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- Russia plans to develop a stablecoin to bypass financial restrictions.
- South Korea blocks unregistered crypto exchanges on Apple’s App Store.
- Hong Kong launches the region’s first Ethereum staking ETF.
The Russian Ministry of Finance has called for the creation of a domestic crypto stablecoin. This recommendation follows the recent blocking of Russian-linked digital wallets. Officials want to reduce dependency on U.S. dollar-based crypto assets.
They are considering a coin pegged to other currencies. The stablecoin could support Russia’s growing interest in cross-border crypto payments. Despite internal resistance from the central bank, Russian companies are already testing crypto-based international transactions. The goal is to build resilience in global trade, especially under sanctions. The Ministry sees stablecoins as a step toward economic independence.
Korea Prioritizes User Protection in Crypto Crackdown
South Korea’s Financial Services Commission has taken strict action against foreign exchanges. Fourteen unregistered cryptocurrency platforms were removed from Apple’s App Store. This move follows similar actions on the Google Play Store.
Exchanges like KuCoin and MEXC are among the affected. Authorities say these platforms failed to comply with anti-money laundering laws. Unregistered exchanges pose a serious risk to investors. Violators face harsh penalties, up to five years in prison and heavy fines. The Korean government is reinforcing its commitment to a safe digital environment. User protection and financial security are driving stricter enforcement measures.
Hong Kong has taken a major step in crypto investment products. OSL is partnering with ChinaAMC (Hong Kong) to launch the region’s first physical Ethereum staking ETF. The new fund, set to launch staking on May 15, provides exposure to Ethereum and passive income through staking rewards.
OSL to Manage Ethereum ETF Custody and Staking
This marks a key milestone in regulated crypto products in Asia. Investors now have a compliant path to participate in Ethereum’s staking model. The fund has received approval from the Hong Kong Securities and Futures Commission.
OSL will handle both custody and staking functions. The ETF combines innovation with regulatory clarity. It may set a standard for similar offerings in the region. Singapore is responding to new U.S. tariffs with a special task force. The country revised its economic outlook downward, raising concerns about a potential recession.
In China, a massive crypto scam targeting Indian users was dismantled. Over 66,000 victims were tricked into buying USDT for conversion. Meanwhile, Japan’s Metaplanet added $27 million in Bitcoin. Hong Kong Asia Holdings also expanded its crypto portfolio.
Bitdeer is shifting to self-mining and diversifying into AI. Abu Dhabi fined Hayvn over $12 million for poor compliance. In South Korea, young millionaires are leading virtual asset investments. One-third of the country’s wealthy now hold crypto.
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