Jeonbuk Bank taps Ripple in South Korea as lawmakers move to expand FIU powers over unregistered crypto firms

South Korea’s payments and crypto policy stack had a busy run: Jeonbuk Bank partnered with Ripple for cross-border payments, while lawmakers filed a bill to give the Financial Intelligence Unit (FIU) broader authority over unregistered crypto businesses. For PSPs and high-risk merchants, that means both cleaner rails in one corner of the market and tighter enforcement in another.

1. South Korea’s Jeonbuk Bank has partnered with Ripple to deploy a cross-border payment system for business customers. Ripple said the service is aimed at import-export companies, technology startups and online content creators, and that it should give the bank faster, less expensive remittance capabilities than conventional transfers routed through intermediary banks via the SWIFT messaging network, which can take several days.
2. On Thursday, People Power Party lawmaker Eom Tae-young and nine other lawmakers introduced a bill to amend the Act on Reporting and Using Specified Financial Transaction Information and expand the FIU’s authority over unregistered crypto businesses. Under the proposal, anyone could report suspected violations to the FIU, and the agency could investigate and analyze alleged violations, file complaints with relevant authorities, request criminal investigations or provide information to investigators.
3. South Korean regulators also moved on Polymarket. The Korea Media and Communications Commission said Polymarket’s structure and operations amount to illegal gambling despite its noncustodial design and smart contracts.
4. BitGo Korea reportedly secured VASP registration for institutional crypto custody. Regulators accepted the registration on Tuesday, two days before stricter VASP entry requirements took effect.
5. South Korea is setting up a Joint Virtual Asset Crime Investigation Unit, which the Serious Crimes Investigation Agency will formally establish in October. The unit will include 2,567 investigators across seven categories, with a specific team focused on phishing and virtual asset crimes.
6. Korea Exchange plans to open its Novel Securities Market in November. The new market will trade fractional investments and non-traditional securities such as artworks, real estate and music copyright.
7. In Japan, SBI led Fasset’s $68 million Series C round at a $1 billion valuation. The companies also plan to jointly operate a digital bank in Malaysia and distribute Fasset-issued tokens, according to SBI.
8. Also in Japan, Nomura Group’s digital asset subsidiary Laser Digital received authorization to operate as a crypto asset exchange service provider under Japan’s Payment Services Act (PSA). A list issued by Japan’s Financial Services Agency (FSA) on Friday showed that this was Japan’s first crypto exchange license in four years; the last platform to receive FSA authorization was Binanc.