South Korea’s Financial Services Commission failed to meet a deadline to submit draft legislation on stablecoin regulation, highlighting ongoing disagreements among regulators, lawmakers, and the central bank over how digital tokens should be governed. The deadline, set by the ruling Democratic Party of Korea, was intended to accelerate the creation of a legal framework for stablecoins amid growing domestic and global adoption.

South Korea’s Financial Services Commission (FSC) failed to submit a won-stablecoin regulatory bill by the Dec. 10 government deadline, citing the need for further inter-agency coordination. The delay reflects ongoing disagreements with the Bank of Koreawhich seeks veto power…

— Wu Blockchain (@WuBlockchain) December 14, 2025

The FSC said it required additional time to coordinate positions with other government agencies, reflecting unresolved policy differences. At the center of the debate is the Bank of Korea’s proposal to limit stablecoin issuance to a consortium of banks holding a controlling stake in any approved issuer. Lawmakers on the ruling party’s Digital Asset Task Force have pushed back, arguing that such restrictions could suppress innovation and entrench incumbents in a fast-moving sector.

Central Bank Role and Issuer Restrictions

The Bank of Korea has framed its position around financial stability, emphasizing the systemic risks that could arise if widely used stablecoins are issued outside traditional banking oversight. Under its proposal, approval decisions would also involve a policy consultative body requiring unanimous agreement among the central bank, the finance ministry, and the FSC.

Members of the Digital Asset Task Force have acknowledged the need for coordination but warned that excessive central bank control could slow product development and deter non-bank issuers, including fintech firms and technology companies. The debate reflects a broader global tension between prudential safeguards and competitive market access, particularly as jurisdictions such as the United States and the European Union move ahead with clearer stablecoin regimes.

Timeline and Market Implications

Lawmakers now expect a consolidated stablecoin bill to be introduced in January 2026, with preparatory discussions scheduled later this month. The delay prolongs regulatory uncertainty for domestic crypto firms, which currently operate under anti-money laundering registration rules rather than a comprehensive market framework.

Institutional participants have been watching the process closely, as South Korea remains one of Asia’s most active digital asset markets. A bank-centric model could favor established financial institutions, while a more open regime may attract global issuers seeking access to Korean users. Until a compromise is reached, firms face limited visibility on capital requirements, issuance approvals, and the role of the central bank in ongoing supervision.

The outcome is likely to shape South Korea’s competitive position in the regional stablecoin landscape, as policymakers weigh financial stability against innovation and market access in an increasingly tokenized payments environment.

A senior Vanguard executive has drawn renewed attention to the asset manager’s cautious stance on digital assets, even as the firm has broadened client access to crypto-linked exchange-traded funds. Speaking this week at Bloomberg’s ETFs in Depth conference in New York, Vanguard global head of quantitative equity John Ameriks compared Bitcoin to a well-known collectible toy Labubu, underscoring skepticism about its long-term investment merits.

Ameriks said Bitcoin lacks the cash flow, compounding characteristics, and economic fundamentals Vanguard typically seeks in assets intended for long-term portfolios. He referred to the cryptocurrency as a “digital Labubu,” a nod to viral collectible plush toys, and questioned whether blockchain technology has yet demonstrated durable economic value at scale. His remarks came despite shifting regulatory and market conditions that have pushed crypto exposure closer to the financial mainstream.

Vanguard Opens the Door to Crypto ETFs

The comments contrast with Vanguard’s recent decision to allow brokerage clients to trade crypto-focused ETFs and mutual funds. The firm now permits access to regulated products holding Bitcoin, Ethereum, XRP, and Solana, placing them alongside other non-core assets such as commodities. Vanguard manages roughly $12 trillion in assets, making the policy shift notable across the asset management industry.

Ameriks said the decision followed the establishment of trading history and market infrastructure for spot Bitcoin ETFs launched in early 2024. He emphasized that Vanguard is providing access, not endorsement, and will not offer investment guidance related to crypto assets. Clients can buy or sell these products at their discretion, but the firm continues to frame digital assets as outside its core investment philosophy.

Institutional Skepticism amid Policy Shifts

Bitcoin’s volatility remains a central concern for traditional asset managers. The cryptocurrency has experienced sharp price swings in recent months, reinforcing arguments that its valuation is driven more by scarcity narratives and investor sentiment than by measurable cash flows. Critics have long compared Bitcoin to speculative episodes such as historical commodity manias or modern collectibles, a view Ameriks echoed in his remarks.

