Asia's weekly TOP10 crypto news (June 16 to June 22)

Jun 22, 2025

1. South Korea Submits Spot Crypto ETF Roadmap, Plans H2 2025 Launch link

The Financial Services Commission (FSC) of South Korea has submitted a roadmap for approving local spot crypto ETFs to the Presidential Policy Planning Committee, planning to formulate an implementation plan in the second half of 2025. This move is part of the campaign promise of the new President Lee Jae-myung, aiming to lift the ban on local issuance and trading of crypto ETFs. In addition, the roadmap also includes preparations to relax regulations on won-based stablecoins in the second half of 2025. Lee Jae-myung previously stated that a won stablecoin market should be established to prevent capital outflows.

2. Thailand’s Deputy Finance Minister Announces 5 — Year Crypto Capital Gains Tax Exemption link

The Thai Deputy Finance Minister Julapun Amornvivat tweeted that the Thai Cabinet has approved new tax measures proposed by the Ministry of Finance. According to the new policy, from January 1, 2025 to December 31, 2029, capital gains from digital asset transactions by individuals through platforms regulated by the Securities and Exchange Commission (SEC) of Thailand will be exempt from personal income tax. He said the key to this law is to enhance the vitality of Thailand’s cryptocurrency market, attract foreign investment to stimulate domestic consumption, and other forms of taxes such as value-added tax (VAT) may be introduced in the future. Thailand is considered one of the first countries in the world to formulate clear laws and tax measures to manage digital assets.

3. HK Financial Secretary: Explore Stablecoins for National Financial Development link

In his latest essay “Accelerating Progress and Sailing Steadily” published on June 15, Paul Chan Mo-po, Financial Secretary of Hong Kong, pointed out that the development of digital assets has also driven related businesses of financial institutions. For instance, the total transaction volume of digital assets and related products by local banks reached HK$17.2 billion last year, and the total value of digital assets held in custody by banks amounted to HK$5.1 billion by the end of last year.

In response to the latest developments and changing circumstances, we will soon issue the second policy declaration on the development of digital assets, elaborating on the next policy vision and direction. A series of specific measures include better integrating the advantages of traditional financial services with technological innovations in the digital asset sector, enhancing the security and flexibility of digital assets in real economic activities, and encouraging local and international enterprises to explore innovations and applications of digital asset technologies.

Hong Kong is advancing the development of stablecoins in a steady and prudent manner, providing a new paradigm for the global stablecoin market. This also demonstrates our role as both a firewall and a testing ground under the “One Country, Two Systems” principle, offering experience and references for the nation’s financial development.

4. NIFD President Li Yang: Leverage HK Advantages for Offshore CNY Stablecoins link

Li Yang, a member of the Chinese Academy of Social Sciences and President of the National Institute of Financial and Development, stated that the U.S. push for stablecoin legislation aims to strengthen the U.S. dollar’s status, promote payment modernization, and create new demand for U.S. Treasury bonds. Stablecoins are essentially an extension of the U.S. dollar on the blockchain. In the face of this trend, China should firmly advance the internationalization of the renminbi, conform to the integration trend of stablecoins and traditional finance, and promote the complementary development of renminbi stablecoins and the central bank digital currency (CBDC). Li Yang suggested making full use of Hong Kong’s advantages to develop offshore renminbi stablecoins and build controllable international payment channels.

A latest research report by Morgan Stanley pointed out that policies related to Hong Kong’s stablecoin bill essentially lay the first legal path for offshore renminbi stablecoins. Supported by Hong Kong’s deep offshore liquidity pool of approximately 1 trillion yuan, offshore renminbi stablecoins will validate practical use cases for cross-border settlements while avoiding violations of mainland capital controls or impacts on onshore financial stability. The development of renminbi stablecoins should be regarded as a potential component of cross-border renminbi settlement infrastructure, including renminbi swap agreements, the Cross-border Interbank Payment System (CIPS), and the global renminbi clearing service network.

