Jeonbuk Bank partners with Ripple as Pakistan launches crypto licensing portal

South Korea’s Jeonbuk Bank has signed an agreement with blockchain payments firm Ripple to roll out a cross‑border payment solution aimed at business customers such as import‑export firms, tech startups and online content creators. The Ripple system is expected to deliver faster and cheaper remittances compared with traditional SWIFT transfers, which can take several days.

Regulatory developments in South Korea

A group of lawmakers from the People Power Party introduced a bill to broaden the authority of the Financial Intelligence Unit (FIU). The proposal would allow the FIU to receive public reports of suspected violations, conduct investigations, and refer cases for criminal action, targeting unregistered crypto businesses.

Pakistan opens crypto licensing portal

Pakistan’s Virtual Assets Regulatory Authority (PVARA) has launched an online portal for licensing crypto exchanges and other virtual asset service providers (VASPs). Applicants that began operating on or before 5 March must submit a no‑objection certificate (NOC) application by 5 September or cease operations. PVARA highlighted the portal as a clear pathway for regulated market entry, emphasizing consumer protection and compliance standards.

Other regional updates

• South Korea’s Serious Crimes Investigation Agency will create a Joint Virtual Asset Crime Investigation Unit in October, staffed by 2,567 investigators.
• Japan’s Laser Digital received the first crypto‑exchange license in four years under the Payment Services Act.
• Singapore announced tax exemptions and new schemes to attract fund managers, responding to Hong Kong’s tax cuts for crypto hubs.