cannot be said for Seoul. The outlet wrote:

“Delayed institutional reforms and a lack of legislation in South Korea have left the domestic cryptoasset market significantly lagging in terms of competitiveness.”

The FSC has prioritized its plan to allow corporations to buy and sell crypto. It also wants to tak a “more relaxed approach” to regulations.

The regulator has previously spoken of its intention to roll out crypto-related regulations before the end of this year.

However, skeptics say that a final decision on the fate of the FSC is yet to be taken. Talks to abolish the regulator “may resume in the future,” the newspaper explained.

Unnamed financial sector officials opined that the debate over the reorganization of the financial regulators would “continue until the end of the year.”

Earlier this month, the Seoul district of Gangnam announced it had recouped $144,057 in unpaid taxes in the first half of this year by seizing coins from tax evaders.

The U.S. Securities and Exchange Commission’s new Crypto Task Force will begin a cross-country tour this month to meet with small crypto startups and expand the number of people who are heard in crypto policymaking.

Led by Commissioner Hester Peirce, the task force plans to visit 10 cities from August to December, it announced in a press release.

The sessions are primarily aimed at crypto-related projects with fewer than 10 employees and under two years in operation. Meetings will be held in cities including Berkeley, Boston, Dallas, Chicago, and New York.

“We want to hear from people who were not able to travel for the roundtables that took place this past spring in Washington, D.C.,” Peirce said in a statement.

“The Crypto Task Force is acutely aware that any regulatory framework will have far-reaching effects, and we want to ensure that our outreach is as comprehensive as possible.”

The Crypto Task Force was launched in January under acting SEC Chair Mark Uyeda, in a bid to develop clearer regulations for the cryptocurrency industry.

Read more: SEC Commissioner Hester Peirce on the New Crypto Task Force

In the latest news from Africa Crypto News, Visa is partnering with Yellow Card as Empowa expands to Nigeria. South African crypto players are calling for reforms to unlock tax revenue.

Blockchain housing startup Enkova has expanded its presence in the Nigerian market after partnering with local players in the housing sector.

Meanwhile, international credit card company Visa is partnering with Yellow Cards to expand its reach in Africa and other continents.

In South Africa, crypto stakeholders have reinforced the demand for reforms in the classification of crypto assets.

Explore the headlines for these continents below.

Kenya Crypto News: Empova expands to Nigeria

Blockchain housing finance platform Enkowa enter Nigerian market. This expansion was made possible through partnerships with Nigerian housing finance platform Propay and other cooperative companies across the country.

https://www.youtube.com/watch?v=qgjh5uejbqu

Empova initially relied on a model that was launched in Mozambique and was tokenized to sell the home. The platform is currently moving to partnering with institutional investors and banks to fund housing initiatives.

Instead of holding cash in the bank, investors can purchase EMP tokens and maintain full access to their balances.

EMP token holders have an on-chain profile that can be used by banks and other players in the housing market for a variety of funding options.

This model connects real estate investors with potential institutional funders in ways traditional banks cannot.

Explore: 9+ Best High Risk, High Reward Crypto Buy in June 2025

African Crypto News: Visa is holding hands with yellow cards

Visa, a global card payments company, is expanding its Stablecoin business in Africa, Europe and the Middle East.

To expand their reach in Africa, they got the popular payment platform Yellow Card.

Just in case you miss it! Announced a partnership with @visa in #VPFCEMEA2025!

We team up to explore Stablecoin use cases with a focus on streamlining our financial processes and enhancing liquidity management.

Read more: https://t.co/dkofha4qbl pic.twitter.com/nhnv04pxfy

– Yellow Card (@yellowcard_app) June 19, 2025

This partnership allows Visa to participate in a new international payment paradigm of borderless payments.

Stablecoins are the fundamental elements of Crypto Trading, and coins like USDC can allow traders to manage volatility when dealing with some The best cipher to buy.

Visa leverages a robust global infrastructure and aims to benefit from an increase in crypto activity across the continent.

24 hours7d30D1Yeverytime

Explore: Best New Cryptocurrencies to Invest in 2025

South Africa’s Crypto News: Reforms to Unlock More Crypto Tax Revenues

South African crypto stakeholders have Enhancement A demand for regulatory reforms to classify crypto as a land assets.

Africa’s general manager, Marius Leitz, claims that regulatory uncertainty has caused the country to lose more than R500 million in crypto revenue.

Similarly, Frank Leodette, founder of Crypto Exchange Afridax, noted that a clear classification of Crypto assets would allow the release of products such as Exchange-Traded Funds (ETFS) into the South African market.

https://www.youtube.com/watch?v=iebj6pg7zqk

This refinement allows institutional investors to fully participate in the sector. This then increases the reliability of the crypto, resulting in several capital flows. Best Meme Coin ICO.