At the same time, national policy developments and growing institutional participation are reshaping the competitive landscape. U.S. regulators have provided clearer frameworks for crypto investment products, prompting firms like Vanguard to accommodate client demand without fully embracing the asset class. Competitors have taken varied approaches, with some actively promoting crypto allocations and others maintaining guarded neutrality.

Ameriks acknowledged Bitcoin could eventually demonstrate value in specific macroeconomic scenarios, such as periods of high inflation or political instability. However, he said the asset’s relatively short history makes it difficult to support a consistent investment thesis today. The divide between access and advocacy highlights the broader tension facing institutional investors as digital assets move closer to traditional finance.

Ripple secured its first European banking client for its payments platform through a new partnership with AMINA Bank, a Swiss FINMA-regulated institution. The agreement enables AMINA Bank to use Ripple Payments for near real time cross-border settlement, targeting the infrastructure challenges that crypto-native firms face when interacting with traditional banking systems.

AMINA Bank, which serves a global client base, is integrating Ripple’s licensed payments technology to reduce friction between blockchain activity and conventional settlement rails. According to the companies, the integration will allow AMINA’s clients to streamline fund movement, lower transaction costs, and increase reliability and transparency without depending fully on correspondent banking networks.

Addressing Cross-Border Friction for Crypto Clients

AMINA Bank said many web3 businesses continue to encounter delays and inefficiencies, particularly with stablecoin transfers, which most banks have not yet adopted at scale. Ripple’s system is designed to support both fiat and stablecoin payouts, including Ripple USD (RLUSD), giving AMINA clients access to faster settlement across multiple currencies.

Ripple noted that the partnership extends existing work with AMINA, which earlier this year became the first bank to support custody and trading services for RLUSD. The company said its payments solution now covers more than 90 percent of daily FX markets and has processed over $95 billion in volume across jurisdictions including Australia, Brazil, Mexico, Singapore, Switzerland, Dubai, and the US.

Strengthening Digital Asset Infrastructure in Europe

The agreement comes as European regulators advance digital asset frameworks, including MiCAR, which has driven more institutions to seek compliant infrastructure providers. AMINA Bank, active across Switzerland, Abu Dhabi, Hong Kong, and Austria, has positioned itself as a regulated bridge between digital assets and traditional finance systems.

Ripple said the partnership reflects broader demand for institutional-grade payments infrastructure that can support multi-asset settlement and enhance operational efficiency for both fintech firms and traditional financial institutions.

“Our partnership with AMINA Bank enables them to serve as the on-ramp for digital asset innovators into traditional financial infrastructure. AMINA Bank embodies the forward-thinking approach needed to advance wider adoption of digital assets technology and we’re proud to support them in serving their clients with the most secure, resilient and compliant digital asset technology on the market,” commented Cassie Craddock, Managing Director, UK & Europe at Ripple.

Coinbase is preparing to introduce prediction markets and tokenized equities next week, according to a Bloomberg report citing a person familiar with the matter. The products are expected to be announced on December 17 during a company showcase, signaling a broader push by the exchange into regulated financial markets alongside digital assets. A spokesperson encouraged viewers to tune in to the livestream but did not confirm specific product details.

The move reflects Coinbase’s effort to expand its footprint into categories that combine market infrastructure, derivatives, and on-chain settlement. Screenshots circulating on social media in recent weeks suggested the exchange had been testing interfaces for both prediction markets and tokenized equities. The latter is expected to launch in-house, a sign that Coinbase intends to control both issuance and distribution without relying on external partners.

Rising Competition across Prediction Markets

Interest in prediction markets has surged in 2024 and 2025 as retail and institutional traders increasingly use them to price political, sports, and macroeconomic outcomes. The sector remains dominated by Kalshi and Polymarket, which saw combined volumes rise to $7.7 billion in November from roughly $1.3 billion in August. Coinbase’s entry would introduce a major exchange into a segment that is attracting regulatory attention and capital flows from large trading firms.

