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Beijing court sentences five in a $166 million laundering scheme, strengthening its crypto enforcement model.
Australia classifies stablecoins and tokenized assets as financial products, requiring issuers to obtain licenses.
Bitcoin spot ETFs post $202 million in inflows while Solana’s ETF debuts with $69 million, underscoring institutional appetite.
The global crypto market witnessed quite a lot of exciting updates today. China imposed prison terms in a significant money laundering case, Australia moved forward with its stablecoin regulation, and Solana's first US ETF launch attracted strong investor interest. Meanwhile, Bitcoin spot ETFs continued their inflow streak, indicating sustained institutional demand.
A court in Beijing handed down prison terms of 2 to 4 years to five individuals in a $166 million crypto money laundering scheme that used Tether (USDT) between January to August 2023.
The group, headed by Lin Jia, used a network of crypto accounts and bank channels to turn customer funds into USDT, facilitating illicit cross-border transactions as legal foreign exchange trades.
Authorities revealed that the operation processed 1.182 billion yuan ($166 million) through various accounts in just eight months.
The Beijing Municipal People’s Procuratorate said investigators combined blockchain analytics with traditional financial forensics to trace the flow of funds. The case was showcased at the 2025 Financial Street Forum, highlighting Beijing’s growing ability to trace complex crypto transactions.
The Australian Securities and Investments Commission (ASIC) said that stablecoins, tokenized assets, and digital wallets would be classified as financial products according to Australian law.
With the revision of Information Sheet 225, service providers are mandated to secure Australian Financial Services (AFS) licenses to operate. The ASIC has provided an eight-month transition period until June 30, 2026, which enables companies to adapt to new compliance requirements.
ASIC Commissioner Alan Kirkland noted that distributed ledger technology is reshaping finance, and the new regulatory framework is not only a guide but also a facilitator of innovation.
This step is in line with Australia's large-scale digital asset platform reform, which consists of draft laws that suggest imposing penalties of up to 10% of a company's annual revenue for unethical practices.
Arc, a new blockchain network of Circle, continues to attract global participation and has more than 100 institutions, including BlackRock, Visa, Mastercard, and Goldman Sachs, taking part in its public testnet.
The South Korean custodian BDACS said it intends to issue "KRW1", a stablecoin fully backed by the Korean won, on the Arc network. The collaboration seeks to create a bridge between Korean fintech companies and the international stablecoin ecosystem.
Arc's testnet provides USD-based transaction fees, settlements in less than a second, and optional privacy features, allowing USDC and other assets to be integrated seamlessly.
The stablecoin projects from Japan, Brazil, and the Philippines are already building on the network, thus solidifying Arc's dream of a worldwide interoperable financial layer.
Also Read: Western Union Launches Stablecoin Pilot to Modernize Global Remittances
The “Physical Staked Toncoin (CTON)” ETP has been launched by the European asset manager CoinShares on the Swiss SIX Exchange, providing investors with exposure to Toncoin (TON).
Despite Toncoin’s 59% year-to-date decline, the ETP provides a 2% staking yield and aims to attract institutional investors looking to diversify their crypto portfolio.
CoinShares noted that the TON network can process more than 104,000 transactions each second, making it among the fastest public blockchains.
The launch coincides with Telegram’s Wallet app rolling out tokenized stocks and ETFs, expanding Telegram’s crypto integration as TON is looking for mainstream approval.
According to Sosovalue, Bitcoin spot ETFs recorded $202.48 million in net inflows on October 28, marking four consecutive days of inflows.
The Ark Invest and 21Shares Bitcoin ETF (ARKB) led with $75.84 million in daily inflows, followed by Fidelity’s FBTC ETF with $67.05 million.
The total net asset value of Bitcoin ETFs now stands $154.81 billion, representing 6.88% of Bitcoin’s total market capitalization.
Also Read: Bitcoin Price Nears $113,000 as Investors Await Next Fed Rate Decision
The Bitwise Solana Staking ETF (BSOL) has successfully made its debut in the US, with first-day inflows of $69.45 million, increasing the total assets to $289 million.
The ETF, which provides staking rewards and gives institutional-grade access to Solana's blockchain, currently accounts for 0.27% of SOL's total market capitalization.
Despite the launch excitement, Solana (SOL) dipped 3.8% to $194.37, though analysts note strong on-chain accumulation near $189, marking a key support level. Holding above that threshold could drive a move toward $210-$225, analysts said.
1. What was China’s $166M crypto money laundering case about?
Five individuals were sentenced in Beijing for using USDT to process $166 million in illegal cross-border transactions disguised as forex trades.
2. How is Australia regulating stablecoins?
ASIC now classifies stablecoins and tokenized assets as financial products, requiring service providers to obtain Australian Financial Services licenses by June 2026.
3. What is Circle’s Arc blockchain, and why is it significant?
Circle’s Arc aims to connect global financial systems on-chain, hosting stablecoin projects from multiple countries, including Korea’s KRW1 stablecoin.
4. How did Solana’s ETF perform at launch?
Bitwise’s Solana Staking ETF attracted $69.45 million in first-day inflows, taking total assets to $289 million despite a mild SOL price correction.
5. What do Bitcoin spot ETF inflows indicate?
With $202.48 million in recent inflows, Bitcoin ETFs continue to attract institutional investors, highlighting ongoing demand for regulated crypto exposure.
