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Project Overview
Digital Asset is a blockchain software and services provider that helps enterprises create economic value through interconnected networks. Their products are built on Daml, the leading platform for developing and running complex, multi-party applications using an advanced smart contract language and tools. Daml offers unparalleled privacy and a top-notch SDK, ensuring that all participants in an application remain in sync and have access to reliable, real-time data.
First Digital to Go Public on Nasdaq via Reverse Merger at $250M Valuation, Expected to Close in H1 2027
Odaily News: First Digital is a Hong Kong-based digital asset company and the issuer of FDUSD. The company has entered into a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III, with a pre-transaction valuation of $250 million. Upon completion of the transaction, the two parties are expected to form a new holding company and list on Nasdaq, with completion anticipated in the first half of 2027, subject to regulatory approvals and other closing conditions. As of June 30, 2026, FDUSD's cumulative trading volume has exceeded $4.7 trillion. For the fiscal year ended June 30, 2025, First Digital generated approximately $87 million in revenue. First Digital stated that FDUSD's reserve assets consist of cash and cash equivalents held in segregated accounts, with monthly attestations conducted by independent firms. The company's Finance District platform has launched 4 products to date but has not yet generated significant revenue.
Arthur Hayes: Money Printing Could Drive Cryptocurrency Prices Higher
Arthur Hayes stated that U.S. policymakers may support the AI industry and government debt financing through money printing, driving cryptocurrency prices higher; if China shifts from limited tightening to large-scale monetary stimulus, it could also boost demand for scarce assets. He is also monitoring financial stress in France, including BNP Paribas-related credit default swaps and French government bond spreads.Catrina Wang, General Partner at Portal Ventures, said that banks and asset management companies have advantages in on-chain financial markets thanks to their existing client relationships. Todd McDonald, co-founder of R3, pointed out that public blockchains can help institutions reach clients beyond their own networks; Justin Kugel, Executive Vice President of Growth at World Liberty Financial, said that user demand for asset management and investment evaluation still leaves room for intermediaries.Chetan Karkhanis, Senior Vice President of Digital Asset Client Relationships at Franklin Templeton, said the company has no intention of issuing its own stablecoin and hopes tokenized money market funds will provide investment returns. Haonan Li, co-founder and CEO of Codex, said that trade routes connecting Latin America, sub-Saharan Africa, and Asia are driving demand for stablecoin payments; buyers pay eastward for goods, while manufactured products flow westward.Ilya Podoynitsyn, co-founder and CEO of FinHarbor, said that before allocating to crypto assets, companies need to confirm they have long-term idle funds that will not affect daily operations. Michael Camarda, Chief Development Officer of Ethereum treasury company SharpLink, said that both buying back shares and increasing ETH holdings can raise ETH per share; the company has adopted both methods to meet the preferences of institutional and retail investors. (Cointelegraph)
Hashed anchors $300 Million Digital Asset Private Credit Fund
Odaily News: The fund was founded by Abu Dhabi-based investor and Further Ventures co-founder Mohamed Hamdy, with Thoro Capital Management serving as the manager and Mohamed Hamdy as Managing Partner. Thoro Capital Management will settle in USD via stablecoins and lend directly to digital asset institutions, with Hashed as the anchor investor. The fund employs a covenant-based underwriting approach, assessing borrowers' financial condition, cash flow, and management performance, aiming to alleviate the financing issues caused by traditional banks' regulated capital requirements and crypto lenders' reliance on asset-collateralized underwriting. Tokenized private credit has become the largest real-world asset (RWA) category by cumulative on-chain lending volume, with total loans exceeding $14 billion, while the traditional private credit market exceeds $3 trillion. Previously, Hashed obtained a financial services permission from the Abu Dhabi Global Market and signed a memorandum of understanding with the Abu Dhabi Investment Office.