Competitive pressure across the industry is also intensifying. Gemini secured approval from the Commodity Futures Trading Commission this week to operate a Designated Contract Market, clearing the path for an event-contracts platform. Crypto.com formed a partnership with Fanatics earlier this month to develop a fan-driven prediction market focused on sports outcomes. These moves reflect a broader trend of exchanges seeking revenue diversification amid mixed spot trading volumes.

Tokenized Equities Extend Coinbase’s Strategy

Tokenized equities represent another front in the competition. The product would allow users to trade equity-linked instruments on blockchain rails with faster settlement and fractional access. For exchanges, it offers a way to expand into traditional finance while leveraging crypto-native infrastructure. For regulators, however, these offerings raise questions around securities classification, custody, and investor protections.

Coinbase shares declined 2.2% on December 11 to close at $269.02. The stock remains sensitive to product pipeline expectations, regulatory signals, and shifting market conditions as the exchange seeks to broaden its reach across both digital assets and adjacent financial markets.

Bitwise CIO Matt Hougan presented long-term capital market assumptions projecting Bitcoin could reach $1.3 million by 2035. The framework was developed to address inquiries from twelve major institutional platforms managing trillions in assets, reflecting a growing demand for quantitative tools in evaluating Bitcoin allocation.

Requests from institutional investors have risen sharply, contrasting with zero requests through 2024. These institutions include national account platforms, financial advisor groups, and investment committees assessing cryptocurrency exposure.

Bitcoin Benchmarking Against Gold

The valuation model is grounded in Bitcoin’s market share relative to gold, projecting growth from 9% to 25% of gold’s capitalization by 2035. Hougan highlighted that gold’s market expanded from $2.5 trillion in 2004 to $27 trillion today.

Using conservative assumptions, Bitcoin could reach seven-figure valuations without requiring extreme adoption scenarios. Harvard University’s allocation of roughly $500 million in Bitcoin alongside $250 million in gold exemplifies institutional recognition of the cryptocurrency as a hedge against currency debasement.

Correlation, Returns, and Volatility Outlook

Bitcoin exhibits a 0.21 correlation to equities on a 30-day rolling basis, indicating low co-movement with traditional markets. Bitwise projects this correlation may rise to 0.36 over time but remain below 0.5, preserving Bitcoin’s diversification benefits.

Expected annualized returns over the next decade are 28%, significantly above the 6% for equities and 5% for bonds projected by Wall Street consensus. Volatility has declined since 2012 and is forecast to stabilize at approximately 33%, providing a comparative risk profile similar to private equity assets.

Japan’s financial regulators are preparing a significant overhaul of how the country supervises digital assets, proposing to move crypto regulation from the payments framework into the securities regime. The Financial Services Agency released a detailed report from the Financial System Council’s working group outlining the plan, which reflects growing consensus that crypto assets now function more like investment products than payments instruments.

The shift would relocate oversight from the Payment Services Act to the Financial Instruments and Exchange Act, the core statute governing securities issuance, trading and disclosures. Regulators emphasized that crypto assets are increasingly used by domestic and international investors, which creates the need for a more robust framework aligned with capital markets standards.

Expanded Disclosure Rules for Token Offerings

A primary component of the proposal is enhanced data disclosure for initial exchange offerings. Regulators argue that user-facing token sales resemble traditional securities transactions, requiring clear and timely information about the entities behind each project. Under the new framework, exchanges would be required to provide pre-sale disclosures, commission third-party code audits and incorporate feedback from self-regulatory organizations.

Issuers would also face broader obligations, including mandatory identity disclosures, regardless of whether projects operate through decentralized structures. Regulators intend to ensure greater transparency around token issuance mechanisms and distribution methods, areas that have historically lacked uniform standards in Japan’s digital asset market.

Tighter Enforcement and Evolving Market Structure

The framework would give the FSA stronger enforcement tools to curb unregistered or offshore platforms that target Japanese users. Authorities also plan to introduce explicit prohibitions on insider trading, mirroring elements in the European Union’s MiCA framework and South Korea’s updated rules. These changes indicate Japan’s intent to strengthen its regulatory posture as global jurisdictions converge on securities-style oversight for digital assets.

The initiative comes as the government considers broader tax reform, including a potential shift to a flat 20% rate on crypto capital gains. Separately, the FSA recently signaled caution regarding derivatives linked to foreign crypto exchange-traded funds, describing the underlying assets as not desirable for domestic derivatives markets. Together, the measures point to a calibrated approach that encourages innovation while increasing investor protections and market integrity standards.

