1. China Web Finance Affiliation & China Banking Affiliation: Guard In opposition to Unlawful Actions Associated to Digital Currencies link
The Nationwide Web Finance Affiliation of China, the China Banking Affiliation, the Securities Affiliation of China, the China Securities Funding Fund Affiliation, the China Futures Affiliation, the China Affiliation for Public Corporations, and the Fee & Clearing Affiliation of China collectively issued a threat alert, warning the general public to guard towards unlawful actions associated to digital currencies and Actual-World Asset (RWA) tokens. Just lately, some criminals have carried out unlawful actions comparable to unlawful fund-raising and pyramid scheme fraud by leveraging digital forex hypothesis, air cash (comparable to Pi Community), and stablecoins, severely endangering social property safety and disrupting the financial and monetary order. Related authorities have identified that digital currencies should not have the authorized standing of fiat currencies and can’t flow into or be used domestically, and warned that stablecoins are prone to cash laundering, fund-raising fraud and different unlawful actions. Monetary establishments are required to strictly regulate their enterprise operations and shall not present related providers, whereas the general public wants to improve threat consciousness and steer clear of digital currencies, Actual-World Asset (RWA) tokens and associated unlawful actions.
2. Wang Yongli: Selling RMB Stablecoins Affords No Benefits Domestically or Internationally link
Wang Yongli, former Vice President of Financial institution of China, said in an article that China already holds a world main benefit in cellular funds and the digital renminbi (e-CNY). Selling renminbi stablecoins domestically provides no benefits by any means, nor will they’ve a lot room for growth or affect internationally. Moreover, China mustn’t observe the trail of USD stablecoins or absolutely promote the event of each onshore and offshore renminbi stablecoins.
If China develops renminbi stablecoins by following the trail of USD stablecoins, it won’t solely battle to problem the worldwide standing of USD stablecoins however might even scale back renminbi stablecoins to vassals of USD stablecoins. This could impression nationwide tax assortment, international change administration, and cross-border capital flows, posing a severe risk to the sovereignty and safety of the renminbi in addition to the soundness of the financial and monetary system.
3. Financial institution of Russia Plans to Ease Cryptocurrency Rules, New Coverage Anticipated by 12 months-Finish link
The Central Financial institution of the Russian Federation has confirmed that it’s discussing enjoyable cryptocurrency laws with the Ministry of Finance, contemplating increasing participation past “super-qualified buyers”. Vladimir Chistyukhin, First Deputy Governor of the Central Financial institution, said that towards the backdrop of present restricted cross-border funds, it’s vital to ease current limitations.
Beforehand, a Deputy Minister of Finance indicated that regulators are ready to abandon the definition of “certified investor” restrictions. Chistyukhin famous that crypto belongings might grow to be “regular monetary devices” sooner or later and expects a transparent coverage stance to be formulated by the top of the 12 months.
4. South Korea’s “Digital Asset Fundamental Act”: Consortium with 51% Financial institution Possession Set as Dominant Path for Stablecoin Issuers link
As South Korea’s authorities and Nationwide Meeting advance the formulation of the “Digital Asset Fundamental Act” — the second section of digital asset (digital asset) laws — the dominant route has emerged to prohibit stablecoin issuers to “consortia with at the very least 51% financial institution possession.” The proposal presently beneath dialogue is to grant stablecoin issuance rights to such consortia. The Digital Asset Job Power (TF) throughout the Democratic Get together has additionally mainly confirmed its adoption of this plan.
Beforehand, relating to the difficulty of stablecoin issuers, the Financial institution of Korea advocated that banks ought to take the lead and issuance ought to be restricted to the banking system, whereas some members of the Nationwide Meeting argued that it ought to be open to fintech and blockchain corporations. The federal government model of the invoice is required to be submitted no later than the tenth of this month, with the aim of initiating discussions throughout the 12 months and finishing the laws earlier than January subsequent 12 months.
5. Pakistan’s Ministry of Finance Holds Excessive-Stage Session on Nationwide Digital Asset Framework link
The Ministry of Finance of Pakistan convened a high-level consultative assembly on the nationwide digital asset framework, co-chaired by Senator Muhammad Aurangzeb, Minister of Finance, and Bilal Bin Saqib, Chairman of PVARA. Senior officers from the State Financial institution of Pakistan, presidents of main banks, and Richard Teng, International CEO of Binance, had been among the many attendees.
The Ministry of Finance said {that a} tiered licensing system for Digital Asset Service Suppliers (VASPs) is being superior to meet worldwide requirements, defend customers, and appeal to institutional participation.
