Today's Highlights
🌐Thai Police Arrest Chinese Fugitive in Chonburi over Fake Crypto Investment Scam Exceeding THB 100 Million
📋South Korea Plans to Amend the Foreign Exchange Transactions Act Within the Year to Bring Stablecoins Under Payment Instrument Regulation
📋UK FCA Proposes Licensing Regime for Algorithmic Routing of Trades; DeFi Aggregators May Be Affected
🌐Crypto Applications That Algorithmically Select Trading Routes May Require UK Licenses; Application Window for Existing Firms Runs from September 30, 2026 to February 28, 2027
📋UK FCA Proposes Bringing Crypto Applications That Automatically Select Trading Routes Under Regulation
📌Argentine Federal Judge Dismisses Criminal Investigation into President Milei over $LIBRA Cryptocurrency Case
Thai Police Arrest Chinese Fugitive in Chonburi over Fake Crypto Investment Scam Exceeding THB 100 Million
Thailand's Immigration Bureau, together with police in multiple locations, arrested a 47-year-old Chinese fugitive surnamed Li at a luxury residence in Chonburi. The suspect holds dual nationality and was hiding using a Cambodian passport. He is alleged to have lured victims into fake crypto investments by promising high returns, causing investor losses exceeding THB 100 million (approximately USD 2.9 million). The suspect has been transferred to the judicial authorities and is being pursued on fraud charges.
Business Impact
The enforcement target in this case is a natural person suspected of raising funds through fake crypto investments, and the route to accountability is Thailand's criminal fraud procedure, not a regulatory penalty against a trading platform or token issuer. For teams raising funds from or promoting to investors in Thailand, the real risk points are whether promotional language and return promises constitute misrepresentation, and whether cross-border identity arrangements can block criminal prosecution—this case shows that hiding with a third-country passport did not prevent arrest. Project parties with personnel or client channels in Thailand should treat the retention of records on offering documents, return promises and the flow of funds as the first line of materials for responding to a criminal investigation.
Source: Wu Blockchain · 2026/10/24 19:20
South Korea Plans to Amend the Foreign Exchange Transactions Act Within the Year to Bring Stablecoins Under Payment Instrument Regulation
The South Korean government and the Bank of Korea plan to amend the Foreign Exchange Transactions Act within this year to bring stablecoins under payment instrument regulation and to establish a monitoring framework for virtual assets. The Bank of Korea stated that it is coordinating with the government on regulatory measures for cross-border transactions in digital assets and will build an international cooperation framework to combat illegal digital asset transactions. South Korea is also drafting the Framework Act on Digital Assets, which covers an exchange licensing regime and rules for stablecoin issuance. The above amendments and legislation are currently at the proposal or drafting stage and have not yet taken effect.
Business Impact
Once the amendment to the Foreign Exchange Transactions Act takes effect, arrangements involving cross-border payments, settlement or fund transfers using stablecoins within South Korea will be brought under regulation as foreign exchange payment instruments, and the relevant entities must fulfill reporting and record-keeping obligations in accordance with foreign exchange management requirements, rather than being treated solely under virtual asset rules. The Framework Act on Digital Assets, which is being drafted, separately establishes exchange licensing and stablecoin issuance rules, so issuers and trading platforms will face two sets of access conditions—foreign exchange and digital assets—at the same time. Before the amended text is published, the specific reporting thresholds and transitional arrangements remain unclear, and existing business operations should not be restructured on the basis of the current proposals.
Source: Odaily Planet Daily · 2026/10/24 21:54
UK FCA Proposes Licensing Regime for Algorithmic Routing Transactions, DeFi Aggregators May Be Affected
The UK Financial Conduct Authority (FCA) has published draft guidance stating that where a crypto application uses algorithms to assess factors such as price and liquidity and automatically selects trading venues or routes for users, this will be regarded as the regulated activity of "arranging deals in investments," and a licence must be obtained before the new rules take effect in October 2027. The draft makes clear that DeFi aggregators that promise "best execution" or involve autonomous routing fall within this category, and that smart contracts and DAO structures cannot serve as grounds for exemption. The deadline for existing UK crypto firms to apply for the licensing transitional period is 28 February 2027. The document is currently at the draft guidance stage and has not yet taken effect.
