1. South Korea’s Ministry of Economy and Finance to Implement Scheduled Virtual Asset Taxation in January Next Year and Release Detailed Rules link
South Korea’s Ministry of Economy and Finance stated recently that the South Korean government will begin taxing virtual assets as scheduled starting next January. Moon Kyung-ho noted that the National Tax Service is currently coordinating on practical matters with the five major virtual asset operators including Upbit, Bithumb, Coinone, Korbit and Gopax to formulate specific taxation plans, with relevant detailed rules expected to undergo legislative preview soon.
Under the current Income Tax Act, gains from the transfer or lending of virtual assets will be classified as “other income” starting January 1 next year. A total tax rate of 22% — consisting of a 20% income tax and a 2% local income tax — will be levied on profits exceeding 2.5 million Korean won.
2. Moscow Exchange to Launch Four New Crypto Indices: SOL, XRP, TRX and BNB link
Moscow Exchange (MOEX) will launch four new cryptocurrency indexes for SOL, XRP, TRX, and BNB on May 13, using price data from Binance (50%), Bybit (20%), OKX (15%), and Bitget (15%). On the same day, existing crypto indexes such as MOEXBTC and MOEXETH will switch from daily calculations to updates every 15 seconds during trading sessions. MOEX also plans to expand its suite of crypto benchmarks to 10, with related crypto instruments restricted to professional investors only.
Yulia Kuznetsova, a Russian Central Bank-registered investment advisor, stated that MOEX’s expansion of digital currency indexes is building regulated financial infrastructure for Russia’s domestic crypto market. She argued that official indexes provide price references and analytical foundations, potentially paving the way for derivatives, funds, and products for qualified investors in the future. However, the indexes themselves cannot replace crypto asset custody or trading infrastructure, nor can they directly resolve issues related to overseas exchange restrictions.
3. Japan Plans Round-the-Clock Blockchain-Based JGB Trading System as Early as 2026 link
Japan plans to launch a blockchain-based round-the-clock trading system for Japanese Government Bonds (JGBs) as early as 2026 to cut transaction costs and shorten settlement cycles. The initiative will initially focus on the government bond repo market. By tokenizing JGBs, it will enable T+0 instant settlement settled in stablecoins. Currently, Japanese government bond transactions still adopt a T+1 settlement model.
A new organization with Progmat serving as the secretariat is set to be established in May. Major Japanese financial institutions including Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, as well as foreign institutions such as BlackRock Japan and State Street, will participate.
4. Bangko Sentral ng Pilipinas Warns Public Against Unauthorized Virtual Asset Service Providers link
The Bangko Sentral ng Pilipinas (BSP) has warned crypto users against trading with unauthorized Virtual Asset Service Providers (VASPs), noting that such platforms may bring risks including fraud, security vulnerabilities, cyberattacks, insolvency, improper private key management, and lack of legal recourse. The BSP stated it will continue cooperating with the Philippine SEC and the National Telecommunications Commission (NTC) to restrict Filipino users’ access to unauthorized VASP platforms.
5. Hong Kong InvestHK Global Fast Track Opens for Applications link
Invest Hong Kong announced that applications for the 9th Global Fast Track 2026 are now open with the deadline falling on September 25. Centering on Hong Kong FinTech Week x StartmeupHK 2026, this programme covers eight vertical sectors for the first time, including blockchain and digital assets, fintech and insurtech, as well as AI applications in financial services.
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6. DPRK Foreign Ministry Denies Allegations of Cyber Threats link
According to a statement by a spokesperson for the DPRK Foreign Ministry released by the Korean Central News Agency (KCNA), the DPRK denies allegations of the DPRK’s alleged cyber threats, stating that the United States linking cyber-related fraud incidents around the world to the DPRK constitutes a political attack under the pretext of cyber issues. The DPRK said it opposes the use of cyberspace issues for political purposes and will take necessary measures to safeguard national interests and citizens’ rights and interests. The statement did not directly mention cryptocurrencies or specific hacking incidents.
7. South Korea’s Crypto Holdings Plunge Over 50% from Peak of 121.8 Trillion KRW link
Data submitted by the Bank of Korea to the National Assembly shows that as of the end of February this year, users’ cryptocurrency holdings on South Korea’s five major exchanges stood at 60.6 trillion won, halved from the peak of 121.8 trillion won recorded at the end of January 2025. The average daily trading volume dropped to 4.5 trillion won, while the balance of won deposits fell to 7.8 trillion won. Meanwhile, stablecoin holdings remained at 607.1 billion won, surging more than sixfold from 88.5 billion won at the end of July 2024.
8. Bithumb Signs MOU with SSI Digital to Establish Crypto Exchange in Vietnam link
South Korea’s second-largest cryptocurrency exchange Bithumb has signed a memorandum of understanding with Vietnam’s SSI Digital (SSID) to provide digital asset trading services in Vietnam, focusing on establishing and operating a local digital asset exchange. SSID is a subsidiary of Vietnam’s largest securities firm SSI and supports blockchain and AI startups. The two parties will cooperate in wallet and custody systems, security and risk management, compliance, business and product development. Pending local regulatory approval, Bithumb may consider making a strategic investment in SSID’s upcoming cryptocurrency exchange.
9. Hong Kong Licensed Financial Firm Yunfeng Financial Launches Physical Gold RWA Product link
Yunfeng Youyu, a platform under Yunfeng Financial Group, a licensed Hong Kong financial institution linked to Jack Ma, has launched a physical gold RWA product, available exclusively to professional investors. Backed by LBMA-certified physical gold with 99.99% purity, each token represents 1 gram of gold, held in custody by an LBMA-approved vault. On-chain issuance and RWA infrastructure are provided by AlphaToken. Previously, Yunfeng Financial announced its strategic expansion into Web3, RWA and digital assets, including a strategic investment in the RWA public blockchain Pharos.
10. BNY Expands Digital Asset Custody Services in Abu Dhabi link
BNY Mellon, the world’s largest custodian bank, plans to offer digital asset custody services in Abu Dhabi through local partners Finstreet and ADI Foundation, and build regulated digital asset infrastructure based on the Abu Dhabi Global Market (ADGM). The initiative will initially focus on the custody of cryptocurrencies such as BTC and ETH, with subsequent plans to expand into stablecoins and tokenized assets. BNY Mellon currently has approximately $59 trillion in assets under custody and administration.
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