SuperCryptoNews

Thailand’s Securities and Exchange Commission (SEC) is seeking public feedback on significant revisions to digital asset listing rules for licensed cryptocurrency exchanges, aiming for increased transparency and broader listing allowances. The proposed changes are part of the country’s ongoing efforts to become a leading digital asset hub while bolstering regulatory oversight.

The public consultation, open until July 21, invites opinions on new criteria for digital assets offered on crypto exchanges. These revisions, approved by the SEC board in June, would permit licensed exchanges to list utility tokens or cryptocurrencies they or their related parties issue for blockchain transactions.

A key aspect of the new rules includes stricter disclosure requirements. Exchanges would be mandated to reveal the identities of individuals associated with digital token issuers on their platforms. This measure, coupled with new alert symbols in the SEC’s e-reporting system, aims to monitor and prevent insider trading. For tokens already listed, issuers must disclose related persons within 90 days of the new rules’ effective date.

These developments align with Thailand’s broader strategy to establish a transparent and traceable digital asset trading environment. The move follows the government’s recent five-year exemption on capital gains tax for crypto transactions conducted through licensed platforms, effective from January 1, 2024, to December 31, 2029.

Furthermore, Thailand’s Revenue Department is implementing the OECD’s Crypto-Asset Reporting Framework, an international system for exchanging digital asset information.

The push for enhanced regulation also comes on the heels of Thailand’s recent crackdown on unlicensed global crypto exchanges. Starting June 28, the SEC, in coordination with the Ministry of Digital Economy and Society, will block access to five major platforms – Bybit, 1000X, CoinEx, OKX, and XT.COM – for operating without proper licenses in Thailand.

The cryptocurrency community is placing significant wagers on the swift progression of U.S. legislation to regulate payment stablecoins, following a decisive Senate vote and a public endorsement from President Donald Trump.

Online betting platform Polymarket currently indicates an 90% probability that the “Guiding and Establishing National Innovation for US Stablecoins,” or GENIUS Act, will pass both the Senate and House of Representatives and be signed into law by the president before 2026. This betting market launched shortly after the bill cleared the Senate with a 68-30 vote on Tuesday.

President Trump has publicly called for the House to pass the GENIUS Act “LIGHTNING FAST” and send it to his desk “ASAP — NO DELAYS, NO ADD ONS,” signaling his intent to sign it quickly.

While the bill’s support in the House remains to be seen, particularly given potential amendments related to concerns over Trump’s crypto industry connections, including World Liberty Financial’s stablecoin, USD1, a majority of senators voted against a similar amendment before the GENIUS Act’s final passage.

Should the GENIUS Act become law, it could significantly impact the U.S. financial landscape, potentially paving the way for major U.S. companies like Apple and Google to issue their own stablecoins for transaction settlement. This follows reports of such considerations by tech giants and inquiries from senators to Meta regarding similar plans.

The Republican-controlled House is also expected to soon vote on the CLARITY Act, a separate bill that aims to establish a broader crypto market structure framework and clarify the roles of U.S. financial regulators over digital assets. This bill recently passed out of committee.

It’s important to note that Polymarket odds reflect the sentiment and financial commitment of crypto users, rather than a definitive prediction of legislative outcomes.

South Korea’s Financial Services Commission (FSC), the nation’s top financial regulator, is actively developing a detailed roadmap for the introduction of digital asset spot Exchange-Traded Funds (ETFs). The initiative, revealed during a policy update to the State Affairs Planning Committee, is set to be proposed in the latter half of the year.

The FSC’s plan will thoroughly assess the implications of launching crypto-based spot ETFs, examining potential risks to financial stability, investor exposure, and the broader economy. Alongside this, the agency aims to build the necessary infrastructure for listing and managing these ETFs while implementing robust investor safeguards. This move aligns with President Lee Jae-myung’s campaign pledges, which advocated for allowing the issuance and trading of Bitcoin-based ETFs and similar digital asset investment products.

Beyond the ETF framework, the FSC is progressing with the second phase of its digital asset legislation. This next stage will focus on critical regulatory areas including asset listings, disclosures, business practices for digital asset firms, and stricter measures against unfair market activities.

A significant component of this legislative push involves aligning stablecoin regulations with international standards, with a strong emphasis on user protection and enhancing market transparency. South Korean authorities are particularly attentive to the increasing presence of US dollar-denominated stablecoins within the domestic market. Lee Chang-yong, Governor of the Bank of Korea, recently voiced concerns that won-pegged stablecoins could inadvertently boost demand for the US dollar, posing macroeconomic risks.

