1. HKMA: Only Few Licenses to Be Issued Initially Under Stablecoin Ordinance
The Hong Kong Monetary Authority (HKMA) stated that as of the end of August, it had received a total of 77 expressions of interest for stablecoin issuer licenses. The applying institutions come from sectors including banks, technology companies, securities/asset management firms, e-commerce platforms, payment institutions, and Web3 startups. The HKMA reaffirmed that it will only issue a small number of licenses in the initial stage of the ordinance’s implementation, and advised well-prepared institutions to submit formal applications by the end of September. The HKMA emphasized that submitting an expression of interest or application does not constitute any approval or recognition, and reminded the public to be alert to promotional activities related to unlicensed stablecoins.
Ng Kit-chong, Member of the Hong Kong Legislative Council, said that Hong Kong’s stablecoin ordinance is very strict, and the number of licenses to be issued will be very small, with possibly one license to be issued in early next year. In addition, the Legislative Council will also launch the legislative process for offline OTC (over-the-counter) transactions as soon as possible next year. Ng Kit-chong believes that data assets have become an inevitable trend, and many countries and enterprises have included data assets, including Bitcoin, in their reserves.
2. South Korea to Share Domestic & Overseas Crypto Transaction Data with Foreign Tax Authorities link
The South Korean government will launch practical procedures to join the “Crypto-Asset Reporting Framework” (CARF) led by the Organization for Economic Co-operation and Development (OECD). It will share transaction information of foreign investors on local exchanges such as Upbit and Bithumb with other countries, and at the same time, transaction records of South Korean residents on overseas exchanges will also be shared with the National Tax Service. This mechanism will be officially implemented starting from 2027, but transaction data from next year will already be included in the scope of sharing.
3. Singapore Loses S$456M to Scams H1; Crypto — Related Scams Account for 18% link
The Singapore Police Force has released the fraud and cybercrime data for the first half of 2025. The data shows that Singaporeans lost approximately S$456 million to fraud, which is about S$66 million less than last year. Cryptocurrency — related fraud accounted for nearly 18% of the total losses, reaching S$81.6 million, mainly involving Tether, Bitcoin, and Ethereum. The Anti — Scam Command also recovered S$56.7 million, including S$17 million in cryptocurrency, and jointly avoided an additional S$179 million in potential losses with its partners.
4. Japan FSA Proposes Including Cryptocurrencies in Financial Instruments and Exchange Act link
The Financial Services Agency (FSA) of Japan has recommended in an internal report that the regulation of crypto — assets be transferred from the Payment Services Act to the more stringent Financial Instruments and Exchange Act, so as to strengthen investor protection and align with the securities regulatory framework. The report points out that there are problems in the crypto field such as insufficient information disclosure, unregistered operation, and investment fraud, and the mechanisms of the Financial Instruments and Exchange Act are more appropriate. Whether the Japanese government will adopt this recommendation remains to be decided after the FSA submits its opinions to the Financial System Council.
5. Kazakhstan’s AFSA Launches First Pilot for Stablecoin — Paid Regulatory Fees link
The Astana Financial Services Authority (AFSA), the financial regulatory agency of Kazakhstan, has announced the launch of the first pilot project for paying regulatory fees with stablecoins, allowing market participants to complete compliant payments through authorized payment agents using US dollar — pegged stablecoins. Bybit Kazakhstan has become the first participant and signed a memorandum of understanding with AFSA during the Astana Finance Days 2025 event.
6. India to Adopt OECD’s Global Crypto Tax Reporting Rules from April 2027 link
A senior official from India’s Ministry of Finance revealed that India will implement the Organization for Economic Co-operation and Development (OECD)’s Crypto-Asset Reporting Framework (CARF) starting from April 1, 2027, to bring residents’ overseas cryptocurrency holdings under tax supervision. CARF will cover crypto exchanges, transfers, NFTs, stablecoins, etc., aiming to plug tax evasion loopholes. Industry estimates show that the transaction volume of India’s crypto market is approximately $172 billion, and the number of users is expected to exceed 107 million by 2025.
7. Chainalysis: India, US Lead 2025 Global Cryptocurrency Adoption Index link
The “2025 Global Cryptocurrency Adoption Index” released by Chainalysis shows that India, the United States and Pakistan rank among the top three, with Vietnam and Brazil ranking fourth and fifth respectively. The report points out that the total volume of on-chain cryptocurrency transactions in the Asia-Pacific region increased by 69% year-on-year in the past year, making it the fastest-growing region, among which India, Vietnam and Pakistan have played a significant driving role. Latin America ranks second with a growth rate of 63%.
8. Metaplanet Adds 1,009 BTC, Total Holdings Reach 20,000 BTC link
Metaplanet, a Japanese listed company, issued an announcement stating that it has additionally purchased 1,009 Bitcoins, with a total purchase amount of approximately 16.48 billion Japanese yen (about 112 million US dollars). Currently, its cumulative holdings of Bitcoins have reached 20,000, with a total purchase amount of approximately 302.3 billion Japanese yen (about 2 billion US dollars).
Metaplanet announced at its Tokyo shareholders’ meeting that it currently holds 20,000 BTC and plans to raise funds through the issuance of preferred shares to acquire a cumulative 210,000 BTC (accounting for approximately 1% of the total supply) by 2027. Simon Gerovich, the company’s president, stated that Japan’s low interest rates provide it with the advantage of low-cost financing, and its goal is to become the world’s second-largest Bitcoin holder, second only to Strategy.
9. Japan Post Bank Plans to Issue DCJPY in FY2026 link
Japan Post Bank, one of Japan’s banks with the largest deposit scale, plans to issue the digital currency DCJPY in the fiscal year 2026. It will support the instant conversion between savings accounts and DCJPY accounts, and DCJPY can be used to purchase digital assets such as security tokens (ST) and NFTs. This initiative aims to activate its 190 trillion Japanese yen (approximately 1.29 trillion US dollars) in deposits and attract young users. The bank is also considering supporting local governments in distributing subsidies through DCJPY.
10. Yunfeng Financial: Bought 10,000 ETH with Total Cost of $44M link
Yunfeng Financial issued an announcement stating that its board of directors has approved the purchase of ETH on the open market as a reserve asset. Up to now, the group has purchased a total of 10,000 ETH, with a total investment cost of US$44 million, and the fund source is internal cash reserves. The purchased ETH will be listed as an investment asset in the financial statements. Jack Ma, founder of Alibaba, is an important associated person of Yunfeng Financial.
Previously, Yunfeng Financial Group Limited announced that it has reached a strategic cooperation with Ant Digital Technology and made a strategic investment in Pharos, an RWA public chain project. Based on Pharos’ high-performance public chain, the two parties will jointly expand applications in Web3 fields such as tokenization of real-world assets (RWA). This cooperation will strengthen the layout of digital finance, and all relevant parties are independent third parties.
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