Asia’s Top 10 Crypto News This Week (May 26 – June 1)
From Hong Kong’s stablecoin law to Vietnam’s $390M scam, here’s this week’s top 10 Asia crypto news stories you need to know.
- Hong Kong enacts new stablecoin regulation law
- Pakistan to create national Bitcoin reserve
- Vietnam uncovers a $390 million crypto scam
One of the biggest developments this week is Hong Kong officially passing its Stablecoin Ordinance, making it one of the first jurisdictions in Asia with a comprehensive regulatory framework for stablecoins. The law establishes clear licensing and compliance requirements, boosting investor confidence and strengthening the city’s role as a Web3 hub.
This regulation aims to encourage responsible innovation while ensuring financial stability. The law’s implementation marks a milestone for Asia’s evolving crypto landscape.
Pakistan to Create Bitcoin Reserve
In a surprising move, Pakistan has announced plans to establish a national Bitcoin reserve. The goal is to diversify its financial strategy and tap into the growing digital economy. The initiative will reportedly be managed through the country’s Special Investment Facilitation Council (SIFC).
Analysts see this as a major shift in Pakistan’s stance on digital assets, potentially opening doors to wider crypto adoption in the region.
Other Major Stories Across Asia
- Thailand’s SEC is set to block unlicensed exchanges, including Bybit. This crackdown aims to protect investors and enforce compliance.
- Vietnamese authorities busted a $390 million crypto investment scam involving over 150,000 victims. The scam lured users through flashy marketing promising high returns.
- In the Philippines, a ransomware case involving USDT (Tether) has brought stablecoin usage under legal scrutiny, especially in cybercrime investigations.
Additionally, South Korea and Japan continue pushing for international cooperation on crypto crime tracking, and India is reportedly considering setting up a crypto forensic unit.
These updates highlight the growing tension between adoption and regulation in Asia’s dynamic crypto scene.
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