XRP
Ripple deploys payments system at Korean bank; Asia tightens crypto rules
South Korea's Jeonbuk Bank is adopting Ripple's cross-border payment infrastructure while lawmakers push to expand financial oversight of unregistered crypto businesses.
Jeonbuk Bank has partnered with blockchain payments firm Ripple to offer faster cross-border transfers to business clients including importers, exporters, tech startups and content creators. The system bypasses traditional intermediary routes through SWIFT, which typically require several days and carry higher costs.
Meanwhile, regulatory activity across Asia is intensifying. South Korean lawmakers have introduced a bill to expand the Financial Intelligence Unit's authority to investigate unregistered crypto operations, allowing public reporting of suspected violations and enabling the FIU to file complaints and request criminal investigations.
Elsewhere in the region, Japan's financial regulator granted authorization to Nomura Group's digital asset subsidiary Laser Digital to operate as a crypto exchange service provider. The Korea Media and Communications Commission ruled that Polymarket's structure constitutes illegal gambling. Regulators also approved BitGo Korea's registration just before new VASP entry requirements took effect.
Stablecoin neobanking platform Fasset raised $68 million in Series C funding led by Japan's SBI Group at a $1 billion valuation. The investors plan to jointly operate a digital bank in Malaysia and distribute Fasset-issued tokens. South Korea is also preparing to establish a Serious Crimes Investigation Agency in October with 2,567 investigators focused on virtual asset crimes among other categories, while a Novel Securities Market is set to launch in November trading fractional and non-traditional assets.
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