The Financial Services Commission chief says ownership limits are still under negotiation as lawmakers debate the Digital Asset Basic Act ahead of a mid-February deadline. South Korea’s top financial regulator said crypto exchanges should face ownership limits similar to those applied to securities markets, signaling a harder public stance on governance reforms under the country’s proposed Digital Asset Basic Act. According to a report by The Korea Times, the Financial Services Commission (FSC) Chair Lee Eog-weon said licensed crypto exchanges should no longer be treated as ordinary private companies but as entities with public-infrastructure characteristics. Lee’s comments come as the FSC reviews a proposal to cap major shareholders’ stakes in crypto exchanges at around 15% to 20%, a measure that has drawn resistance from exchange operators and raised concerns within the ruling Democratic Party. Read more
European Central Bank executive Piero Cipollone has argued that rising geopolitical tensions make a European-controlled payments system a strategic necessity. Rising geopolitical tensions are strengthening the case for a European-controlled digital payments system, according to European Central Bank (ECB) executive board member Piero Cipollone. In an interview with Spanish newspaper El País, shared by the ECB on Wednesday, Cipollone described the proposed digital euro as “public money in digital form,” arguing that it was needed to complement cash and address an increasingly fragmented payments landscape in Europe, especially as e-commerce grows. He noted that cash accounted for around a quarter (24%) of day-to-day transaction value in 2024, down sharply from 2019 (40%), and said the ECB had a responsibility to adapt how it provided money as a public good. Read more
Bitcoin ETF investors contend with price dropping to their aggregate entry level, but a crypto executive claims new institutions are lining up. Bitcoin (BTC) institutional investors face a test of “conviction” as exchange-traded fund (ETF) holdings tumble by $6 billion. Key points: Bitcoin ETF investors now face falling into aggregate loss on their holdings. Read more