Key facts
- Hungary has repealed its mandatory third-party crypto transaction validation requirement.
- CoinCash will resume services in Hungary after receiving authorization under the EU's MiCA regulation.
- South Korea's Financial Services Commission intends to draft a consolidated Digital Asset Basic Act.
- The proposed South Korean bill will address stablecoins, digital asset business rules, and exchange entry requirements.
- Core Scientific's second-quarter revenue more than doubled to $164.2 million.
- AI and high-performance computing colocation has become Core Scientific's largest business.
Hungary has repealed its mandatory third-party checks for crypto conversions, a move that Finance Minister Kármán András stated was necessary to revive the country's crypto market after previous regulations caused many service providers to halt operations. CoinCash is set to resume services after receiving authorization under the European Union’s Markets in Crypto-Assets (MiCA) regulation.
In South Korea, the Financial Services Commission (FSC) reportedly plans to draft a consolidated Digital Asset Basic Act. This proposed legislation aims to provide a central framework for the broader cryptocurrency market, including stablecoins, and comes after months of delays and existing disagreements on 10 separate bills pending in Parliament. Key disputes involve whether stablecoin issuers should be majority bank-owned and if ownership limits should apply to major crypto exchanges.
Separately, Core Scientific announced that its second-quarter revenue more than doubled to $164.2 million, driven by its AI and high-performance computing colocation business, which has become its largest segment. The company reported a net loss of $1.15 billion, largely due to a non-cash accounting charge related to outstanding warrants. Core Scientific also revealed a partnership with chipmaker AMD to support AI infrastructure, with initial 15-year contracts covering 530 megawatts.