Asia crypto news this week: Korea tax, BOK stablecoins

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

1. Korea’s presidential office leans toward a fourth delay of the 22% crypto tax
South Korea’s presidential office is moving toward postponing the tax on crypto gains due on 1 Jan 2027, the Seoul Economic Daily reported on Sunday, citing an unnamed official. The Electronic Times said a two-year delay, to 2029, is under review. Both papers cited weak preparation, young investors’ opposition and the United States joining global crypto tax data-sharing only from 2029. Full story: Korea’s presidential office leaning toward a fourth delay.
Why it matters: the tax would apply 22% to annual gains above ₩2.5 million (about $1,890 / €1,690), and it starts in 68 days unless the law changes.
Caveat: no formal announcement; a delay needs an Income Tax Act amendment, expected in November’s tax review.

2. The Bank of Korea plans to regulate stablecoins as a means of payment under foreign-exchange law
The Bank of Korea told lawmakers it is preparing, with the government, an amendment to the Foreign Exchange Transactions Act this year to regulate stablecoins as a means of payment, Digital Asset reported on 23 Oct, quoting the central bank’s status report for the parliamentary audit (our translation). The report also mentions a system to report and monitor stablecoin flows through the foreign-exchange network, and international cooperation against illicit transfers.
Why it matters: it would give the central bank a hand in cross-border stablecoin flows, alongside the separate Digital Asset Basic Act.
Caveat: based on a news report quoting the BOK document; we have not seen the full report or a draft bill.

3. HSBC’s Hong Kong dollar stablecoin, RedCoin, goes live on PayMe
HSBC RedCoin (RCHKD), licensed by the Hong Kong Monetary Authority, became available on the bank’s PayMe app on Friday, HSBC said. More than 3.3 million PayMe users can switch on a wallet in the coming days to pay over 100,000 merchants, according to the bank. Our report: HSBC RedCoin launch.
Why it matters: a licensed bank stablecoin is going straight into a payment app with millions of users.

4. Kazakhstan’s AIFC court bars six unlicensed platforms, including Coinbase
The court of the Astana International Financial Centre ordered the operators of BingX, Bitcoin.com, HTX, BitMart, Coinbase and WEEX to stop offering or advertising crypto services in the financial centre without a licence, the Astana Financial Services Authority said on Tuesday. The order also goes to Apple and Google so they can restrict the apps by location, the regulator said. Our report: Kazakhstan’s court order.
Why it matters: the regulator is using app stores, not only court orders, to enforce its licence rules.

5. Japan’s FSA opens a study group on digital and decentralised finance
The Financial Services Agency held the first meeting of its Study Group on Digital and Decentralized Finance on 20 Oct, according to the agenda and materials it published. The secretariat’s slides list stablecoins and tokenised deposits, security tokens, decentralised exchanges and DeFi, and faster securities settlement as topics. Nomura Holdings and Securitize Japan presented. The slides put cumulative issuance of tokenised assets above $35 billion as of July 2026 (our translation).
Why it matters: it is where Japan’s rules for DeFi and on-chain settlement will start to take shape.
Caveat: a study group, not a consultation; no draft rules yet.

6. China sets 2030 for its national blockchain network
China’s Central Cyberspace Affairs Commission issued a five-year informatization plan saying the national blockchain network should be “basically completed” by 2030, the Cyberspace Administration of China said on Friday (our translation). The plan maps a central backbone with regional hubs for trade, tax and government services. Our report: China’s national blockchain network plan.
Why it matters: Beijing keeps building state blockchain rails. The plan does not change the mainland’s ban on crypto trading.

7. Malaysia and Thailand join Singapore’s BLOOM; Visa and Ripple among nine new participants
Bank Negara Malaysia and the Bank of Thailand joined BLOOM, the Monetary Authority of Singapore’s initiative on cross-border settlement in stablecoins and tokenised deposits, MAS said on Friday. Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, Visa and the World Bank Group also joined. Our report: BLOOM’s expansion.
Why it matters: three Southeast Asian central banks now work on the same settlement questions.

8. Korea’s FSC will review letting crypto exchanges into token securities
Financial Services Commission chair Lee Eok-won told the parliamentary audit on 22 Oct that the regulator will review crypto exchanges’ participation in the token securities (STO) market, Etoday and Edaily reported. He said the review would weigh the market environment and investor protection, according to the reports (our translation). Korea’s token securities law takes effect in February 2027.
Why it matters: it could open a new line of business for Korea’s crypto exchanges once the law is in force.
Caveat: a commitment to review, not a decision.

9. India: $16 million drained from old CoinDCX-tagged addresses; Tether freezes about $2.2 million
About 15.99 million USDT left TRON addresses labelled as CoinDCX’s on 21 Oct, by our reading of public records. CoinDCX said the addresses were retired after its July 2025 hack, the exchange said on X. In a later post, it said a process for sweeping deposits to them “failed”, that the losses were absorbed and that users were credited. Tether later blacklisted nine addresses holding about 2.2 million USDT. Our report: the CoinDCX-tagged addresses.
Why it matters: it was India’s main crypto story in a thin week, and a test of how exchanges describe losses.
Caveat: the exchange disputes that this was a new breach; who controlled the addresses this year is not settled.

10. Initia stays halted; Upbit and Bithumb suspend INIT transfers
Initia’s chain remained stopped on Sunday morning after Friday’s exploit, which Initia said used a MoveVM bug to move about $2.7 million to Ethereum. Upbit and Bithumb suspended INIT deposits and withdrawals on Saturday while trading continued, TokenPost reported. The attacker’s Ethereum wallet still held 1,135.52 ETH, unmoved, at 04:47 UTC on Sunday, by our read. Our report: Initia’s halt.
Why it matters: until the exchanges lift their suspensions, Korean holders cannot move INIT on or off them.

Next week in Asia

Mon 26 Oct: Comments close on Korea’s cross-border crypto transfer reporting decree (KST).
Tue 27–Wed 28 Oct: US Federal Reserve meeting; the decision lands early Thursday in Asia.
Thu 29–Fri 30 Oct: Bank of Japan policy meeting.
Fri 30 Oct, 17:00 JST: unbanked’s Kinka buyback window closes. Korea’s National Tax Service was also due to issue draft crypto tax guidance by this date, one Korean outlet has reported.
Sat 31 Oct: Expected transfer date for Bitget’s purchase of GMO’s Thai exchange, subject to approval.
November: National Assembly tax review, where a Korean crypto tax delay would need to pass.

Related: Last Sunday’s Asia Ten

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