These are not the first requests for regulators to modernize the country’s cryptographic laws. A high court judge recently pointed out that South Africa still relies on apartheid-era laws to regulate modern industry. This coordinated effort should lead lawmakers to action to ensure regulatory clarity in this market.

Discover: Best New Cryptocurrencies to Invest in 2025 – Top New Cryptocoins

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Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

Share

Last updated: 

June 7, 2025

The Japanese Senate, the House of Councilors, has approved a legal amendment that will give crypto brokerage firms more freedom to operate in the country.

Per the Japanese newspaper Nihon Keizai Shimbun, senators approved several revisions to the Payment Services Act on June 6.

Japanese Crypto Brokerages: Deregulation on The Way

The revised act contains several crypto-related clauses. But arguably the most significant of these pertains to brokerages.

Currently, brokerages need to apply to the regulatory Financial Services Agency (FSA) for operating permits. These permits are the same, highly restrictive, stringent licences required by crypto exchanges and wallet operators.

The new amendment, however, creates a new legal category in the crypto sector called “intermediary businesses.”

The regulatory barriers for this category will be much easier to overcome. And firms falling into this category will not have to adhere to the same level of regulatory compliance.

The FSA and the government approved the new measures in March this year, submitting the amendments to the National Diet the same month.

The bill passed the lower house without major opposition. Following its approval by the House of Councilors, the bill is now set to promulgate in June 2026.

Bill Will Create New Customer Safeguards, MPs Claim

Lawmakers said the amendment was a response to the rapid rise of digital finance. They also said the bill would help boost customer protection and promote innovation throughout the country.

Japanese media outlets claim that major businesses think the measures will significantly lower the barriers for gaming firms looking to move into the web3 and crypto spaces.

The bill also allows the Prime Minister’s office to order individual crypto exchange operators to hold a portion of their assets in Japan.

The exact amount may be specified by a Cabinet Order. This clause is a response to the collapse of the crypto exchange FTX in 2022.

At the time of its bankruptcy, FTX operated the FTX Japan subsidiary, which was unable to access its overseas funds. This left users unable to withdraw their coins from the FTX Japan platform after the collapse.

The new rules will also prevent overseas operators or subsidiaries from sending their funds overseas if they go bankrupt.

In bankruptcy cases, the government will instead have the power to force crypto operators to issue customer refunds via approved guarantor companies like trust banks.

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As South Korea heads into its upcoming presidential election scheduled for June 3, the People Power Party (PPP) has introduced a wide-ranging set of crypto policy proposals aimed at reshaping the country’s digital asset market.

In a meeting held Monday at the National Assembly, the PPP outlined seven new initiatives that include lifting key restrictions on banks working with crypto exchanges and introducing legal frameworks to support the development of tokenized assets and spot exchange-traded funds (ETFs).

The proposals come amid a transitional political environment following the impeachment and removal of President Yoon Suk-yeol in April. With the election drawing near, the PPP’s policy pivot toward digital asset regulation appears to be a strategic move to engage the growing population of crypto users and investors in the country.

South Korea has historically maintained a strict oversight regime on cryptocurrency markets, particularly in response to past concerns over money laundering and speculative trading activity.

Crypto ETFs and Exchange Rules at the Center of PPP’s Reform Plan

Among the most notable measures announced by the PPP is a plan to lift the existing restriction that limits crypto exchanges to partnering with only one bank for real-name verified accounts.

This “one exchange, one bank” rule was originally introduced by financial authorities to increase transparency and monitor suspicious financial activity. Critics have argued, however, that the rule has restricted competition and limited banking access for new or smaller crypto exchanges.

In addition, the PPP has pledged to legalize the trading of spot crypto ETFs within South Korea before the end of the year. Party lawmaker Park Soo-min noted during the session that spot Bitcoin ETFs in the US have already gained considerable attention and trading volume.

According to Park, South Korea’s continued delay in approving such products could place it at a competitive disadvantage in the rapidly evolving global digital asset space. While both the PPP and the Democratic Party have previously expressed interest in lifting the ETF ban, this marks the PPP’s clearest commitment to date.

Regulatory Commitments Include Stablecoin Framework and Security Tokens

The policy roadmap also includes plans to create a legal framework for security token offerings (STOs) and establish comprehensive guidelines for the issuance and regulation of stablecoins.

The aim, according to party officials, is to align with global standards and provide regulatory clarity for issuers and investors alike. These efforts would be supported by the introduction of the “Digital Asset Promotion Basic Act,” a legislative proposal intended to formalize the country’s long-term crypto policy.

To oversee these initiatives, the PPP plans to launch a dedicated crypto policy committee under the leadership of its presidential candidate.

