1. Hong Kong plans legislation to regulate crypto trading & custody, targets tabling bill within 2026 link
Joseph Chan, Acting Secretary for Financial Services and the Treasury of Hong Kong, said on June 1 that following the implementation of licensing regimes for trading platforms and stablecoin regulation, Hong Kong will further roll out comprehensive regulation covering virtual asset trading, custody, advisory and asset management services to realize full-chain supervision of the ecosystem. The proposed regime requires all entities conducting such businesses in Hong Kong to secure a licence or registration from the SFC unless exempted. The scope of trading, advisory and asset management largely aligns with Type 1, Type 4 and Type 9 regulated activities under the existing Securities and Futures Ordinance, whereas custody regulation focuses on risks arising from private key safekeeping. To ensure regulatory certainty, Hong Kong will not adopt a deemed licensed transitional arrangement but allow a grace period for industry adaptation, with a target to submit the relevant legislative amendment bill to the Legislative Council in 2026.
2. Macao completes system integration with mBridge multi-CBDC bridge project link
Macao has completed system integration with the mBridge multi-central bank digital currency bridge project, bringing the initiative’s formal membership count to six following Macao’s official onboarding. Co-led by the People’s Bank of China, Hong Kong Monetary Authority, Bank of Thailand and Central Bank of the United Arab Emirates and coordinated by the BIS Innovation Hub, mBridge is a cross-border CBDC payment and settlement platform built on blockchain and distributed ledger technology.
3. Japan’s ruling party proposes JPY stablecoin promotion and crypto ETF regulatory framework link
The blockchain promotion panel of Japan’s ruling Liberal Democratic Party submitted a proposal to the Minister of Finance, recommending the promotion of yen-pegged stablecoins for cross-border settlements across Asia and the formulation of legal frameworks permitting crypto ETF trading. The proposal argues crypto ETFs offer user-friendly investment access and should be designated as formal financial market instruments. Japan intends to promote yen stablecoins and blockchain innovations during the 2027 Annual Meeting of the Asian Development Bank.
4. South Korea’s banks & tech giants race to form KRW stablecoin alliance per Yonhap News link
Per Yonhap News, despite lingering delays in South Korea’s stablecoin legislation, domestic lenders, fintech firms and crypto exchanges are speeding up coalition building for Korean won-pegged stablecoins. KB Financial Group is privately advancing cooperation with Toss under a plan where KB Kookmin Bank leads issuance, Toss oversees circulation, and Bithumb stands as a prospective supporting participant. Hana Bank previously proposed acquiring an equity stake in Dunamu for roughly USD 660 million, a move widely viewed as an effort to integrate Upbit with Naver Pay and Naver’s shopping ecosystem. Industry insiders note Project Hangang, the central bank’s ongoing deposit token initiative run by the Bank of Korea, is poised to shape upcoming stablecoin legislation.
5. Philippine COMELEC removes blockchain funding from 2028 general election budget link
The Commission on Elections (COMELEC) of the Philippines has removed blockchain modules and voter verification systems from the 2028 general election budget proposal, cutting around 6 billion Philippine pesos (approximately 102 million US dollars) from the original budget of roughly 25 billion Philippine pesos. COMELEC Chairman George Garcia stated the relevant features are non-essential for conducting elections, with budget rationalization and data privacy risks as core considerations, while the adoption of such technologies may be revisited later.
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6. CBR: Domestic investor appetite for crypto investment flatlines link
Russia’s central bank stated in its latest report that Russian residents currently hold crypto-linked financial instruments worth around 3.8 billion rubles (approximately 52.62 million US dollars), nearly unchanged from the 3.7 billion rubles recorded last October, indicating no uptick in retail appetite for crypto-focused investments. Retail investors put 1.7 billion rubles into corporate bonds indexed to cryptocurrencies. The overall market size of crypto-linked bonds stands at 4.1 billion rubles across retail and institutional participants, with retail holdings accounting for 42 percent, and such bonds are predominantly issued by major domestic banks.
7. Russian Finance Ministry opposes regulated access for USD stablecoins; USDT/USDC face freeze risks link
Ivan Chebeskov, Deputy Finance Minister of Russia, said that if foreign stablecoins are allowed into Russia’s regulated trading venues, relevant assets held in user wallets risk being frozen, particularly USDT and USDC and other US dollar stablecoins. He noted Russian legal entities have already faced frozen dollar stablecoins while BTC and ETH have avoided comparable freezes largely due to technical barriers to direct asset seizure. Chebeskov added Russia is debating dedicated stablecoin legislation; regulated markets will prioritize stablecoins pegged to the ruble and currencies of friendly nations, with Russia’s central bank retaining authority to revise the eligible access roster.
8. Coinbase launches direct INR deposit & withdrawal services in India link
Coinbase announced the launch of a direct INR payment channel in India, enabling Indian users to deposit and withdraw Indian rupees via IMPS and trade spot assets and perpetual contracts of major cryptocurrencies. Coinbase stated it has registered with FIU-IND and complied with India’s tax regulations, built a local INR order book and connected it to its global exchange network.
Coinbase Markets confirmed Coinbase has rolled out ETH-INR and SOL-INR trading pairs for Indian users. The two pairs will debut on Coinbase Exchange before sequential rollout across Coinbase.com, Coinbase App and Coinbase Advanced.
9. South Korean police open first-ever illegal gambling probe into domestic Polymarket users link
South Korean police are probing domestic users of prediction marketplace Polymarket on suspicion of illegal gambling. The Gangwon Provincial Police Agency has taken up the probe on commission from the National Police Agency headquarters, marking South Korea’s first-ever law enforcement investigation targeting local Polymarket participants.
Under prevailing South Korean legislation, all wagers placed on third-party betting platforms are unlawful except for Sports Toto run by the Korea Sports Promotion Foundation; implicated users may incur fines of up to 10 million South Korean won pursuant to Article 246 of the country’s Criminal Code. Reports note Polymarket is directly accessible in South Korea without IP circumvention tools, enabling local users to place bets via US dollar stablecoins. The platform rolled out prediction contracts tied to South Korea’s June 3 local elections earlier, with total betting volume hitting hundreds of billions of won nationwide.
10. US imposes sanctions on Iran’s top crypto exchange Nobitex and its senior executives link
The U.S. Department of the Treasury has blacklisted Nobitex, Iran’s largest cryptocurrency exchange, alongside three other Iranian digital asset platforms, and imposed sanctions on Nobitex’s chairman and multiple senior executives. U.S. Treasury Secretary Scott Bessent claimed the Iranian government leverages digital asset technologies to bypass international sanctions and cross-border fund transfers.
According to the Treasury Department, Nobitex handled roughly half of Iran’s total crypto transaction volume throughout 2025. This round of sanctions forms part of the Trump administration’s *Economic Fury* initiative, designed to ratchet up sustained economic pressure on Iran and compel the country to return to negotiating talks.
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