1. Malaysian and Thai Central Banks Join Singapore’s BLOOM Initiative for Cross-Border Stablecoin Settlement link
The Monetary Authority of Singapore (MAS) announced on October 23 that Bank Negara Malaysia and the Bank of Thailand have officially joined the BLOOM cross-border digital currency initiative to jointly advance cross-border payment and settlement for digital currencies such as regulated stablecoins and tokenized deposits. The initiative has added new participants including Ripple, Visa, Mastercard, Airwallex and the World Bank Group. It focuses on researching cross-border settlement, interoperability of different payment networks and programmable compliance controls, aiming to cut cross-border transaction costs for financial institutions.
2. Bank of Korea to Require Monthly Balance Reporting for Cross-Border Crypto Users from Dec 2 link
The Bank of Korea will require virtual asset transfer service providers starting December 2 to submit monthly reports to the foreign exchange information system on end-of-month holdings of users who have made cross-border crypto asset transfers to overseas exchanges, personal wallets and other destinations since July 19, 2024, even if there were no cross-border transactions in the month. The reports shall include token quantities, KRW-equivalent balances and total cross-border inflows and outflows for the month. Dormant accounts, delisted assets and staked assets are also covered, and submissions are due by 17:30 on the 10th of the following month. It has not yet been decided whether cross-border transfer records predating the implementation of the rule will need to be retroactively filed.
3. South Korea Revises Foreign Exchange Act to Regulate Stablecoins as Payment Means link
The South Korean government and the Bank of Korea plan to draft amendments to the Foreign Exchange Transactions Act within this year to regulate stablecoins used as payment instruments. In a report submitted to the National Assembly on October 22, the Bank of Korea stated that it is negotiating with the government on regulatory frameworks for cross-border crypto asset transactions and preparing to establish a crypto asset monitoring system via the foreign exchange information system. The central bank noted that anonymous technologies such as mixers and regulatory gaps around personal wallets raise risks of illicit cross-border transactions, and it will cooperate with relevant authorities to prevent market participants from evading supervision by exploiting regulatory loopholes during the digital asset legislative transition period.
4. Kazakh Court Bans Coinbase and Five Platforms from AIFC Services link
The Astana Financial Services Authority (AFSA) of Kazakhstan has obtained an injunction from the Astana International Financial Centre (AIFC) court prohibiting six crypto platforms, namely Coinbase, BingX, Bitcoincom, Huobi Global (HTX), BitMart and WEEX, from providing or marketing digital asset services and distributing mobile applications within the AIFC without a licence. The court clarified that the injunction applies strictly only to the AIFC, which has an independent legal and regulatory framework, and its local users, rather than being a nationwide ban across Kazakhstan. The ruling also imposes constraints on app stores including Google and Apple, though the court has not yet issued a direct ban against the app stores and requires AFSA to engage with them first. In addition, LBank was removed from the ruling as it has already blocked services in the country. Back in 2023, Coinbase had its website blocked in Kazakhstan over alleged violations of the nation’s Digital Assets Law.
5. China Targets Basic National Blockchain Network by 2030, Launches Construction Project link
The Central Cyberspace Affairs Commission has issued the 15th Five-Year Plan for National Informatization. It proposes that the national blockchain network will be basically completed by 2030, and a national blockchain network construction project will be implemented to lay the foundation for the Value Internet. The plan calls for accelerating the completion of the central backbone network, advancing the interconnected operation of regional hubs, improving basic common services such as decentralized digital identity, deepening digital applications in shipping, freight and trade, and expanding application scenarios including development and reform, low-carbon transition, government affairs and taxation. The plan also sets out to steadily develop the digital renminbi, further apply blockchain and privacy-preserving computing in data circulation and trading, promote the interconnection and mutual recognition of decentralized digital identities, and refine the blockchain technical standards system. In terms of industrial development, the plan aims to cultivate internationally leading technological products in integrated circuits, artificial intelligence, blockchain and other fields.