In a related development, the FSC is reportedly set to launch a comprehensive market-wide review of transaction fees levied by local cryptocurrency exchanges. The review will initially target the country’s largest exchanges, including Upbit, Bithumb, and Coinone. Key areas of investigation will include the structure of these platforms’ fees, the transparency of their disclosure, and the extent of any voluntary fee reductions.

President Donald Trump is urging the House of Representatives to quickly pass the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, expressing a desire to sign the landmark digital asset legislation into law by August.

The GENIUS Act, which seeks to establish a comprehensive regulatory framework for dollar-pegged cryptocurrencies, secured bipartisan support and passed the Senate on Tuesday. It now moves to the House for consideration.

In a Truth Social post, President Trump called for the House to “move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act,” adding, “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.” His push underscores a clear ambition to position the U.S. as a leader in the rapidly evolving digital asset space.

The proposed legislation outlines key provisions, including requirements for stablecoins to be fully backed by U.S. dollars or highly liquid assets. It also mandates annual audits for issuers with a market capitalization exceeding $50 billion and sets guidelines for foreign issuance, aiming to bolster transparency and stability within the digital economy.

President Trump has been a vocal proponent of U.S. dollar stablecoins, asserting that the GENIUS Act will cement the nation’s status as the “undisputed leader” in digital assets. “Digital Assets are the future, and our Nation is going to own it,” Trump wrote, anticipating “MASSIVE Investment, and Big Innovation.”

However, the path forward in the House may not be entirely straightforward. The House Financial Services Committee has already advanced its own stablecoin legislation, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, out of committee. While the STABLE Act has yet to face a full House vote, its existence could lead to calls for integrating elements of the STABLE Act into the GENIUS Act, or even a prioritization of the House’s own bill, potentially complicating the swift passage the President desires.

Thailand’s Cabinet has approved a landmark tax exemption on personal income from capital gains on digital assets, effective January 1, 2025, to December 31, 2029. This strategic move aims to propel the nation toward its goal of becoming a leading global digital asset hub, news reports said.

The Ministry of Finance’s new measure grants a five-year personal income tax exemption, but crucially, it applies only to transactions conducted through platforms licensed and regulated by Thailand’s Securities and Exchange Commission (SEC).

According to government officials, this tax break is designed to enhance transparency in digital asset trading, foster innovation in blockchain and financial technologies, and attract international investment into Thailand’s burgeoning digital economy. Deputy Finance Minister Julapun Amornvivat stated that the policy seeks to stimulate the country’s digital asset market and draw foreign capital, anticipating over 1 billion baht in additional indirect tax revenue in the medium term through increased spending and related economic activity.

By providing a clear and favorable regulatory framework, Thailand aims to solidify its position as a key player in the global crypto space, while simultaneously ensuring robust oversight and compliance. This initiative is part of a broader national strategy to transform Thailand into a regional financial and innovation hub.

Thailand’s proactive approach sets it apart, making it one of the first countries globally to adopt clear and structured tax legislation specifically for digital assets. The Thai Revenue Department is also preparing to implement protocols aligned with the OECD’s data exchange standards, ensuring greater transparency and traceability in digital transactions. Officials have hinted that this exemption could be the initial step towards introducing other tax models, such as Value Added Tax (VAT), on digital asset activities in the future.

In May, Thailand’s SEC announced it would block access to five major cryptocurrency exchanges – Bybit, 1000X, CoinEx, OKX, and XT.COM – starting June 28. The regulator stated these platforms were operating without a license and that the ban is intended to protect investors and prevent the use of unauthorized digital asset platforms for illicit activities, including money laundering.

Chinese e-commerce and tech titan JD.com is embarking on an ambitious plan to acquire stablecoin licenses worldwide, signaling a major push into the digital currency landscape. Founder and Chairman Richard Liu announced on Tuesday that the company aims to secure licenses in “all major sovereign currency countries” to facilitate global business-to-business (B2B) transfers.

Liu highlighted the transformative potential of JD’s stablecoin project, asserting it could slash cross-border payment costs by a remarkable 90% and process transactions in a mere 10 seconds. This would represent a significant leap forward compared to the current expenses and delays associated with the traditional SWIFT system. Ultimately, Liu envisions a future where “global consumers will be able to use JD’s coin for seamless international transactions.”

