Asia's weekly TOP10 crypto news (June 30 to July 6)

Jul 06, 2025

1. Chairman of Kazakhstan’s National Bank: National Crypto — reserve to Be Established link

Timur Suleimenov, Governor of the National Bank of Kazakhstan, stated that Kazakhstan will establish a national crypto reserve, and the National Bank’s affiliated institutions are being studied to undertake its construction and management. The national crypto reserve will draw on international experience in sovereign fund management, emphasizing transparency in asset accounting and management, as well as the security and sustainability of reserves. Its sources may include confiscated crypto assets and cryptocurrencies mined by the state. Relevant mechanisms will be further formulated in conjunction with law enforcement agencies and state authorities.

2. Russian State — owned Giant Rostec Plans to Launch Ruble — backed Stablecoin RUBx link

Russian state-owned conglomerate Rostec plans to launch RUBx, a fiat stablecoin anchored to the Russian ruble on the Tron blockchain, this year. The company also intends to promote the digitization of the ruble through its RT-Pay payment platform.

RUBx will be pegged to the ruble at a 1:1 ratio, with its system integrated with bank accounts to support wallet functions, fund transfers, and smart contract interactions. The platform’s code will be publicly released and audited by CertiK.

3. Hong Kong Publishes OTC — related Consultation Documents link

The consultation document released by the Hong Kong Securities and Futures Commission (SFC) and the Treasury Bureau shows that whether it is a small — scale virtual currency transaction, withdrawal, or fiat — currency exchange, or a complex brokerage activity or large — scale transaction, a license must be applied for from the SFC. This means that over — the — counter (OTC) virtual asset trading platforms are brought under regulation, and the requirements are much stricter than those in last year’s consultation, which required OTC platforms to apply for licenses from the Customs. Specifically, the minimum paid — up share capital for trading service providers is HK $5 million, and that for custodians is HK $10 million. At the same time, two responsible persons approved by the SFC are required.

4. Singapore Fines Nine Banks Including Citibank $21 Million over World’s Largest $2.2 Billion Money — laundering Case link

The Monetary Authority of Singapore (MAS) has announced that it will impose a total fine of S$27.5 million (approximately US$21.5 million) on nine financial institutions, including UBS and Citi, due to anti — money — laundering compliance loopholes in a US$2.2 billion money — laundering case.

The case involves a Chinese gang known as the “Fujian Gang”, and some people have been convicted. Cash, luxury homes, luxury goods and cryptocurrencies have been seized. This case is the largest — scale money — laundering scandal in Singapore’s history.

5. Toncoin Cooperates with the UAE to Provide UAE “Golden Visas” for Eligible TON Token Stakers link

Toncoin’s official website has launched a webpage offering eligible TON token stakers the United Arab Emirates’ “Golden Visa” with a validity of 10 years. While the traditional Golden Visa requires real estate or time deposits of approximately $540,000 (non-refundable), the TON staking Visa requires staking TON worth about $100,000 (which can be unlocked after 3 years) plus a one-time fee of $35,000.

6. Abu Dhabi Stock Exchange (ADX) Announces Launch of First Blockchain — based Bond in MENA Region link

The Abu Dhabi Securities Exchange (ADX) has announced the launch of the first blockchain bond in the Middle East and North Africa (MENA) region. Issued by First Abu Dhabi Bank (FAB) via HSBC’s digital asset platform Orion, the bond supports blockchain — based registration and trading. It is planned to be made available to global institutional investors through channels such as Euroclear, Clearstream, and the Hong Kong Central Clearing System.

7. Malaysia Plans to Revise Crypto — exchange Rules, Accelerate Token Listing and Strengthen Supervision link

The Securities Commission of Malaysia (SC) has released a consultation paper proposing to allow eligible digital assets to be listed on exchanges without prior approval, while strengthening governance requirements for digital asset exchange (DAX) platforms and the segregation of client assets. The new rules will also raise the financial thresholds for platforms to enhance operational resilience and market confidence. In 2024, digital asset trading volume in Malaysia reached 13.9 billion ringgit (approximately $2.9 billion), a record high. The public consultation period runs from June 30 to August 11.

8. RMB — backed Stablecoins Spark Discussion link

When interviewed by China Business Network, Huang Yiping, Dean of the National School of Development at Peking University and a member of the People’s Bank of China’s Monetary Policy Committee, stated that virtual assets, digital assets, and traditional financial assets will coexist and integrate with each other for a long time, and digital assets represent a major trend. It is difficult to promote stablecoins domestically due to the incomplete liberalization of the capital account, but issuing stablecoins pegged to offshore RMB in Hong Kong is a possibility.

Xiao Feng, Chairman of HashKey Group, suggested considering the docking of RMB stablecoins with the central bank digital currency (CBDC) issued by the People’s Bank of China to form a two — tiered framework, allowing licensed stablecoin issuers to open CBDC accounts. This framework can combine the experience and technical achievements of the central bank in CBDC research and development with market forces. Moreover, making CBDC a wholesale — layer digital currency and allowing RMB stablecoins to play a role in retail and cross — border payments will greatly accelerate the internationalization process of the RMB.

JDcom and Ant Group, a subsidiary of Alibaba, are proposing that the People’s Bank of China approve the issuance of RMB — based stablecoins. Sources said that JD.com and Ant Group have suggested that China allow the launch of stablecoins pegged to offshore RMB in Hong Kong.

9. FTX Applies to Court for Restricted Processing Procedures in 49 Jurisdictions, Which May Affect Creditors’ Compensation Rights link

Sunil, the representative of FTX creditors, tweeted that FTX has applied to the court for approval to implement a new “restricted processing procedure” in 49 jurisdictions with distribution restrictions. FTX will seek legal advice: if distributions can be made to potential restricted jurisdictions, payouts will be made normally; otherwise, the restricted processing procedure will be initiated, and creditors will lose their distribution rights. These restricted jurisdictions account for about 5% of the total claims, among which Chinese claims account for 82% of the value.

10. BitMart Launches New Equity — type Airdrop Product PowerDrop link

BitMart officially launched a new equity-type airdrop product, PowerDrop, on Friday, featuring mechanisms such as zero threshold, tradable participation, and transparent lottery allocation. The first airdrop project is $RZR with a total value of $30,000, and eligibility verification will begin at 18:00 (UTC+8) on July 4.

Previously, BitMart had formally submitted an application for a virtual asset trading platform license through its entity Spread Technologies Hong Kong Limited on June 27. Currently, the Securities and Futures Commission has listed 10 platforms in the application queue, 11 licensed platforms, and a cumulative 15 applicants that have withdrawn or had their applications rejected (including resubmissions).

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