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Bank of Korea Rejects Bitcoin as Reserve Asset Citing Volatility Concerns
On March 17, 2025, the Bank of Korea (BoK) officially dismissed the prospect of Bitcoin (BTC) as a reserve asset, citing significant volatility and non-compliance with International Monetary Fund (IMF) standards. In response to a National Assembly inquiry, the BoK expressed concerns about BTC's price fluctuations, noting its current trading value of approximately $83,450, a 23% decline from January's peak of $109,000. Despite lawmakers exploring the inclusion of cryptocurrencies in reserves, the bank stated it had not reviewed or discussed such possibilities.
This decision contrasts with El Salvador and the U.S., which have integrated BTC into their economies. Additionally, Japan's Prime Minister Shigeru Ishiba has expressed reservations about adopting Bitcoin as a reserve asset. South Korea's cautious fiscal approach is rooted in its historical financial crises, despite hosting one of the world's largest crypto trading markets, with an estimated 30% of its population engaged in crypto activities.
Brazil Legislation to Allow Partial Salary Payments in Bitcoin
Brazil has introduced legislation permitting partial salary payments in Bitcoin, marking a notable shift towards cryptocurrency integration. Introduced by Federal Deputy Luiz Phillipe de Orleans e Bragança on March 12, 2025, the bill allows employees to mutually agree with employers on receiving a portion of their salaries in BTC. This initiative aims to provide workers with greater flexibility in managing their earnings while aligning with Brazil's efforts to modernize its financial infrastructure.
Brazil, ranked 10th on the Chainalysis Global Crypto Adoption Index, continues to lead cryptocurrency adoption in Latin America, having previously recognized digital assets as legal payment methods in 2022. The launch of Binance Pay in August 2023 further highlights the growing acceptance of crypto in commerce, with local businesses benefiting from reduced processing fees.
Pakistan Launches Crypto Council to Regulate Market and Boost Remittances
Pakistan has launched the Pakistan Crypto Council (PCC) to regulate and promote its burgeoning cryptocurrency market, shifting from previous skepticism to embracing blockchain technology. Led by Finance Minister Muhammad Aurangzeb and key financial figures, the PCC aims to enhance the country’s remittance market—currently valued at $35 billion annually—by facilitating faster and cheaper international transactions through cryptocurrency.
With over 20 million active crypto users, Pakistan seeks to position itself as a significant player in global digital finance, mirroring initiatives taken by other countries like the United States. The council's primary focus is to establish a secure and transparent regulatory framework that protects users from fraud while fostering responsible crypto adoption. The recent appointment of Bilal bin Saqib as CEO underscores a commitment not only to regulation but also the growth of digital finance and blockchain innovation, which could drive substantial economic advancement in Pakistan.
Dubai Launches Pilot Project for Tokenizing Property Deeds, Aiming for $16 Billion Market by 2033
The Dubai Land Department (DLD) has initiated the pilot phase of its 'Real Estate Tokenization Project' for property title deeds, marking it as the first real estate registration authority in the Middle East to adopt tokenization. This initiative, implemented in partnership with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation, is part of the Real Estate Innovation Initiative. DLD projects the real estate tokenization sector in the UAE to reach a market value of $16 billion by 2033, accounting for 7% of Dubai’s total real estate transactions.
Eng. Marwan Ahmed Bin Ghalita, DLD Director General, emphasized that real estate tokenization is transformative, enhancing the buying, selling, and investment processes by converting real estate assets into blockchain-based digital tokens. This initiative aims to promote transparency, governance, and broaden access for diverse investors to engage in significant real estate ventures in Dubai.
South Korea's FIU Cracks Down on Unregistered Overseas Crypto Exchanges
South Korea's Financial Intelligence Analysis Unit (FIU) is targeting unregistered overseas cryptocurrency exchanges, including notable platforms like BitMEX and KuCoin, to enforce compliance with the Specific Financial Transaction Information Reporting and Use Act. The planned actions may lead to blocking access to non-compliant exchanges catering to Korean users, significantly curtailing unregulated crypto activities within the country. Market participants express concern over potential restricted access to popular trading platforms.
This initiative reflects a broader trend towards stricter cryptocurrency regulations globally, echoing South Korea's historical crackdowns, particularly following the 2017 crypto boom. While increased regulation may deter some foreign exchanges and reduce market competitiveness, it is also expected to foster a more secure trading environment. The seriousness of compliance is underscored by criminal charges faced by KuCoin founders, highlighting the urgent need for regulatory adherence in the cryptocurrency sector.
Australia to Introduce Crypto Regulation Framework in 2025 Amid Debanking Concerns
The Albanese-led Australian government is set to introduce a crypto regulation framework in 2025, mandating compliance for exchanges, custody services, and brokerage firms under existing financial services laws. This initiative aims to enhance consumer protection while addressing de-banking issues with the nation's four largest banks. Key aspects of the regulation include safeguarding customer assets, requiring an Australian Financial Services Licence, and establishing minimum capital requirements, with exemptions for small-scale and startup platforms. Payment stablecoins will fall under a new payments licensing reform but will have certain exemptions.
Additionally, a review of central bank digital currency and an Enhanced Regulatory Sandbox will allow businesses to test new financial products without a license. With a federal election anticipated by May 17, competition is tight between Labor and the Coalition, both prioritizing crypto regulation. Industry leaders emphasize the need for clarity in the proposed reforms to support growth in the Australian crypto landscape.
IMF Updates Balance of Payments Standards to Include Cryptocurrencies as Economic Assets
The International Monetary Fund (IMF) has updated its balance of payments standards to include cryptocurrencies, marking the first integration of digital assets into global economic statistics. Released on March 20, 2025, the new Balance of Payments Manual, Seventh Edition (BPM7) classifies Bitcoin and similar cryptocurrencies as non-produced nonfinancial assets, while certain tokens may resemble equity holdings. The manual distinguishes between fungible and nonfungible tokens and categorizes cryptocurrencies without liabilities as capital assets, recorded in capital accounts.
Conversely, stablecoins are treated as financial instruments. Additionally, the IMF notes that staking rewards should be recorded like equity dividends, enhancing the visibility of digital assets' economic impact. The BPM7 was developed with input from over 160 countries and aims to standardize the recording of crypto transactions, including mining and staking, as services within macroeconomic statistics, a significant step in recognizing the importance of digital assets globally.
This article has been refined and enhanced by ChatGPT.
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