South Korea moves to postpone digital asset income tax for a fourth time
South Korea's government will formally push to delay the planned digital asset income tax by another two years, according to The Block citing Yonhap News. This marks the fourth postponement of the crypto tax, which was originally scheduled to take effect on January 1, 2027. The levy would have imposed a 22% tax on crypto gains including local taxes, with a deduction threshold of 2.5 million won (about $1,864). The repeated deferrals reflect ongoing political sensitivity around taxing digital assets in one of Asia's largest crypto trading markets.
SlowMist maps on-chain links in US sanctions against North Korean IT workers
Blockchain security firm SlowMist analyzed OFAC-sanctioned addresses tied to a North Korean IT worker network and uncovered multiple on-chain connections. One Ethereum address was listed under both Boykov and Obertas, with Boykov transferring roughly $9.88 million to that address. Two TRON addresses controlled by Boykov also sent a combined 1.66 million USDT to an Obertas-linked address. SlowMist further found that Boykov and Kim Ki Hyok both funneled funds to the same Bybit deposit address — approximately $4 million from Boykov and 50,000 DAI from Kim Ki Hyok — pointing to shared financial infrastructure across seemingly distinct personas.
Visa opens six global capability hubs in Singapore, targeting AI and stablecoins
Visa announced on November 5 that it has established six global capability centers at its new Paya Lebar Oasis solution center in Singapore, bringing together more than 1,500 professionals. The hubs will focus on applied AI and agentic commerce, digital currencies, stablecoins, programmable payments, wallets, alternative payment methods, cybersecurity, and quantum computing. Visa plans to expand research, engineering, and innovation roles, with partners including DBS Bank, Nium, and StraitsX. The Singapore Economic Development Board said the investment will create high-value jobs, underscoring the city-state's emergence as a hub for institutional stablecoin and tokenization infrastructure.
Five global banks launch Singapore-based GL1 Org to advance tokenized market infrastructure
HSBC, JPMorgan's Kinexys, MUFG, Societe Generale-Forge, and Standard Chartered have jointly established Global Layer One Organisation (GL1 Org), a non-profit headquartered in Singapore. The organization will develop and promote common standards and frameworks for tokenized financial markets, fostering interoperability across institutions, infrastructure, and jurisdictions. GL1 Org builds on the Monetary Authority of Singapore's GL1 initiative, which explores shared ledger infrastructure allowing regulated financial institutions to deploy tokenized assets. The move signals growing momentum for institutional-grade tokenization in Asia's leading fintech hub.
Zaif discloses 380,000 customer email addresses leaked via third-party breach
Japanese crypto exchange Zaif revealed that its email service provider Arara suffered unauthorized external access, exposing approximately 380,000 registered customer email addresses after de-duplication. The exchange said the leaked information includes only email addresses — no names, transaction details, or passwords — and that its own systems showed no signs of intrusion. Zaif has temporarily suspended email sending and warned customers to guard against phishing attempts impersonating the exchange or Arara, advising them to switch to authenticator app-based two-factor authentication. The incident highlights persistent third-party vulnerability risks facing Asian exchanges.
Binance's CZ calls for industry collaboration as AI exposes systemic security gaps
In an Oxford Union interview, Binance founder Changpeng Zhao addressed recent major hacks, saying the Binance incident could have been prevented and that some internal staff failed to follow basic operational security processes. He noted attackers spent five to six months assembling the attack chain using social engineering, interview phishing, and AI tools to identify system weaknesses. CZ argued that while AI exposes more security problems in the short term — evidenced by a surge in attacks on crypto platforms and banks — it will ultimately make systems safer by surfacing vulnerabilities. He called for the industry to work with AI labs, law enforcement, and security experts to build multi-layered defenses.
Hong Kong-based U launches rate-boost campaign with Binance, up to 10% APR
United Stables (U) has partnered with Binance to launch a limited-time rate-boost campaign for its $U flexible savings product. Running from November 5 to November 25, 2026, the promotion offers ordinary and VIP users an additional tiered yield boost on top of the base real-time return. The maximum boost reaches 9%, bringing the combined annualized yield to as high as 10%. The campaign targets Asian yield-seeking users on Binance as stablecoin issuers compete aggressively for deposits across the region.
South Korea requires crypto service providers to report security incidents immediately
South Korea's Financial Services Commission announced on November 5 that it will formulate new guidelines requiring virtual asset service providers to immediately notify the Financial Supervisory Service and Financial Security Institute upon discovering security incidents. Currently, such companies only report to the Korea Internet & Security Agency. Regulators argue that as virtual assets become more intertwined with traditional finance, incident information must reach financial authorities quickly for investigation, information sharing, and consumer protection. The FSC also plans to draft a Digital Financial Security Act that would apply security standards comparable to the Electronic Financial Transactions Act to crypto service providers, with legislation targeted for completion by Q1 2027.
Bitget unveils Open Custody Network to separate asset custody from trading
Bitget announced plans to launch the Open Custody Network (OCN), an open architecture designed to connect banks, custodians, and institutional security providers with Bitget's trading infrastructure. Built around the principle of "Assets in Bank, Tradings on Bitget," the network integrates independent asset custody, bank-grade security, exchange trading services, and capital efficiency. The move breaks from the traditional centralized exchange model that combines custody and trading on a single platform, potentially addressing institutional concerns about counterparty risk that have intensified following recent exchange security incidents.
South Korea yet to begin sanctions discussions on North Korea over Binance hack allegations
A South Korean unification ministry official said the government has not yet begun discussing sanctions against North Korea over allegations that Pyongyang stole over $6 billion in crypto from Binance. The official stated that authorities have not fully grasped the details of the hacking incident, and that internal information sharing and discussions remain ongoing but have not reached the sanction decision stage. The FBI last week attributed the theft to North Korea. Kim Yo Jong, the sister of North Korean leader Kim Jong Un, denied the accusation as a "serious political provocation," continuing Pyongyang's pattern of denying involvement in cyber theft.
