1. Chen Zhi, Founder of Prince Group, Arrested and Repatriated to China link
Journalists from the International Communication Liaison Office of Guangxi International Communication Center (Cambodia) and the Cambodian-Chinese Times learned that Chen Zhi, founder and chairman of Prince Group, was arrested in Cambodia and has been repatriated to China for investigation by the relevant authorities.
Chen Zhi, also known as Vincent, is a 37-year-old Chinese-born businessman. He is the founder and chairman of Prince Holding Group, a major enterprise in Cambodia, and also one of the most influential tycoons in the country. It is reported that Chen Zhi holds dual British and Cambodian nationality. He has not only served as an advisor to two Cambodian prime ministers, Hun Sen and Hun Manet, but also been awarded the honorary title of Neak Oknha by the government, making him a distinguished guest in both political and business circles locally. Recently, the US and UK governments have imposed joint sanctions on Chen Zhi and his Prince Group. The US Department of Justice has prosecuted him on suspicion of telecom fraud and money laundering, and seized more than 15 billion US dollars worth of Bitcoin, calling it “one of the largest financial fraud cases in history”.
2. South Korean Supreme Court Rules: Bitcoin Held on Exchanges May Be Seized Under Criminal Procedure Act link
For the first time, the Supreme Court of South Korea has ruled that Bitcoin held by individuals and stored on virtual asset exchanges such as Upbit and Bithumb is subject to seizure under the Criminal Procedure Act. This ruling further supplements the Court’s 2018 decision that Bitcoin is subject to confiscation by the state. The Court pointed out that the scope of seizure is not limited to tangible objects but also includes electronic information; as an electronic token that can be independently managed, traded and has economic value, Bitcoin is controlled by private keys and may be lawfully seized by investigative authorities.
3. Japan’s Financial Services Minister: 2026 Designated as “Digital First Year” to Support Exchanges in Improving Digital Asset Trading Environment link
Satsuki Katayama, Japan’s Minister of Finance and Minister of State for Financial Services, stated at the Tokyo Stock Exchange’s New Year opening ceremony that 2026 will be designated as the “First Year of Digitalization”. She emphasized the crucial role of commodity and securities exchanges in promoting the popularization of digital assets and blockchain assets. She pointed out that to ensure the people truly benefit from digital assets, efforts should be made to accelerate their popularization by relying on exchange infrastructure. She also mentioned the trend in the United States of using ETFs for inflation hedging, implying that Japan should also actively promote similar developments, and stated that as the chief financial minister, she will fully support exchanges in building a more advanced digital asset trading environment.
4. India’s Tax Authority: Crypto Asset Transactions Pose Significant Risks in Tax Regulation link
India’s tax authorities stated at a meeting of the Parliamentary Standing Committee on Finance that crypto asset transactions pose significant risks in terms of tax regulation. Offshore exchanges, private key wallets, and DeFi tools have made it more difficult to track and identify taxable income. Cross-border transactions involving multiple jurisdictions have further increased the complexity of law enforcement, with some transactions being nearly impossible to reconstruct during tax assessments. Currently, India imposes a uniform 30% tax rate on crypto asset gains and a 1% withholding tax on all transfers. However, against the backdrop of a still cautious regulatory stance, the relevant tax system is considered by the industry to face challenges in fairness and feasibility in practical implementation.
5. Dubai Court Rules Woman Guilty of Theft for Crypto Wallet Swap Scam link
A Dubai court ruled that a woman was guilty of theft for committing a crypto wallet swap scam, sentencing her to two months in prison, a fine equivalent to the value of the stolen assets at the time of the crime, and deportation. The case details show that during a business meeting in Dubai, the woman swapped the victim’s hardware wallet with an identical-looking device, and privately transferred approximately $1 million worth of digital assets. Following the criminal ruling, a civil court further ordered her to compensate the victim with 4.3 million dirhams (approximately $1.17 million), plus interest calculated at an annual rate of 5%. The court clearly stated that digital assets are legally protected property. The woman’s husband was identified as a key accomplice and is currently at large.
Sponsored by FinTax
6. Turkmenistan Legalizes Cryptocurrency Trading and Mining link
The new law signed by Serdar Gurbangulyevich Berdimuhamedow, President of Turkmenistan, in late November 2025 came into force on January 1, officially permitting the operation of cryptocurrency mining and crypto asset exchanges. The law stipulates that crypto mining (including mining pools) is legal locally, and non-Turkmen residents may also participate after completing registration; crypto exchanges established in Turkmenistan are required to obtain licenses, implement KYC/AML requirements and cold storage specifications. Meanwhile, the new law clarifies that crypto assets are not regarded as legal tender, a form of currency, or securities in Turkmenistan.
7. Iran Plans to Accept Cryptocurrencies for Weapon System Sales link
According to the Financial Times, Iran’s Defense Export Promotion Center (Mindex) stated that it has proposed allowing cryptocurrency as a payment method for selling advanced weapon systems — including ballistic missiles, drones and warships — to foreign governments over the past year, while also accepting barter trade and Iranian rial settlements. As a state-owned agency responsible for Iran’s overseas arms sales, Mindex said it has customer relations with 35 countries and lists various types of weaponry on its official website. The website supports multiple languages, and its authenticity has been verified through reviews of archived versions, registration information and technical infrastructure.
8. Russia Proposes Criminalizing Illegal Cryptocurrency Mining, With Maximum Penalty of 5 Years in Prison link
Russia’s Ministry of Justice has proposed penalties of up to 1.5 million rubles in fines or two years of forced labor for illegal cryptocurrency mining. Where the profits are particularly substantial or the activity is carried out by an organized group, the maximum penalty could be five years in prison. These sanctions are included in the draft amendments to the Criminal Code and the Code of Criminal Procedure, which have been published on Russia’s official portal for draft legal and regulatory documents.
9. CZ Reveals Chinese Title of Memoir May Be “币安人生”, All Proceeds to Be Donated to Charity link
Changpeng Zhao (CZ), founder of Binance, announced that the Chinese title of his upcoming memoir may be “币安人生” (Binance Life), while the English title remains undecided. The Chinese and English versions are scheduled to be released simultaneously via self-publishing in 4 to 6 weeks. CZ emphasized that the title has no connection with any homonymous Meme tokens or listing plans, stating he does not hold such tokens and has no intention to do so. Additionally, he pledged to donate all proceeds from the book to charity.
10. OKX Launches Global Institutional Business Restructuring, Some Institutional Sales Staff Leave link
Crypto exchange OKX has recently restructured its global institutional business, resulting in staff departures. Sources familiar with the matter stated that roughly one-third of the institutional sales team left during this adjustment, including both layoffs and voluntary resignations, with the exact number not officially disclosed. The company maintained that this was not a “mass layoff” but a transition to a more traditional institutional client coverage model, aimed at strengthening long-term client relationships and better supporting needs across different market cycles.
Follow us
Twitter: https://twitter.com/WuBlockchain
Telegram: https://t.me/wublockchainenglish
