For decades he was the dissident backbencher, then unlikely Labour leader. She was a firebrand left-wing Labour MP with a huge online presence. To the left – on paper – it looked like the perfect combination.
Coupled with the support of four other independent MPs, it held the blueprints of a credible party. But ever since the launch of Your Party (working title) the left-wing movement has faced mockery and exasperation over its inability to look organised.
First, we learned Jeremy Corbyn’s team had been unaware of the exact timing of Zarah Sultana’s announcement that she would quit the Labour Party. Then a much bigger row emerged when she launched a membership drive linking people to sign up to the party without the full consent of the team.
It laid bare the holes in the structure of the party and pulled focus away from its core values of trying to be a party to counter Labour and Reform UK, while also drawing out some pretty robust language from their only woman MP calling the grouping a “sexist boys club”. It gave the impression that she was being sidelined by the four other male MPs behind the scenes.
This week, they tried to come together for the first time at a rally I attended in Liverpool and then, in quick succession, another event at The World Transformed conference the day after. But not everyone I spoke to who turned up to see the two heroes of the left found them all that convincing.
Jeremy Corbyn admitted to me that “there were some errors made about announcements and that caused a problem”. He said he was disappointed but that “we’re past that”.
Image: Jeremy Corbyn and Zarah Sultana take part in a discussion on Your Party at The World Transformed conference in Manchester. Pic: PA
Zarah Sultana said they were like Liam and Noel, who managed to “patch things up and have a very successful tour – we are doing the same”.
The problem is, it didn’t really explain what happened, or how they resolved things behind the scenes, and for some, it might have done too much damage already.
Layla signed up as a member when she first saw the link. It was the moment she had been waiting for after becoming frustrated with Labour. But she told me she found the ordeal “very unprofessional, very dishonest and messy”, and said she doesn’t want to be in a disorganised party and has lost trust in where her money will end up. She’s now thinking about the Greens. She said their leader, Zack Polanski “seemed like such a strong politician” with “a lot of charisma”.
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Jeremy Corbyn’s back – with Zarah Sultana and a new party. But is it a real threat to Labour, or just political theatre?
Since Polanski’s rise to power as leader, the Green Party has surged in popularity. According to a recent poll, they went up four points in just one week (following their conference). Voters, particularly on the left, seem to like his brand of “eco populism”.
While he has politely declined formally working in conjunction with Your Party publicly, he has said the “door is always open” to collaboration especially as he sees common goals between the two parties. Zarah Sultana said this weekend though that the Greens don’t describe themselves as socialists and that they support NATO which she has dubbed an “imperialist war machine”.
While newer coalitions may not be the problem for now, internal fissures might come sooner than they expect. Voters at the rally this weekend came with pretty clear concerns about some of the other independent MPs involved in Your Party.
Image: The two heroes of the left fell out over a row over their party’s paid membership system
I asked Ayoub Khan if he considered himself left-wing. A question that would solicit a simple answer in a crowd like this. But he said his view was very simple, that he is interested in fighting for equality, fairness and justice: ‘We all know that different wards, different constituencies have different priorities and MPs should be allowed to represent the views of the communities they serve.” To him, that can sometimes mean voting against the private school tax and against decriminalising abortion.
The Your Party rally on Thursday night was packed, but the tone was subdued. People came full of optimism but they also wanted to make up their mind about the credibility of the new offering and to see the renewed reconciliation up close.
The organisers closed the evening off with John Lennon’s song, Imagine. That was apt, because until the party can get their act together, that’s all they’ll be doing.
Blockchain gaming company Wemade is pushing for a Korean won-based stablecoin ecosystem, forming a Global Alliance for KRW Stablecoins (GAKS) with Chainalysis, CertiK and SentBe as founding partners.
Wemade announced that the alliance will support StableNet, a dedicated mainnet for Korean won-backed stablecoins, with publicly released code and a consortium model that aims to meet institutional and regulatory requirements.
Within the partnership, Chainalysis will integrate threat detection and real-time monitoring, while CertiK will handle node validation and security audits.
Money transfer company SentBe will contribute licensed remittance infrastructure across 174 countries. This allows the KRW stablecoin initiative to operate within South Korea’s regulated digital asset ecosystem.
The launch marks a coordinated effort from Wemade to reposition itself as a long-term infrastructure builder after years of setbacks, including token delistings and a bridge hack that undermined investor confidence.
Wemade’s push into stablecoin infrastructure follows a turbulent seven-year expansion from a traditional gaming studio into one of South Korea’s most ambitious blockchain builders.
The company launched its blockchain division in 2018 and expanded it from a four-employee team into a 200-person operation. Still, the rapid growth collided with the country’s evolving regulatory landscape, forcing the company to limit its play-to-earn (P2E) offerings to overseas markets.
Much of the pressure faced by Wemade centered on its native WEMIX token. In 2022, South Korean exchanges delisted the asset, citing discrepancies between its reported and actual supply. This resulted in a price drop of over 70% for the token.
The token suffered another major blow in 2024, when a bridge exploit resulted in 9 billion won (about $6 million) in losses. The company’s delayed disclosure attracted scrutiny and eroded further investor trust, leading to a second wave of token delistings.