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6. India DRI: Smuggling Gangs More and more Use Stablecoins for Cross-Border Settlement of Drug and Gold Smuggling link
India’s Directorate of Income Intelligence (DRI) said in its newest report that smuggling syndicates are more and more utilizing stablecoins instead to the normal “hawala” system for cross-border settlements in drug and gold smuggling. A case involving 108 kilograms of gold revealed that roughly $12.7 million was transferred to China by means of layered transactions, with a number of wallets and encrypted communication instruments used to evade monitoring.
The DRI identified that important regulatory gaps nonetheless exist, emphasizing the necessity to strengthen anti-money laundering (AML) capabilities for crypto belongings and on-chain forensics. It additionally famous that easy bans are ineffective in curbing such crimes.
7. Kyrgyzstan Formally Launches USDKG Gold-Backed Stablecoin, Complete Issuance of $50 Million link
Kyrgyzstan has formally launched USDKG, a gold-backed stablecoin with a complete issuance quantity of $50 million, pegged 1:1 to the U.S. greenback. Issued by a state-controlled entity and absolutely backed by bodily gold reserves, it’s initially launched on the Tron blockchain, audited by ConsenSys Diligence, and can broaden to Ethereum sooner or later.
The issuer of USDKG, OJSC Digital Asset Issuer, is affiliated with Kyrgyzstan’s Ministry of Finance and operates in full compliance with the 2022 “Regulation on Digital Property”. It’s the first stablecoin undertaking in Central Asia that includes the mannequin of “state supervision + on-chain transparency + gold collateral”.
8. Malaysia Advances Inter-Company Crackdown on Unlawful Bitcoin Mining, Energy Theft Losses Exceed $1.1 Billion link
Over the previous 5 years, Malaysia has uncovered roughly 14,000 unlawful Bitcoin mining websites, with electrical energy theft inflicting a cumulative lack of round $1.1 billion to Tenaga Nasional (TNB), the state-owned energy utility. As Bitcoin’s volatility intensified after hitting a report excessive of $126,000 earlier this 12 months, the variety of electrical energy theft instances associated to mining surged to about 3,000 by October.
On November 19, the federal government established an interagency process pressure comprising the Ministry of Finance, the central financial institution, and TNB to discover additional crackdown measures. Akmal Nasir, Deputy Minister of Vitality Transition, said that unlawful mining has threatened energy grid amenities and famous the plain “organized” nature of the cellular operation mannequin adopted by many theft websites.
Malaysian authorities have arrange a joint air-ground working group, using high-tech drones and floor police to find and shut down practically 14,000 unlawful Bitcoin mining machines. Reviews point out that these unlawful miners have stolen electrical energy price $1.1 billion from the nationwide energy grid since 2020. TNB identified that such theft poses challenges to the system and should even injury amenities. Knowledge reveals that the stolen electrical energy of $1.1 billion is enough to meet the annual energy wants of roughly 373,000 households.
9. Russia’s Second-Largest Financial institution VTB Publicizes Plan to Launch Cryptocurrency Buying and selling Companies in 2026 link
VTB Financial institution, Russia’s second-largest financial institution, introduced plans to launch cryptocurrency buying and selling providers in 2026, permitting buyers to instantly purchase and promote decentralized digital currencies comparable to Bitcoin by means of their brokerage accounts. At the moment, VTB already provides crypto derivatives funding to purchasers however intends to present direct digital asset buying and selling subsequent 12 months. VTB said that the brand new regulatory framework will deliver transparency to the cryptocurrency market and promote the event of networks amongst brokers and custodian service suppliers, with the upcoming cryptocurrency buying and selling providers to be carried out in accordance with the brand new laws of Russia’s monetary regulatory authorities.
10. HashKey Passes HKEX Listening to, to Launch Hong Kong Itemizing Plan link
HashKey has handed the itemizing listening to of the Hong Kong Inventory Alternate (HKEX). Its revenues for 2022, 2023, and 2024 had been HK$129 million, HK$208 million, and HK$721 million respectively. As of August 31, 2025, HashKey had HK$1.657 billion in money and money equivalents, in addition to digital belongings with a complete worth of HK$592 million.
JPMorgan Chase, Guotai Haitong, and Guotai Junan Worldwide function the joint sponsors for this IPO. HashKey has launched the post-hearing data set and is within the preparation stage for itemizing. As well as, HSK’s working prices have been rising over time, but it surely has not but launched a share repurchase program.
Wang Yongli, former Vice President of Financial institution of China, said in an article that China already holds a world main benefit in cellular funds and the digital renminbi (e-CNY).
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