Asia’s weekly TOP10 crypto news: Japanese Banks to Issue Stablecoin, HK Regulated Stablecoin Coming Mid-year, Investors Evade Controls via Stablecoins and Top10 News

1. Japan to Bring Crypto Transactions Under Financial Instruments Exchange Law Framework link Japan is advancing efforts to shift the regulation of cryptocurrency transactions from the Payment Services Act to the Financial Instruments and Exchange Act, reclassifying cryptocurrencies as financial instruments under the same regulatory framework as stocks and bonds. According to documents from the House of Councillors of Japan, the relevant amendment bill was passed by the Committee on Financial Affairs of the House of Representatives on June 10 and still needs to go through subsequent parliamentary procedures. It plans to change the taxation on cryptocurrency income from a maximum comprehensive tax rate of 55% to a 20% capital gains tax rate and reserve institutional room for the launch of cryptocurrency ETFs. 2. Japan’s Three Megabanks to Jointly Launch Yen Stablecoin in FY2026 link MUFG Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank plan to jointly issue fiat-backed stablecoins in the 2026 fiscal year. The three banks will set up a dedicated consultation body to study operational models and practical application plans. They have been conducting pilot tests for joint stablecoin issuance with Japan’s Financial Services Agency since November 2025, and will advance commercial rollout in line with regulatory requirements and market developments. 3. South Korea: Tokenized Stocks May Be Taxed as Securities From H2 2026 link South Korea’s Ministry of Economy and Finance currently classifies tokenized stocks as securities rather than virtual assets. If the Financial Services Commission confirms their status as securities, taxes can be levied immediately under the existing Capital Markets Act, with implementation possible as early as the second half of this year. The Financial Services Commission plans to release guidelines on tokenized securities and revisions to subordinate regulations in July, and may issue an official ruling on the securities nature of tokenized stocks. The ministry stated that tokenized stocks issued anywhere worldwide will be subject to dividend income tax under current tax laws if their economic value and right structure are essentially securities, and overseas transactions on foreign platforms may also be taxed. The ministry and the National Tax Service are establishing information exchange mechanisms with overseas tax authorities including the US Internal Revenue Service to obtain transaction records from foreign platforms. 4. Hong Kong’s First Compliant Stablecoins to Launch by Mid-2026; Licenses to Be “Very Limited” link In a reply to the Legislative Council, the Hong Kong government stated that after the implementation of the Stablecoin Ordinance, the Hong Kong Monetary Authority received a total of 36 applications in the first phase and granted stablecoin issuer licences to two institutions in April this year. Based on the business plans of the two licensees, regulated stablecoins in Hong Kong are expected to launch as early as mid-year. The HKMA is conducting further communications with the remaining applicants. Licensing will continue to adopt stringent criteria, with assessments covering application scenarios, business sustainability, risk management capabilities and compliance performance. It also noted that the total number of licences will remain limited even if more are issued in the future. 5. Chinese Investors Use Stablecoins to Evade Capital Controls, Betting on SpaceX & Other US IPOs link Chinese investors are using stablecoins and offshore crypto platforms to bypass capital controls and purchase tokenized products that track the pre-IPO valuations of US tech companies such as SpaceX and OpenAI. Although OpenAI, Anthropic and other companies have previously stated that they do not recognize unauthorized tokenized contracts or secondary transfers, and that such products may not carry actual economic rights, some investors still hope to gain exposure to US tech IPOs and diversify their assets through these vehicles. Sponsored by FinTax 6. Malaysian Police Dismantle Crypto Investment Fraud Call Center Targeting Chinese Citizens link Police in Penang, Malaysia have busted a crypto investment scam call centre and arrested five foreign nationals. The gang is suspected of targeting Chinese citizens by running fraudulent schemes involving USDT investment and exchange services. The detainees include three men and two women aged between 24 and 46. Authorities seized mobile phones, computers, routers and other equipment. The case is under investigation on charges of fraud and criminal conspiracy. 7. Singapore’s Revised Single Family Office Framework Takes Effect June 15 link The Monetary Authority of Singapore (MAS) announced that the revised framework for Single Family Offices (SFOs) will take effect on June 15. The new rules streamline the setup process. Eligible SFOs will be granted collective licence exemptions automatically, only required to notify MAS of operations, open regulated bank accounts and declare assets under management annually. Existing SFOs based in Singapore will be given a one-year compliance transition period ending on June 15, 2027. 8. BSP Confirms Binance and BlockShoals Lack VASP Licenses in the Philippines link South Korean police are investigating local users of prediction market platform Polymarket on suspicion of illegal gambling. The Gangwon Provincial Police Agency has launched the probe commissioned by the National Police Agency, marking South Korea’s first investigation into domestic users of Polymarket. Under current South Korean laws, all betting on platforms other than Sports Toto operated by the Korea Sports Promotion Foundation is illegal. Relevant users may face a fine of up to 10 million won pursuant to Article 246 of the Criminal Act. Reports say Polymarket is currently accessible without IP circumvention, allowing South Korean users to place bets via USD stablecoins. Its prediction markets for South Korea’s local elections held on June 3 previously saw betting volume reaching tens of billions of won. 9. Metaplanet to Acquire Licensed Japanese Securities Firm Siiibo Securities link Japanese listed company Metaplanet announced that it will acquire 100% equity of Siiibo Securities, a licensed Type I securities firm in Japan, for 2.1 billion yen (approximately 13 million US dollars). The transaction is expected to be completed in July, and Siiibo Securities will be renamed Metaplanet Securities. Metaplanet stated that this acquisition is the first major merger and acquisition under its Bitcoin financial ecosystem strategy Project Nova. It will leverage the securities license and customer base to explore businesses including Bitcoin-linked bonds, digital securities, stablecoin payment services and digital asset custody. 10. HKMC Issues HK$12B Public Digital Bond, World’s Largest to Date link The Hong Kong Mortgage Corporation Limited announced its inaugural public offering of digital bonds totalling HK$12 billion, comprising three tranches: HK$6 billion two-year bonds, HK$2.5 billion five-year bonds and RMB 3 billion three-year bonds. The five-year Hong Kong dollar digital bond represents the longest tenor ever issued for Hong Kong dollar digital bonds, setting a new benchmark for the local bond market. This issuance is the world’s largest digital bond offering to date, making the corporation Hong Kong’s first public entity to issue digital bonds. The bonds will be created on a distributed ledger technology platform operated by the Central Moneymarkets Unit, which also serves as the settlement and clearing system for the digital bonds. Follow us Twitter: https://twitter.com/WuBlockchain Telegram: https://t.me/wublockchainenglishRead More