HuaXia Fund Hong Kong Completes First HKD-Pegged Stablecoin HKDAP Digital Asset Investment Use Case
According to Sing Tao Daily, ChinaAMC (Hong Kong) announced that it has partnered with Standard Chartered Bank and others to complete Hong Kong's first use case of an HKD stablecoin (HKDAP) investing in digital assets. This demonstrates how regulated HKD stablecoins can be integrated with digital financial assets within a compliant and regulatory framework, providing investors with more diversified investment options. HKDAP is an HKD stablecoin issued by Hong Kong-licensed stablecoin issuer Anchor Point Finance, spearheaded by Standard Chartered Bank (Hong Kong).
Bernstein: CLARITY Act Failure May Instead Accelerate Regulatory Implementation
According to Cointelegraph, the U.S. Senate failed to advance a procedural vote on the Digital Asset Market Clarity Act (CLARITY Act) on Tuesday. Bernstein analysts anticipate that the SEC and CFTC will subsequently embark on "proactive and swift" rulemaking to compensate for the time lost during prior negotiations. The forthcoming regulations are expected to cover: classification criteria for token offerings, developer protections for DeFi and self-custody protocols, innovation exemptions for equity tokenization, an expedited approval pathway for physical asset perpetual futures, and swap designation rules for federal sports event contracts. Bernstein pointed out that the CLARITY Act was originally intended to provide the industry with institutional safeguards against "shifts in political winds," and its defeat has once again cast doubt on regulatory certainty. Analysts also noted that the likelihood of a reconsidered vote on the bill remains low.
CLARITY Act Procedural Vote Fails; Bernstein Expects SEC, CFTC to Accelerate Rulemaking
Bernstein analysts said that after the U.S. Senate failed to pass the procedural vote on the Digital Asset Market Clarity Act, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are expected to accelerate the development of digital asset regulatory rules.The analysts expect the new rules to cover the classification of fundraising tokens, protections for DeFi and self-custody protocol developers, innovation exemptions for equity tokenization, approval of real-world asset perpetual futures, and adjustments to swap classification rules for federal sports event contracts. (Cointelegraph)
Ripple Receives Final U.S. OCC Approval to Establish National Trust Bank, Will Support RLUSD and Institutional Digital Asset Custody
Ripple CEO Brad Garlinghouse announced that the US Office of the Comptroller of the Currency (OCC) has officially approved applications related to Ripple National Trust Bank. This approval will provide Ripple with a platform to operate under the federal regulatory framework, allowing it to support its US dollar stablecoin RLUSD and offer digital asset custody services to corporate clients. Garlinghouse stated that this move reflects the integration of the crypto industry with the traditional banking system, emphasizing the importance of innovation, accountability, and federal oversight.
IRS Proposes Lowering Crypto Tax Voluntary Disclosure Penalties, Aims to Resolve Cases Within 120 Days
Odaily Report: The U.S. Internal Revenue Service (IRS) plans to adjust its voluntary disclosure program before December, reducing tax violation penalties and speeding up processing, with a goal of resolving cases within 120 days after taxpayers complete required filings. The adjustment plan does not establish a dedicated process for crypto assets; related matters will follow existing voluntary disclosure procedures. The IRS is also considering installment payment and compromise settlement options, and specific penalty amounts have not yet been announced.Jarod Koopman, head of the IRS Criminal Investigation division, said the current process can take a year or longer and is mainly aimed at taxpayers who intentionally violate tax law and may face criminal prosecution, not those with unintentional filing errors.A separate voluntary disclosure proposal for crypto asset taxpayers is under review, covering unintentional filing errors. Section 502 of the proposed Digital Asset Tax Certainty Act would establish a violation correction procedure and specify penalties; the bill passed the House Ways and Means Committee in September. (Cointelegraph)
Bithumb's Administrative Lawsuit Holds First Hearing, Citing Regulatory Gap for Transfers Under 1 Million Won
According to reports by Korean media outlet Digital Asset, the Second Division of the Seoul Administrative Court held its first hearing on Oct. 22 regarding the administrative lawsuit between Bithumb and Korea's Financial Intelligence Unit (FIU). The FIU found that Bithumb conducted 45,772 transfers with 18 unregistered crypto asset operators between August 28, 2022, and April 3, 2025, and accordingly issued penalties, which included a partial suspension restricting new customers from transferring crypto assets externally for six months. Bithumb stated during the hearing that transfers of 1 million KRW or above are subject to the "travel rule," and since unregistered operators have been removed from the list of eligible exchanges, there were zero non-compliant outbound transfers in that tier. Transfers under 1 million KRW were not covered by the travel rule at the time; thus, the platform had no legal basis to demand that customers provide recipient exchange details, nor did regulators specify clear blocking protocols. Bithumb also noted that after implementing the Chainalysis API, only about 2% of initially unverifiable addresses were later identified as FIU-designated unregistered operators. Enforcing blanket blocks would disrupt the remaining 98% of legitimate transactions, potentially exposing the platform to customer compensation claims. Bithumb further argued that the six-month penalty is excessively severe and practically amounts to banning the platform from acquiring new customers. The company also challenged the FIU's criteria for classifying overseas operators and the grounds for the...
