Asia’s weekly TOP10 crypto news: Japan Greenlights Crypto ETFs, Kazakhstan Boosts Digital Assets, India Maintains Anti-Crypto Stance and Top10 News

1. Japan Set to Unlock Crypto Asset ETFs via Legislative Reform link Satsuki Katayama, Japan’s Minister of Finance and Minister of State for Financial Services, said at the “OPEN QUICK 2026” seminar held by financial information service firm QUICK that Japan intends to move forward with discussions on lifting restrictions on exchange-traded funds (ETFs) with crypto assets as underlying assets. Katayama stated that as trading of crypto asset ETFs expands overseas, Japan should develop an environment where users and investors can trade with peace of mind. Separately, as relayed by Crypto Times, relevant prerequisites include progress on amendments to incorporate crypto assets into the regulatory framework of the Financial Instruments and Exchange Act. 2. BOK Governor: KRW Stablecoin Regime Should Be Rolled Out Quickly With Banks as Core Issuers link Bank of Korea Governor Shin Hyun-song told parliament on July 9 that South Korea should introduce a won stablecoin system as soon as possible and push forward legislation on the Digital Assets Basic Act. Shin Hyun-song said stablecoins and deposit tokens would maintain a “competitive and complementary relationship”. The Bank of Korea stated that legislation for the won stablecoin needs to include safeguards such as priority issuance by banking-led consortia and a statutory inter-agency policy body, while accounting for macroeconomic impacts including weakened monetary policy effectiveness and risks of foreign exchange regulation circumvention. 3. Temasek Still Rules Out Direct Cryptocurrency Investments for Now link Nagi Hamiyeh, Global Investment Head of Singapore sovereign wealth fund Temasek, stated that the firm still has no plans for direct cryptocurrency investments after writing down approximately $275 million from its FTX investment in 2022. “We hold no direct crypto investments,” he said, adding that crypto investments remain “off the table” due to regulatory uncertainty, yet Temasek will continue to monitor the real-economy applications of blockchain and related infrastructure. 4. Kazakhstan President Signs Decree to Accelerate Digital Asset & Stablecoin Market Growth link Kazakhstan’s President Kassym-Jomart Tokayev signed a decree to accelerate the development of the country’s digital asset market. According to an announcement from Kazakhstan’s Ministry of Artificial Intelligence and Digital Development (MAIDD), the new measures include establishing cross-border settlement mechanisms for digital assets and stablecoins, encouraging crypto activities to shift back to licensed local platforms, studying personal income tax incentives for compliant digital asset businesses, and permitting power generation from associated natural gas and oil-gas resources to support Bitcoin mining. In addition, the decree proposes developing tokenized financial products and national-level digital asset trading infrastructure to further advance Kazakhstan’s goal of becoming a global crypto hub. Kazakhstan’s Alatau City Bank has expanded Binance Pay crypto payment services to approximately 5,000 point-of-sale terminals. Consumers may scan QR codes at checkout to pay with crypto assets such as USDT, which the system instantly converts into Kazakhstani tenge. Merchants receive fiat currency equal to the billed amount and bear no direct risks from crypto price volatility. The service was first publicly demonstrated in April this year, rolled out in May, and reached its current scale within roughly two months. 5. Malaysia Cracks Down on Illegal Power Theft, Seizes Over 75,000 Crypto Mining Rigs link Malaysia’s Deputy Minister of Home Affairs Shamsul Anuar told parliament that between 2022 and May 2026, Malaysian authorities seized more than 75,000 cryptocurrency mining rigs and arrested 629 persons across over 3,000 nationwide raids. Jointly conducted by the Royal Malaysia Police, national power utility Tenaga Nasional Berhad and local authorities, the operations target illegal mining involving unauthorized power connections, meter tampering, power grid disruption and unlicensed operations. Shamsul Anuar stated that Malaysia permits the holding and trading of cryptocurrencies but does not recognize them as legal tender. Sponsored by FinTax 6. Russian State Duma Passes Bill on First Reading, Criminalizing Unauthorized Crypto Exchange Activities link Russia’s State Duma passed a government-sponsored bill in its first reading that introduces criminal liability for unlicensed cryptocurrency exchange operations. Under the bill, individuals or entities conducting crypto exchange services without official registration and permits face fines, compulsory labor or imprisonment of up to four years. Organized group offences or cases involving an especially large sum carry a maximum five-year jail term plus fines. The bill is set to take effect on July 1, 2027. Meanwhile, Russia’s proposed digital asset regulation law mandates that all crypto exchange activities be operated through licensed financial institutions in the future. 7. RBI Reiterates Preference for Crypto Ban as Core Policy Stance link The Reserve Bank of India reiterated in official government documents that its crypto policy may lean toward a ban, recommending a prohibition on banks and financial institutions holding, trading or maintaining exposure to crypto assets and privately issued stablecoins to curb risk spillover. India’s tax authorities warned that offshore exchanges and private wallet transactions hinder the identification of beneficial owners and tax recovery, while rupee-denominated peer-to-peer trades complicate tracking taxable income. As of the end of May, India had approximately 39 million crypto traders holding digital assets worth around $2.1 billion. 8. Shenzhen Police Dismantle Large Stock Scam Ring: 247 Suspects Arrested, RMB 24.08M Frozen link Longgang Branch of Shenzhen Public Security Bureau recently busted a massive telecom and online fraud gang specializing in stock recommendation lead generation operating in Bantian Subdistrict, Longgang. All 247 suspects were arrested at the scene, among whom 245 have been detained on criminal charges, and illicit funds worth 24.08 million yuan were frozen. The gang was led by 11 core members including Huang Youquan, with subdivided teams for calling, business development and stock recommendation across eight dens. Its modus operandi involved illegally obtaining stock investors’ personal data, cold-calling targets under the pretext of professional stock advice and steady profits, and luring victims into fake stock recommendation groups to defraud them. The case is under further investigation. 9. Japanese Crypto Lender CRYL Launches BTC-Backed Mortgage Loans; Users Retain Bitcoin Holdings link Japanese crypto lending firm CRYL has launched Bitcoin mortgage loan services. Users can obtain fiat loans ranging from 1 million to 1 billion yen (approximately $6,200 to $6.18 million) without selling their BTC, with annual interest rates between 3.5% and 7.0% and one-year renewable terms. Individuals in Japan may face an aggregate tax rate of up to roughly 55% on gains from crypto asset sales, so such collateralized financing allows holders to access liquidity without selling BTC and triggering taxable events. CRYL is a subsidiary of J-CAM, operator of BitLending, and holds a Tokyo Metropolitan lending business registration. 10. Second Instance Verdict for Student Crypto Pool-Drain Profit Case: Defendant Gets Probation After Confession link Lawyer Liu Yang disclosed new developments in the high-profile case involving a college student who launched a meme token project and drained liquidity for profit. The defendant was initially sentenced to four and a half years in prison with a fine of 30,000 yuan in the first instance, while defense counsel pleaded not guilty during the first trial. The college student voluntarily admitted guilt and accepted punishment during the second-instance hearing, and the appellate court ultimately granted probation and released him. Industry insiders noted that litigation strategies are critical in criminal cases involving virtual currencies. Lighter or mitigated penalties are common in judicial practice for defendants who admit guilt and accept punishment. Though pleading not guilty is a legal right of defense attorneys, practitioners must assess the completeness of evidence and potential sentencing risks. Follow us Twitter: https://twitter.com/WuBlockchain Telegram: https://t.me/wublockchainenglishRead More