Asia's weekly TOP10 crypto news (June 2 to June 8)

Jun 08, 2025

1. South Korea’s President Lee Jae-myung Promises to Advance Crypto ETFs and KRW Stablecoins link

South Korea has elected Lee Jae — myung, a cryptocurrency — friendly candidate, as the new president. He received 49.42% of the votes, and the voting rate reached 79.4%, the highest in 28 years. Lee has promised to promote the adoption of local spot cryptocurrency ETFs and establish a won — pegged stablecoin market to prevent domestic capital outflows. Lee will also complete the second — stage digital asset regulatory framework, with a focus on stablecoin regulation and exchange transparency. Meanwhile, he will reduce regulation in blockchain — designated zones to promote innovation.

2. Singapore MAS Clarifies Regulatory Scope: Focus on Payment and Capital Market Tokens link

The Monetary Authority of Singapore (MAS) has issued a new clarification stating that the primary tokens subject to regulation are so-called “digital payment tokens” and “tokens of capital market products” — i.e., payment-type tokens or equity-type tokens. Service providers for utility and governance tokens are not affected by the regulations and do not need to apply for a license.

MAS said it has contacted individuals or entities potentially impacted by the Digital Token Service Provider (DTSP) regime to clarify this policy stance and discuss their plans to wind down such activities in an orderly manner. MAS noted that based on current information, the number of such providers is very small.

3. Hong Kong Proposes Allowing Professional Investors Crypto Derivatives Trading link

The Securities and Futures Commission of Hong Kong (SFC) plans to open up virtual — asset derivatives trading to professional investors, aiming to enhance product diversity and strengthen risk control. Xu Zhengyu, the Secretary for Financial Services and the Treasury, said that this measure is an important step to enhance Hong Kong’s competitiveness in the global digital — asset market.

In the future, a second policy statement on virtual assets will be released, promoting the integration with traditional finance and enhancing the security and flexibility of the real economy. In addition, virtual assets will be included in eligible transactions to enjoy tax incentives, so as to attract international financial technology companies to set up operations in Hong Kong.

4. Reserve Bank of India Reiterates Unchanged Stance on Cryptocurrencies link

The Governor of the Reserve Bank of India (RBI), Malhotra, stated that the central bank’s stance on cryptocurrencies remains unchanged, and it still has concerns about their potential risks to financial stability and monetary policy. Although the Supreme Court recently ruled that “banning cryptocurrencies is not feasible” and asked the government to introduce a regulatory framework as soon as possible, the RBI emphasized that there has been no new progress so far, and the relevant issues are still under consideration by the government — appointed committee.

5. Japanese Government Establishes New “Intermediary Business” System for Crypto, Strengthening User Asset Protection link

The Japanese Senate passed an amendment to the Payment Services Act on June 6, establishing a new “crypto — asset intermediary business” system. It allows enterprises to engage in matching services without having to register as crypto — asset exchanges, aiming to lower the market access threshold and promote crypto — financial innovation.

The amendment also adds a “domestic retention order” clause, empowering the government to order platforms to retain part of users’ assets within Japan when necessary, so as to prevent the risk of asset out — flow caused by events similar to the bankruptcy of FTX. The new law is expected to come into force within one year from the date of publication.

6. UAE’s Securities and Commodities Authority (SCA) Launches Middle East’s First “Financial Influencer” License link

The Securities and Commodities Authority (SCA) of the United Arab Emirates has officially launched the Middle — East’s first “Finfluencer” license, aiming to regulate and supervise digital financial content. License holders can provide investment analysis and advice related to regulated products through digital or traditional media, and they must register with the SCA and comply with regulatory requirements. To encourage compliance, the SCA has announced that it will waive the registration, renewal, and legal consultation fees for the next three years.

7. Wang Yongli, Former Deputy Governor of Bank of China: Consider Offshore CNY Stablecoin in Hong Kong link

Wang Yongli, former Vice President of the Bank of China, published an article titled Profound Warnings from the Accelerated Development of US Dollar Stablecoins, in which he pointed out that the United States is safeguarding and supporting cryptocurrency mining, trading, and even designating cryptocurrencies as national strategic reserves through legislation. This includes endorsing the legal operation of US dollar stablecoins to enhance demand for US Treasury bonds and the international influence of the US dollar — a move with significant and far-reaching strategic implications.

Hong Kong is actively promoting the development of Web3.0, crypto assets, and Hong Kong dollar stablecoins, with mainland Chinese companies also actively participating. Wang proposed considering the launch of an offshore RMB stablecoin in Hong Kong, which could first be used for payment and clearing in overseas crypto asset transactions. This would serve as an exploration for the development of RMB stablecoins and even the digital yuan.

8. Salus Founder: Chinese Law Enforcement Has Cracked 3 Money Laundering Cases Using Hyperliquid Since March link

Web3 security firm Salus founder Mirror Tang tweeted that since March this year, Chinese law enforcement agencies have cracked three cases of cryptocurrency money laundering using HyperLiquid. The modus operandi involves exploiting HyperLiquid’s high-leverage liquidation mechanism to wash illegal proceeds by creating liquidation losses on HyperLiquid while simultaneously opening reverse positions on centralized exchanges to profit, thus completing fund whitening. This strategy bears a striking resemblance to the operational path of James Wynn.

9. Metaplanet Announces ~$5.4B Bitcoin-Dedicated Equity Financing Plan link

Japanese publicly traded company Metaplanet CEO Simon Gerovich announced via Twitter that Metaplanet has launched a ¥770.9 billion (approximately $5.4 billion) special equity financing round for Bitcoin. The company plans to issue 555 million shares through floating exercise price warrants, becoming the first Japanese firm to issue such warrants above market price. Metaplanet aims to hold 100,000 BTC by the end of 2026 and 210,000 BTC (1% of the global total supply) by the end of 2027.

Earlier, Metaplanet disclosed an additional purchase of 1,088 BTC at an average price of approximately ¥15,519,019 ($108,072) per coin, totaling ¥16.885 billion ($117 million). Following this acquisition, Metaplanet’s total Bitcoin holdings reached 8,888 BTC, with cumulative investments of ¥122.269 billion ($851 million).

10. Meitu CEO: Company’s Crypto Purchases Bring More Troubles Than Benefits link

Meitu CEO Wu Xinhong said in an interview with LatePost that investing in cryptocurrencies was indeed a good investment with high returns at that time, and he also voted in favor at the board — meeting. Meitu sold all its held cryptocurrencies by the end of last year, making a profit of 570 million yuan, and 80% of the profits were distributed to shareholders as dividends. However, if he could go back in time, he might prefer to use this money to find some good teams that can collaborate with the company’s business. This successful investment has brought more troubles. Sometimes, when the company’s performance has obviously improved, the stock price will immediately fall due to the sharp decline in Bitcoin prices. But when Bitcoin prices rise, Meitu’s stock price does not rise accordingly.

Wu Blockchain

Discussion about this post