American Blockchain Association Urges U.S. Congress to Advance Digital Asset Tax Legislation, Proposes Five Policy Principles
The Blockchain Association has written to U.S. congressional leadership urging Congress to advance bipartisan digital asset tax legislation and launched a website to encourage the public to share their views with lawmakers. The association stated that approximately 67 million Americans hold or use digital assets, and existing tax rules have fallen short of meeting industry needs, thereby increasing compliance burdens for taxpayers. Its five proposed policy principles include: establishing a reasonable de minimis transaction exemption threshold; imposing taxes upon the disposition of assets derived from mining and staking rewards; protecting taxpayer privacy; levying taxes based on economic substance rather than technical form; and implementing well-calibrated wash sale rules that prevent abuse without penalizing the daily transactions of ordinary users.
Digital Asset Bill Enters Final Negotiation Stage, South Korea's FSC Chairman Says Virtual Asset Taxation Requires Full Consideration of Multiple Factors
Lee Eok-won, Chairman of South Korea's Financial Services Commission (FSC), stated at the comprehensive audit of the National Assembly's Legislation and Judiciary Committee that various circumstances need to be fully considered regarding the virtual asset taxation scheduled to take effect next year. People Power Party lawmaker Song Eon-seok questioned whether the tax should be abolished or postponed, and stated that before the nature of digital assets and policy direction are determined, priority should be given to enacting the "Basic Act on Digital Assets." Lee Eok-won responded that the digital asset-related bill has entered the final negotiation stage and discussions will be pushed forward as soon as possible; regarding taxation, opinions vary among all parties, and relevant feedback is still being collected.South Korea's virtual asset taxation was introduced in 2020 through an amendment to the Income Tax Act and has been postponed three times. The government is advancing related administrative procedures according to the schedule for implementation in January next year, but some in the industry and within the ruling party believe that current standards remain unclear, infrastructure is insufficient, and the timing for implementation is not yet mature.
$500,000 Settlement: Fidelity Digital Assets Resolves California Investigation into Crypto Withdrawal Restrictions
California Attorney General Rob Bonta announced on October 16 that his office has reached a $500,000 settlement with Fidelity Digital Assets, National Association (the successor entity to Fidelity Digital Asset Services), regarding the company's prior practice of restricting California retail customers from transferring cryptocurrency to external wallets. Regulators determined that this practice may have violated the California Commodity Law of 1990, which restricts certain speculative commodity contracts unless the buyer receives physical delivery within a specified timeframe. The California government views the ability to withdraw cryptocurrency as a functional equivalent of delivery.From November 2022 to April 2025, California customers could buy and sell cryptocurrency on the Fidelity platform but were unable to send assets directly to external wallets. Fidelity stated that the restriction stemmed from the New York State Department of Financial Services (NYDFS) not having approved the relevant functionality at the time; approval was granted in April 2025, and the transfer feature was extended to all California retail customers in June 2025.
