Asia's weekly TOP10 crypto news (Apr 28 to May 4)

May 04, 2025

1. Beijing Releases the Action Plan for the Development of Blockchain Innovation Applications link

The Notice of the Beijing Municipal Science and Technology Commission, the Administrative Committee of Zhongguancun Science Park and other departments on Printing and Distributing the “Beijing Action Plan for the Innovative Application and Development of Blockchain (2025–2027)” requires that by 2027, the supporting capacity of independently controllable blockchain technology for the foundation of the national digital infrastructure will be further enhanced. In terms of next-generation blockchain core technologies such as blockchain-specific chips, privacy protection, cross-chain interconnection, and distributed networking, more than 10 breakthrough achievements will be formed, including petabyte-level node trustworthy storage, trustworthy interconnection of tens of thousands of blockchain networks, and mutual recognition of hundreds of millions of trustworthy identities.

2. The Russian Ministry of Finance Plans to Levy Value-Added Tax on the Lease of Mining Equipment link

The Russian Ministry of Finance has submitted a bill proposing to levy value — added tax (VAT) on domestic companies that rent out mining equipment or provide real — time computing power services to foreign customers. The Ministry of Finance stated that this bill aims to fill the legal gap in the application of VAT when Russian taxpayers provide mining infrastructure to overseas customers. According to the data of the Russian Tax Service, there are currently 606 registered miners and 116 mining infrastructure operators in the country. The industry expects that the mining industry can bring about 50 billion rubles of tax revenue to Russia every year.

3. A Bitcoin Mining Gang in Terengganu, Malaysia, Was Dismantled, Suspected of Stealing 36,000 Malaysian Ringgit Worth of Electricity per Month link

The police in Terengganu, Malaysia, together with the SEAL team of Tenaga Nasional Berhad (TNB), raided and busted an illegal Bitcoin — mining gang in Hulu Terengganu and Marang. Forty — five mining machines were seized on the spot, worth about 225,000 ringgit (approximately 360,000 yuan). The gang is suspected of illegally connecting to electricity in residential and commercial premises, causing losses of about 36,000 ringgit per month.

4. Kraken Exposes the Penetration Incident Where North Korean Hackers Disguised Themselves as Job Seekers link

Kraken has disclosed that its security team has recently uncovered an incident where North Korean hackers disguised themselves as job seekers in an attempt to infiltrate the company. The hacker, posing as an engineer applicant, conducted multiple rounds of probing through remote interviews. During the process, the hacker’s identity and technical details showed frequent flaws. Without alerting the other party, Kraken advanced the recruitment process, successfully identified it as a state — sponsored infiltration operation, and further collected intelligence.

5. The Founder of WLFI Meets with CZ in Abu Dhabi to Discuss the Global Expansion of Cryptocurrencies link

WLFI stated that its founders, Zach Witkoff, Zak Folkman, and WatcherChase, met with Changpeng Zhao (CZ), the founder of Binance, in Abu Dhabi to discuss topics such as promoting the global popularity of cryptocurrencies and setting new standards. CZ previously posted that he met with Zach Witkoff and Bilal Bin Saqib that day, and expected that traditional media might fabricate negative reports about this, but emphasized that he would continue to focus on construction.

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6. Metaplanet Announces That It Will Issue 3.6 Billion Japanese Yen in Zero-Coupon Ordinary Bonds to Increase Its Bitcoin Holdings link

Metaplanet Inc. has announced its decision to issue the 12th — series of ordinary bonds worth a total of 3.6 billion Japanese yen (approximately $24.71 million) to EVO FUND. The funds will be used to purchase Bitcoin. These bonds are interest — free and will be redeemed at face value upon maturity, which is scheduled for October 31, 2025. The redemption funds will mainly come from the proceeds from the exercise of the company’s 15th — 17th series of stock subscription rights.

In addition, Metaplanet has established a US subsidiary in Florida with a registered capital of $250 million. The subsidiary will focus on the operation of Bitcoin — related funds.

7. Ant Digital Technology Launches the Jovay Layer 2 Blockchain and the DTVM Stack Smart Contract Platform link

Ant Financial Services Group held the first RWA REAL UP Summit in Dubai on April 30, 2025, and launched the Jovay Layer 2 blockchain to enhance the financing infrastructure for real — world assets (RWA). Ant Financial also introduced the DTVM Stack smart contract platform, which is driven by a large — language model, open — sourced, and supports the Ethereum — compatible ecosystem. The company stated that Hong Kong and Dubai, serving as the international headquarters and the Middle — East hub respectively, will jointly promote the application of AI and blockchain technologies in fields such as finance and green energy, including transforming green — energy facilities such as solar — energy assets into tradable assets on the blockchain.

8. KuCoin Plans to Return to the South Korean Market and Is Pushing Forward with the Compliance Process link

The cryptocurrency exchange KuCoin is planning to re — enter the South Korean market. BC Wong, the CEO of KuCoin, said that the platform will consider re — entering South Korea after achieving compliance in major markets such as the United States, the European Union, China, and India. Currently, KuCoin has started communicating with South Korean regulators. Previously, the Financial Services Commission (FSC) of South Korea released a list of 22 unregistered exchanges, including KuCoin, MEXC, Phemex, etc. These related platforms face access restrictions in South Korea.

9. Cai Wensheng Spends HK$650 Million to Buy a Whole Commercial Building in Tin Hau and Will Build an AI-Web3 Entrepreneurship Center link

Cai Wensheng, the founder of Meitu, has purchased the entire commercial building in Tin Hau, Hong Kong, for approximately HK$650 million, as reported by the Hong Kong Commercial Daily. The property is the Ginza — style commercial building “PARK AURA” on Tin Hau Road, which was completed in 2020 and has 25 floors. Cai Wensheng stated in a social media post that he plans to transform the building into an AI — Web3 startup center. AI — themed cafes (similar to the Garage Coffee model) will be set up on the first and second floors, with supporting AI technology lecture spaces. Some floors will be set up as AI — Space shared office areas, which will be free for Hong Kong entrepreneurs to apply for and use. The remaining floors are planned to be studios in the fields of AI and Web3.

10. Singapore Gulf Bank (SGB) Launches SGB Net link

Singapore Gulf Bank (SGB), a fully — licensed digital bank, has launched SGB Net, a real — time multi — currency clearing network designed to support the growing operational needs of digital — asset participants. The platform enables free transfers around the clock, without relying on SWIFT or being restricted by traditional bank operating hours. SGB Net is attracting all participants in the global digital economy, including cryptocurrency exchanges, stablecoin issuers, market makers, over — the — counter trading platforms, and prime brokers.

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