The committee will focus on encouraging responsible innovation, supporting the domestic crypto industry, and restoring investor confidence following a period of heightened regulatory scrutiny.

Given all these at play, South Korea’s position in the global digital asset market could be significantly impacted depending on the outcome of the June election and the subsequent implementation of these policy changes.

Featured image created with DALL-E, Chart from TradingView

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The Trump administration has proposed using blockchain tech to advance the US Agency for International Development (USAID), a US government agency that supports global developments, humanitarian assistance, and democratic values – and it’s casting a light on the best altcoins.

The proposal comes after Trump and Elon Musk reduced USAID’s functions (including halted payments and staff cuts) under the Department of Government Efficiency (DOGE), which has pondered ways to leverage blockchain tech for a few months.

Blockchain Tech to Aid USAID Delivery & Cut Corruption

To modernize the aid delivery system, USAID would switch from paper-based aids and manual tracking to real-time, tamper-proof record of aid flows.

Under the Secretary of State’s wing, blockchain tech could significantly reduce corruption owing to improved transparency.

Another bonus is that it could speed up payment processes compared to traditional methods, though data-security risks and off-grid countries in dire need of assistance are concerns.

International payment methods like SWIFT can often take up to five business days, whereas blockchain-based ones can be completed in minutes or even seconds.

Additionally, the new administration plans to rebrand the USAID by swapping ‘Development’ with ‘Humanitarian Assistance.’

Blockchain tech is one of the USAID’s core pillars, signaling bullish times for the crypto realm.

Now might be an opportune time to invest in the best altcoins, like $SOLX and $BTCBULL, while their price tags remain low. 

1. Solaxy ($SOLX) – World’s First Solana L2 Tackles Blockchain Congestion

$SOLX is the foundation of Solaxy, the first-ever Solana Layer-2 (L2) network currently in development to fix Solana’s woes. 

Despite its strong performance compared to other blockchain networks in recent years, Solana has encountered congestion problems, repeated network outages, and centralization pressure. This is where Solaxy steps in. 

As an L2 scaling solution, Solaxy aims to improve the network’s overall efficiency, mitigating network congestion, failed transactions, and scalability limitations, all without compromising security.

The world’s first Solana L2 network, coupled with the development team building a cross-chain bridge to Ethereum, attracts eyes to the $SOLX presale. 

$SOLX is the entry point into the Solaxy ecosystem. Plus, you can stake the coin to enjoy 149% passive rewards. 

Considering all the above, it’s not surprising that the $SOLX presale snagged an impressive $5M just ten days after going live and has raised a hefty $27M in total.

One $SOLX currently only costs $0.00167. We foresee its price hitting $0.032 once the L2 officially launches – a whopping 3,100% increase from its initial presale price of $0.001.

$SOLX price goes up every time the presale hits a new milestone. When taking into account that the project shows no signs of slowing down, there’s no better time to hop in and buy $SOLX. 

2. BTC Bull Token ($BTCBULL) – Receive $BTC When the Crypto King Hits a New Target

Positioned to thrive off Bitcoin’s success, $BTCBULL is possibly one of the most deservedly named top meme coins; it’s one of the most bullish ones around (literally!). 

$BTCBULL holders will receive airdrops whenever $BTC breaks a new price level ($150K, $200K, and $250K). Distributions include either $BTC or $BTCBULL, depending on the target hit.

The ecosystem’s built-in token burn mechanism further boosts its demand. With a strategic focus on supply and demand, a portion of $BTCBULL is burnt (removed from circulation) every time $BTC price increases by $50K to drive upward pressure. 

An additional incentive lies in its staking program. For extra gains, you can lock up your tokens to receive more $BTCBULL at a 109% APY.

A sizable 10% of the total token supply (21B) is set aside for staking rewards, which also enables you to contribute to the project’s stability.

$BTCBULL has already raised $3.8M on presale. You, too, can buck the trend by purchasing $BTCBULL for just $0.00242.

Provided market conditions remain favorable, we predict it will spike by 244.8% to $0.00835 by the end of this year – all the more reason to buy one of the best new crypto now. 

3. Vana ($VANA) – Assist AI Innovation by Turning Your Data Into Financial Assets

Also making waves in the crypto industry as one of the best altcoins is $VANA, which has jumped in price by an eye-catching 10.77% since yesterday. 

Considering that its price has slightly decreased since early a.m. (GMT), now might be a good time to purchase the coin at a relatively low cost before it possibly pumps again.

It’s already starting to show an upward trend. 

$VANA has much to offer for AI lovers. It’s the utility token in the Vana ecosystem, an EVM (Ethereum Virtual Machine) compatible Layer-1 network that enables you to transform your data into financial assets by aggregating datasets for AI model training.