Bithumb's Administrative Lawsuit Holds First Hearing, Citing Regulatory Gap for Transfers Under 1 Million Won
According to reports by Korean media outlet Digital Asset, the Second Division of the Seoul Administrative Court held its first hearing on Oct. 22 regarding the administrative lawsuit between Bithumb and Korea's Financial Intelligence Unit (FIU). The FIU found that Bithumb conducted 45,772 transfers with 18 unregistered crypto asset operators between August 28, 2022, and April 3, 2025, and accordingly issued penalties, which included a partial suspension restricting new customers from transferring crypto assets externally for six months. Bithumb stated during the hearing that transfers of 1 million KRW or above are subject to the "travel rule," and since unregistered operators have been removed from the list of eligible exchanges, there were zero non-compliant outbound transfers in that tier. Transfers under 1 million KRW were not covered by the travel rule at the time; thus, the platform had no legal basis to demand that customers provide recipient exchange details, nor did regulators specify clear blocking protocols. Bithumb also noted that after implementing the Chainalysis API, only about 2% of initially unverifiable addresses were later identified as FIU-designated unregistered operators. Enforcing blanket blocks would disrupt the remaining 98% of legitimate transactions, potentially exposing the platform to customer compensation claims. Bithumb further argued that the six-month penalty is excessively severe and practically amounts to banning the platform from acquiring new customers. The company also challenged the FIU's criteria for classifying overseas operators and the grounds for the...
$500,000 Settlement: Fidelity Digital Assets Resolves California Investigation into Crypto Withdrawal Restrictions
California Attorney General Rob Bonta announced on October 16 that his office has reached a $500,000 settlement with Fidelity Digital Assets, National Association (the successor entity to Fidelity Digital Asset Services), regarding the company's prior practice of restricting California retail customers from transferring cryptocurrency to external wallets. Regulators determined that this practice may have violated the California Commodity Law of 1990, which restricts certain speculative commodity contracts unless the buyer receives physical delivery within a specified timeframe. The California government views the ability to withdraw cryptocurrency as a functional equivalent of delivery.From November 2022 to April 2025, California customers could buy and sell cryptocurrency on the Fidelity platform but were unable to send assets directly to external wallets. Fidelity stated that the restriction stemmed from the New York State Department of Financial Services (NYDFS) not having approved the relevant functionality at the time; approval was granted in April 2025, and the transfer feature was extended to all California retail customers in June 2025.
CertiK Warns Crypto Apps Still Face eMudhra Certificate Vulnerability Risks
Odaily reports: Blockchain security firm CertiK stated that although Google, Apple, and Microsoft have blocked 8 affected certificates issued by Indian digital certificate authority eMudhra, crypto trading bots and exchange applications may still be exposed to related vulnerability risks, as browser remediation measures may not cover software that uses independent security systems.Peiyu Wang, Senior Director of Digital Asset Security at CertiK, noted that attackers could exploit compromised certificates to impersonate exchanges, wallet interfaces, and APIs, replace deposit addresses, or trick users into approving malicious transactions. However, such attacks would also require intercepting or redirecting network traffic, and the compromised certificate authority keys alone cannot expose wallet private keys. Crypto service operators should update their software and certificate trust stores, and confirm that their applications reject the affected certificates. (Cointelegraph)
Bernstein: CLARITY Act Failure May Instead Accelerate Regulatory Implementation
According to Cointelegraph, the U.S. Senate failed to advance a procedural vote on the Digital Asset Market Clarity Act (CLARITY Act) on Tuesday. Bernstein analysts anticipate that the SEC and CFTC will subsequently embark on "proactive and swift" rulemaking to compensate for the time lost during prior negotiations. The forthcoming regulations are expected to cover: classification criteria for token offerings, developer protections for DeFi and self-custody protocols, innovation exemptions for equity tokenization, an expedited approval pathway for physical asset perpetual futures, and swap designation rules for federal sports event contracts. Bernstein pointed out that the CLARITY Act was originally intended to provide the industry with institutional safeguards against "shifts in political winds," and its defeat has once again cast doubt on regulatory certainty. Analysts also noted that the likelihood of a reconsidered vote on the bill remains low.
