Despite the ongoing bans, the usage of peer-to-peer stablecoins in China has still seen a significant increase. The latest data shows that South Korea's $450 billion crypto economy is the largest in East Asia.

China's P2P stablecoin wallet grew 43 times under restrictions: Chainalysis

Blockchain analytics firm Chainalysis stated that the number of independent wallets used in China for peer-to-peer (P2P) stablecoin transactions increased by 43 times between the first quarter of 2024 and the second quarter of 2026.

Chainalysis records show that during the reporting period of 2026, which is from July 2025 to June 2026, there were a total of 18.1 million transactions related to holdings of China's self-managed stablecoins, with a total amount of 104.1 billion US dollars.

According to Chainalysis, the annual turnover rate of stablecoin holdings is 33.2 times, which is more than three times the global average of 9.3 times. This pattern is consistent with users' behavior of treating stablecoins as working capital.

Chainalysis The latest report estimates that the scale of China's crypto economy is at least 176 billion US dollars. Among this, domestic P2P activities account for 59.1% of the total, which is 3.5 times the proportion in the 2025 reporting period.

As shown in Chainalysis, the volume of stablecoin transfers within China increased by $4.9 billion in March 2026, representing the largest monthly increase shown in the chart.

South Korea

Despite a 78% decline in exchange profits, South Korea remains the largest crypto economy in East Asia.

Chainalysis ranks South Korea as the largest crypto economy in East Asia, with a scale of $449.1 billion. Compared to the previous year, there was a 12.3% increase in activity in the country over the period up to June 2026, and retail traders showed a strong preference for AI related tokens.

However, the first half of 2026 was not kind to South Korean crypto exchanges. Due to a decline in trading activity, market valuation, and customer deposits, the operating profits of these exchanges fell by 78%.

South Korean financial intelligence unit ( KoFIU ) stated that the average daily trading volume of domestic virtual asset exchanges has decreased by 44% compared to the previous six months, the market value has fallen by 33%, and deposits in won have decreased by 35%. Despite a slight increase of 0.4% in the number of trading accounts, the sales volume of the exchanges still decreased by 41%.

Securitize sees a 8% increase in stock price amid the advancement of tokenization in South Korea

Securitize and LG CNS have signed a memorandum of understanding, planning to develop tokenized assets and digital asset infrastructure for financial institutions in South Korea.

This collaboration allowed Securitize to establish an early foothold in South Korea, as the country is preparing to implement a new framework for tokenized securities. Last week, the South Korean Financial Services Commission proposed rules regarding the issuance and circulation of tokenized stocks, bonds, funds, and other securities, with the relevant framework expected to come into effect in February 2027.

Singapore

Standard Chartered Bank plans to offer institutional crypto custody in Singapore

Standard Chartered Bank, a multinational bank headquartered in London, announced plans to launch digital asset custody services for institutional clients in Singapore.

This line will manage a portion of cryptocurrencies, stablecoins, and tokenized real-world assets for institutional clients and corporate clients who meet the qualifications of certified investors.

Standard Chartered Bank stated that Singapore's role as a "leading financial and innovation hub" is an important part of its "global strategy."

Independent Reserve Added cross-border payments, subsidiary launched derivatives trading

The Singapore-licensed cryptocurrency exchange Independent Reserve has added cross-border payment tools, enabling businesses to make payments in fiat currencies and stablecoins. Accounts can be funded in Singapore dollars or US dollars to pay suppliers or employees in over 20 different currencies; USDC and USDT are also available as options.

The exchange has also just launched crypto derivatives trading to seasoned investors through its subsidiary ReserveX.

Payward Collaborates with Bank of Singapore Gulf for Cryptocurrency Settlements

Kraken Parent Company Payward Announces Cooperation with Bank of Singapore Gulf to Support 24/7 Institutional Crypto Settlements.

This is the Longtitude event organized by Cointelegraph in Singapore this week.

Hong Kong

Hong Kong officials reiterate that they will submit a crypto licensing bill by the end of 2026

The Hong Kong government reiterated its plan to submit a revised bill by the end of 2026 to establish a licensing system for digital asset trading, custody, consulting, and management services, as part of its broader crypto licensing legislation.

Hong Kong Financial Services and Treasury Bureau Secretary John Tsang said at a policy briefing on Monday that the government will submit revised legislation "within this year" to establish a broader framework for digital asset activities. The Hong Kong government subsequently issued this statement.

Hong Kong ranks first in East Asia in terms of institutional activities.

Chainalysis pointed out in its "Cryptocurrency Geography" report that Hong Kong stands out in terms of institutional activity. The data company stated that institutional platforms account for 16% of service inflows, which is nearly three times that of any neighboring market in the region. Hong Kong has received nearly $24 billion in corporate-to-corporate inflows. In April, Hong Kong issued its first batch of stablecoin licenses.

Japan

Japan's DEX usage has increased by 200% since 2022.

Japanese legislators passed revisions in July, incorporating digital assets into the country's financial market framework.

Japan adds Garantex to the list of Russian sanctions related to the war with Ukraine

The Japanese government has added the Russian cryptocurrency exchange Garantex to the expanded list of sanctions against Russia, on the grounds that the war in Ukraine continues.

The Japanese Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Economy, Trade and Industry issued a joint statement on Friday stating that officials have also added 33 organizations related to Russia and 9 individuals to the asset freeze list, restricting payments and capital transactions with those parties.

Garantex has previously been sanctioned by the United States, the European Union, and other judicial jurisdictions for assisting Russian entities in circumventing financial restrictions.

India

Scams related to India target elderly Americans through Bitcoin ATM

The Central Bureau of Investigation (CBI) in India has arrested four people on charges of participating in an international technical support fraud and extortion gang targeting American citizens. The scam utilized fake computer pop-ups displaying free “Microsoft” numbers. After victims called the numbers, they were informed that their computers had been compromised or were involved in illegal activities such as child pornography, and were subsequently forced to pay ransoms. A resident of Florida lost $440,000 as a result.

Thailand

Home invasion forced victim to transfer $820,000 in cryptocurrency

Near Pattaya, at Bang Lamung, three armed attackers broke into a residence and forced a foreign resident to hand over cryptocurrencies worth $820,000. They also took cash and three Rolex watches. The police suspect that the robbers may be of Chinese nationality.