South Korean lawmakers introduce legislation to expand crypto oversight while Japan’s Fasset secures $68 million at a $1 billion valuation.
South Korean lawmakers filed a bill to amend financial laws, granting the Financial Intelligence Unit broader authority to investigate unregistered crypto businesses. The proposal allows public reporting of suspected violations and enables the FIU to request criminal investigations or share data with authorities. The bill aims to strengthen oversight ahead of stricter virtual asset service provider (VASP) requirements taking effect this week.
Regulators recently approved BitGo Korea’s registration, marking one of the last approvals before new compliance rules. Separately, a new unit within the Serious Crimes Investigation Agency will target phishing and crypto-related crimes starting in October. South Korea’s Novel Securities Market, set to launch in November, will trade fractional investments in art, real estate, and music copyrights.
In Japan, stablecoin neobanking platform Fasset raised $68 million in a Series C round led by SBI Group, valuing the company at $1 billion. The funding round highlights growing institutional interest in regulated crypto infrastructure across Asia.