CLARITY Act Procedural Vote Fails; Bernstein Expects SEC, CFTC to Accelerate Rulemaking
Bernstein analysts said that after the U.S. Senate failed to pass the procedural vote on the Digital Asset Market Clarity Act, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are expected to accelerate the development of digital asset regulatory rules.The analysts expect the new rules to cover the classification of fundraising tokens, protections for DeFi and self-custody protocol developers, innovation exemptions for equity tokenization, approval of real-world asset perpetual futures, and adjustments to swap classification rules for federal sports event contracts. (Cointelegraph)
EDEL Rises After Joining DTC Digital Asset Solutions Industry Working Group, Two Addresses Accumulate 7.89 Million EDEL Tokens Recently
Odaily News: According to Lookonchain monitoring, EDEL rose after @edeldotfinance joined the DTC Digital Asset Solutions Industry Working Group. Recently, ezhomi.base.eth bought 5.33 million EDEL worth $98,000 over a period of 4 days; another address bought 2.56 million EDEL worth $48,000 in the past 2 days.
CertiK Warns Crypto Apps Still Face eMudhra Certificate Vulnerability Risks
Odaily reports: Blockchain security firm CertiK stated that although Google, Apple, and Microsoft have blocked 8 affected certificates issued by Indian digital certificate authority eMudhra, crypto trading bots and exchange applications may still be exposed to related vulnerability risks, as browser remediation measures may not cover software that uses independent security systems.Peiyu Wang, Senior Director of Digital Asset Security at CertiK, noted that attackers could exploit compromised certificates to impersonate exchanges, wallet interfaces, and APIs, replace deposit addresses, or trick users into approving malicious transactions. However, such attacks would also require intercepting or redirecting network traffic, and the compromised certificate authority keys alone cannot expose wallet private keys. Crypto service operators should update their software and certificate trust stores, and confirm that their applications reject the affected certificates. (Cointelegraph)
Korea National Tax Service Plans to Introduce Blockchain Tracking Program to Plug Tax Loopholes on Crypto Assets in Personal Wallets
According to Digital Asset, South Korea's National Tax Service stated that it will introduce commercial blockchain tracking software used by domestic and international law enforcement agencies, including prosecutors, police, and the IRS, to track and analyze transfers between digital asset wallets in order to prevent tax loopholes arising from personal wallets. Meanwhile, regarding tax oversight of overseas exchanges, South Korea will address this through the Crypto-Asset Reporting Framework (CARF). Taking effect in 2028, CARF will cover transaction information from 2027, aligning with the timeline of the domestic digital asset income tax, which will be levied starting in 2027 with declarations due in May 2028, thereby achieving effective tax coverage of overseas holdings.
IRS Warns Crypto Holders: Scammers Are Sending Fake Letters by Mail to Steal Assets or Data
according to Bloomberg, the U.S. Internal Revenue Service (IRS) is warning crypto asset holders that scammers are contacting some taxpayers by mailing fake letters in an attempt to steal their digital assets or personal data.The IRS stated that these letters may require taxpayers to register for a so-called "Digital Asset Compliance Portal," but this portal does not exist. The IRS also reminds users not to scan suspicious QR codes, and not to answer or comply with calls demanding payment.While phishing and digital scams are not new to the crypto industry, sending fake IRS notifications through physical mail appears to be a novel scam tactic. As the IRS has indeed sent taxpayers letters related to digital assets in the past, and the surge in crypto tax filing notices last year has led to confusion among many taxpayers, scammers may be exploiting this familiarity to disguise their attempts.As the U.S. tax system requires taxpayers to disclose their crypto asset activities on tax returns, communication between the IRS and digital asset holders has become more common. This also makes fake tax notices more deceptive. For crypto users, encountering "IRS letters" involving portal registration, QR code scanning, wallet connections, or payment demands warrants extra caution and should be verified through official channels.
Senator Lummis' X Account Hacked, Fake Solana Meme Coin Scam Deleted Within Five Minutes
According to BeInCrypto, the official verified X account of U.S. Senator Cynthia Lummis was hacked on July 29. The account briefly posted a fake Solana Meme coin promotion post named $USA Token, featuring a pump.fun minting link. The post was deleted within approximately five minutes, accumulating around 5,600 views and 37 replies during that period. Crypto community users quickly issued warnings, and there are currently no records of financial losses. Lummis's office had not released any statement as of press time. The timing of this incident is sensitive, coinciding with the stalemate of the "Digital Asset Market Transparency Act" (CLARITY Act) championed by Lummis in Congress.
