Asia’s weekly TOP10 crypto news (Aug 4 to Aug 10)
1. US Imposes Tariffs on Southeast — Asian Mining Machines, with Import Tax Rate Reaching up to 21.6% link
After the Trump administration ended the 90 — day tariff moratorium, it began to impose reciprocal tariffs on Bitcoin mining machines from Southeast Asia from August 7th. The maximum import tax rate in the United States is 21.6%. According to Luxor Technology, the United States has become one of the least competitive countries for mining machine imports. This will prompt US mining enterprises to seek overseas expansion, and at the same time, mining machine manufacturers are also expanding their domestic production capacity in the United States.
2. Bloomberg: Chinese Regulators Require Broker — dealer Institutions to Reduce Discussion on Stablecoins link
Some leading Chinese securities firms and think tanks received guidance from Chinese financial regulatory authorities at the end of July and the beginning of this month, urging them to cancel seminars and stop disseminating research reports on stablecoins. Regulators are also concerned that stablecoins may become a new tool for criminals to conduct fraudulent activities in mainland China.
3. Hong Kong’s Stablecoin Frenzy May Cool Down, JD.com and Ant Group May Miss the First — batch of Licenses link
Caixin reported that with the implementation of regulatory details, the upsurge of stablecoins in Hong Kong will subside. In particular, non-financial institution applicants whose main application scenario is cross-border payment may voluntarily give up participation in the early stage because it is difficult to meet the regulatory requirement of “verifying the identity of every coin holder”. This also means that previously popular Internet platforms such as JD.com and Ant may hardly appear on the list of the first batch of licenses. In addition, CITIC Group, through its Hong Kong subsidiary CITIC Bank International, has joined hands with some institutions, intending to apply for the first batch of stablecoin licenses. Industry insiders said that Bank of China (Hong Kong) is one of the three note-issuing banks in Hong Kong. If it issues stablecoins, it has inherent advantages and can also reassure regulators from both places.
4. South Korea’s FIU Launches the Second — stage Legislative Research on Virtual Assets, Covering Stablecoin AML Norms link
The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) of South Korea launched the research project of “the Second — phase Legislation on Virtual Assets and the Improvement Plan of Stablecoin Anti — money Laundering (AML) System” on August 6th. The aim is to investigate the global legislative and regulatory frameworks for stablecoins and evaluate the feasibility of incorporating them into the regulatory system as payment and cross — border fund settlement tools. The research will distinguish between stablecoins issued at home and abroad, and analyze the regulatory requirements applicable to each in the issuance, circulation, redemption and other links. The research period will last until December 12th this year, with a budget of 50 million won.
5. Philippine Regulators Restrict Access to Unregistered Cryptocurrency Exchanges link
The Philippine Securities and Exchange Commission (SEC) took action this week to restrict domestic users from accessing 10 overseas cryptocurrency exchanges, including OKX, Bybit, and KuCoin. These platforms are classified as operating illegally because they have not registered or obtained operating licenses locally. Currently, the local — based major internet service provider PLDT has imposed access restrictions on the relevant websites, and users will receive a violation — prompt page when they attempt to access them. The Philippine SEC stated that this move aims to implement the new regulations that took effect in June, which require all cryptocurrency service providers to complete registration and meet regulatory requirements.
6. Dubai and UAE Regulators Reach a Crypto — asset Regulatory Cooperation, Promote a Unified Regulatory Framework link
The Securities and Commodities Authority (SCA) of the UAE and the Dubai Virtual Assets Regulatory Authority (VARA) have announced the establishment of a strategic partnership, officially launching the process of unifying the national virtual — asset regulatory framework. According to the agreement, the two parties will implement a unified registration mechanism for Virtual Asset Service Providers (VASPs), mutual recognition of licenses, real — time data sharing, and a joint regulatory agreement, and establish a legislative review committee to promote the alignment of compliance standards with international best practices. The two parties emphasized that the mutual recognition of licenses is not automatic (passporting), and it still needs to go through regulatory coordination mechanisms such as anti — money laundering and compliance reviews.
7. South Korea’s KakaoBank Plans to Enter the Stablecoin Market link
Kwon Tae-hoon, Chief Financial Officer of KakaoBank, the banking division of South Korean IT giant Kakao, stated that the bank is reviewing new businesses involving the issuance or custody of digital assets and is making relevant preparations in cooperation with Kakao’s stablecoin working group. KakaoBank has issued real-name verified accounts in virtual asset exchanges, operates KYC/AML monitoring, and has participated in the central bank digital currency experiment of the Bank of Korea, handling digital wallets, transactions and remittances. KakaoBank has previously filed for stablecoin trademarks.
8. Metaplanet Spends about $53.7 Million to Increase Its Holding of 463 BTC link
Japanese listed company Metaplanet announced that it has newly purchased 463 BTC for approximately $53.7 million, with an average price of $115,895 per coin. As of now, the company holds a total of 17,595 bitcoins, with a total purchase cost of approximately $1.78 billion and an average purchase price of $101,422 per coin.
9. Japanese — listed Nail Art Company Convano Announces the Launch of a 21,000 — BTC Holding Plan link
Japanese listed nail art company Convano announced its plan to hold a total of 21,000 bitcoins by March 2027, and on August 4, it resolved to issue 2 billion yen in ordinary corporate bonds (approximately $13.9 million). Previously, Convano had invested a total of about 2.9 billion yen through two rounds of corporate bonds and its own funds, and currently holds 164.92 BTC.
10. SBI Has Not Submitted Any Crypto — asset — related ETF Applications in Japan link
SBI Holdings, a Japanese financial group, responded by stating that the company has not submitted any applications for crypto asset — related ETFs in Japan, denying reports that it has applied for a dual ETF of Bitcoin and XRP. SBI said that relevant applications will be made after Japanese regulators clarify the legal classification of crypto assets, and there is no specific timetable yet. The future ETFs will be applied for by its subsidiary SBI Global Asset Management, and it plans to launch them prioritizing individual investors.
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