1. China Allows Offshore RWA Issuance of Domestic Assets, Regulatory Framework Released link
External debt-type RWAs are regulated by the National Development and Reform Commission; equity-type RWAs and asset securitization-type RWAs are regulated by the China Securities Regulatory Commission. Like traditional overseas financing businesses, overseas RWAs also involve the repatriation of funds raised overseas to China, which is regulated by the State Administration of Foreign Exchange. Other forms of RWAs are regulated by the China Securities Regulatory Commission in conjunction with relevant departments in accordance with their division of responsibilities. Analysts point out that conducting token issuance and financing on licensed exchanges in Hong Kong is more in line with China’s strategic objectives. At present, the Hong Kong Exchanges and Clearing Limited holds the exclusive right to operate the Hong Kong stock market, and licensed cryptocurrency exchanges should also be allowed to carry out token trading with equity as the underlying asset.
2. Butuo County in Sichuan, China Issues Ban on Cryptocurrency Mining Activities link
Recently, Butuo County, Liangshan Yi Autonomous Prefecture, Sichuan Province, China, issued the Circular on Prohibiting Virtual Currency Mining Activities, which clearly states that virtual currency “mining” activities are classified as outdated production technologies and equipment to be eliminated by the state, and related business activities are illegal financial activities, facing risks of loan suspension, power cutoff, network disconnection and credit damage, as well as legal liabilities. Relevant personnel will also be held accountable for violations of Party discipline, government discipline and legal discipline. Civil legal acts related to investing in virtual currencies and their derivatives are invalid, and losses arising therefrom shall be borne by the investors themselves. The circular requires that all forms of “mining” activities including Bitcoin and Ethereum mining be prohibited; township governments, as well as communications and power departments, shall strengthen inspection and supervision in accordance with the principles of territorial and industry-based management, and crack down on illegal “mining” activities.
3. HKMA Chief Eddie Yue: Strives to Issue First Batch of Licenses in March link
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated that a total of 36 institutions submitted applications for stablecoin licenses in the first round, and the HKMA is currently conducting ongoing evaluations of these applications, hoping to make a decision as soon as possible and strive to issue the first batch of licenses in March. Eddie Yue said that additional information has been requested from some applicants; as the submissions in the first round were mostly basic information required for licensing, follow-up questions need to be raised on a number of key elements after review and research, such as details of specific application scenarios, risk management measures, and the composition of the underlying reserve assets. He emphasized that the number of licenses to be issued in the first round will definitely be small, with the goal of prudence and soundness.
4. Vietnam Proposes 0.1% Tax on Crypto Asset Transactions, Exchange Minimum Capital Requirement at About $400 Million link
The draft released by the Ministry of Finance of Vietnam stipulates that individuals (regardless of residency status) transferring crypto assets through licensed service provider platforms may be subject to a personal income tax of 0.1% on the turnover of each transaction, a practice consistent with the current tax regime for securities trading. The draft specifies that crypto asset transfers and trading are exempt from value-added tax (VAT); income derived from crypto asset transfers by Vietnamese institutional investors will be subject to a 20% corporate income tax. In addition, the minimum registered capital requirement for establishing a digital asset exchange is 10 trillion Vietnamese dong (approximately USD 408 million), with the upper limit for foreign ownership set at 49%.
5. South Korea Delivers First Verdict in Violation Case of Crypto Asset User Protection Act, Mastermind Sentenced to 3 Years in Prison link
The first conviction for violating South Korea’s Virtual Asset User Protection Act was handed down. The Seoul Southern District Court sentenced the representative of a cryptocurrency operating company to three years in prison for price manipulation, imposed a fine of 500 million won (approximately 385,000 US dollars), and ordered the forfeiture of approximately 846 million won (approximately 650,000 US dollars). The court found that between July and October 2024, he used an automated trading program to inflate trading volume and repeatedly placed fake buy orders to manipulate prices, with improper gains from the case amounting to approximately 7.1 billion won (approximately 5.46 million US dollars). This case, the first one transferred by prosecutors through the “fast-track” financial regulatory channel, comes after the law took effect in July 2024.
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6. Moscow Exchange Plans to Launch Solana, Ripple and Tron Crypto Indices in 2026 link
The Moscow Exchange (MOEX) of Russia has stated that it plans to launch three crypto indices for Solana, Ripple, and Tron, along with their corresponding futures contracts, within 2026. These indices and futures will be cash-settled without physical delivery, consistent with the existing Bitcoin and Ethereum products, to comply with the regulatory requirements of the Central Bank of the Russian Federation. The contracts will adopt a monthly expiration mechanism and be accessible exclusively to professional investors. Additionally, the Moscow Exchange is evaluating the addition of perpetual futures for the Bitcoin and Ethereum indices.
7. RBI Proposes to Advance BRICS Digital Currency Interconnection, Plans Alliance Chain for Cross-Border Settlement Bridge link
As the rotating chair of BRICS, the Reserve Bank of India (RBI) has officially proposed establishing a “BRICS Digital Currency Interconnection” system, aiming to build a cross-border settlement network that bypasses the U.S. dollar and directly links the payment systems of BRICS countries through blockchain technology. The initiative is not about issuing a new “BRICS currency” but rather a practical interconnection platform/settlement bridge, likely based on a permissioned blockchain (consortium blockchain) architecture, where central banks of all member countries will jointly act as validating nodes to maintain a distributed ledger, thereby enhancing cross-border settlement efficiency and transparency while preserving sovereign control.
8. Japan’s Financial Giant SBI Holdings Partners with Startale to Launch Strium Network PoC, a Layer 1 Blockchain for Tokenized Stocks link
SBI Holdings, a major Japanese financial conglomerate, has announced a partnership with Startale Group to launch a proof of concept (PoC) for Strium Network, a Layer 1 blockchain tailored for tokenized equities. Positioned as the “foundational trading layer for Asia’s on-chain securities market,” Strium emphasizes 24/7 trading, fast cross-border settlement, and DeFi composability. The two parties previously announced a collaboration to develop a yen-backed stablecoin and a real-world asset (RWA) trading platform, with plans to launch a testnet in the near term. Startale Group is the core developer of Sony’s Layer 2 project Soneium and operates Astar Network, Japan’s leading public blockchain.
9. Nomura, Japan’s Largest Wealth Management Firm, Cuts Crypto Positions After Q3 Losses link
Hiroyuki Moriuchi, Chief Financial Officer of Nomura, Japan’s largest wealth management firm with approximately 153 trillion Japanese yen in client assets, stated that after its European crypto subsidiary Laser Digital incurred losses in the third quarter, the company has reduced its crypto positions and risk exposure. The company’s commitment to the digital asset business remains unchanged, with plans for medium and long-term expansion. Laser Digital has applied for a U.S. federal chartered bank license to provide a range of cryptocurrency custody and spot trading services to U.S. enterprises and residents.
10. EY Warns: Banks Must “Own Wallets” or Lose Customers, Smart Wallets May Replace Core Status of Bank Accounts link
EY, one of the Big Four accounting firms, warned in its latest report that with the rise of smart wallets, the status of traditional bank accounts as the primary customer touchpoint is declining. The report pointed out that if financial institutions fail to “own the wallet” — that is, seize this key customer entry point integrating identity verification, asset management and payment functions — they will face the risk of losing customer relationships and may eventually be reduced to mere back-end infrastructure providers.
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