Standard Chartered Bank: Aave is expected to rise to $3,500 by 2030, an increase of approximately 50x from its current price.
According to CoinDesk, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, released a report initiating coverage of the decentralized lending protocol Aave, with a target price of $3,500 by end-2030—approximately 50 times its current price of around $70—and expects Aave to outperform both Bitcoin and Ethereum. Kendrick stated that Aave has recovered from the April 2026 KelpDAO rsETH bridge vulnerability incident, during which attackers used approximately $290 million worth of stolen tokens as collateral to borrow real assets on Aave, exposing the protocol to up to $230 million in potential losses. Assets have now begun flowing back onto the platform, and Aave’s dominant position in on-chain lending remains solid. Looking ahead, Standard Chartered forecasts that the value of tokenized assets actively used in DeFi applications will grow 37-fold by 2030. Aave—whose revenue model is directly tied to lending activity—is poised to benefit directly. Additionally, Aave’s Horizon initiative (enabling tokenized real-world asset lending in permissioned environments) and the potential relaunch of its token buyback program are viewed as key catalysts.
WTW Acquires Digital Asset Insurance Platform Redefind, Plans to Launch Crypto Asset Protection Services First in the UK
According to GlobeNewswire, WTW, a global leader in insurance and risk management, has announced the acquisition of digital asset insurance platform Redefind to strengthen its digital asset protection services. As disclosed, Redefind provides an end-to-end platform for cryptocurrency and digital asset insurance access. WTW plans to initially launch an unhosted loss recovery insurance solution in the UK to cover related expenses—including forensic investigations, asset tracing, and legal recovery—following theft or loss of digital assets.
Ripple Receives Final U.S. OCC Approval to Establish National Trust Bank, Will Support RLUSD and Institutional Digital Asset Custody
Ripple CEO Brad Garlinghouse announced that the US Office of the Comptroller of the Currency (OCC) has officially approved applications related to Ripple National Trust Bank. This approval will provide Ripple with a platform to operate under the federal regulatory framework, allowing it to support its US dollar stablecoin RLUSD and offer digital asset custody services to corporate clients. Garlinghouse stated that this move reflects the integration of the crypto industry with the traditional banking system, emphasizing the importance of innovation, accountability, and federal oversight.
CertiK Warns Crypto Apps Still Face eMudhra Certificate Vulnerability Risks
Odaily reports: Blockchain security firm CertiK stated that although Google, Apple, and Microsoft have blocked 8 affected certificates issued by Indian digital certificate authority eMudhra, crypto trading bots and exchange applications may still be exposed to related vulnerability risks, as browser remediation measures may not cover software that uses independent security systems.Peiyu Wang, Senior Director of Digital Asset Security at CertiK, noted that attackers could exploit compromised certificates to impersonate exchanges, wallet interfaces, and APIs, replace deposit addresses, or trick users into approving malicious transactions. However, such attacks would also require intercepting or redirecting network traffic, and the compromised certificate authority keys alone cannot expose wallet private keys. Crypto service operators should update their software and certificate trust stores, and confirm that their applications reject the affected certificates. (Cointelegraph)
Kazakhstan Court Bans Six Platforms Including Coinbase and BingX from Providing Unauthorized Digital Asset Services
The Astana International Financial Centre (AIFC) Court in Kazakhstan has issued an injunction against cryptocurrency platforms offering digital asset services without authorization, prohibiting Coinbase, BingX, Huobi Global (HTX), BitMart, Bitcoin.com, and WEEX from operating within its jurisdiction, and extending the restrictions to block access to their apps on Google and Apple app stores.
