[News Brief] Apr 22, morning | Korean Government Pushes Ahead with Stablecoin Legislation and Parallel Entry of Institutional Investors into the Crypto Asset Market

Korean Government Pushes Ahead with Stablecoin Legislation and Parallel Entry of Institutional Investors into the Crypto Asset Market

The South Korean government is moving forward with both stablecoin legislation and institutional investor access to the virtual asset market. Restrictions that have remained in place since 2017 on financial companies holding equity stakes in virtual asset businesses may also be lifted this year.

According to Odaily, Kim Sung-jin, head of the Virtual Asset Division at the Financial Services Commission, said at a National Assembly meeting that the government is pursuing both the second phase of the Digital Asset Basic Act, which includes stablecoin-related legislation, and measures to facilitate institutional investor participation.

The Financial Services Commission aims to complete digital asset legislation within this year. If institutional participation becomes a reality, the administrative guidance introduced in 2017 banning financial companies from owning stakes in virtual asset firms could be lifted this year.

As a result, banks, securities firms, and other financial institutions may gain a pathway to participate in virtual asset investment. Kim added that authorities are also reviewing measures to introduce institutional brokerage and OTC intermediation structures in the virtual asset market similar to those used in the stock market.

Financial authorities are also examining European Union cases as they consider simplifying market entry requirements for virtual asset businesses operating in financial sectors with similar functions.

U.S. Senate Digital Asset Market Regulation Bill Includes Clause Banning Federal Officials from Issuing or Promoting Crypto

A digital asset market regulation bill currently under review in the U.S. Senate includes a clause prohibiting federal officials, including the president, from issuing or promoting cryptocurrencies.

According to Odaily, Republican senators updated the text of the CLARITY Act on Wednesday. The bill is considered a major legislative effort aimed at comprehensively regulating the U.S. digital asset market.

The new provision would restrict federal officials, including the president, from profiting through cryptocurrencies and other digital assets. Specific implementation methods and the exact scope of application have not yet been disclosed.

AFX Suffers Attack in Arbitrum Ecosystem, Approximately 24.15 Million USDC Stolen

According to Odaily, AFX, a protocol in the Arbitrum ecosystem, was attacked at 5:30 a.m. Beijing time on July 23, resulting in the theft of approximately 24.15 million USDC.

Blockaid said it is coordinating the incident response with the Arbitrum team and is communicating with the affected protocol to help freeze the stolen funds.

Offchain Labs co-founder Steven Goldfeder said the Arbitrum team is aware of the report and is investigating. He explained that the transaction occurred at a third-party protocol and that the Arbitrum native bridge was not attacked or exploited.

Spot Bitcoin ETFs Record Net Inflows for Seven Consecutive Trading Days

Spot Bitcoin ETFs posted total net inflows of $68.987 million on July 22 U.S. Eastern Time, extending their inflow streak to seven consecutive trading days.

According to Odaily, citing SoSoValue data, BlackRock's IBIT saw the largest inflow of the day at $38.7795 million. IBIT's cumulative net inflows reached $60.809 billion.

Grayscale Bitcoin Mini Trust ETF BTC recorded net inflows of $37.8773 million, bringing its cumulative net inflows to $2.649 billion.

Meanwhile, Grayscale's GBTC posted net outflows of $38.2963 million. GBTC's cumulative net outflows totaled $27.415 billion.

Total net assets of spot Bitcoin ETFs stood at $80.361 billion, representing 6.08% of Bitcoin's total market capitalization. Cumulative net inflows reached $51.851 billion.

U.S. Spot Ethereum ETFs See $72.642 Million in Net Inflows on July 22

U.S. spot Ethereum ETFs recorded total net inflows of $72.642 million on July 22, according to PANews citing SoSoValue data.

By product, BlackRock's ETHA led with inflows of $53.467 million. ETHA's cumulative net inflows reached $11.454 billion.

Fidelity's FETH recorded net inflows of $19.176 million, bringing cumulative net inflows to $2.134 billion.

As of the time of reporting, total net assets of spot Ethereum ETFs stood at $10.566 billion, accounting for 4.54% of Ethereum's total market capitalization. Total cumulative net inflows came to $11.227 billion.

Japan's Financial Services Agency Moves to Allow Crypto Asset ETFs by 2028

According to PANews, citing Nikkei, Japan's Financial Services Agency plans to revise laws related to the Investment Trust Act by 2028 to allow crypto assets to become major investment targets for investment trusts and ETFs.

Several asset management firms are reportedly considering launching related products. In a Nomura Holdings survey, about 79% of institutional investors and family offices said they plan to invest in crypto assets within the next three years.

Data analytics firm XWIN projected that if crypto asset ETFs are launched in Japan, as much as 3 trillion yen, or about $20 billion, could flow into the market, primarily from retail capital.

Mirae Asset Group Completes Acquisition of Korbit

Mirae Asset Group has completed its acquisition of South Korean cryptocurrency exchange Korbit.

According to Odaily, Korbit said that following the acquisition, its operating entity, user deposits, and personal data handling practices will remain unchanged.

Mirae Asset Group had previously received approval for the acquisition of a 92.06% stake in Korbit for KRW 133.4 billion.

Samsung Electronics Plans to Introduce Stablecoin Support in Samsung Wallet

Samsung Electronics announced at Galaxy Unpacked 2026 that it plans to introduce stablecoin support in Samsung Wallet.

According to Digital Today, Samsung outlined a vision to integrate payments, rewards, and digital assets within Samsung Wallet. The company said it would become one of the first major smartphone brands to support stablecoins as a default feature.

Samsung Wallet has expanded beyond payments into a digital hub for storing keys, IDs, boarding passes, and more. At the event, Samsung also unveiled Samsung Galaxy Card, a Samsung Wallet-based financial service launching in the United States in partnership with Barclays and Visa.

Samsung added that it protects users' sensitive information through end-to-end encryption on its Knox security platform.

BNY Mellon Targets Launch of Tokenized U.S. Treasuries by End of 2026

BNY Mellon is pushing to build a 24/7 settlement system for U.S. Treasuries in response to the expanding digital asset market.

According to PANews, citing Bloomberg, BNY Mellon said in a client letter that it plans to launch tokenized U.S. Treasuries by the end of 2026 and conduct pilot trading on its own private blockchain. In 2027, it aims to support 24-hour settlement for both traditional Treasuries and tokenized Treasuries.

Earlier this year, BNY Mellon executed an after-hours U.S. Treasury transaction involving stablecoin issuers. Participants included Ripple, issuer of RLUSD, and OpenEden, issuer of USDO, both of which are backed by short-term U.S. Treasuries.

BitGo and OTC Markets Group Move to Provide Tokenized Securities Trading and Custody Infrastructure for Broker-Dealers

BitGo and OTC Markets Group are moving to provide tokenized securities trading and custody infrastructure for broker-dealers.

According to Cointelegraph, the two companies plan to provide digital asset trading and custody infrastructure to more than 150 broker-dealers using OTC Link ATS, an SEC-regulated alternative trading system.

Participating institutions will be able to quote, trade, and settle digital asset securities through existing OTC market and U.S. equities electronic trading infrastructure. BitGo Bank and Trust will serve as the qualified custodian, while settlement will be handled through BitGo's Go Network.

The framework will initially support digital asset securities and may later expand to tokenized assets and commodities.