JD.com’s strategic move into stablecoins aligns with the rapidly evolving regulatory environment surrounding dollar-pegged stablecoins, particularly in the U.S., which has ignited similar discussions globally. Coincidentally, on Wednesday, Pan Gongsheng, Governor of the Central Bank of China, acknowledged the disruptive impact of blockchain and stablecoins on traditional payment systems, noting their ability to significantly enhance efficiency in cross-border transactions while simultaneously presenting new challenges for financial oversight.

In related news, JD.com recently reported robust financial results, with first-quarter revenue climbing to RMB 301.1 billion ($41.5 billion), a 16% year-over-year increase. The conglomerate’s total annual revenue in 2024 reached RMB 1,158.8 billion ($158.8 billion), solidifying its position as a dominant force in China’s e-commerce sector alongside Alibaba and Pinduoduo.

In a significant development for the global cryptocurrency market, major exchanges Gemini and Coinbase are reportedly on the verge of securing operational licenses within the European Union. This move signals a substantial expansion for both platforms under the bloc’s recently implemented Markets in Crypto-Assets (MiCA) regulations.

Sources familiar with the matter, as reported by Reuters on Monday, indicate that Gemini is expected to receive approval from Malta, while Coinbase is anticipated to obtain its license through Luxembourg. While a Coinbase spokesperson declined to comment on the specific application, they emphasized Luxembourg’s standing as a “well-respected global financial center.”

This push into the EU positions Gemini and Coinbase alongside other prominent exchanges that have already made strides under the MiCA framework. Notably, Bybit recently gained regulatory approval to operate in the region via Austria, and Binance updated its deposit and withdrawal procedures in Poland in January to comply with the new regulations.

The MiCA framework, which saw its regulations take effect in June 2024 with full implementation following in December after the European Securities and Markets Authority (ESMA) issued final guidance, aims to establish regulatory consistency across the EU. Its core objectives include strengthening investor protection and promoting financial stability within the rapidly evolving crypto asset space.

While MiCA has been largely welcomed for bringing greater clarity to the crypto market, it hasn’t been without its points of contention, particularly concerning stablecoins. Chainalysis has noted that the rules still leave “some room for interpretation and uncertainty” in this area.

A contentious provision within MiCA requires stablecoin issuers to hold a “significant” portion of their reserves in European banks. This requirement has been a key reason why Tether, the issuer of USDt, has opted not to pursue registration under the framework.

Nevertheless, at least 10 other stablecoins have received approval under MiCA, including those issued by Circle, Crypto.com, Fiat Republic, and Société Générale, among others.

Canada is once again at the forefront of digital asset innovation, making history with the continent’s first approved spot XRP Exchange-Traded Fund (ETF). Purpose Investments, a prominent Toronto-based asset manager, is set to list the Purpose XRP ETF on the Toronto Stock Exchange (TSX) tomorrow, June 18, under the ticker XRPP.

This marks a significant milestone, providing investors with regulated access to XRP, the native token of the XRP Ledger, a decentralized blockchain designed for fast and cost-effective cross-border payments. The ETF will be available in CAD-hedged (XRPP), CAD non-hedged (XRPP.B), and US dollar (XRPP.U) units. Crucially, Canadian investors will be able to hold these units in registered accounts such as Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs), offering tax-efficient exposure to the digital asset.

Purpose Investments has a track record of pioneering digital asset products in Canada, having been the first issuer of a spot Bitcoin ETF in the country. This latest offering further solidifies Canada’s position as a leader in establishing a regulated and transparent digital asset ecosystem, even as regulatory uncertainties persist in other major markets.

Meanwhile, in the United States, the legal saga between Ripple Labs and the US Securities and Exchange Commission (SEC) continues to unfold. Both parties have jointly requested the Second Circuit Court to extend the suspension of the agency’s appeal, aiming to avoid further litigation following their previous settlement.

This request comes after Judge Analisa Torres rejected an earlier attempt to amend the final judgment in the case, citing a lack of “exceptional circumstances.” In response, Ripple and the SEC submitted a revised motion to suspend the ongoing appeal. The SEC had originally filed the appeal in October 2024, under then-Chair Gary Gensler, to challenge a court ruling that had largely favored Ripple. While a preliminary agreement was reached in April 2025, leading to a temporary suspension request, the court has yet to grant the latest extension. The SEC has, however, pledged to provide a progress update by August.