6. Hong Kong Tokenization Moves From Pilot to Deployment Phase link
Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated that asset tokenisation in Hong Kong is moving from experimental trials to full-scale implementation. The fourth issuance of digital green bonds last month was oversubscribed across all currencies, with tokenised Hong Kong dollar deposits integrated into the settlement workflow. The Hong Kong Exchanges and Clearing (HKEX) aims to launch a tokenised warehouse receipt financing pilot next year. It will partner with designated banks to leverage distributed ledger technology to turn commodity warehouse receipts into collateral, while building a multi-asset tokenisation platform.
7. Thailand SEC Has Not Received Spot Crypto ETF Applications, Year-End Launch Unconfirmed link
Thailand’s Securities and Exchange Commission (SEC) stated that although multiple asset management institutions have consulted on spot ETFs for Bitcoin and Ethereum, no formal applications have been received, so it cannot confirm whether such products can be listed in 2026. The new framework effective October 16 allows licensed asset management companies to launch passive ETFs tracking a single qualified asset, currently including Bitcoin and Ethereum, with an annual average net exposure of no less than 80% allocated to the tracked asset. The products may only be traded on the Stock Exchange of Thailand and must use digital asset custodians approved by the SEC; securities firms are prohibited from providing margin financing. Retail investors may participate after listing only upon completion of risk education and confirmation of relevant risks.
8. HSBC Launches RedCoin Stablecoin for 3.3M PayMe Users on Oct 23 link
HSBC has rolled out the Hong Kong dollar stablecoin HSBC RedCoin in phases to over 3.3 million users of its PayMe app starting October 23. The first phase supports instant transfers between PayMe users and payments to merchants. Users can activate the RedCoin wallet after updating the app with no extra account opening or minimum balance requirements, and full rollout is expected before the end of this weekend. HSBC also plans to fully integrate RedCoin into its Hong Kong mobile banking app by year-end, enabling users to subscribe to tokenised money market funds and other assets instantly with a minimum of HK$100, with future expansion to tokenised gold and third-party fund products.
9. Robinhood Gets Dubai DFSA Approval, Retail Products Slated for 2027 link
Robinhood announced that it has obtained authorization from the Dubai Financial Services Authority (DFSA) and designated the Dubai International Financial Centre (DIFC) as its Middle East headquarters, with plans to launch investment products for local retail investors in 2027. The authorization covers trading and custody services for all ten classes of assets approved by the DFSA, including stocks, cryptocurrencies, ETFs and investment tokens. Robinhood’s Middle East and North Africa operations will be led by senior executive and regional president Salah Kaddoura. Robinhood CEO Vlad Tenev stated that this expansion marks an important step in the company’s mission to build a global investment platform. Johann Kerbrat, Head of Robinhood Crypto and International Business, said the firm will further address the financial service needs of retail investors in the Middle East and North Africa. The relevant products are not yet live and are expected to launch in 2027.
10. MEXC to Halt Services for Russian and Belarusian Users link
Crypto trading platform MEXC issued an official service update announcement stating that to strengthen global compliance operations, the platform has decided to discontinue services for users located in Russia or Belarus. MEXC said the assets of affected users remain secure, and official in-app notifications will be sent separately to relevant accounts specifying the exact position closing deadline and asset withdrawal procedures. Users who do not receive individual notices are unaffected by this adjustment and may continue using all trading services normally.
Crypto exchange HTX has added Russia to the list of prohibited service jurisdictions in its user agreement. The restrictions apply to individuals residing in or present in Russia, as well as enterprises registered there or conducting primary business locally. Under the agreement, HTX reserves the right to restrict affected users’ access to services, suspend withdrawals or close accounts. Earlier, Bitget and MEXC also announced in October that they would stop offering services to Russian users. RBC did not disclose the effective date of HTX’s relevant restrictions.
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