Asia's weekly TOP10 crypto news (May 26 to June 1)

Jun 01, 2025

1. Hong Kong’s Stablecoin Ordinance Becomes Law link

The Hong Kong Special Administrative Region Government published the “Stablecoin Ordinance” in the Gazette today (May 30th), marking that the ordinance has officially become law and is expected to take effect within this year. According to the ordinance, only licensed institutions are allowed to sell legal — tender — pegged stablecoins in Hong Kong, and retail investors are permitted to purchase them. The Hong Kong Monetary Authority (HKMA) reminds that the ordinance has not yet taken effect, and no stablecoin issuer licenses have been issued at present. The public should be vigilant against the risks of false propaganda and fraud.

2. Pakistan Government to Establish Strategic Bitcoin Reserve link

During the Bitcoin Conference in 2025, Bilal Bin Saqib, the Special Assistant to the Prime Minister of Pakistan on Blockchain and Cryptocurrencies, announced that the Pakistani government would establish a strategic Bitcoin reserve. He stated that the plan was inspired by the United States’ move to establish a Bitcoin reserve. Earlier this year, US President Donald Trump signed an executive order to promote the establishment of a US Bitcoin strategic reserve.

In addition, the Pakistani Ministry of Finance announced that it would allocate 2,000 megawatts of surplus electricity specifically to support the construction of Bitcoin mining and artificial — intelligence centers, as part of the national digital transformation strategy. The government has announced relevant tax exemptions and policy incentives to attract many foreign delegations, including Bitcoin mining enterprises, to visit. In the next stage, Pakistan plans to introduce renewable energy.

3. Thailand SEC to Block Bybit, 1000X, CoinEx, OKX and XT Platforms in June link

The Thai Securities and Exchange Commission (SEC) has announced it will block cryptocurrency exchanges Bybit, 1000X, CoinEx, OKX, and XT on June 28, 2025, and file legal charges against them for operating as unlicensed digital asset business operators.

According to the SEC’s official statement, the move is based on the Royal Decree on Measures to Prevent and Suppress Technology-Related Crimes (№2) 2025, as these platforms are suspected of violating the Royal Decree on Digital Asset Business 2018 by operating without proper licenses. The case has been referred to the Economic Crime Suppression Bureau for further action. The blockades will be implemented by the Ministry of Digital Economy and Society to protect investors and curb potential money laundering through unregulated platforms.

4. Thailand Plans to Allow Tourists to Use Cryptocurrencies for Consumption link

Thailand’s Minister of Finance, Pichai Chunhavajira, stated that in some countries, cryptocurrencies can be used to pay for goods or connected to credit card systems, with credit card companies completing conversions on exchanges and sellers receiving local currency. However, this practice is not yet permitted in Thailand. In the future, there may be considerations to tie cryptocurrencies to certain services, but this will be done within a strict regulatory framework. The Ministry of Finance has already commenced consultations with the Bank of Thailand (BOT) and plans to launch pilot projects first. The first pilot project will allow tourists to link digital assets to credit cards for spending within Thailand.

5. Vietnamese Police Bust Large — scale Virtual Currency Scam, Involving about $390 Million link

Vietnamese police have busted a major online fraud case, in which a virtual — currency trading platform named “MTC — Matrix Chain” was set up to deceive investors. The case involves an amount of nearly 1 trillion Vietnamese dong (about $390 million), luring more than 138,000 accounts to participate. Five main culprits have been arrested.

The gang attracted money through false propaganda, high — return promises, and multi — level pyramid — selling, and illegally profited by manipulating the token price. Part of the defrauded funds was used to purchase real estate. At present, the case is still under further investigation.

6. Philippine Overseas Chinese Leader Guo Congyuan Kidnapped and Killed, Ransom Transferred via USDT and HuionePay link

According to a report by Sanlian Lifeweek, Guo Congyuan, a prominent overseas Chinese leader in the Philippines, was kidnapped and murdered, and his family paid a ransom of over 26 million yuan. The main transfer process of the ransom was as follows: First, the ransom was paid in Philippine pesos to the e — wallet accounts of two casino intermediary companies, 9 Dynasty Group and White Horse Club. Then, part of it was exchanged into US dollars, and then into USDT. Most of the amount was cashed out through the account of Huione Pay, a financial platform located in Cambodia. The masterminds of the case are all Chinese nationals, and Gong Wenli has been arrested.

7. Kazakhstan Announces Plan to Launch “CryptoCity” Pilot Zone to Support Cryptocurrency Trading link

Kazakhstan’s President Kassym — Jomart Tokayev has announced the launch of a “CryptoCity” pilot zone in the Alatau region. It will allow the use of cryptocurrencies to pay for goods, services, and even real — estate investments, with the aim of establishing a digital asset regulatory sandbox.

Zhaslan Madiyev, the Minister of Digital Development, said that the government is collaborating with regulatory authorities to determine the optimal location. Alatau was chosen as the top — priority due to its status as an innovative technology park and a scientific research center. Previously, Kazakhstan launched a central bank digital currency pilot in 2024, which significantly shortened the value — added tax refund time.

8. FT: India’s Cryptocurrency Industry Actively Lobbies Government for Tax Cuts link

According to the Financial Times (FT), India’s cryptocurrency industry is actively lobbying the government to reduce the 30% capital gains tax and 1% transaction tax imposed since 2022. These high taxes have caused over 90% of Indian crypto transactions to shift overseas. With Trump’s return to the White House and his support for digital currencies, the Indian government’s stance on crypto assets has softened, and the frequency of meetings between the industry and policymakers has increased from semi-annual to monthly or even weekly. Accounting firm Grant Thornton estimates that India’s crypto market will grow to over $15 billion by 2035 (currently around $2.5 billion).

9. Russia’s Central Bank Plans to Allow Eligible Investors to Trade Cryptocurrency Derivatives link

The Central Bank of Russia has announced that it will allow financial institutions to provide trading services for cryptocurrency — related derivatives, securities, and digital financial assets to qualified investors. These products must adopt a non — delivery method, that is, they cannot be settled with actual cryptocurrencies.

The Central Bank of Russia requires financial institutions to adopt a cautious risk — management approach, fully cover relevant capital, and implement personal exposure limits. The central bank plans to formulate formal regulations within the next year to better manage the risks associated with cryptocurrency price fluctuations. In addition, the Russian government is considering a new proposal to establish a restricted test mechanism, which will only allow specific investor groups to trade cryptocurrencies in a strictly regulated environment.

10. South Korea’s Mirae Asset Securities Considers Spinning off Its Cryptocurrency Unit into an Independent Entity link

Mirae Asset Securities of South Korea is considering establishing an independent legal — person company specifically responsible for virtual asset business. Mirae Asset Securities is discussing the spin — off of the “Digital Asset Solution Team” within the company to operate as an independent organization separated from the securities business. The team was initially established as the “Digital Asset TF” to explore the group’s future business and was expanded into the “Digital Asset Solution Team” last year.

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