While several US-based firms, including Grayscale, are still awaiting the SEC’s decisions on their own XRP ETF proposals, market observers remain optimistic about the prospects of a spot XRP ETF approval in the US this year. Crypto bettors on the decentralized marketplace Polymarket, for instance, indicate an 88% chance of approval.

Despite these significant developments in both Canada and the US, the XRP price saw only a modest increase, up by 1.4% to $2.22 as of press time.

French lawmakers are pushing for an official inquiry into utilizing Bitcoin mining to manage the nation’s substantial electricity surplus, primarily generated by its extensive nuclear power grid. A proposal submitted to the National Assembly on June 12 suggests that the energy-hungry process of Bitcoin mining could efficiently absorb excess power, media reports said.

With over 70% of its electricity coming from nuclear energy, France frequently faces overproduction, leading to significant financial losses – estimated at nearly €80 million in wasted electricity in 2024, according to The Big Whale co-founder Raphaël Bloch. Lawmakers believe integrating Bitcoin mining could convert this wasted energy into economic value.

Vietnam’s National Assembly has passed a groundbreaking law that officially recognizes cryptocurrencies as property under civil law, setting the stage for a new era of digital asset regulation in the country, media reports said. The “Digital Technology Industry Law,” which includes a comprehensive framework for crypto, is set to take effect on January 1, 2026.

The new legislation aims to foster the growth of Vietnam’s burgeoning digital economy by introducing tax breaks, subsidies, special visas, and other incentives for domestic blockchain startups and developers. It categorizes cryptocurrencies into four types: security tokens, payment tokens, utility tokens, and mixed tokens.

The bill, voted for on June 14, follows a directive from Prime Minister Pham Minh Chinh in March, who pushed for a draft regulation to boost economic growth. This move positions Vietnam alongside jurisdictions like the European Union and Dubai in establishing dedicated crypto regulations distinct from traditional financial oversight.

While Vietnam has shown high rates of crypto adoption, ranking fifth in Chainalysis’s 2024 Global Crypto Adoption Index, it has also been on the Financial Action Task Force’s grey list due to anti-money laundering concerns related to digital assets. Experts believe this landmark bill could help address these deficiencies and improve Vietnam’s international standing.

President Donald Trump has reported an income of $57.4 million from World Liberty Financial, his cryptocurrency venture publicly backed by his sons, Donald Jr. and Eric Trump. This disclosure, detailed in a 200-page filing with the U.S. Office of Government Ethics and cited by the Financial Times, reveals that the crypto initiative is among Trump’s most significant revenue streams across his extensive financial interests.

The filing indicates that Trump holds 15.75 billion governance tokens in World Liberty Financial. These tokens were reportedly acquired not through direct investment, but rather as compensation for his promotional activities on the network. The document also lists Trump’s stakes in holding companies tied to digital ventures, such as CIC Digital LLC and CIC Ventures LLC, though these entities reported minimal to no income. Trump has certified the information in the filing as “true, complete, and correct to the best of [his] knowledge,” subject to review by the U.S. Office of Government Ethics.

Earlier this year, Trump removed David Huitema as director of the Office of Government Ethics, an independent agency tasked with overseeing ethics rules and financial disclosures for the executive branch.

Beyond World Liberty Financial, Trump Media & Technology Group has also announced plans to raise $2.5 billion for a “bitcoin treasury” strategy and to introduce a Bitcoin exchange-traded fund. DRW Investments, controlled by Chicago trader Don Wilson, reportedly invested $100 million in Trump Media just nine weeks after Cumberland, Wilson’s crypto liquidity provider, received SEC enforcement relief.

Cumberland secured the dismissal of a civil complaint alleging unregistered securities dealer violations in March, a case that had been pursued by the Biden administration prior to the SEC dropping charges under its new leadership. DRW’s investment positions it as a major financier of Trump Media’s cryptocurrency expansion plans, supporting the company’s ambitions to acquire over $2 billion in cryptocurrency holdings and establish bitcoin treasury operations.

The Ethereum Foundation, a key organization supporting the Ethereum ecosystem, announced on Friday a significant financial contribution to the legal defense of Roman Storm, co-founder of the sanctioned cryptocurrency mixer Tornado Cash. With Storm’s trial set for July 14 in New York, the Foundation has donated $500,000 and pledged to match an additional $750,000 in community donations.

