Asia's weekly TOP10 crypto news (May 12 to May 18)

May 18, 2025

1. Thailand Plans to Issue 5-Billion-Baht G-Token Digital Investment Tokens for Fundraising and Market Testing link

The Thai Ministry of Finance plans to issue digital investment tokens named G — Token worth 5 billion Thai baht (approximately $150 million) within two months to raise funds for the current budget borrowing plan. However, this token is not a debt instrument. The issuance aims to test market demand and comply with the relevant regulations of the Bank of Thailand. It is currently unclear whether the G — Token is related to the stablecoin proposed by former Prime Minister Thaksin Shinawatra in January 2025, which is supported by government bonds.

2. China’s Crackdown on Overseas Income Tax Collection Has Lasted for One Year link

Caixin reported that recently, many individuals engaged in U.S. stock trading have received reminders from local tax authorities to self-examine whether they have offshore income and take the initiative to declare and pay taxes. Most of the clients required to file declarations hold funds exceeding one million U.S. dollars. Local tax authorities’ campaign to recover taxes on offshore income has lasted for one year, with the main focus on recovering investment income from overseas, such as interest and dividends. In most cases, the income being pursued covers the period from 2022 to 2024, and no cases have been seen where the recovery period exceeds five years.

Zhong Lun Law Firm stated in a publication that the following common investment gains obtained through offshore financial accounts are all within the scope of taxable income, including: interest from offshore account funds; dividends from stock investments in offshore accounts; capital gains from buying and selling stocks (including U.S. and Hong Kong stocks, etc.) in offshore accounts (i.e., stock trading profits); gains from buying and selling virtual currencies; and returns from investing in wealth management products, among others. For the income from the above investment types, the applicable tax rate is 20%. High-net-worth individuals may consider using family trusts and other means to place offshore assets under family trusts, avoiding direct ownership of assets, and thus achieving the goal of tax planning.

3. South Korea to Implement Crypto Exchange System Failure Compensation Mechanism from July link

According to SBS Biz, the Digital Asset Exchange Alliance (DAXA) of South Korea has released the “Model Guidelines for the Operation of Electronic Systems and User Protection for Virtual Asset Operators”, which will come into effect in July this year. These guidelines clearly define, for the first time, the liability of exchanges for compensation in the event of system failures, and strengthen requirements for service continuity, internal control, and information security, aiming to enhance the level of user protection and market trust.

4. Malaysia’s TNB: Illegal Crypto Mining Causes Electricity Theft to Surge Fourfold, Losses Exceed 3.4 Billion Malaysian Ringgit link

According to the disclosure of Tenaga Nasional Berhad (TNB), the national energy company of Malaysia, there were 2,397 cases of electricity theft caused by illegal cryptocurrency mining in 2023, nearly a four — fold increase compared to 2018, with a cumulative loss of over 3.4 billion ringgit (approximately $720 million). TNB pointed out that most of these illegal mining sites are located in residential or commercial buildings, where high — power mining equipment is operated by stealing electricity through tampering with electric meters, causing a serious burden on the national power grid and triggering risks of voltage instability and fire.

5. Japanese Listed Company MetaPlanet Announces Additional Purchase of 1,241 Bitcoins link

Japanese — listed company MetaPlanet has announced that it has made an additional purchase of 1,241 bitcoins at an average price of 14,848,061 yen ( approximately $101,800) per bitcoin, costing a total of 18.426 billion yen ( approximately $126 million). After this purchase, the company’s total bitcoin holdings have increased to 6,796, with an average holding cost of 13,270,989 yen ( approximately $91,013) per bitcoin and a total value of approximately 90.19 billion yen ( approximately $619 million).

6. Japanese Listed Company Hokuren (North Japan Spinning) to Launch Cryptocurrency Business link

Kitanihon Spinning, a listed company on the Tokyo Stock Exchange, has announced that it will launch businesses related to crypto — assets and RWA (Real World Assets). The plan will be submitted for consideration at the shareholders’ meeting in June. The company intends to hold bitcoins, participate in the construction of renewable — energy mining equipment, consider issuing tokens for product payments and plastic — recycling businesses, and also develop Web3 wallets. The new businesses will be overseen by the Crypto — Asset Management Department to be established in July.

7. Japanese Listed Company Beat Holdings Raises Bitcoin ETF Investment Limit to $34 Million link

Japanese — listed company Beat Holdings has increased the upper limit of its bitcoin — related investments from $6.8 million to $34 million. The company has purchased 131,230 shares of BlackRock’s iShares Bitcoin Trust (IBIT) at an average price of $49.49 per share. As of May 9, the unrealized gain on its holdings has exceeded $681,000. To support further investments, Beat Holdings has drawn $2.8 million from its revolving credit facility, with an estimated interest expense of approximately $150,000 within this year.

8. South Korean Actress Hwang Jung-eum Admits Embezzling 4.34 Billion KRW from Company to Invest in Cryptocurrencies link

South Korean actress Hwang Jung-eum has been indicted on charges of embezzling 4.34 billion won ($3.2 million) from her holding talent agency to invest in cryptocurrencies. The Jeju District Court held the first public trial on May 15. Her lawyer admitted the allegations, stating that the investments were made for the company’s development and that any profits would belong to the company. Hwang has partially repaid the losses by selling cryptocurrencies and planning to sell real estate, and the court has approved the continuation of the compensation process.

9. Li Lin’s Family Office Avenir Holds $691 Million Worth of IBIT link

Hong Kong-based Li Lin family office Avenir Group’s latest 13F filing reveals that as of March 31, it holds 14.7 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at $691 million. This represents a significant increase from the 11.3 million shares held as of December 31 last year. Avenir’s total portfolio of 26 positions is valued at $795 million, with IBIT comprising the majority. The group stated that this marks the third consecutive quarter of increasing its Bitcoin ETF holdings, reaffirming its leading position as the largest Asian holder (ranked fourth globally) and demonstrating its strong conviction in the long-term value of Bitcoin and crypto assets.

10. Shanghai Man Defrauded of Millions, Police Bust Virtual Currency Money Laundering Gang link

According to Guangming Net, Mr. Tang from Shanghai was scammed after clicking on a phishing link in a “cash — on — delivery express” text message and filling in his bank card information, with a cumulative loss of over one million yuan. The Pudong police promptly launched an investigation and identified a criminal gang that used “job recruitment” as a guise to register virtual currency wallets to assist in fraud and money laundering. From April 22nd to 23rd, the police arrested 11 suspects in Qingpu. The main culprits, surnamed Miao and Wang, have been detained, and 5 people have been subject to criminal coercive measures on suspicion of concealing and disguising the proceeds of crime. At present, part of the funds has been frozen, and the case is still under further investigation.

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