Blab Crypto
Global Crypto Landscape Shifts: Japans Regulatory Overhaul, Asian Stablecoin Moves, and New Tax Rules for Tokenized Securities
Japan has taken a decisive step, re‑classifying crypto assets under the same legal umbrella that governs stocks and bonds. On 10 June, the House of Representatives’ Financial Affairs Committee passed a bill that treats digital assets as financial instruments, swapping the current 55 % comprehensive tax rate for a flat 20 % capital‑gain rate and opening the door for exchange‑traded funds that focus on crypto.
In the same week, Japan’s three largest banks—MUFG, Sumitomo Mitsui, and Mizuho—announced a joint plan to issue a yen‑backed stablecoin by the end of fiscal year 2027. The trio has been running a pilot with the Financial Services Agency since November 2025 and will set up a consultation body to study operational models and the commercial rollout.
South Korea is taking a different regulatory direction. The Ministry of Economy and Finance has classified tokenised stocks as securities rather than virtual assets. If the Financial Services Commission confirms that status in July, the existing Capital Markets Act will apply immediately. The ministry said that tokenised stocks issued anywhere in the world would be subject to dividend income tax under current rules, and overseas transactions on foreign platforms could also be taxed.
Hong Kong’s first compliant stablecoins are expected to launch by mid‑2026. The Hong Kong Monetary Authority said it had received 36 applications in the first phase of its Stablecoin Ordinance and had granted licences to two institutions in April. The authority will keep the total number of licences limited, even if more are issued later.
In other parts of Asia, Chinese investors are reportedly using stablecoins and offshore crypto platforms to bypass capital controls and purchase tokenised products that track pre‑IPO valuations of U.S. tech companies such as SpaceX and OpenAI. The companies that issue the tokenised contracts have stated that they do not recognise these products and that they may not carry actual economic rights.
Malaysia’s Penang police dismantled a crypto investment fraud call centre that targeted Chinese citizens. Five foreign nationals were arrested and the authorities seized mobile phones, computers and routers. The case is being investigated on charges of fraud and criminal conspiracy.
Singapore’s Monetary Authority of Singapore announced that a revised framework for Single Family Offices will take effect on 15 June. The new rules streamline the set‑up process and give eligible offices automatic collective licence exemptions. Existing offices will have a one‑year transition period that ends on 15 June 2027.
In the Philippines, the Bangko Sentral ng Pilipinas confirmed that Binance and BlockShoals do not hold Virtual Asset Service Provider licences. The statement followed a police investigation into the use of a prediction‑market platform by local users.
Metaplanet, a Japanese listed company, said it will acquire 100 % of Siiibo Securities for 2.1 billion yen (about 13 million USD). The acquisition, expected to close in July, will rename the firm Metaplanet Securities and will be used to explore Bitcoin‑linked bonds, digital securities, stablecoin payment services and custody.
Finally, Hong Kong Mortgage Corporation Limited announced the issuance of a 12 billion HK$ public digital bond, the largest digital bond offering to date. The three‑tranche deal includes a 6 billion HK$ two‑year bond, a 2.5 billion HK$ five‑year bond and a 3 billion RMB three‑year bond. The bonds will be created on a distributed ledger platform operated by the Central Moneymarkets Unit.
These developments show a broadening of regulatory coverage for digital assets across Asia, a move toward institutionalised stablecoin use, and an increasing focus on tax treatment for tokenised securities. The next few months will see the implementation of Japan’s new tax regime, the launch of the banks’ joint stablecoin, the finalisation of South Korea’s tokenised‑stock rules, and the commercial rollout of Hong Kong’s stablecoins.
The regulatory changes are likely to affect how institutional investors, corporate clients and retail users interact with crypto products. The outcomes of the upcoming licensing and tax decisions will also influence the pace of innovation and the attractiveness of the region for crypto‑related businesses.
The global crypto market will monitor these moves closely, as they could set precedents for other jurisdictions considering similar regulatory frameworks.
In the same week, Japan’s three largest banks—MUFG, Sumitomo Mitsui, and Mizuho—announced a joint plan to issue a yen‑backed stablecoin by the end of fiscal year 2027. The trio has been running a pilot with the Financial Services Agency since November 2025 and will set up a consultation body to study operational models and the commercial rollout.
South Korea is taking a different regulatory direction. The Ministry of Economy and Finance has classified tokenised stocks as securities rather than virtual assets. If the Financial Services Commission confirms that status in July, the existing Capital Markets Act will apply immediately. The ministry said that tokenised stocks issued anywhere in the world would be subject to dividend income tax under current rules, and overseas transactions on foreign platforms could also be taxed.
Hong Kong’s first compliant stablecoins are expected to launch by mid‑2026. The Hong Kong Monetary Authority said it had received 36 applications in the first phase of its Stablecoin Ordinance and had granted licences to two institutions in April. The authority will keep the total number of licences limited, even if more are issued later.
In other parts of Asia, Chinese investors are reportedly using stablecoins and offshore crypto platforms to bypass capital controls and purchase tokenised products that track pre‑IPO valuations of U.S. tech companies such as SpaceX and OpenAI. The companies that issue the tokenised contracts have stated that they do not recognise these products and that they may not carry actual economic rights.
Malaysia’s Penang police dismantled a crypto investment fraud call centre that targeted Chinese citizens. Five foreign nationals were arrested and the authorities seized mobile phones, computers and routers. The case is being investigated on charges of fraud and criminal conspiracy.
Singapore’s Monetary Authority of Singapore announced that a revised framework for Single Family Offices will take effect on 15 June. The new rules streamline the set‑up process and give eligible offices automatic collective licence exemptions. Existing offices will have a one‑year transition period that ends on 15 June 2027.
In the Philippines, the Bangko Sentral ng Pilipinas confirmed that Binance and BlockShoals do not hold Virtual Asset Service Provider licences. The statement followed a police investigation into the use of a prediction‑market platform by local users.
Metaplanet, a Japanese listed company, said it will acquire 100 % of Siiibo Securities for 2.1 billion yen (about 13 million USD). The acquisition, expected to close in July, will rename the firm Metaplanet Securities and will be used to explore Bitcoin‑linked bonds, digital securities, stablecoin payment services and custody.
Finally, Hong Kong Mortgage Corporation Limited announced the issuance of a 12 billion HK$ public digital bond, the largest digital bond offering to date. The three‑tranche deal includes a 6 billion HK$ two‑year bond, a 2.5 billion HK$ five‑year bond and a 3 billion RMB three‑year bond. The bonds will be created on a distributed ledger platform operated by the Central Moneymarkets Unit.
These developments show a broadening of regulatory coverage for digital assets across Asia, a move toward institutionalised stablecoin use, and an increasing focus on tax treatment for tokenised securities. The next few months will see the implementation of Japan’s new tax regime, the launch of the banks’ joint stablecoin, the finalisation of South Korea’s tokenised‑stock rules, and the commercial rollout of Hong Kong’s stablecoins.
The regulatory changes are likely to affect how institutional investors, corporate clients and retail users interact with crypto products. The outcomes of the upcoming licensing and tax decisions will also influence the pace of innovation and the attractiveness of the region for crypto‑related businesses.
The global crypto market will monitor these moves closely, as they could set precedents for other jurisdictions considering similar regulatory frameworks.