In a statement posted on X, the Foundation emphasized its stance, declaring, “Privacy is normal, and writing code is not a crime.” This comes as Storm seeks to raise $2 million for his defense, appealing for broad support from the crypto community.

Roman Storm was charged in 2023 with conspiracy to commit money laundering and sanctions violations related to his involvement in operating Tornado Cash. While he has attempted to dismiss the charges, citing First Amendment violations, his trial date was subsequently postponed to the upcoming July 14.

Tornado Cash itself faced sanctions from the Department of Justice’s Office of Foreign Assets Control (OFAC) in 2022, though these sanctions were reportedly lifted in March of this year.

Under the Trump administration, U.S. prosecutors indicated in May that they would drop one part of the charges against Storm, specifically an allegation of operating an unlicensed money transmitting business. However, they confirmed plans to proceed with charges related to money laundering, some linked to unlicensed money transmitting, and a charge concerning conspiracy to violate the International Emergency Economic Powers Act.

Earlier on Friday, Storm made a public appeal for support, stating in an X post, “If I lose, DeFi dies with me. The dream of financial freedom, the code I believed in — it all fades into darkness.”

KuCoin, a prominent global cryptocurrency exchange, today announced the official launch of KuCoin Thailand, a fully licensed digital token and cryptocurrency exchange now open to all eligible users in Thailand. The platform operates under the stringent supervision of Thailand’s Securities and Exchange Commission (SEC), marking a significant step for KuCoin in its global compliance efforts.

The launch of KuCoin Thailand represents the first fully regulated local digital asset exchange under the KuCoin brand. This milestone aligns with KuCoin’s overarching mission to establish fast, secure, and user-friendly infrastructure for crypto users worldwide. The company further solidified its commitment to high security and regulatory compliance with its recent SOC 2 Type II and ISO 27001 certifications.

KuCoin Thailand leverages KuCoin’s advanced global technology, meticulously adapted to cater to the specific needs and preferences of Thai users. The platform emphasizes robust security, intuitive design, and a localized user experience, aiming to set a new benchmark for digital asset engagement in Southeast Asia. Additionally, it offers seamless Thai Baht fiat on-ramp and off-ramp solutions, simplifying access to cryptocurrency for local users.

BC Wong, CEO of KuCoin, commented on the launch: “We are thrilled to see the official launch of KuCoin Thailand, a significant milestone in our global compliance journey. At KuCoin, compliance and user security have always been guiding principles — not just strategic choices, but steadfast commitments to our users. From being the first global exchange to register with India’s FIU to now launching the first local compliant platform in Thailand, this marks a significant step toward strengthening our presence in the fast-growing markets of Southeast Asia, and more importantly, bringing secure, accessible crypto services to users where they are.”

Thailand continues to be a leader in cryptocurrency adoption within Southeast Asia, supported by progressive regulations and strong government backing. In 2023, approximately 13 million Thais, representing about 18% of the population, were actively using cryptocurrency. Looking ahead, the Thai government is also preparing to enable tourists to utilize crypto for payments through credit card integrations, further enhancing the country’s digital asset ecosystem.

Retail giants Walmart and Amazon are reportedly exploring the issuance of their own U.S. dollar-backed stablecoins, aiming to streamline payments, accelerate settlements, and reduce the costs associated with traditional financial systems. This move, reported by The Wall Street Journal on Friday, positions both companies among a growing number of multinational corporations looking to leverage stablecoins in the U.S.

The potential launch of these corporate stablecoins hinges significantly on impending federal policy decisions. On Capitol Hill, the GENIUS Act, designed to establish a uniform framework for fiat-pegged cryptocurrencies, has seen progress. After overcoming initial Democratic opposition, the bill is scheduled for a final Senate vote on June 17. Should it pass, it will then move to the House of Representatives, where a separate version is already under consideration. The two chambers must reconcile their differing approaches before stablecoin regulations can be enacted into law.

The push for stablecoin legislation has been prioritized by President Donald Trump, who is reportedly advocating for its passage by August. His administration’s supportive stance towards stablecoins has seemingly accelerated corporate interest and adoption. This trend is evident in recent developments such as Ripple’s debut of RLUSD last year, and discussions by Wall Street clearinghouse DTCC and several major banks regarding their own fiat-backed stablecoin launches. Furthermore, platforms like Shopify have already integrated Circle’s USDC through partnerships with Coinbase and Stripe. Even market leader Tether, with an impressive $155 billion in circulation, plans to issue a U.S.-specific stablecoin targeting domestic institutional investors.

