Crypto News Asia: India To Launch Rupee-Backed Stablecoin, Japan Rewrites Crypto Tax Rules, South Korea’s Upbit Sold To Naver

Federal Reserve Governor Christopher Waller has expressed support for a potential interest rate cut in December, as the crypto market anticipates significant fluctuations in response to changing economic conditions. Current odds for a rate cut remain below 70%, but Waller's advocacy highlights concerns about the labor market, which aligns with the Fed's dual mandate of maximizing employment and stabilizing prices.

South Korea's Financial Intelligence Unit (FIU) is preparing to impose sanctions on cryptocurrency exchanges that fail to comply with anti-money laundering (AML) regulations. This decision underscores the government's commitment to maintaining the integrity of its financial system amidst growing concerns over compliance failures in the crypto sector.

India's review of Virtual Digital Assets (VDA) aims to enhance investor protections within the cryptocurrency ecosystem, potentially aligning local regulations with global standards. This initiative includes considerations for custody standards and stablecoin oversight, reflecting a proactive approach to digital asset governance.

Upbit is reportedly seeking an initial public offering (IPO) on Nasdaq following its recent merger with Naver, as reported by Bloomberg. This move marks a significant step for Upbit, a major player in the cryptocurrency exchange market, as it aims to expand its operations and enhance its market presence.

Hedera crypto has gained attention at COP30, where it announced its partnership with Wyoming's stablecoin initiative, despite the HBAR price experiencing a 19% decline over the past week. This development highlights Hedera's efforts to establish itself in the competitive cryptocurrency market while navigating recent volatility.

South Korea’s Financial Intelligence Unit (FIU) is set to impose sanctions on several local cryptocurrency exchanges following a fine levied against Upbit for deficiencies in their anti-money laundering practices. This move indicates a crackdown on compliance failures within the crypto sector in South Korea.

Aerodrome Finance, the largest decentralized exchange (DEX) on Base, has experienced a significant security breach due to a suspected DNS hijack, which transformed its website into a phishing trap. The company has advised users to avoid its main domain while it investigates the incident, which was reported on November 22.

Bitcoin (BTC) has seen a significant drop, retesting the $85,000 level after fluctuating between $83,540 and $84,000, while Ethereum (ETH) is consolidating above $2,700. The overall cryptocurrency market is experiencing a downturn, with major coins struggling to maintain their values.