When considering that the AI market grew beyond $184B last year and is predicted to race past $826B in 2030, AI initiatives like these show no signs of slowing down – especially ones coupled with blockchain tech.

To incentivize the provision of top-notch AI data, Vana rewards its users with $VANA tokens when they contribute their data to the ecosystem’s liquidity pools.

Plus, all $VANA holders gain voting rights so you can have a say in the project’s future trajectory. 

You can buy $VANA and major exchanges like Binance and Bybit for approximately $7. Considering its price is currently eyeing another revival, now might be a prime time to buy. 

Trump’s USAID Plans Spark Optimism for the Best Altcoins

The Trump administration’s plans to integrate blockchain tech into USAID, soon to be rebranded as the US Agency for International Humanitarian Assistance, represent not only a significant shift in modernizing aid delivery but also show what Web3 tech is really capable of accomplishing. 

This creates a bullish outlook for the entire crypto market, as evident from the growing demand for the best altcoins like $SOLX, $BTCBULL, and $VANA. 

Each of the coins mentioned above has unique utility that contributes to the blockchain technology’s development. $SOLX, for example, will enable faster and cheaper transactions, making Solana better suited for everyday use. 

$BTCBULL, on the other hand, could drive $BTC’s price action. By fostering an ecosystem based on shared success, it has the potential to increase overall market participation. 

However, this is not investment advice. You must always do your due diligence before committing your funds to any type of investment instrument. 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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In a remarkable showcase of on-chain governance, a proposal aimed at cutting Solana’s inflation rate by 80%—identified as SIMD-228—has officially failed to meet the vote threshold required for passage. The motion, which generated extraordinary turnout across the Solana ecosystem, was rejected in the final stages of polling when numerous smaller validators voted “No,” tipping the balance below the necessary 66.67% approval target.

Solana Inflation Remains High

The vote on SIMD-228 was held alongside SIMD-123, both of which concluded with unprecedented levels of participation. According to Laine, a prominent Solana validator, SIMD-228 attracted 74.3% of all eligible stake, while SIMD-123 drew 57.1%. Though SIMD-228 secured a solid 61.39% “Yes” rate, it fell short of the required supermajority. In contrast, SIMD-123 met its threshold and passed with a 74.91% approval rate.

“This has been a massive milestone in Solana governance with absolutely earth-shattering participation and contentious debate,” Laine commented via X. “It is incredible to see this level of investment by so many stakeholders, no matter the outcome one can only be hopeful for our future as an ecosystem!”

The official Solana account celebrated the vote’s magnitude by noting: “Solana SIMD 228 voter turnout was higher than every US presidential election in the last 100 years.”

Such a comparison underscores how deeply this proposal resonated with the network’s broad constituency. Community members, validators, investors, and developers alike engaged in rigorous discussion around its potential impacts on inflation, staking rewards, and the overall health of the chain.

The schism in SIMD-228 voting results has been widely attributed to differing validator incentives and profitability concerns. Ben Sparang, formerly with the Solana Foundation, offered insight: “SIMD-228 votes by stake level tell a decisive story. Large validators are overwhelmingly in favor as they don’t have to worry about their margin of profitability. Small validators are overwhelmingly against as they might not be in business under the new regime.”

Among smaller operators, fears centered on reduced staking rewards if the inflation rate fell sharply. Many predicted that diminished yields could compound their infrastructure costs and force them off the network. Larger validators, who derive much of their income from transaction fees and leader slots, largely supported the proposal under the rationale that a lower inflation rate would help bolster SOL’s long-term value.

Cyphereus Prime (founder of X1, @mrJackLevin) highlighted the potential impact on Solana’s tokenomics, pointing to the significant decrease in future token issuance. “The proposal is to reduce SOL inflation, which is a good idea as it reduces at least $4B in SOL issuance per, stops dilution the supply and reduces sell pressure,” he observed. “The problem is a lot of smaller validators will be forced to leave the network as their staking rewards likely going to be cut, making it too expensive to run their nodes.”

Tushar Jain, co-founder and Managing Partner at Multicoin Capital, lauded the record-breaking turnout and framed it as a milestone for decentralized governance: “SIMD-228 was the biggest crypto governance vote ever—by both number of participants and participating market cap of any ecosystem, chain, or network… If this vote tells us one thing, it’s that the state of the Solana network is strong. This was a meaningful scaling stress test—a social, rather than technical, stress test—and the network passed despite a wide stratification of diverging opinions and interests.”

Jain further underscored how the turnout—over 74% of stake among 910 individual validators—demonstrated Solana’s vibrancy and institutional adoption. While acknowledging that “Yes” votes on SIMD-228 ultimately fell short, he emphasized the importance of the thorough deliberation process and promised to incorporate community feedback for possible future proposals.

At press time, SOL traded at $126.

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.