Asia's weekly TOP10 crypto news (Oct 20 to Oct 26)

Oct 26, 2025

1. SFC Officially Approves First Solana (SOL) Spot ETF link

The Securities and Futures Commission (SFC) of Hong Kong has officially approved the first Solana (SOL) spot ETF, issued by ChinaAMC (Hong Kong). It becomes the third approved cryptocurrency spot ETF following Bitcoin and Ethereum, and also the first such product in Asia. The ETF (ticker symbol: 03460) is expected to be listed on the Hong Kong Stock Exchange (HKEX) on October 27 with a management fee of 0.99%.

2. CZ: Kyrgyzstan to Issue National Stablecoin on BNB Chain link

CZ posted on the X platform disclosing some details of his visit to Kyrgyzstan, including: Kyrgyzstan will issue a national stablecoin on the BNB Chain and plans to launch a Central Bank Digital Currency (CBDC) for government payment scenarios. The country has also established a national cryptocurrency reserve, which includes BNB. Binance has promoted law enforcement training, collaborated with 10 local universities to set up Binance Academy, and fully localized the Binance App in the Kyrgyz language.

3. Russia’s Finance Ministry & Central Bank Agree to Legalize Cryptocurrency for Foreign Trade Payments link

Anton Siluanov, Russia’s Minister of Finance, announced on October 21 that the Ministry of Finance has reached an agreement with the Central Bank of the Russian Federation to promote the legal use of cryptocurrencies in foreign trade and formulate corresponding legislative regulations. Siluanov emphasized that crypto assets play an important role in cross-border payments and fund transfers, and will cooperate with financial regulatory authorities to strengthen supervision in the future. Earlier, the Foreign Exchange Industry Association estimated that the digital assets held by Russian citizens and enterprises have exceeded 2.5 trillion rubles.

4. Sanae Takaichi Elected Japanese Prime Minister; Previously Expressed Willingness to Accept Cryptocurrency Donations link

In the first round of voting in the prime minister nomination election of Japan’s House of Representatives, Sanae Takaichi, President of the Liberal Democratic Party, won and was elected Japan’s new prime minister. The Nikkei 225 Index continued to rise after her election. Sanae Takaichi holds an open yet cautious attitude towards cryptocurrencies. During her tenure as Minister of Internal Affairs and Communications (in 2019), she stated that the use of crypto assets for donations to political figures is permitted.

5. Shanghai Yangpu District People’s Procuratorate Recently Reports Fraud Case Disguised as Virtual Currency Investment link

Recently, the People’s Procuratorate of Yangpu District, Shanghai, announced a fraud case carried out in the name of virtual currency investment. In the case, the fraud gang disguised themselves as “virtual currency trading experts” through social platforms, lured victims to invest on fake virtual currency trading platforms, and caused the victims’ funds to “liquidate” through high-leverage operations. Investigations showed that the gang colluded with the involved platform and committed fraud by taking a commission based on the amount of the victims’ investment losses, with a huge amount of money involved. In March 2025, the procuratorate filed a public prosecution against 8 people including Peng XX on charges of fraud; from April to May of the same year, the court sentenced the defendants to fixed-term imprisonment ranging from one year to five years and imposed fines for the crime of fraud.

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6. Digital Identity Project World Faces Regulatory Investigation in Thailand link

World, a digital identity project formerly known as Worldcoin, is under regulatory investigation in Thailand. Thailand’s Securities and Exchange Commission (SEC) and Cyber Crime Investigation Bureau (CCIB) conducted a joint raid on its iris scanning locations, accusing it of engaging in unlicensed WLD token exchange services. The SEC stated that relevant suspects have been arrested and will undergo subsequent legal proceedings. World responded that it only distributes WLD tokens in jurisdictions where laws permit, with eligibility restricted by factors such as geography and age, and emphasized that the company is not responsible for the circulation of WLD on third-party platforms. Prior to this, World has faced regulatory scrutiny in Indonesia, Germany, Kenya, Brazil and other regions.

7. Monetary Authority of Singapore Launches Investigation into DW Capital Holdings, Family Office Linked to Chen Zhi of “Prince Group” link

The Monetary Authority of Singapore (MAS) has launched an investigation into DW Capital Holdings, a local family office associated with the “Prince Holding Group”. Founded in 2018 by Chen Zhi, the founder of the “Prince Holding Group”, the institution manages assets exceeding 60 million Singapore dollars and claims to be eligible for tax exemption under the MAS 13X Scheme. Its investments include 10 million Singapore dollars in auto financing, 30 million Singapore dollars in premium wine making, and 20 million Singapore dollars in yacht management, among others. Currently, MAS is examining whether it has committed any irregularities.

8. India’s Enforcement Directorate Freezes ~$270 Million in Crypto Assets Linked to OctaFX Fraud Case link

The Enforcement Directorate (ED) of India has recently frozen cryptocurrency assets related to the OctaFX fraud case, valued at approximately 23.85 billion rupees (around 270 million US dollars). With this, the total amount of assets seized and frozen in the OctaFX case has risen to 26.81 billion rupees.

Investigations show that OctaFX lured investors through an unauthorised foreign exchange trading platform, defrauding Indian investors of 18.75 billion rupees between July 2022 and April 2023, and transferred the funds via shell companies and cryptocurrency channels. The main suspect has been arrested in Spain.

9. Standard Chartered Hong Kong to Launch Virtual Asset ETF Trading Service in November link

Standard Chartered Hong Kong recently conducted a survey under the Hong Kong Monetary Authority’s “e-HKD+” project, finding that three-quarters of high-net-worth clients are interested in venturing into digital assets, and nearly 80% of respondents intend to participate in digital asset investment activities within the next 12 months.

He Man-chun, Head of Wealth Solutions at Standard Chartered Hong Kong, stated that amid rising client interest, the bank will launch a trading service for virtual asset ETFs in November, allowing clients to engage in emerging investments and expand their asset allocation through the Standard Chartered platform.

10. Study Times: Digital Currencies Gradually Become Important Strategic Tool for Geopolitical Competition link

The official WeChat account of Study Times published an article titled “The Wartime Military Functions of Digital Currency”. The article points out that as an important strategic tool for national total war, modern hybrid warfare, and digital financial warfare, digital currency is essentially a new form of traditional financial warfare spawned by the evolution of modern informatized and intelligent warfare patterns. It is reshaping the traditional models of cross-border capital flow and resource mobilization during wars and has gradually become a crucial strategic tool in geopolitical competition.

Three major military application models of digital currency have taken shape globally: “resource tokenization” by resource-rich countries (such as Venezuela’s Petro), “decentralized crowdfunding” by small and medium-sized countries, and “on-chain sanctions” by developed countries. The “Defense Blockchain Internal Testing Program” mentioned in the U.S. National Defense Authorization Act for Fiscal Year 2025 may become an important strategic tool for future “financial national defense”.

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