This week in Asia, the continent struggles with increased crypto crimes, Brainwave enters Hong Kong, and over 600 Crypto Assets find themselves at a risk of delisting in South Korea.
Blockchain analytics firm Chainalysis says the Asia-Pacific (APAC) region is struggling to keep pace with the evolving landscape of crypto-related crimes.
The company’s recent report found that while the adoption of digital assets continues to rise in Asia, law enforcement agencies across countries are facing challenges in investigating crypto crimes.
The research found that a lack of resources and expertise is hindering the efforts of these agencies to effectively combat illicit activities in the crypto space.
To investigate and prosecute crypto crimes, Asia urgently needs collaboration between law enforcement agencies, regulators, and industry stakeholders in developing effective strategies.
Read more: Singapore Banks Under Scrutiny Amidst Major Crypto-Related Money Laundering Scandal
Brainwave Announces Entry Into Hong Kong Market
Crypto exchange Brainwave announced plans to apply for a license in Hong Kong to offer cryptocurrency trading services to local customers.
This move comes as Hong Kong gradually eases restrictions on cryptocurrencies and aims to become the digital asset hub of Asia. In fact, to attract virtual asset investments, Hong Kong is preparing to introduce a special licensing system for cryptocurrency-to-fiat exchanges.
Pedro Parades, CEO of Brainwave Crypto Hong Kong, expressed enthusiasm for the city’s new cryptocurrency policies and emphasized the company’s commitment to managing the risks associated with digital assets.
Brainwave Crypto’s expansion into Hong Kong follows its successful launch of a cryptocurrency exchange in Singapore in 2024 and its active participation in tokenization and decentralized finance (DeFi) applications.
Read more: Nomura’s Crypto Arm Obtains Broker License for Traditional and Digital Assets In Abu Dhabi
Over 600 Crypto Assets at Risk of Delisting in South Korea
A recent regulatory review in South Korea has identified more than 600 cryptocurrency assets that are at risk of being delisted from local exchanges.
South Korean authorities are considering delisting to enhance investor protection and combat illicit activities in the crypto space.
Read more: Binance Hit With $2.25 Million Fine By Indian Financial Regulators
The potential delisting is likely to have implications for the local cryptocurrency market. Investors holding the assets at risk of delisting may face liquidity challenges and potential losses, while exchanges will need to navigate the regulatory landscape to ensure compliance with new requirements.
The regulatory review in South Korea reflects a broader trend of increased scrutiny and oversight in the Asian and global cryptocurrency industry.
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