Asia Crypto News: Japan Rates Steady, China Crime in Korea
Here's your Asia Pacific Morning Brief, delivering the latest crypto developments impacting regional markets and global sentiment.
Japan Holds Steady on Interest Rates
The Bank of Japan (BOJ) is expected to maintain its current interest rates, marking the fourth consecutive meeting without adjustments since January. The decision follows the conclusion of US-Japan tariff negotiations, which reduced some market uncertainties.
Governor Ueda and the board members are awaiting comprehensive data on corporate impacts before considering any policy changes. The BOJ will release economic projections through fiscal year 2027, with rising rice costs and persistent inflation influencing growth estimates.
This cautious approach aligns with the Federal Reserve's recent decision to hold rates between 4.25-4.50 percent, prioritizing economic stability amid global trade uncertainties.
Chinese Crypto Money Launderer Sentenced in Korea
A Korean court has sentenced a man to three years in prison for laundering proceeds from a Chinese investment scam using USDT stablecoins. The defendant operated as a "washing agent" since December 2023, converting criminal proceeds into cryptocurrency from his home.
He collaborated with Chinese investment scam organizations, laundering 650 million won ($467,861) between January and March 2024 and earning approximately 120 million won ($86,374) in commissions.
The court considered him a co-conspirator due to his close ties with Chinese crime organization leaders and his role in recruiting other money launderers.
Trump's Bitcoin Reserve Briefly Addressed
President Trump’s digital asset policy report includes a single page dedicated to his Strategic Bitcoin Reserve within a 166-page study. This framework outlines the Treasury Department's administration of forfeited government Bitcoin, primarily avoiding sales and maintaining holdings as strategic reserve assets.
While the report lacks specific plans for additional Bitcoin purchases, Bloomberg reports that administration officials will soon provide more details. Crypto advisor Bo Hines indicated that the Treasury is working on infrastructure setup, promising positive updates.
Shigeki Mori contributed.
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