Bybit has received in-principle approval from the United Arab Emirates’ Securities and Commodities Authority to operate a virtual asset platform, moving closer to obtaining a full operational license. This approval was granted just days before the exchange suffered a $1.4 billion hack, one of the largest crypto hacks in history. The incident occurred during a transfer between Bybit’s cold and hot wallets.

Despite the setback, Bybit continues its global expansion, recently securing regulatory approvals in India, Georgia, Kazakhstan, and Turkey. In India, Bybit resumed services after registering with authorities and paying a $1 million penalty for previously operating without proper registration. Meanwhile, the exchange is navigating compliance challenges in the European Economic Area (EEA) under the Markets in Crypto-Assets (MiCA) regulations.

In Europe, Bybit temporarily adjusted operations to comply with MiCA and is working toward obtaining a license in Austria. Additionally, France’s financial regulator recently removed Bybit from its noncompliance list. However, the company continues to face regulatory scrutiny in Malaysia, where authorities have ordered it to cease operations.

Bybit’s expansion efforts highlight its commitment to regulatory compliance and market growth despite challenges. The exchange’s UAE approval positions it to offer a wide range of digital asset services to both retail and institutional investors. However, the massive hack raises concerns about security and operational risks as Bybit navigates global regulations.

Japanese Bitcoin treasury firm Metaplanet has issued $13.4 million in zero-interest bonds to further expand its Bitcoin holdings. The company has been aggressively acquiring Bitcoin since May 2024, marking its latest move in a strategy that mirrors MicroStrategy’s Bitcoin investment approach. This is the seventh time Metaplanet has issued bonds for Bitcoin purchases, underscoring its commitment to building a substantial BTC reserve.

The newly issued bonds, worth 2 billion yen, will be redeemed in full by August 2025, with proceeds allocated to the Evo Fund, Metaplanet’s dedicated Bitcoin acquisition fund. Since beginning its Bitcoin strategy, the company has made 17 purchases, including a significant acquisition of 619.7 BTC in December 2024. In total, Metaplanet now holds 2,235 BTC, valued at approximately $192.4 million.

Metaplanet’s stock price has experienced a dramatic surge since shifting to Bitcoin, rising from 200 yen to 6,650 yen in early 2025—an increase of over 3,000%. Despite recent fluctuations, the company’s market strategy has continued to attract investor interest. The firm’s plans include acquiring 10,000 BTC by the end of 2025 and ultimately reaching 21,000 BTC by 2026, potentially worth $2 billion at current prices.

With its continued Bitcoin accumulation, Metaplanet is positioning itself as a major institutional player in the cryptocurrency space. As global companies explore Bitcoin treasury strategies, the firm’s bold moves highlight increasing corporate confidence in BTC as a long-term asset. The approach also reflects Japan’s evolving regulatory landscape for digital assets.

Ripple Labs has partnered with BDACS, a South Korean digital asset custodian, to enhance institutional-grade custody services for XRP, RLUSD, and other cryptocurrencies. The collaboration will integrate Ripple Custody into BDACS’s offerings, providing financial institutions in South Korea with secure storage solutions. The initiative aligns with the increasing adoption of crypto assets by enterprises and aims to support the broader institutional ecosystem in the country.

The partnership aligns with South Korea’s Financial Services Commission’s regulatory roadmap, ensuring compliance with local requirements. Ripple stated that the initiative will help expand the usability of RLUSD, Ripple’s stablecoin, while fostering growth in the XRP Ledger (XRPL) ecosystem. BDACS CEO Harry Ryoo emphasized the company’s commitment to providing a secure infrastructure for institutional investors, highlighting the potential impact of this collaboration on the digital asset industry.

As part of its broader strategy, Ripple also announced a new roadmap for institutional decentralized finance (DeFi) on the XRPL network. This roadmap includes plans for a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol, and a new multi-purpose token (MPT) standard. These developments aim to enhance XRPL’s capabilities and further solidify Ripple’s position in the digital finance space.

Ripple estimates that the total value of custodied cryptocurrencies could reach $16 trillion by 2030. With this vision in mind, the partnership with BDACS represents a significant step in strengthening institutional access to crypto assets. The move also reflects the increasing demand for regulated custody solutions, particularly in regions like South Korea, where institutional participation in digital assets is on the rise.