[South Korea's STO Bill Passes Preliminary Review, Token Securities Market May Launch in the First Half of Next Year] On November 24, South Korea's amendments to the Electronic Securities Act and the Capital Markets Act passed the Bill Review Subcommittee of the National Assembly's Political Affairs Committee, laying the foundation for the opening of a token securities circulation market in the first half of next year. The amendments propose incorporating blockchain distributed ledger technology into the electronic registration system, enabling issuers to register and manage token securities based on distributed ledgers, and bringing small-scale over-the-counter trading platforms under regulatory oversight. If the bill is ultimately passed at the National Assembly's plenary session next month, the tokenization and circulation of physical assets such as real estate, artwork, and music copyrights can proceed within a regulatory framework.

[He Yi Confirms Binance's Recovery of Profits from Alpha Airdrop Violations] On November 24, He Yi responded to the community regarding the incident of Binance recovering profits from Alpha airdrop violations, confirming that multiple accounts suspected to belong to studios of Alpha airdrop hunters had been frozen, with assets exceeding $10,000. She also stated that regular users are not affected.

Michael Saylor has raised over $19.5 billion and purchased over 200000 bitcoins by 2025. （The Bitcoin Historian）

[European Central Bank Warns of Cross-Border Regulatory Arbitrage Risks for Stablecoins, Calls for a Global Unified Regulatory Framework] In the financial stability review preview released today, the European Central Bank pointed out that as of November 2025, the total market capitalization of stablecoins has exceeded $280 billion, accounting for 8% of the crypto market. USDT and USDC together account for nearly 90%, with their reserve assets reaching the level of the world's top 20 money market funds. The report warns that the widespread adoption of stablecoins could lead households to convert part of their bank deposits into stablecoins, weakening banks' retail funding sources and increasing financing volatility. Although MiCAR has prohibited European issuers from paying interest to limit fund transfers, banks are urging the United States to adopt similar measures. The report also mentions that the rapid growth of stablecoins and their connections to the banking system could trigger concentrated fund withdrawals during crises. It emphasizes the risks posed by cross-border 'multi-issuer mechanisms' and suggests implementing additional safeguards before granting access while promoting global regulatory coordination.

[Nomura Securities Plans to Launch Bitcoin and Cryptocurrency Investment Products] November 24 report: Japan's largest asset management company, Nomura Securities, plans to launch Bitcoin and cryptocurrency investment products. Nomura Securities manages assets totaling $670 billion, and this move is expected to have a significant impact on the crypto industry.