The stablecoin pivot marks another attempt from Wemade to reset the narrative around the company and reposition its technology toward a more compliant and infrastructure-focused use case.
In a Korea Times report, the company said that it’s developing a KRW-focused stablecoin mainnet while avoiding becoming the stablecoin issuer itself. It’s positioning itself as a technology partner and consortium builder for other South Korean companies.
The Terra collapse in 2022 continues to cast a shadow over South Korea’s digital asset policy, leaving lawmakers and regulators particularly sensitive to risks associated with stablecoins.
The Financial Services Commission (FSC) and the Bank of Korea (BOK) have taken uncompromising stances since 2022, pushing for stricter liquidity, oversight and disclosure rules as they work on an upcoming stablecoin framework focused on risk-cointainment.
The central bank also advocated giving banks a leading role in stablecoin issuance, helping to mitigate risks to financial and foreign exchange stability.
The BOK warned that allowing non-banking institutions to take the lead in stablecoin issuance could undermine existing regulations.
Major cryptocurrency exchange KuCoin is the latest company to secure a license under the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.
KuCoin’s European arm, KuCoin EU, secured a MiCA license from the Financial Market Authority of Austria, the company said in a statement shared with Cointelegraph on Friday.
The authorization allows KuCoin EU to offer crypto asset services across 29 countries in the European Economic Area (EEA), excluding Malta, according to the exchange’s representatives.
“Securing the MiCA license with our local entity in Austria is a defining milestone in KuCoin’s long-term trust and compliance strategy,” KuCoin CEO BC Wong said, adding that the regulatory framework is “one of the highest regulatory standards worldwide.”
Vienna as a strategic European crypto hub
KuCoin’s MiCA approval follows its license application filed in early 2025, arriving months after several crypto asset providers (CASPs), including Austria-based Bitpanda, had already secured MiCA authorization in other EU member states.
“The decision to choose Austria was primarily driven by the timely implementation of the MiCA accompanying laws, the stable and foreseeable regulatory environment as well as the huge talent pool,” the exchange said in a statement in February.
KuCoin is among six CASPs that secured MiCA licenses from Austria’s FMA. Source: FMA
Alongside KuCoin, Austria’s FMA has issued MiCA licenses to five more CASPs: crypto-friendly Amina Bank, Bitpanda, Bybit, Cryptonow and FIOR Digital.
“This milestone strengthens KuCoin’s commitment to responsible global expansion,” KuCoin CEO Wong said, adding: “Compliance is not simply a regulatory obligation — it is the foundation of our long-term mission to deliver secure, innovative, and accessible digital asset services to users worldwide.”
The IMF dropped an explanatory video on its X handle today exploring the new phenomenon of tokenized markets.
The international body responsible for ensuring the stability of the global monetary system recognized the advantages of tokenized markets in the video, but warned that they can be prone to flash crashes and are more volatile than traditional markets.
“Tokenization can make financial markets faster and cheaper, but efficiencies from new technologies often come with new risks,” the video said.
IMF lays out benefits of tokenized markets
The video frames tokenization as the next step in money’s evolution, explaining that tokenization can make it “faster and cheaper to buy, own, and sell assets” by cutting down the long chain of intermediaries.
Instead of relying on clearinghouses and registrars, a tokenized market can automate those functions in code.
According to the IMF, researchers studying early tokenized markets have already “found significant cost savings,” with programmability allowing near‑instant settlement and more efficient collateral use.
Still, the IMF stresses that those same efficiencies can amplify familiar dangers. Automated trading has “already led to sudden market plunges known as flash crashes,” and the IMF cautioned that tokenized markets, with instantly executed trading, “can be more volatile” than traditional venues.
In stressed conditions, complex chains of smart contracts “written on top of each other” may interact “like falling dominoes,” turning a local problem into a systemic shock.
The video also highlights the risk of fragmentation if many tokenized platforms emerge that “don’t speak to each other,” undermining liquidity and failing to deliver on the promise of faster, cheaper markets.
It also hinted at increased participation from governments. “Governments have rarely been content to stay on the sidelines during important evolutions of money.”
It added that, if history is any guide, they are likely to take “a more active role in the future of tokenization.”
Governments’ role in money shifts
History is littered with examples of global governments’ participation in monetary evolutions. In 1944, the Bretton Woods agreement saw governments actively redesign the global monetary system, fixing exchange rates to the United States dollar and tying the dollar itself to gold. It was a top‑down decision that shaped cross‑border finance for a generation.
When mounting fiscal costs and external imbalances made the gold peg unsustainable, the collapse of that framework in the early 1970s ushered in fiat currencies and floating exchange rates, alongside structurally larger public‑sector deficits in many advanced economies.
This is not the IMF’s first foray into tokenization. The fund has spent years probing the tokenization market structure and digital money. Shifting that analysis into a public‑facing explainer video shows that tokenization is now seen as a mainstream policy issue, rather than a niche experiment.
The IMF’s video posits that while tokenization may deliver faster, cheaper and more programmable markets, those markets will grow under close regulatory scrutiny and governments will be ready to intervene.