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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 Central Cyberspace Administration and six other departments issued a plan for digital and green collaborative transformation

The Central Cyberspace Affairs Commission, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Agriculture and Rural Affairs, and the Ministry of Commerce jointly issued the "Implementation Plan for Promoting Coordinated Transformation and Development of Digitalization and Greening (2026-2030)", proposing to advance the coordinated transformation of digitalization and greening during the "14th Five-Year Plan" period.The plan emphasizes empowering green and low-carbon transformation with digital intelligence technology, achieving low-cost and high-efficiency applications of artificial intelligence by 2030, significantly improving the energy efficiency of computing facilities and 5G base stations, promoting renewable energy electricity consumption in key areas such as computing facilities to reach the responsibility weight level of the respective provinces, and deepening the digital and green applications in agriculture, manufacturing, trade, consumption, and urban operation, strengthening intelligent governance of the ecological environment and digital carbon management, and solidifying the foundation for coordinated dual transformation and international cooperation.
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