Asia Express | Crypto

Binance’s bStocks are the second largest tokenized stock issuer just two months after launch, and BitMart’s internal feud erupts into the spotlight ahead of its closure BitMart’s official Chinese-language X account has publicly demanded that founder Sheldon Xia explain the whereabouts of user funds and produce a repayment plan. It said some users were unable to withdraw funds and some employees have not received their final salary or compensation and threatened Xia that if he does not provide a verifiable asset disclosure and repayment plan by the deadline, it would continue to submit evidence to regulators, law enforcement, lawyers and the media. Xia called the claims in the post “fabricated rumors” and promised a counter-attack. Read more

The Bitcoin Red Team has been forced to rely on open source Chinese AI, after OpenAI restricted access. Thailand sets crypto tax to 0% in bid to become crypto hub. THAILAND For the next few years crypto investors in Thailand won’t have to pay any capital gains taxes on sales made via platforms licensed by Thailand’s Securities and Exchange Commission. The exemption is for five years and covers the period of January 1 2025, through to December 31 2029. The scheme aims to boost Thailand’s attractiveness as a regional crypto hub, and it’s already home to a growing community of crypto digital nomads However trades on unlicensed or overseas exchanges will still face standard personal tax rates as high as 38%. The exemption aligns the tax treatment of crypto with capital gains from traditional securities in the country. Thailand previously waved 7% value added tax on crypto gains in early 2024. Read more

Fake romance crypto investment scams net $9 million in a single week in Hong Kong, as Malaysian authorities lose it over a crypto conference’s after-party. HONG KONG An insurance agent in Hong Kong was fleeced out of $3.3 million after her fake online boyfriend convinced her to invest in a fraudulent crypto application. There were 25 similar romance-linked fraud cases reported to Hong Kong police between July 24 and July 30, which collectively defrauded lonely hearts of $9 million. Scammers typically connect with victims through dating or messaging apps and sometimes spend months building a rapport before dropping the idea of investing in crypto. They direct victims to a site that appears to be a legitimate trading application. It displays fake profits to encourage victims to invest more and more funds. Victims typically realize they have been scammed when they are unable to withdraw funds. Hong Kong news in brief — Hong Kong-licensed cryptocurrency exchange HashKey Exchange received approval from JPMorgan Ch...

Binance has been phishing its own staff to get ahead of potential attacks. South Korean crypto volumes tank 89% — plus all of the week’s other crypto news from Asia. Cryptocurrency exchange Binance has been running simulated phishing attacks against its own employees for the past four years and can fire staff who repeatedly fail the tests, according to Binance chief security officer Jimmy Su. The fake attacks are conducted by Binance’s red team, an internal ethical hacking unit whose job is to break into systems to identify vulnerabilities. “We do phishing attacks on our own employees on a monthly basis just so we understand if our security hygiene is improving,” Su told Cointelegraph. “The ones that have failed it, we will do remediation training.”  Read more

Retail users in Vietnam who trade on offshore crypto exchanges like Binance or OKX face heavy penalties. Network School controversy in Malaysia over Israeli citizen ban. Vietnam will fine retail crypto users up to $1900 if they trade on unlicensed overseas platforms such as Binance, OKX and Bybit, instead of on licensed local exchanges. There’s just one problem: Vietnam’s Finance Ministry has yet to issue any exchange licenses for its regulated digital asset market which is due to start on September 1. Five exchanges have been approved in principle however. Domestic investors who trade crypto that’s been designated exclusively for foreign investors can be fined up to $3800. Crypto companies providing or advertising services without a license, those who fail to properly ID customers, or unlawfully deal with crypto account data, can be fined up to $7600. Balaji Srinivasan’s utopian Network School in Forest City, Malaysia is under fire over allegations it has been hosting Israeli citizens using second passports....

Bitcoin backed mortgages and stablecoin yield are hot topics in Japan right now, as Hyundai experiments with Avalanche for global stablecoin transfers. Asia Express A crypto wallet linked to a suspected romance-scam money launderer processed more than $122.5 million in 10 months, according to Interpol. Interpol said that Thai authorities arrested two suspects and uncovered a money-laundering network that funneled proceeds from romance scams into cryptocurrencies, using cross-chain token swaps to obscure the trail. The investigation was part of Operation First Light 2026, an Interpol-coordinated campaign targeting social engineering scams and the financial infrastructure used to launder their proceeds. Read more

Japan's SBI Crypto shuts down 12th largest Bitcoin mining pool in the world, Russia gears up to launch digital ruble despite EU sanctions, and more: Asia Express. The Indian central bank reportedly urged lawmakers to keep banks insulated from crypto and private stablecoins while preserving room for regulated tokenization. According to a report by The Economic Times, RBI Deputy Governor Rohit Jain and Executive Director P. Vasudevan presented the central bank’s position to the Parliamentary Standing Committee on Finance on Thursday. In a background note submitted to the panel, the RBI reportedly said prohibition remained a recognized policy option and recommended preventing the use of crypto in payments and settlements while restricting banking-sector exposure. Read more

Hyperliquid follows Bybit onto Singapore's "naughty" list, Indonesia's new scheme to certify social media influencers promoting crypto: Asia Express. The Monetary Authority of Singapore (MAS), the city-state's central bank and financial regulator, has added decentralized perpetuals exchange Hyperliquid to its Investor Alert List. The entry, added on Friday, includes the Hyper Foundation website and the Hyperliquid trading app. The Investor Alert List is a consumer protection measure that identifies entities that may be wrongly perceived as licensed or regulated by MAS. Inclusion on the list does not constitute a ban or enforcement action. Read more

50,000 crypto investors fight back against a new crypto tax in South Korea, and a funeral service company loses $33M on Bitmine. Asia Express

Crypto scammers face the death sentence in Myanmar. Australia’s new crypto taxes may push startups and investors to Asian hubs: Asia Express.

Kraken spends $600 million to acquire a stablecoin card issuer. Hun To admits to owning 30% of Huione Pay but denies operational role. Asia Express.

What crypto hacks? North Korea denies “unfounded” allegations. Upbit’s official bank partner to trial remittances with Ripple. Asia Express.

Neo founder proposes giving back 50M tokens, more than 50 crypto projects warned they have been infiltrated by North Korea. Asia Express

South Korea introduces checks every 5 minutes to prevent ‘phantom Bitcoin’ while Taiwan urged to use BTC in case China attacks. Asia Express

Ripple joins Singapore’s BLOOM cross-border trade finance sandbox scheme, Bhutan continues its massive Bitcoin sell off: Asia Express

Hong Kong firm Boyaa Interactive plans to buy $70M more Bitcoin and Ether, South Korea may delay 22% crypto tax for a fourth time. Asia Express

Metaplanet invests in Japanese Bitcoin companies. Bithumb handed a six-month suspension. Asia Express

China’s new chip boosts blockchain speed 50x. An autonomous agent linked to Alibaba tries to mine Bitcoin. Asia Express

Telegram has narrowly escaped a full scale ban in the Philippines, and the yen carry trade now comes in token form. Asia Express s

Telegram has narrowly escaped a full scale ban in the Philippines, and the yen carry trade now comes in token form. Asia Express s