TLDR
- Russia plans non-cash-only crypto transactions under a bill due on July 1, 2026.
- Japan approved a bill to treat crypto assets as financial products and add insider trading rules.
- South Korea’s draft law sets licensing, reserve, and redemption rules for stablecoin issuers.
- Hong Kong allows RMB stablecoins with mainland approval, while HSBC targets an HKD launch in H2.
Asia crypto weekly tracked Russia’s move to block crypto cashouts as Japan, Korea, and Dubai tightened digital asset rules. Hong Kong also pushed ahead with stablecoin licensing and digital bond plans.
The week brought new rules for stablecoins, token issuance, and market conduct. It also showed how Asian and regional regulators want closer control over crypto activity.
Hong Kong keeps stablecoin licensing in focus
Hong Kong kept its stablecoin plan on track during the week. HKMA Deputy Chief Executive Chen Weimin said issuers choose currencies based on business needs. He said Hong Kong can allow RMB stablecoins with mainland approval.
Chen also said the first two licensed issuers will start with Hong Kong dollar stablecoins. He said there is “no specific timetable yet” for the next batch. Still, officials remain in contact with interested applicants.
Market reports said Futu Securities and OSL Group are strong candidates for the next batch. HSBC also said its HKD stablecoin could launch in the second half. The bank plans links with PayMe and the HSBC HK App for payments.
The mainland policy backdrop remains strict. A joint statement last November again treated stablecoins as virtual currencies in mainland China. That stance keeps mainland trading closed even as Hong Kong advances licensing.
Russia moves to block crypto cashouts
Russia took the hardest step among the week’s policy moves. The central bank said crypto trades should use non-cash methods only. It said no path will exist to turn Bitcoin into cash rubles.
First Deputy Governor Vladimir Chistyukhin linked the approach to capital control and anti-money laundering goals. The central bank and the Finance Ministry have pushed market legislation since last autumn. Lawmakers received the bill in March this year.
The measure is due to start on July 1, 2026. Firms that operate without a license may face tough penalties. Russia’s plan narrows access while still allowing limited regulated activity.
The proposal marks a clear line in Russia’s crypto policy. Authorities want digital asset transactions to stay inside traceable payment channels. That approach differs from markets building retail stablecoin and token frameworks.
Japan and Korea build broader legal frameworks
Japan moved its crypto rules toward securities-style oversight. On April 10, the Cabinet approved an amendment to the Financial Instruments and Exchange Act. The change treats crypto assets as financial products for the first time.
The bill would add insider trading limits and annual disclosure duties for issuers. Crypto had mostly sat under the Payment Services Act before now. The new path reflects the market’s growing investment use.
South Korea’s ruling party also proposed a Basic Digital Assets Act. The draft covers issuance, trading, custody, and supervision. It would regulate stablecoins and other value-pegged assets through licenses and reserve rules.
The draft also sets redemption duties and capital standards for issuers. It extends licensing and reporting rules to brokers, custodians, and advisers. A Digital Assets Committee would coordinate policy across the sector.
Japan and Korea are moving on different legal tracks. Still, both plans aim to put crypto under clearer market rules. That includes disclosure, conduct standards, and direct supervision of service providers.
Dubai and Thailand expand oversight of tokens and funding
Dubai’s VARA issued new token issuance guidance during the week. The rules sort offerings into three classes. Stablecoins and RWA tokens fall into the strictest class.
Issuers in that class must hold a full license. They also must meet reserve and redemption rules. Class 2 assets must use VARA-authorized intermediaries for distribution.
Thailand also proposed broader checks on crypto firms’ funding sources. The Thai SEC wants to review backers behind major shareholders. The plan covers direct and indirect funding paths, including share purchases.
The public comment period runs until April 22. The move aims to track hidden capital flows and money laundering risks. Dubai and Thailand both added tighter entry checks this week.
Hong Kong also pushed ahead in digital capital markets during the same period. The Hong Kong Mortgage Corporation is considering a digital bond sale of HK$10 billion to HK$12 billion. The bonds would use blockchain for issuance, trading, and settlement.
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