Asia’s crypto market moved fast this week. Between June 16 and June 22, major governments and corporations unveiled ambitious plans and new policies. Each step pointed to broader acceptance and deeper strategy across the region.
South Korea presented a roadmap to allow spot crypto ETFs. The plan, led by the Financial Services Commission, aims for approval and launch in 2025. The government will also work on easing rules around on-chain stablecoins. This shift follows a campaign push by President Lee Jae-myung.
Thailand took a different approach. The Cabinet approved a five-year tax break for crypto capital gains. The exemption runs from 2025 through 2029. It applies only to trades through regulated local platforms. Officials hope that the move will boost investment and market activity.
Crypto holdings rise in Hong Kong banks
Hong Kong continued its push for leadership in digital finance. Financial Secretary Paul Chan highlighted the role of stablecoins in a recent essay. Local banks already hold billions in digital assets. A second policy paper on digital assets will come soon.
China signaled support for offshore renminbi stablecoins. Experts called for using Hong Kong’s position to develop them. These would allow cross-border payments without breaking capital control rules. A Morgan Stanley report confirmed the legal groundwork is already in place.
The People’s Court Daily suggested using offshore liquidation or permanent destruction for illegal crypto. Courts could hand over funds to approved third parties or destroy coins tied to crimes.
Russia faced compliance issues. Only 30% of miners have registered under the new laws. The Finance Ministry wants more miners to follow the rules. It may introduce stricter penalties to reach that goal.
Asia builds global leadership in the crypto sector
Meanwhile, Hong Kong firms explored new stablecoin projects. Animoca Brands partnered with Standard Chartered and HKBN to create an HKD-pegged coin. JD Technology plans to launch a similar coin for use in Hong Kong and Macau, starting in late 2025.
On the investment front, Metaplanet bought another 1,112 BTC. Its total holding now stands at 10,000 BTC. The firm used bond sales to fund the latest purchase. Bitcoin gains already exceed 260% for the year.
Retailer Mac-House also entered the space. It raised funds through share offerings and spent nearly $12 million on crypto. The company sees digital assets as part of its future growth path.
Each of these updates shows a strong regional focus on stablecoins, tax clarity, and institutional buying. Asia is no longer waiting. It is building the next phase of global crypto leadership.
