Crypto & Finance · VIDEO
Singapore Warns About Tampered Ledgers: BLOOM Expands in Asia
The Singapore police issue a warning about compromised Ledgers while Malaysia and Thailand join the BLOOM initiative for cross-border stablecoin payments. Meanwhile, South Korea considers a further delay in crypto taxation and Southeast Asia strengthens blockchain regulation.
KEY TAKEAWAYS
- Singapore warns about tampered Ledgers three weeks after the discovery of vulnerabilities
- Malaysia and Thailand enter BLOOM for cross-border payments in stablecoin
- 90% of global companies interested in tokenizing money to accelerate payments
- South Korea considers postponing crypto taxation to 22% until 2029
- Hacking in South Korea: Bithumb, Daishin Securities and Mirae Asset Global Investments affected
Transcript
Singapore Police have issued a warning about counterfeit ledgers, three weeks after initial reports, as the country intensifies efforts to regulate cryptocurrencies and stablecoins in cross-border payments. The Bank of Malaysia and the Bank of Thailand have joined Singapore's BLOOM initiative, which aims to facilitate the use of stablecoins and tokenized deposits for cross-border payments. Members include Airwallex, Mastercard, Ripple, Visa, and the World Bank Group.
A survey by Singaporean bank DBS revealed that nearly 90% of 422 global companies are adopting or interested in adopting tokenized cash to accelerate payments. In South Korea, authorities are considering a further delay in cryptocurrency taxation until 2029 to align with U.S. regulations. Meanwhile, three major South Korean financial companies reported data breaches, highlighting the need for robust cybersecurity measures.
The South Korean government and the Bank of Korea plan to amend the Foreign Exchange Transactions Act to regulate stablecoins as payment instruments. Additionally, the central bank will require crypto transfer service providers to submit monthly reports starting December 2.
Chainalysis has identified a network of Russian intermediaries aiding North Korean IT workers in converting millions of dollars into cryptocurrencies. The U.S. Department of the Treasury has sanctioned 10 individuals and an entity for supporting these schemes.
Hong Kong has designated Solana Company as a strategic enterprise, and RedotPay, a crypto payment company, plans to launch an IPO in the United States by the end of the year. China aims to complete a national blockchain network by 2030 as part of its five-year digital development plan. Thailand has recognized Bitcoin as property under criminal law and launched the digital wallet WORPT for tourists.
The adoption of stablecoins for cross-border payments could generate significant cost savings for Asian companies, reducing processing times by 40% and costs by 30%, according to a study by the Asian Development Bank. However, Asian governments face regulatory challenges in promoting the use of stablecoins.
