Iran & Israel announce ceasefire. South Korea’s central bank wants a gradual stablecoin rollout

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With Middle East tensions easing, market optimism is back, but that’s not the only bullish news this week. Let’s break down what happened and what it means for the market 👇

quick weekly news

Iran & Israel announce ceasefire

Let’s kick off this week’s digest with the biggest headline: Iran and Israel officially announced a ceasefire on Tuesday.

One of the first to share the news was Donald Trump, who posted on Truth Social that within twelve hours of his message, both countries would halt airstrikes and shift to diplomatic talks regarding Iran’s nuclear program. While there were a few setbacks and partial violations of the agreement, both sides ultimately implemented a full ceasefire. The U.S. administration now expects to begin talks with Iran next week.

Global markets breathed a sigh of relief. Bitcoin rebounded to $107K, and other cryptocurrencies also saw renewed momentum. The major concern had been the risk of Iran closing the Strait of Hormuz, a move that could have instantly wiped out 20% of the world’s daily oil supply, disrupting global supply chains.

Now, that threat has been fully averted.

South Korea’s central bank wants a gradual stablecoin rollout

Meanwhile, more good news for crypto is coming out of the SEA region. According to CoinTelegraph, eight major South Korean banks are set to collaborate on the development of a won-pegged stablecoin. As Econovill reports, the participating banks include KB Kookmin, Shinhan, Woori, Nonghyup, Corporate, Suhyup, Citi Korea, and SC First Bank.

The initiative was also confirmed by Bank of Korea Deputy Governor Ryoo Sang-dai, who stated that the stablecoin will initially be introduced through regulated commercial banks. “It would be desirable to initially allow stablecoin issuance primarily through banks, which are subject to higher levels of financial regulation, and gradually expand it to the non-banking sector,” he noted.

This aligns with one of the key promises made by South Korea’s newly elected president. His broader crypto roadmap includes legalizing spot crypto ETFs and allowing pension funds to invest in digital assets. Until now, South Korea’s crypto market has remained relatively restricted, with most citizens accessing digital assets primarily through Upbit.

Chinese firm commits $1B to stockpiling Binance’s BNB token in latest treasury twist

At the same time, Chinese chipmaker Nano Labs announced plans to invest approximately $1B in $BNB, making it a key treasury asset for the company, according to DLNews.

Half of this amount, $500M, is expected to be raised through an unsecured, interest-free convertible note sale. The notes will convert into shares priced at $20 each over the next 12 months. Nano Labs mirrors the approach previously used by Strategy (formerly MicroStrategy), which utilized similar instruments to acquire Bitcoin.

Alongside the announcement, Nano Labs revealed its intention to eventually hold 10% of $BNB’s circulating supply, a stake currently valued at around $9.3B.

One possible reason for choosing $BNB over Bitcoin is its relatively lower volatility. Additionally, Binance, the issuer and main holder of $BNB, has strong roots in China, which could have influenced the decision.

Japan proposes reclassifying crypto, paving way for ETFs and lower taxes

Finally, Japan’s Financial Services Agency (FSA) has introduced a proposal to reclassify cryptocurrencies, paving the way for the launch of crypto ETFs and implementing a 20% tax on digital asset profits.

The proposal suggests treating cryptocurrencies similarly to government securities and traditional financial products. It also recommends replacing the current progressive crypto tax system, which can reach up to 55%, with a flat 20% income tax rate. This shift aims to make Japan more attractive for both retail and institutional crypto investors, following the momentum sparked by recent developments in the U.S.

According to the FSA, these changes are necessary for Japan’s evolving crypto market, despite the country’s current restrictive regulatory environment. As of January 2025, over 12M domestic crypto accounts were active, with total assets held on platforms exceeding 5T yen (around $34B).

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