Kraken’s $600M stablecoin agency, Huione scandal deepens, Asia Specific

The whole lot that occurred in crypto information in Asia over the previous seven days: Asia Specific.

On this subject

1. Kraken’s mother or father buys Hong Kong funds agency for $600 million
2. Hun To denies operational function in Huione Pay
3. South Korea pencils in crypto tax date
4. Samsung’s IT arm lands tokenized securities platform undertaking
5. Bithumb joins Vietnam’s crypto license race
6. Japan’s largest banks wish to put authorities bonds on a blockchain
7. Japan’s crypto physique units staking requirements
8. Influencer cools Binance Philippines comeback rumors

Kraken’s mother or father buys Hong Kong funds agency for $600 million

Kraken cost firm Payward has agreed to amass Hong Kong-based Reap Applied sciences for as much as $600 million in money and inventory.

Reap handles stablecoin card funds and cross-border transfers.

Reap almost tripled income and volumes in 2025 and holds licenses throughout Asia and South America, which Payward says will speed up its growth in each areas. 

The transaction is anticipated to shut within the second half of 2026.

Hun To denies operational function in Huione Pay

A cousin of Cambodian Prime Minister Hun Manet has admitted to proudly owning 30% of the pig-butchering scam-linked Huione Pay whereas denying any function in its operations.

Hun To mentioned in an announcement that he by no means attended shareholder conferences, acquired income, or participated within the firm’s administration.

The US authorities accused Huione Group of laundering billions of {dollars} for legal networks operating pig butchering scams throughout Southeast Asia.

Violent protests broke out in Phnom Penh after hundreds of shoppers discovered their accounts frozen, with the Nationwide Financial institution of Cambodia saying most funds are unlikely to be recovered. 

South Korea pencils in crypto tax date

South Korea’s Finance Ministry confirmed Thursday {that a} tax on crypto features will take impact in January 2027, after two earlier postponements.

Traders incomes greater than 2.5 million gained (about $1,800) yearly from crypto will face a 22% tax, protecting an estimated 13.26 million individuals.

The Nationwide Tax Service is finalizing steering and has held working-level conferences with the nation’s 5 largest exchanges, which incorporates Bithumb and Upbit. 

A draft discover is anticipated earlier than year-end, although the opposing Folks Energy Celebration has individually proposed scrapping the tax earlier than it takes impact.

Samsung’s IT arm lands tokenized securities platform undertaking

Samsung SDS, the conglomerate’s digital infrastructure arm, has reportedly gained a contract to construct and function a blockchain-based securities platform for the Korea Securities Depository (KSD). 

Samsung SDS has been concerned in KSD’s tokenization efforts since 2024, dealing with consulting and testbed development earlier than successful the total construct contract.

Native retailers reported that the platform is anticipated to go stay by February 2027. 

The timing aligns with South Korea’s incoming safety token framework, which the Monetary Providers Fee has scheduled to take impact on Feb. 4, 2027.

Bithumb joins Vietnam’s crypto license race

Bithumb is making an attempt to enter Vietnam’s cryptocurrency scene by means of a subsidiary of the Southeast Asian nation’s largest securities agency. 

The South Korean trade introduced Thursday that it signed a memorandum of understanding with SSI Digital in March to collectively launch a neighborhood crypto buying and selling platform.

Vietnam’s crypto licensing pilot requires exchanges to be regionally integrated, maintain at the very least $380 million in constitution capital, and cap overseas possession at 49%.

5 native companies have already cleared an preliminary qualification spherical, and a rival bid has secured backing from OKX Ventures and HashKey Capital.

Japan’s largest banks wish to put authorities bonds on a blockchain

Progmat introduced Friday that it fashioned a working group to place Japanese authorities bonds on-chain and commerce them utilizing stablecoins. 

Progmat, collectively owned by Japan’s main banks and exchanges, has introduced over 30 establishments to the desk, together with BlackRock Japan. 

If it really works, trades that at the moment settle in a day might settle immediately. 

A report is due October 2026, with stay initiatives to observe earlier than year-end.

Japan’s crypto physique units staking requirements

Japan’s crypto business physique has printed a set of staking finest practices, protecting danger administration, disclosure, compliance, audits and tax. 

Japan Cryptoasset Enterprise Affiliation (JCBA) mentioned its working group developed the rules to deal with inconsistent practices throughout home firms.

The doc is meant as a reference information quite than a rulebook. The JCBA mentioned it would replace it because the market and know-how evolve. 

The affiliation has 162 member organizations spanning exchanges, regulation companies, audit companies, and native governments.

Influencer cools Binance Philippines comeback rumors

A Filipino crypto influencer has tempered his earlier claims that Binance was weeks away from a stealth return to the Philippine market. 

Beforehand, Coach Miranda Miner informed his viewers that the trade would re-enter by means of a neighborhood entity, with a June launch window.

He has since claimed that the timeline got here from early-stage conversations, not confirmed plans.

In 2024, the Nationwide Telecommunications Fee ordered native web service suppliers to dam Binance’s web site. Its app was faraway from the Google Play Retailer in February 2026, and from the Apple App Retailer by Might 2026.

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Yohan Yun

Yohan (Hyoseop) Yun is a Cointelegraph employees author and multimedia journalist who has been protecting blockchain-related matters since 2017. His background consists of roles as an task editor and producer at Forkast, in addition to reporting positions centered on know-how and coverage for Forbes and Bloomberg BNA. He holds a level in Journalism and owns Bitcoin, Ethereum, and Solana in quantities exceeding Cointelegraph’s disclosure threshold of $1,000.