The week’s ten most important crypto stories from India and Asia, ranked by impact.

1. Japan’s finance ministry opens its study of putting government bonds on a blockchain, with a report due by January
The Ministry of Finance held the first meeting of its study group on “on-chain” Japanese government bonds (JGBs) on 8 Oct, Jiji Press reported. The ministry’s briefing paper sets out three provisional models, according to New Economy: tokenised rights in a money-market fund that holds JGBs, blockchain-compatible book-entry ledgers inside the existing settlement system, and new bonds issued directly on a blockchain outside it. The Bank of Japan and the Financial Services Agency (FSA) attend as observers, and the ministry plans to take stock between December and January.
Why it matters: it is the first formal meeting of the group we flagged in last Sunday’s Asia Ten. The ministry also listed a risk: round-the-clock trading could make sudden price swings harder to contain.

2. Korea’s FSC says its Digital Asset Basic Act is in “final stages”, but gives no date or answer on who may issue a won stablecoin
FSC chairman Lee Eok-won told the National Assembly’s Political Affairs Committee on 8 Oct that inter-agency consultations are in their final stages, according to The Herald Business. A lawmaker presented data showing dollar-stablecoin trading in Korea of more than ₩6 trillion in June ($4.5 billion / €4.0 billion) and ₩80 trillion ($59.6 billion / €53.2 billion) cumulatively through July; Lee did not address licensing design. Details are in our report on the Basic Act talks.
Why it matters: the law would set rules for a won stablecoin and for exchange licences in one of Asia’s most active retail markets.
Caveat: the trading figures were the lawmaker’s and are not independently confirmed.

3. Korea proposes that crypto transfer firms report cross-border moves, including to self-custody wallets, to the central bank
The Ministry of Economy and Finance issued a legislative notice on 7 Oct for a “virtual asset transfer business” that would report transfers to the Bank of Korea’s foreign-exchange network, Aju Press reported. Comments run until 26 Oct, and the ministry targets a 3 Dec start. See our summary of the decree.
Why it matters: it would add routine foreign-exchange records for crypto leaving or entering Korea, shared with tax and customs authorities.
Caveat: based on an English-language news report, not the ministry’s Korean text.

4. Thailand’s SEC issues 11 notifications for crypto ETFs; only bitcoin and ether qualify at first
The notifications, issued on 8 Oct, take effect on 16 Oct, according to the regulator’s release. Funds must list on the Stock Exchange of Thailand and be passive, tracking one asset with at least 80% average net exposure, Cointelegraph reported. Margin lending to buy them is barred. More in our report on the rules.
Why it matters: Thailand is opening a local-exchange route to bitcoin and ether, while foreign-fund products stay out for now. No asset manager has been named as an applicant.

5. Hong Kong says it will table a virtual-asset licensing bill by the end of the year
Christopher Hui, Secretary for Financial Services and the Treasury, told lawmakers the government will submit an amendment bill “within this year” covering licences for dealing, custody, advisory and management of digital assets, Cointelegraph reported and Fintech News Hong Kong confirmed. The Hong Kong Monetary Authority issued its first stablecoin licences in April to Anchorpoint Financial and HSBC, Cointelegraph said.
Why it matters: it widens the licensing perimeter beyond exchanges and stablecoin issuers. For the basics, see what a dollar stablecoin is.
Caveat: a government target, not a drafted bill.

6. Metaplanet sold 10,000 bitcoin and bought back 11,000 in the third quarter to show it could raise cash
The Japanese bitcoin treasury company sold 10,000 BTC for ¥124.7 billion ($788 million / €703 million) and bought 11,000 BTC for ¥149.9 billion ($947 million / €845 million), taking holdings to 44,000 BTC, according to its 5 Oct disclosure and The Block. The company said the exercise was meant to “demonstrate liquidity” ahead of a credit-rating effort. Its bitcoin options income business made ¥848.4 million ($5.4 million / €4.8 million) in the quarter, which it said was short of expectations.
Why it matters: it shows how a bitcoin treasury company is trying to prove it can raise cash from its holdings.
Caveat: figures are company-reported; the $97 million tax asset it cites is not yet confirmed by its auditor.

7. Japan’s FSA urges banks and crypto exchanges to stop accepting ID photos before the April 2027 deadline
The FSA’s 9 Oct caution notice asks firms not to wait for 1 April 2027, when image-based identity checks end in favour of reading the card’s IC chip, according to the agency. It cites customer-data leaks. See our report on the notice.
Why it matters: Japanese exchanges face a hard cut-over for onboarding, and the regulator wants it done sooner.

8. Singapore’s MAS chief says stablecoin par “is not a given”
Chia Der Jiun told an INSEAD summit on 9 Oct that confidence in a stablecoin’s par value must come “primarily through transparency and adequacy of reserve assets”, according to the MAS transcript. He did not announce a rule change. See our report on the keynote.
Why it matters: it shows what Singapore’s regulator will look for in reserves as stablecoin supervision tightens across the region.

9. WazirX says its futures trading volume rose 236% in the third quarter
The Indian exchange said volume rose 236% between early July and end-September, and that daily futures traders were about 279% higher toward quarter-end, PTI reported. It credits rupee-margined USDT perpetual futures launched in August, an AI trading assistant and a free tax-reporting tool.
Why it matters: it shows demand for leveraged products among Indian users, who still face a 1% TDS on crypto transfers; see India’s crypto tax and FIU rules.
Caveat: company statement; no absolute volumes or independent data given.

10. India’s one-time window for declaring offshore crypto closes on 31 Dec
The Central Board of Direct Taxes (CBDT) notified FAST-DS 2026 on 14 Aug, and no declarations will be accepted after 31 Dec, News On AIR reported. Our explainer on FAST-DS 2026 covers what it means for crypto holders.
Why it matters: the window is closed after that date; talk to a qualified tax professional before filing anything.

Next week in Asia

  • Wed 14 Oct: Evernorth plans to ring Nasdaq’s closing bell; SBI Group, a Japanese financial group, is among its named backers (US time).
  • Fri 16 Oct: Thailand’s crypto ETF notifications take effect (ICT time, six hours ahead of CEST).
  • Mon 26 Oct: Comments close on Korea’s cross-border transfer decree (KST).
  • Dec 2026-Jan 2027: Japan’s finance ministry plans to take stock of its on-chain JGB study.
  • By year-end: Hong Kong’s virtual-asset licensing bill and India’s 31 Dec FAST-DS deadline.

This article is for information only and is not investment advice.