Crypto Asia News: Bitget’s India Push, BoJ Rate Hike Jitters, South Korea’s Stablecoin Bill Dilemma

Japan's Financial Services Agency (FSA) is set to implement new regulations mandating cryptocurrency exchanges to maintain liability reserves aimed at enhancing consumer protection. This initiative responds to increasing concerns over potential losses from hacks and operational failures in the crypto market.

Michael Saylor announced that Strategy will not issue preferred equity in Japan, allowing Metaplanet a 12-month head start in its financial strategies. This decision comes as Metaplanet plans to raise approximately $135 million through the issuance of Class B perpetual shares to expand its Bitcoin reserves.

South Korea's cryptocurrency committee is experiencing a slowdown in progress due to the introduction of strict liability rules, which have led to a cautious approach among stakeholders in the crypto market, as reported by Kookmin Ilbo.

South Korea has tightened regulations for cryptocurrency exchanges, implementing bank-level standards in response to a significant breach at Upbit, the country's largest exchange, which resulted in a loss of approximately $36 million. This breach, linked to North Korea's Lazarus Group, has raised alarms about the security of digital assets in the region.

Coinbase and South Korean premiums are showing positive trends as Bitcoin's price stabilizes amidst December market volatility, with Bitcoin recently reclaiming the $93,000 mark after a period of bearish sentiment. This rebound indicates a potential shift in market dynamics, suggesting improved investor confidence.

A U.S. judge has requested clarification regarding the foreign charges against Do Kwon, co-founder of Terraform Labs, who faces a potential 40-year prison sentence in South Korea. This inquiry arises as Kwon is also contending with a U.S. sentence, with prosecutors seeking 12 years for his involvement in a cryptocurrency fraud case linked to significant financial losses.

South Korea is considering implementing a strict no-fault compensation law for cryptocurrency exchanges, mandating that they fully reimburse users for losses incurred due to hacks or IT failures. This proposed legislation reflects a shift towards consumer protection similar to that of traditional banking systems.

Coinbase has resumed operations in India with a focus on crypto-only trading after a two-year suspension due to regulatory challenges affecting payment channels. The exchange has reopened registrations, signaling a cautious return to the Indian market.