South Korea Sees Renewed Calls to Delay Crypto Tax, Related Bill Proposes Implementation in 2029
Senior officials from South Korea's finance ministry plan to hold consultations with major cryptocurrency exchanges on Tuesday, with participants including representatives from Upbit, Bithumb, Coinone, DigitalX, Gopax, and the Digital Asset Exchange Alliance (DAXA). Yoo Young-jun, Director General of the Digital Finance Policy Bureau at South Korea's Financial Services Commission, will attend the meeting.South Korea has postponed the crypto tax three times, most recently pushing the implementation date to 2027. Exchanges say that applicable rules for different transaction types have not yet been determined and that infrastructure preparation time is limited, with the industry broadly supporting a further delay of the tax.South Korean Democratic Party lawmaker Park Min-gyu recently proposed a bill that would set the tax start date as January 1 of the second year after South Korea begins sharing data under the OECD Crypto-Asset Reporting Framework (CARF). If the first data exchange takes place in 2027, the tax would begin in 2029. (Cointelegraph)
Deutsche Bank to Launch First Digital Asset Service Within Weeks, Starting with Crypto Custody in Germany
Gerald Podobnik stated Deutsche Bank will launch its first digital asset service within weeks. In the first phase, it will roll out crypto custody in Germany, supporting major cryptocurrencies such as Bitcoin and Ethereum, and will subsequently add mainstream stablecoin redemption services. The bank plans to expand its custody platform to Asian financial hubs next year and offer tokenized deposit services, helping clients issue digital bonds and other blockchain-based securities.
OCC Report: Some Banks Have Restricted Digital Asset Business Services
Odaily News: The U.S. Office of the Comptroller of the Currency (OCC) has released a report on "debanking," stating that some banks have used public and non-public policies to restrict financial services for multiple industries, including crude oil, natural gas, tobacco, firearms, and digital assets. The report notes that some institutions restricted digital asset businesses, including issuers, exchanges, and managers, often citing financial crime concerns as the reason.The OCC stated that the report was prepared in accordance with an executive order signed by Donald Trump in August 2025, which aims to prevent what it calls "illegal debanking." The report reviewed 9 major banks but did not list specific cases related to digital asset businesses, nor did it comprehensively quantify the scope of debanking or related allegations.OCC head Jonathan Gould said that some debanking decisions related to coal and firearms were not based on financial risk, with banks citing reputational risks from negative news, public protests, and support for related industries. In November 2024, more than 30 tech and crypto industry executives said they were unable to access banking services. (Cointelegraph)
Related news
Ripple Receives Final U.S. OCC Approval to Establish National Trust Bank, Will Support RLUSD and Institutional Digital Asset Custody
Ripple CEO Brad Garlinghouse announced that the US Office of the Comptroller of the Currency (OCC) has officially approved applications related to Ripple National Trust Bank. This approval will provide Ripple with a platform to operate under the federal regulatory framework, allowing it to support its US dollar stablecoin RLUSD and offer digital asset custody services to corporate clients. Garlinghouse stated that this move reflects the integration of the crypto industry with the traditional banking system, emphasizing the importance of innovation, accountability, and federal oversight.
IRS Proposes Lowering Crypto Tax Voluntary Disclosure Penalties, Aims to Resolve Cases Within 120 Days
Odaily Report: The U.S. Internal Revenue Service (IRS) plans to adjust its voluntary disclosure program before December, reducing tax violation penalties and speeding up processing, with a goal of resolving cases within 120 days after taxpayers complete required filings. The adjustment plan does not establish a dedicated process for crypto assets; related matters will follow existing voluntary disclosure procedures. The IRS is also considering installment payment and compromise settlement options, and specific penalty amounts have not yet been announced.Jarod Koopman, head of the IRS Criminal Investigation division, said the current process can take a year or longer and is mainly aimed at taxpayers who intentionally violate tax law and may face criminal prosecution, not those with unintentional filing errors.A separate voluntary disclosure proposal for crypto asset taxpayers is under review, covering unintentional filing errors. Section 502 of the proposed Digital Asset Tax Certainty Act would establish a violation correction procedure and specify penalties; the bill passed the House Ways and Means Committee in September. (Cointelegraph)
Bithumb's Administrative Lawsuit Holds First Hearing, Citing Regulatory Gap for Transfers Under 1 Million Won
According to reports by Korean media outlet Digital Asset, the Second Division of the Seoul Administrative Court held its first hearing on Oct. 22 regarding the administrative lawsuit between Bithumb and Korea's Financial Intelligence Unit (FIU). The FIU found that Bithumb conducted 45,772 transfers with 18 unregistered crypto asset operators between August 28, 2022, and April 3, 2025, and accordingly issued penalties, which included a partial suspension restricting new customers from transferring crypto assets externally for six months. Bithumb stated during the hearing that transfers of 1 million KRW or above are subject to the "travel rule," and since unregistered operators have been removed from the list of eligible exchanges, there were zero non-compliant outbound transfers in that tier. Transfers under 1 million KRW were not covered by the travel rule at the time; thus, the platform had no legal basis to demand that customers provide recipient exchange details, nor did regulators specify clear blocking protocols. Bithumb also noted that after implementing the Chainalysis API, only about 2% of initially unverifiable addresses were later identified as FIU-designated unregistered operators. Enforcing blanket blocks would disrupt the remaining 98% of legitimate transactions, potentially exposing the platform to customer compensation claims. Bithumb further argued that the six-month penalty is excessively severe and practically amounts to banning the platform from acquiring new customers. The company also challenged the FIU's criteria for classifying overseas operators and the grounds for the...