The stablecoin market has recently surpassed a valuation of $250 billion, according to data from The Block.

The Monetary Authority of Singapore (MAS) has issued a final ultimatum to cryptocurrency exchanges operating in the city-state without proper licenses, demanding they cease operations by June 30. This move intensifies Singapore’s regulatory crackdown on the digital asset sector, prompting significant reevaluations among major crypto firms.

The directive, initially issued in late May and clarified on June 6, emphasizes MAS’s consistent stance on unlicensed service providers. A MAS spokesperson told Bloomberg, “This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions.”

While financial authorities maintain that only a “very small” number of providers will be impacted, major offshore crypto firms with a presence in Singapore are already making anticipatory adjustments. Industry sources indicate that Bitget and Bybit are reorganizing their on-the-ground teams. Bitget is reportedly planning to relocate its Singapore-based staff to branches in Dubai or Hong Kong, with Bybit considering similar moves.

In its May 30 announcement, MAS explicitly stated it would not grant “transition time” for firms to secure licenses, warning that requests leading up to the deadline would only be considered under “extremely limited” circumstances.

Payments behemoth Stripe has agreed to acquire Privy, a crypto wallet infrastructure startup, in an undisclosed deal that significantly expands Stripe’s capabilities within the rapidly evolving digital asset space. The acquisition, announced via an X post on Wednesday, marks Stripe’s second major foray into crypto, following its $1.1 billion purchase of stablecoin platform Bridge.

This strategic move positions Stripe to deliver comprehensive, end-to-end crypto infrastructure solutions, seamlessly integrating Privy’s wallet technology with stablecoin payment rails. The acquisition capitalizes on the explosive growth in institutional adoption of stablecoins, which settled an astounding $27.6 trillion in transactions during the first quarter of 2025 alone—more than double Visa’s entire 2023 settlement volume.

Privy, founded in 2021 by Henri Stern and Asta Li, has emerged as a critical infrastructure provider, enabling companies to embed crypto wallets directly into their platforms. This eliminates the traditional, often cumbersome process of requiring users to create external wallets through providers like MetaMask or Coinbase Wallet. Currently, Privy powers over 75 million accounts across more than 1,000 teams, facilitating billions in transaction volume.

Stripe’s aggressive expansion into crypto aligns with broader institutional momentum and diversification into digital assets. Recent reports indicate that blockchain technology is now in active development at 60% of Fortune 500 companies, with nearly one in five executives prioritizing on-chain initiatives—a 47% increase from the previous year. This institutional embrace is particularly pronounced in the stablecoin sector, where interest among Fortune 500 companies has tripled since 2024, driven by the technology’s ability to address high transaction fees, cross-border payment delays, and currency volatility.

Stripe’s crypto journey began in 2014 with its pioneering support for Bitcoin transactions. While Bitcoin support was later halted due to network inefficiencies, the company re-established its blockchain team in 2021. Renewed crypto ambitions accelerated in October 2024 with the launch of stablecoin payment options, which saw rapid adoption across 70 countries on their first day. This momentum continued with May’s introduction of Stablecoin Financial Accounts, allowing companies in 101 countries to hold and transact in digital dollars, initially supporting Circle’s USDC and Bridge’s USDB, with plans for further integrations.

The FTX Recovery Trust (FTX) and FTX Digital Markets Ltd. (FTX DM) today announced an agreement with Payoneer, a global financial technology company, to facilitate the distribution of recovered funds to retail customers. Payoneer will serve as the third distribution service provider for FTX and the second for FTX DM, joining existing partners BitGo and Kraken.

This collaboration aims to streamline the return of assets to customers in supported jurisdictions, adhering to the FTX Chapter 11 Plan of Reorganization confirmed by the U.S. Bankruptcy Court for the District of Delaware, and the FTX DM liquidation process in The Bahamas. Payoneer’s services will be available for distributions processed after May 30, 2025.

Customers opting for Payoneer as their distribution method will irrevocably elect to forgo direct “Cash Distributions” (in USD or equivalent) from FTX. Instead, they will direct FTX to pay their entitled funds directly to Payoneer, which will then credit the customer’s selected bank account with cash in their chosen currency. Customers with questions regarding fund disbursements are advised to contact their chosen distribution service provider directly.