5. People’s Court Daily: Virtual Currency Disposal May Adopt Offshore Liquidation & “Black Hole” Destruction link

The People’s Court Daily stated that virtual currencies have corresponding property attributes, which has basically formed a consensus in judicial practice. For cases requiring restitution of victims’ losses or confiscation, in order to balance the need to dispose of virtual currencies involved in cases with mainland regulatory policies, it can be explored to entrust qualified third-party institutions under the recordation and supervision of departments such as the People’s Bank of China and the State Administration of Foreign Exchange. In judicial jurisdictions where overseas virtual currency transactions are legal, such as Hong Kong, the virtual currencies can be converted into legal tender at market prices through compliant licensed trading platforms. For virtual currencies used in crimes and posing risks to national security or public interests, such as privacy coins, they can be sent to “black hole addresses” for destruction, permanently withdrawing them from circulation.

6. Russia’s Finance Ministry: Only 30% of Crypto Miners Registered with FTS link

Ivan Chebeskov, an official from the Russian Ministry of Finance, said that since the implementation of two crypto — mining — related bills from October to November 2024, only about 30% of Russian crypto — mining enterprises have registered with the Federal Tax Service, and 70% are still unregistered. Chebeskov emphasized that the overall goal of Russia’s mining regulatory policy is to get the industry out of the underground state as much as possible. This process has not been completed yet, and Russia will continue to promote more mining enterprises to complete registration. In addition, the Russian side is studying to increase the punishment for illegal crypto — mining.

7. Animoca Brands to Form JV with Standard Chartered, HKBN for HKD — Pegged Stablecoin link

Animoca Brands plans to establish a joint venture with Standard Chartered Bank and Hong Kong Telecom to prepare for the issuance of a Hong Kong dollar — pegged stablecoin. Eric Yau, President of Animoca Brands, said the stablecoin will be widely used in scenarios such as virtual asset transactions within gaming ecosystems, cross — border trade, and financial settlements, which helps mainland asset transactions go international. Animoca Brands hopes to collaborate with mainland institutions in blockchain applications.

8. JD Coin — Chain CEO: JD Global Sales HK/Macau to Support Stablecoin Settlement link

Liu Peng, CEO of JD Coin Chain Technology (a subsidiary of JD Technology), said in a recent interview with Bloomberg that the company is testing compliant stablecoins pegged to the Hong Kong dollar and other currencies within the Hong Kong Monetary Authority’s “sandbox”. The stablecoins are planned to launch as early as the fourth quarter of this year, first applied to settlement scenarios for JD’s global sales in Hong Kong and Macau. Liu Peng noted that JD’s stablecoins will focus on the traditional cross-border trade market, leveraging advantages in compliance, security, and auditability to connect real payment demands in regions like Asia-Pacific, the Middle East, and Africa — instead of competing in native Crypto scenarios.

At a Tuesday sharing session, Liu Qiangdong, Chairman of JD Group’s Board of Directors, said JD aims to apply for stablecoin licenses in all major currency countries globally. Through these licenses, JD intends to enable global corporate currency exchange, reducing cross-border payment costs by 90% and accelerating transaction efficiency to within 10 seconds. “Currently, inter-enterprise remittances take an average of 2 to 4 days and incur high costs,” Liu said. “After completing B2B payments, we will expand into C2C payments, hoping that one day JD stablecoins can be used for global consumer payments.”

9. Metaplanet Adds 1,112 BTC, Total Holdings Reach 10K link

Simon Gerovich, CEO of Japanese — listed company Metaplanet, announced that the company newly purchased 1,112 BTC at a unit price of about $105,435, with a total investment of $117.2 million. The company’s total BTC holding has reached 10,000, with a total cost of about $947 million and an average price of $94,697. Since the beginning of 2025, the yield of its BTC has reached 266.1%.

In addition, at the board of directors meeting held on June 16, 2025, the company resolved to issue $210 — million — worth of zero — coupon ordinary bonds to the EVO fund, and the funds raised are planned to be used to purchase bitcoins.

10. Japanese Retailer Mac House Buys ~$11.78M in Bitcoin and Crypto link

Japanese apparel chain Mac-House announced the completion of a third-party directed issuance of new share subscription rights financing, totaling 2.391 billion yen, exceeding the original plan of 1.476 billion yen. The company has decided to use up to 1.715 billion yen (approximately $11.78 million) of the funds to purchase crypto assets such as Bitcoin.

Previously, Mac-House had listed finance, investment, and M&A as part of its new growth strategy and launched investments in crypto assets starting from June 12. The issuer of this offering, EVO FUND, is also the joint financing party of Metaplanet (which holds 10,000 BTC) and Remixpoint (which holds 1,000 BTC).

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