American Blockchain Association Urges U.S. Congress to Advance Digital Asset Tax Legislation, Proposes Five Policy Principles
The Blockchain Association has written to U.S. congressional leadership urging Congress to advance bipartisan digital asset tax legislation and launched a website to encourage the public to share their views with lawmakers. The association stated that approximately 67 million Americans hold or use digital assets, and existing tax rules have fallen short of meeting industry needs, thereby increasing compliance burdens for taxpayers. Its five proposed policy principles include: establishing a reasonable de minimis transaction exemption threshold; imposing taxes upon the disposition of assets derived from mining and staking rewards; protecting taxpayer privacy; levying taxes based on economic substance rather than technical form; and implementing well-calibrated wash sale rules that prevent abuse without penalizing the daily transactions of ordinary users.
Digital Asset Bill Enters Final Negotiation Stage, South Korea's FSC Chairman Says Virtual Asset Taxation Requires Full Consideration of Multiple Factors
Lee Eok-won, Chairman of South Korea's Financial Services Commission (FSC), stated at the comprehensive audit of the National Assembly's Legislation and Judiciary Committee that various circumstances need to be fully considered regarding the virtual asset taxation scheduled to take effect next year. People Power Party lawmaker Song Eon-seok questioned whether the tax should be abolished or postponed, and stated that before the nature of digital assets and policy direction are determined, priority should be given to enacting the "Basic Act on Digital Assets." Lee Eok-won responded that the digital asset-related bill has entered the final negotiation stage and discussions will be pushed forward as soon as possible; regarding taxation, opinions vary among all parties, and relevant feedback is still being collected.South Korea's virtual asset taxation was introduced in 2020 through an amendment to the Income Tax Act and has been postponed three times. The government is advancing related administrative procedures according to the schedule for implementation in January next year, but some in the industry and within the ruling party believe that current standards remain unclear, infrastructure is insufficient, and the timing for implementation is not yet mature.
$500,000 Settlement: Fidelity Digital Assets Resolves California Investigation into Crypto Withdrawal Restrictions
California Attorney General Rob Bonta announced on October 16 that his office has reached a $500,000 settlement with Fidelity Digital Assets, National Association (the successor entity to Fidelity Digital Asset Services), regarding the company's prior practice of restricting California retail customers from transferring cryptocurrency to external wallets. Regulators determined that this practice may have violated the California Commodity Law of 1990, which restricts certain speculative commodity contracts unless the buyer receives physical delivery within a specified timeframe. The California government views the ability to withdraw cryptocurrency as a functional equivalent of delivery.From November 2022 to April 2025, California customers could buy and sell cryptocurrency on the Fidelity platform but were unable to send assets directly to external wallets. Fidelity stated that the restriction stemmed from the New York State Department of Financial Services (NYDFS) not having approved the relevant functionality at the time; approval was granted in April 2025, and the transfer feature was extended to all California retail customers in June 2025.