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Bithumb administrative lawsuit held for the first time: claims that transfers of less than 1 million Korean won have regulatory gaps

According to South Korean media Digital Asset, the Second Division of the Seoul Administrative Court held its first hearing on October 22 regarding the administrative lawsuit between Bithumb and the Financial Intelligence Unit of Korea (FIU). The FIU determined that between August 28, 2022, and April 3, 2025, Bithumb conducted 45,772 transactions with 18 unreported cryptocurrency operators, and based on this, imposed sanctions, including a partial suspension that restricts new customers from transferring cryptocurrency assets externally for six months.Bithumb stated in court that transactions of 1 million won or more are subject to the "travel rule," and unreported operators have been excluded from the list of optional exchanges, thus the number of violations for this amount range is zero. Transactions below 1 million won were not subject to the travel rule at that time, and the platform had no legal basis to require customers to provide information about the receiving exchange, nor did the regulatory authorities specify a blocking method. Bithumb also mentioned that after integrating the Chainalysis API, only about 2% of the addresses that could not be confirmed were later identified as unreported operators designated by the FIU. If all were blocked, the remaining 98% of normal transactions would be affected, and the platform could also face user claims.Bithumb also believes that the six-month sanction is excessive, effectively equivalent to prohibiting the platform from acquiring new customers. The company also questioned the FIU's criteria for identifying overseas operators and the reasonableness of the basis for the sanctions.

first_img National Radio and Television Administration: Chinese micro-dramas are becoming the fourth largest audiovisual product globally

The National Radio and Television Administration released the "China-ASEAN Micro Short Drama International Communication Development Report." The report states that micro short dramas, as a new form of online audio-visual content that originated in China, are becoming the fourth largest global audio-visual product form after American films, Japanese animations, and Korean dramas. The cooperation in micro short dramas between China and ASEAN is deepening, becoming an important carrier for China-ASEAN digital economy cooperation and cultural exchanges.The report indicates that the market size of micro short dramas in China continues to grow rapidly. By 2025, a total of 33,000 micro short dramas will be launched nationwide, and from January to September 2026, the number of launched micro short dramas will reach 490,000, which is 13 times that of the entire year of 2025. The user base of micro short dramas has reached 850 million, with monthly active users exceeding 600 million. By 2026, the overseas micro short drama market outside of China will exceed $6 billion, a year-on-year increase of 67% compared to 2025.The report also states that platforms with a Chinese background dominate the global market. From January to September 2026, all of the top 10 micro short drama apps in terms of downloads in overseas markets have a Chinese background, and among the top 10 platforms in terms of in-app purchase revenue, 9 are also of Chinese background.

The Ministry of Commerce and 8 other departments issued opinions on accelerating the promotion of technology-driven commerce

According to Jinshi news, the Ministry of Commerce and 8 other departments have released opinions on accelerating the promotion of technology-driven commerce. The opinions propose to promote the iterative upgrading of commodity supply, deeply implement the "Artificial Intelligence + Manufacturing" special action, accelerate the deep integration of artificial intelligence technology with product research and development, design, manufacturing, and marketing, enrich the supply of smart products such as smartphones, computers, home appliances, wearable devices, and robots, and encourage the research and application of smart products based on secure and reliable open-source operating systems.The opinions also propose to accelerate the transformation and upgrading of historical classic industries, develop classic high-quality products, build a lineup of Chinese consumer brands, and explore consumer brands that are independently innovative and of high quality. Vigorously develop technology-driven agriculture, promote the quality and efficiency of high-quality specialty agricultural products, encourage time-honored brands to innovate while maintaining their essence, and support time-honored enterprises in using modern production technologies for product innovation.
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