The cryptocurrency landscape continues to evolve at a rapid pace, with governments, regulators, and enterprises making strategic moves that signal long-term confidence in digital assets. From national economic zones adopting crypto into their financial reserves to tourism hubs embracing blockchain payments, the integration of decentralized technologies into mainstream systems is accelerating.
This article explores the latest global developments shaping the crypto ecosystem — including Bhutan’s landmark decision to add Bitcoin (BTC), Ethereum (ETH), and BNB to its strategic reserve, Thailand’s pilot program for crypto payments in Phuket, and evolving regulatory frameworks in South Korea and Kazakhstan.
Bhutan’s GMC Adds BTC, ETH, and BNB to Strategic Reserve
In a groundbreaking move, the Gelephu Mindfulness City (GMC), a special economic zone in Bhutan, has officially announced the inclusion of Bitcoin (BTC), Ethereum (ETH), and BNB in its strategic reserve assets. This makes GMC one of the first government-backed urban developments globally to formally recognize major cryptocurrencies as part of its long-term financial strategy.
BNB was selected due to its high market capitalization, strong liquidity, and operation on a secure, mature blockchain infrastructure. The integration reflects GMC’s broader vision of fostering innovation through blockchain technology while enhancing economic resilience.
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The city plans to host a high-level summit in March 2025 to further discuss its digital asset strategy and establish an international advisory committee. This initiative underscores Bhutan’s forward-thinking approach to economic development and positions GMC as a potential hub for blockchain innovation in South Asia.
Thailand Launches Crypto Payment Pilot in Phuket
Thailand is stepping into the future of digital finance with a new pilot project allowing foreign tourists to use cryptocurrencies for purchases in Phuket — one of the country’s most popular tourist destinations.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the initiative during a marketing association seminar, emphasizing that the trial will operate within existing legal frameworks to ensure compliance and security.
Under the program, visitors can register their Bitcoin holdings through licensed Thai exchanges, complete KYC verification, and then spend digital assets on goods and services across participating merchants in Phuket. The move aims to enhance payment convenience for international travelers while promoting Thailand as a crypto-friendly destination.
This follows earlier suggestions from former Prime Minister Thaksin Shinawatra, who advocated for testing Bitcoin payments in Phuket. With tourism being a cornerstone of Thailand’s economy, this pilot could set a precedent for nationwide adoption if successful.
South Korea Advances Institutional Crypto Access
The Financial Services Commission (FSC) of South Korea unveiled its 2025 strategic roadmap, which includes plans to gradually allow legal entities to open real-name cryptocurrency trading accounts. While not currently prohibited by law, banks have historically refrained from offering such accounts under regulatory guidance.
The FSC intends to begin with non-profit organizations and progressively expand access based on risk assessments and implementation outcomes. This marks a significant shift toward legitimizing institutional participation in the country’s digital asset market.
Additionally, South Korea is advancing its “Virtual Asset Second Stage Legislation,” focusing on regulating token issuance, stablecoin oversight, listing standards, and exchange conduct. These efforts aim to align domestic regulations with international standards and strengthen investor protection.
Kazakhstan Cracks Down on Illegal Crypto Exchanges
Kazakhstan’s financial watchdog, the Agency for Regulation and Development of the Financial Market (AFM RK), has taken decisive action against unregulated crypto platforms. Over 3,500 illegal exchanges have been blocked in coordinated operations involving the State Security Committee and Ministry of Information.
In 2024 alone, authorities shut down 36 illicit exchanges handling approximately $113 million worth of transactions and froze $4.8 million in USDT. Two major pyramid schemes were also dismantled, resulting in the return of $545,000 to victims.
AFM RK is now working with global partners to strengthen anti-money laundering (AML) measures and introduce legal amendments holding digital asset providers accountable for illicit activities. Enhanced monitoring of financial institutions’ exposure to crypto transactions is also underway.
Market Moves: ETF Sales, Exchange Acquisitions & Developer Funding
Recent market activity highlights growing institutional engagement:
- Ethereum Foundation Sells 100 ETH: On-chain data from Arkham shows the foundation converted 100 ETH (~$336,000) into DAI via a dedicated address used for routine treasury management.
- Backpack Exchange Acquires FTX EU: Backpack, founded by ex-FTX and Alameda staff, acquired FTX’s former European entity for $32.7 million. As part of the deal, Backpack will distribute €53 million ($55 million) in approved bankruptcy claims to former FTX EU users.
- Sol Strategies Expands SOL Investments: Publicly traded Sol Strategies secured a C$25 million unsecured credit line at 5% annual interest to scale its Solana (SOL) token purchases and staking operations. The Toronto-based firm has already drawn down C$4 million and plans to deploy the remainder by January 2027.
- Bithumb Lists Deepbook (DEEP): The South Korean exchange added DEEP, a liquidity protocol native to the Sui ecosystem, expanding its altcoin offerings.
- Arbitrum Funds Lotte Group Project: Arbitrum Foundation awarded its largest-ever developer grant to South Korea’s Lotte Group — a retail and entertainment conglomerate — to build on Caliverse, its metaverse gaming platform. The exact amount remains undisclosed.
Hyperliquid Addresses Community Concerns
Amid growing scrutiny, Hyperliquid responded to community concerns regarding network centralization and transparency:
- All validators are selected based on testnet performance; no "paid slots" exist.
- The foundation delegation program supports top-performing validators to enhance decentralization.
- While current node software is closed-source, it will be open-sourced once stability and security are ensured.
- API server usage is optional — clients can run their own nodes.
- Black-market trading of testnet HYPE tokens is prohibited.
The team emphasized its commitment to iterative development and community feedback as it scales toward mainnet launch.
Frequently Asked Questions (FAQ)
Q: Why did Bhutan choose BTC, ETH, and BNB for its strategic reserve?
A: These assets were selected based on market dominance, liquidity, and technological maturity. BNB’s inclusion highlights confidence in Binance Smart Chain’s infrastructure.
Q: Can locals in Phuket use crypto under the new pilot?
A: Initially, the program targets foreign tourists using registered Thai exchange platforms for KYC-compliant transactions.
Q: Is South Korea legalizing corporate crypto trading?
A: Not yet fully — but regulators are moving toward permitting real-name accounts starting with non-profits, signaling a gradual opening.
Q: What impact does FTX EU’s acquisition have on creditors?
A: Backpack will distribute €53 million in court-approved claims to eligible users, providing a resolution path after years of uncertainty.
Q: Are more countries likely to adopt crypto into national reserves?
A: Yes — as seen with Bhutan’s GMC, special economic zones may lead adoption before full sovereign integration.
Q: How does Hyperliquid plan to improve decentralization?
A: Through validator expansion, foundation staking incentives, and future open-sourcing of node software.
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The convergence of government initiatives, regulatory clarity, and institutional investment underscores a maturing digital asset ecosystem. As more nations explore strategic crypto adoption — from reserve holdings to payment pilots — the line between traditional finance and decentralized innovation continues to blur.
Whether you're tracking macro-level policy shifts or emerging market opportunities, staying informed is key.
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