SpaceX conducted another large Bitcoin transfer this week, moving 1,021 BTC worth roughly $95 million to two unlabeled addresses. The activity extends a pattern of onchain movements that analysts attribute to custody consolidation and the migration of funds from older wallet formats to modern address types. Arkham data indicates the transactions were processed through Coinbase Prime, consistent with institutional custody workflows.

The new transfer marks the ninth such movement this year and the second in December, bringing total recent activity to about 8,910 BTC. Analysts note that SpaceX has routinely shifted balances away from legacy Pay-to-PubKey-Hash addresses toward SegWit and Taproot formats, aligning with the broader industry transition to more efficient and secure address structures. Some of the latest movements also appear to reflect further internal consolidation among the company’s newer wallets.

Bitcoin Management Trends

Musk confirmed in 2021 that both Tesla and SpaceX held Bitcoin, with SpaceX later trimming its position during the sector’s sharp downturn in 2022. That period included major market dislocations tied to the Terra-Luna collapse and the failure of several centralized platforms, contributing to a more defensive approach to digital asset exposure at many corporations.

Arkham identified approximately 8,285 BTC across 28 SpaceX-linked addresses in 2024. Its current visible tally stands at about 3,991 BTC, though the reduction likely reflects incomplete labeling of newly consolidated addresses. Industry trackers such as Bitcoin Treasuries continue to show the higher figure, underscoring the uncertainty that often accompanies third-party mapping of large institutional wallets.

Tesla underwent a similar retrenchment in 2022, selling a substantial portion of its holdings during the period of acute volatility. It now holds 11,509 BTC, valued at approximately $1.24 billion based on recent market prices, according to Arkham data. The combined activity across both firms highlights a continuing institutional reassessment of operational security, liquidity needs, and treasury management practices as the digital asset market matures.

IPO Plans Shape Corporate Positioning

The onchain movements come as SpaceX advances toward a potential initial public offering. Bloomberg reported this week that the company aims to raise more than $30 billion at a valuation of about $1.5 trillion. Such a valuation would place SpaceX near the scale of Saudi Aramco’s landmark 2019 listing, which remains one of the largest IPOs in history.

People familiar with the matter indicated that SpaceX is targeting a mid-to-late 2026 debut, though the timeline could shift with market conditions. A move into 2027 remains possible if capital markets weaken or regulatory considerations extend the runway. For now, the company’s tightening of its Bitcoin custody architecture may reflect a broader effort to streamline corporate governance, enhance transparency, and prepare for the heightened scrutiny that accompanies public market entry.

HashKey Holdings Limited, operator of Hong Kong’s largest crypto exchange, has officially launched its initial public offering (IPO). The offering introduces 240.57 million shares to global investors, including 24.06 million reserved for Hong Kong buyers, according to the company’s prospectus. Shares are being marketed at a range of HK$5.95 to HK$6.95.

At the upper end of that range, HashKey could raise as much as HK$1.67 billion, or roughly $215 million, in gross proceeds. Based on an indicative offer price of HK$6.45, the company estimates net proceeds of approximately HK$1.43 billion. The subscription period opened Tuesday morning and is scheduled to close on Dec. 12, with final pricing to be announced on Dec. 16 and trading set to begin the following day under the stock code 3887 on the Hong Kong Stock Exchange.

The IPO arrives at a moment when Hong Kong continues to position itself as a regulated hub for digital assets. The city established its licensing regime for virtual asset service providers in 2023 and rolled out a stablecoin issuer framework earlier this year. Regulators have emphasized a structured market environment while allowing licensed exchanges to access global liquidity through shared order books, a step intended to deepen trading activity and expand available products.

Proceeds Target Infrastructure, Expansion and Risk Controls

HashKey plans to allocate approximately 40 percent of net proceeds toward product development and infrastructure upgrades to strengthen its competitive position over the next three to five years. Another 40 percent is designated for market expansion and partnerships within its broader ecosystem, reflecting the company’s strategy to grow both regionally and vertically in the digital asset sector.

The remaining proceeds will support operations and risk management, as well as provide additional working capital. The company noted that ongoing investment will be critical for maintaining compliance, scaling technology and supporting growth, especially as competition increases among licensed platforms in Hong Kong and across Asia.