To be eligible for a distribution on future dates, customers and creditors must complete several prerequisites before the distribution record date. These include: Logging into the FTX Customer Portal (https://claims.ftx.com), completing required Know Your Customer (KYC) verification, submitting necessary tax forms, and onboarding with one of FTX’s approved distribution service providers: BitGo, Kraken, or Payoneer. Instructions for onboarding will be provided on the FTX Customer Portal.

For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims as of future record dates, provided the 21-day notice period has lapsed without objection.

In a significant leadership shift, Sandeep Nailwal, co-founder of Polygon, has elevated himself to the position of Chief Executive Officer at the Polygon Foundation, an announcement he made on Wednesday. In his new role, Nailwal is asserting “unilateral control” and initiating a series of significant changes aimed at streamlining the nonprofit and boosting value for POL token stakers.

Among the key initiatives, Nailwal plans the “rapid launch of a full-featured Agglayer,” Polygon’s highly anticipated cross-chain aggregator. He also intends to “evolve” Polygon PoS into the “high-throughput GigaGAS chain,” which promises an impressive 100,000 transactions per second. Conversely, the Polygon zkEVM chain is slated for sunset.

“Together, these moves signal a clear shift from a more passive chapter in Polygon’s history to a focused and ambitious founder-led vision for the future,” a statement from the organization read.

Nailwal, who most recently served as Polygon’s Chief Operating Officer, is now the last remaining co-founder following the recent departure of Mihailo Bjelic. Co-founders Jaynti Kanani and Anurag Arjun stepped back from the project two years ago.

Explaining his decision to assume the CEO role, Nailwal stated on X, “I’ve always stayed away from moving into the CEO role because I’ve been focused on building Polygon as a decentralized foundation. But right now, Polygon needs clear direction and focused execution and that means stepping up.”

Polygon, launched in 2017 as the Matic Network, has been a significant contributor to blockchain technology, particularly in zero-knowledge and proof-of-stake research and development.

Looking ahead, Nailwal confirmed that Polygon Agglayer v0.3 is on track for an “imminent” release by the end of June, moving it “one step closer to its full launch.” The GigaGAS upgrade is currently live on testnet.

The decision to deprecate Polygon zkEVM, according to Nailwal, stems from the “evolving needs of the ecosystem” and the recognition that the “product lacked a strong strategic position.” Polygon will continue to operate the sequencer for 12 months and offer grants to “projects migrating to other environments” such as Polygon PoS.

South Korea is poised to significantly expand its cryptocurrency regulatory landscape with the introduction of a new bill, the “Digital Asset Basic Act,” unveiled today by Min Byeong-deok, a lawmaker from the ruling Democratic Party. The proposed legislation aims to establish a comprehensive framework for the digital asset ecosystem, building upon the existing Virtual Asset Investor Protection Act, which came into effect in July 2024.

Speaking at a press conference, Min Byeong-deok asserted that the Digital Asset Basic Act would serve as a cornerstone for South Korea’s leadership in the global digital economy. While the previous act primarily focused on investor protection, this new bill seeks to provide a more structured and extensive regulatory environment for digital assets.

A key provision of the new bill is the implementation of a licensing regime for stablecoin issuers. This would require stablecoin issuers to maintain owner’s capital exceeding 500 million Korean won (approximately $367,890). This measure directly aligns with recently elected President Lee Jae-myung’s campaign promise to foster a Korean won-based stablecoin market and prevent capital outflow through foreign-denominated stablecoins. Min Byeong-deok notably served as the head of the digital asset committee during President Lee’s election campaign.

The move comes as stablecoin regulations gain momentum globally, with similar initiatives seen in the United States and Hong Kong. The U.S. has been working on the Genius Act, while Hong Kong has already passed a stablecoin bill mandating licensing for issuers. Min cited these examples, along with regulations in the EU and Japan, highlighting how their frameworks encompass a broader set of rules for the issuance, circulation, and trading of crypto assets.

Beyond stablecoins, the Digital Asset Basic Act proposes to legally define digital assets and their application to service providers. It also calls for the creation of a Digital Asset Committee, to be directly overseen by the President. Furthermore, the bill seeks to establish a legal basis for penalizing unfair practices within the crypto market, aiming to enhance market integrity and consumer confidence.