#digital-asset-framework

➤ Tether is launching GELT, a stablecoin pegged to the Georgian lari, with backing from the Georgian government. ➤ This initiative aligns with Georgia's new digital asset regulatory framework, designed to be compatible with emerging U.S. rules like the GENIUS Act. ➤ GELT aims to reduce transaction costs, speed up settlements, and enable programmable financial services within Georgia and surrounding regions.

➤ South Korea's progress on a digital asset legal framework is stalled, hindering its ability to participate in the growing tokenized asset market, exemplified by BlackRock's BUIDL fund. ➤ The article highlights the advantages of tokenized assets like BUIDL, including 24-hour trading and yield generation from underlying assets such as U.S. Treasuries, contrasting this with South Korea's current inability to issue or trade such instruments. ➤ It urges the swift enactment of a Digital Asset Basic Act to define digital assets and their use, even if imperfect, to avoid falling further behind global financial innovation.

➤ The UK's ambition to become a crypto hub is hindered by slow regulatory progress and overlapping authorities, risking market outflow by 2027. ➤ Conflicting roles between HM Treasury, FCA, and Bank of England create operational uncertainty, potentially driving infrastructure and liquidity to faster-moving markets like the U.S. and EU. ➤ Industry concerns include lost business opportunities (e.g., Deribit) and an increased reliance on U.S. dollar-backed stablecoins, leading to a risk of dollarisation.

➤ KB Financial Group in South Korea has successfully completed a pilot for a won-pegged stablecoin, demonstrating reduced fees and faster transaction times for domestic and international payments. ➤ The pilot integrated blockchain technology into a full payment workflow, including offline transactions and cross-border remittances, aiming to enhance user experience and efficiency. ➤ Despite the successful pilot, the advancement of stablecoin legislation in South Korea is facing delays due to disagreements between financial regulators regarding the role of banks in stablecoin issuance.

➤ OSOR has launched a public-facing reserve dashboard and verification interface for its digital asset framework, which is tied to hydrocarbon-reserve exposure. ➤ The dashboard provides live project metrics, a Solana contract address, and references to its proof-of-reserve and audit framework, including audits from Trail of Bits and Halborn. ➤ This initiative aims to enhance transparency and provide market participants with verifiable project materials and ongoing updates.

➤ Australia is entering a critical phase of digital asset reform implementation, with new AML/CTF and stablecoin regulations set to commence soon. ➤ The reforms aim to integrate crypto oversight with existing financial services, focusing on scam prevention and alignment with international standards like FATF. ➤ The next 18 months are crucial for demonstrating the effectiveness of these coordinated regulatory efforts in ensuring market integrity.

➤ Dogecoin Cash, Inc. is developing 'Dogecoin Gold,' a blockchain-based digital asset framework intended to link tokens to physical gold reserves. ➤ Each token is designed to represent a nanogram of physical gold held by an independent custodian, with issuance tied to gold deposits and redemption linked to token removal. ➤ The initiative is in the development and evaluation stage, with no tokens issued yet, and aims to combine commodity-backed assets with blockchain transparency and accessibility.