HashKey has not yet achieved profitability. The company reported a net loss of HK$506.7 million in the first half of 2025, narrowing from HK$772.6 million in the same period the previous year. Revenues for the nine months ending Sept. 30 rose 4 percent year-over-year to HK$557.6 million, supported primarily by asset management services. Trading volume declined 24 percent over the same period, underscoring the importance of diversifying revenue sources within a volatile market landscape.

Regulatory Environment Shapes Competitive Position

Hong Kong’s regulatory approach has been central to HashKey’s development. The city’s virtual asset licensing framework created a defined pathway for compliant exchanges, distinguishing the market from jurisdictions where regulatory uncertainty has slowed investment. The recent effort by the Securities and Futures Commission to permit shared order books between local and overseas venues is expected to enhance liquidity, which may benefit licensed exchanges such as HashKey.

The company has framed its losses and cash outflows as consistent with the development cycle of digital asset trading platforms that invest heavily in compliance, technology and customer onboarding infrastructure before achieving scale. With the IPO, HashKey is seeking to accelerate that transition while positioning itself competitively as Hong Kong continues to refine its regulatory structure and attract institutional interest.

Tokyo-listed Metaplanet is preparing to launch a new preferred-share MARS instrument designed to fund additional Bitcoin accumulation. The initiative reflects a structure modeled after Strategy’s STRC vehicle, which has become a widely referenced benchmark for institutional Bitcoin financing.

Metaplanet CEO Simon Gerovich outlined the plan during remarks at the Bitcoin for Corporations Symposium, where he appeared alongside Strategy Chairman Michael Saylor. Shareholders are expected to vote this month on the introduction of the MARS instrument, formally titled Metaplanet Acquisition and Reserve Strategy. The capital raised through the program would be directed toward long-term Bitcoin purchases, reinforcing the company’s position as one of Japan’s largest public holders of the asset

JUST IN: MetaPlanet $MTPLF CEO just announced plan to launch their version of Strategy's $STRC (MARS) to buy more #Bitcoin.#Bitcoin-backed credit is booming 🚀🔥 pic.twitter.com/72RsD0NNug

— BitcoinTreasuries.NET (@BTCtreasuries) December 8, 2025

MARS Structure Mirrors Strategy’s Capital Model

The MARS shares are classified as senior, non-dilutive preferred equity, ranking above existing Mercury preferred shares and common stock in the company’s capital stack. They carry no conversion rights and are designed to pay adjustable monthly dividends that rise when the stock trades below par and decline when it moves above that level. The mechanism is intended to reduce volatility while offering investors income with indirect Bitcoin exposure.

The structure parallels Strategy’s STRC preferred shares, launched in mid-2025. STRC pays an annualized dividend of roughly 10.75% and has maintained trading levels close to its target price. Strategy has used proceeds from STRC and related preferred programs to expand its Bitcoin holdings significantly, accumulating more than 650,000 BTC by late 2025. About 21,000 BTC were financed through the initial STRC issuance, with further purchases continuing through the year.

Metaplanet Builds Capital Stack as Market Conditions Shift

Metaplanet’s move comes as corporate Bitcoin treasury activity slows across the broader market. Digital asset inflows in November fell to the lowest monthly level of 2025, reflecting weaker demand amid a pullback in crypto prices. The company has already issued Class B Mercury preferred shares, which carry fixed quarterly dividends and include optional conversion rights. A recent issuance raised ¥21.25 billion, or approximately $135 million, at a conversion price set well above the market to limit dilution.

Alongside equity programs, Metaplanet continues to rely on Bitcoin-backed debt. In late November, the company secured a $130 million loan under a previously announced credit facility, using its BTC holdings as collateral. As of its latest disclosure, Metaplanet holds 30,823 BTC valued near $2.7 billion. With an average acquisition cost of $108,070, the position currently reflects unrealized losses of roughly $636 million as Bitcoin trades below that level.

Metaplanet’s shares have retreated more than 20% over the past month, and Strategy’s stock has fallen more than 35%, mirroring the decline in Bitcoin prices. Despite the broader downturn, Metaplanet’s leadership views the MARS structure as a long-term mechanism for scaling its digital asset strategy while aligning with evolving institutional demand.