TLDR
- South Korea launched a 3 billion won tender for a crypto analysis and tax system.
- Thai crypto platforms froze over 10,000 accounts tied to suspected money laundering.
- Singapore recorded about S$182.2 million in crypto scam losses in 2025.
- Hong Kong may narrow its first stablecoin issuer batch from five candidates to three.
Asia’s crypto market is shifting fast. Hong Kong is nearing stablecoin licenses, while South Korea is building tax systems and Thailand is freezing suspicious accounts. China is tightening court action on crypto-linked foreign exchange cases, and Singapore is reporting rising scam losses. The region is moving toward stricter control at speed.
Hong Kong stablecoin talk leads the week
Hong Kong’s first stablecoin issuer licenses may be announced this month. Market sources said the first batch could be released as early as next week. Standard Chartered, HSBC, and OSL were named on a rumored shortlist. Earlier reports said about five institutions were under review, and the final batch may be reduced to three.
The Hong Kong Monetary Authority said it does not comment on market rumors. Reports also said regulators may give priority to banks in the first round. That would support reserve management and market confidence. No Chinese-funded institution was rumored to be included in the initial batch.
South Korea moves ahead with tax tracking
South Korea’s National Tax Service launched a tender for a “Comprehensive Virtual Asset Analysis System.” The budget is about 3 billion won. Design work is set to begin in April. A trial run is planned for November, and full launch is expected between November and December.
The government plans to begin taxing virtual asset income in January 2027. A 22 percent tax rate will apply to income above 2.5 million won. The agency said the system will use AI and machine learning to track unusual trading and share leads with relevant authorities.
In a separate case, a hardware wallet seed phrase was exposed in a news photo tied to the tax authority. Blockchain data later showed about 4 million PRTG tokens were moved. The transfer was estimated at about $4.8 million.
Thailand China and Singapore tighten controls
China’s Supreme People’s Court reported tougher action against money laundering and illegal foreign exchange through virtual currency. The report said courts handled 9,326 cyber crime cases involving 22,000 people over five years. That was 158.5 percent higher than the prior five-year period.
Thailand expanded its anti-money laundering campaign. Local crypto platforms froze more than 10,000 accounts linked to suspected illicit activity. The operation involved regulators, police, and banking bodies. In 2025, related agencies froze 47,692 similar accounts.
Singapore police said crypto scam losses reached about S$182.2 million in 2025. The main cases involved investment fraud and scams posing as officials. Victims were told to buy crypto and transfer it to wallets controlled by scammers.
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