This Week in Crypto Asia: A Focus on South Korea, Vietnam, Malaysia, Thailand, and Hong Kong
In this week's overview, we delve into the latest developments in the crypto landscapes of South Korea, Vietnam, Malaysia, Thailand, and Hong Kong, highlighting their unique approaches and emerging trends.
This Week in Crypto Asia: A Focus on South Korea, Vietnam, Malaysia, Thailand, and Hong Kong
In the global landscape of cryptocurrency, Asia is making significant strides. This week’s report highlights notable developments in South Korea, Vietnam, Malaysia, Thailand, and Hong Kong, outlining their unique approaches to crypto regulation and market dynamics.
South Korea: Compliance and Consumer Protection
A blend of regulatory uncertainty and market activity defines South Korea’s crypto environment. Delays in the Credit Information Act have provided exchanges additional time to meet data protection requirements, while crypto trading has surged, outperforming stock market activities with a market cap exceeding 100 trillion won ($74.8 billion). Furthermore, the implementation of a 20% capital gains tax on crypto has been postponed until 2027.
Vietnam: The Asian Crypto Remittance Poster Child
Cryptocurrency continues to be a preferred option for remittances in Vietnam, ranking fifth globally with $105 billion received in 2024. Despite restrictions on cryptocurrencies as payment methods, the Ministry of Justice has clarified that owning and trading them remains legal. A regulatory framework for crypto is expected to be introduced in 2025.
Malaysia: Strengthens Policy as It Prepares for a Crypto Framework
Although not official legal tender, cryptocurrencies in Malaysia are classified as securities. The government is working on a comprehensive regulatory framework, having enacted the Capital Markets and Services Order in 2019, with recent updates including guidelines on money laundering.
Thailand: Blending Blockchain Innovation with Tourism
Thailand ranks 16th globally in crypto adoption, exploring blockchain applications within its tourism sector. The Securities and Exchange Commission has approved major cryptocurrencies, while local banks remain barred from direct crypto transactions.
Hong Kong: The Second Most Asian Crypto-Friendly City
Hong Kong is positioned as a leading crypto-friendly jurisdiction, second only to Ljubljana. Its regulatory framework has advanced, with licenses granted to multiple virtual asset firms aiming to enhance digital asset investment attractiveness.
Key Takeaways
- Indonesia saw $30 billion in crypto transactions, marking a 350% increase in 2024.
- South Korea’s market cap hit $74.8 billion, surpassing its stock market.
- Vietnam ranked 5th globally with $105 billion in crypto received in 2024.