Business Impact
This FCA draft defines "deciding for users where to trade" itself as regulated arranging deals, with responsibility falling on the operating entity that actually controls the routing logic, rather than on smart contract code or the DAO organizational form. For products that provide aggregation or best-execution functions to retail users in the UK, this means that routing algorithms, venue selection criteria and execution commitments will all come within the scope of licensing review, and continuing to provide such functions without authorization before October 2027 will constitute unlicensed operation. The document remains a draft, and the specific scope of application awaits confirmation in the final text; however, the transitional application window closes on 28 February 2027, so whether a product falls within the definition of "autonomous routing" needs to be assessed as early as possible.
Source: Wu Blockchain · 2026/10/24 21:23
UK FCA Proposes to Bring Crypto Applications That Automatically Select Trading Routes Under Regulation
In its latest draft regulatory guidance, the UK Financial Conduct Authority (FCA) states that if a cryptocurrency trading application uses algorithms to autonomously select trading platforms and trading routes based on factors such as price, liquidity, transaction costs or execution speed, it may be deemed to be engaging in the regulated activity of arranging crypto asset transactions and will need to obtain the corresponding licence. The document is currently at the draft stage and has not yet taken effect. The available material is an excerpt and does not state the specific date of publication of the draft, the deadline for comments, or the arrangements for the final rules to take effect.
Business impact
The FCA's draft places the regulatory focus on the question of "who decides where orders are executed": where an application uses algorithms to replace the user's choice of trading platform or route, it may fall within the licensing scope of arranging deals in investments, rather than merely providing market data or an order-entry interface. For crypto applications operating in the UK, or providing aggregated quotes and smart routing to UK users, whether the product architecture requires licensing will depend on who actually controls the routing decision and the basis for that decision, rather than on the application's name or interface form. The draft is not yet in force, and at this stage it would be inappropriate to conclude that a licensing obligation has already arisen on that basis; however, responsibility for the routing logic and the execution stage should be clarified in advance.
Source: ChainCatcher · 2026/10/24 20:21
Argentine federal judge dismisses criminal investigation into President Milei over $LIBRA cryptocurrency case
Argentine federal judge Marcelo Martínez De Giorgi announced in Buenos Aires on October 23 that he was dismissing the criminal investigation into President Milei, his sister and relevant presidential office personnel in the $LIBRA cryptocurrency case. The judge stated that the existing evidence was insufficient to prove criminal conduct such as fraud and abuse of authority in the case, and therefore made the dismissal decision. Milei responded the same day via social media, stating that his reputation had been damaged and seeking compensation. The case is currently at the stage where the criminal investigation has been dismissed, and the dismissal decision was made by a first-instance federal judge.
Business impact
The direct impact of this case falls at the level of criminal accountability: the judge dismissed the investigation into Milei, his sister and relevant presidential office personnel on the ground of insufficient evidence, meaning that in these criminal proceedings those subjects will not, for the time being, bear criminal liability for fraud or abuse of authority; however, dismissal of the investigation does not amount to a determination of the legality of the issuance and promotion of the $LIBRA token itself. For project parties issuing or promoting tokens in Argentina, the elements of criminal fraud and abuse of authority still depend on whether the evidence can meet the standard of proof, and civil claims and administrative regulatory avenues are not automatically affected by the dismissal in this case. Milei's claim for damages for reputational harm belongs to a separate legal relationship and is independent of the dismissal of the criminal investigation.
Source: Xinhua News · 2026/10/24 15:56
This daily report is compiled with AI assistance based on publicly available materials and is for reference only; it does not constitute legal advice or recommendations.
