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Crypto Developments In Asia: APAC Struggles With Increased Crypto Crimes, Brainwave Enters Hong Kong, 600 Crypto Assets At Delisting Risk In South Korea

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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.

EXPLORE: Where, When, and How to Buy Bitcoin in 2024? A Beginner’s Guide 

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Akriti Seth is a Zurich-based Business Journalist and Crypto Editor. Her passion for journalism has taken her across the globe – from thriving as an on-television correspondent to writing engaging articles, she has worked for companies like Informa UK, Bloomberg TV India, CNA Singapore. Akriti’s interest in the cryptocurrency space stems from her writing for Crypto Council for Innovation and Daily Coin. She believes that decentralisation technology has the potential to empower marginalised communities across the world. Entrepreneur Magazine, Hindustan Times, Tech Panda, Hackernoon and other publications have featured Akriti’s writings.

View all Posts by Akriti Seth

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