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Asian Countries to Tighten Crypto Regulations
The Bank of Korea (BoK) has created a new division to monitor the crypto market, Indonesia has announced increased taxes on crypto transactions, and Hong Kong has finalized its rules for stablecoins. ForkLog has compiled the latest developments from Asia.
Bank of Korea’s Digital Currency Division
The BoK has launched a new division dedicated to monitoring the cryptocurrency market, according to local outlet News1.
The regulator also renamed its “Digital Currency Research Group” to the “Digital Currency Group.”
The department will focus on stablecoins pegged to the Korean won (KRW) in an effort to prevent capital outflow and reduce reliance on stablecoins like USDT and USDC.
Interest in these assets has grown in South Korea following statements from newly elected President Lee Jae-myung, who pledged to promote KRW-based stablecoins. Ruling party lawmaker Min Byung-deok introduced a bill to establish a regulatory framework for this asset class.
In response, South Korean banks and payment systems have actively begun applying for ticker registrations for stablecoins.
Crypto Taxes in Indonesia
According to Reuters, new tax rules for the crypto market in Indonesia will take effect on August 1. The tax rate for sellers on local exchanges will increase from 0.1% to 0.21%, and on foreign platforms — from 0.2% to 1%.
At the same time, buyers will no longer pay VAT, which previously ranged from 0.11% to 0.22%.
The tax on Bitcoin mining will rise from 1.1% to 2.2%, while a special income tax of 0.1% will be abolished starting in 2026. All income from crypto mining will be subject to standard individual or corporate tax rates.
Stablecoins in Hong Kong
On July 29, the Hong Kong Monetary Authority (HKMA) released the final regulatory framework for the “stablecoin” market. The new law will come into effect on August 1.
To issue fiat-backed stablecoins either within or outside of the Hong Kong Special Administrative Region, issuers must obtain a license. HKMA has already launched a public registry.
The regulator will begin accepting license applications on September 1. According to HKMA head Eddie Yue, most applicants currently do not meet the requirements.
Earlier, UBS noted a growing interest from major Asian clients in Bitcoin and gold.
See also: "Hong Kong Finalizes Stablecoin Regulations and Launches Public Registry"
