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.
The Hong Kong Monetary Authority (HKMA), which serves as the de facto central bank of the Special Administrative Region, has finalized its regulatory framework for stablecoin issuers.
Google (NASDAQ: GOOGL) search data shows that interest in stablecoins has reached an all-time high this month, driven by regulatory developments, a sharp increase in issuance and supply, and the growing desire of organizations to launch their own fiat-pegged digital assets.
Payment giant PayPal (NASDAQ:PYPL) has launched a new feature that allows small businesses in the U.S. to accept over 100 different cryptocurrencies as payment — including major coins like Bitcoin and Ethereum, as well as niche tokens like Donald Trump’s meme coin (TRUMP).
The GENIUS Act has drawn a line between interest-bearing stablecoins and stablecoins used for payments. This move brings U.S. legislation closer to the EU's MiCA crypto regulation, creating a shared international foundation for crypto asset oversight, according to Fabian Dori.
The altcoin season may start soon, given the combination of several factors signaling a potential increase in liquidity. A possible outflow of capital from Bitcoin and a massive inflow into stablecoins could set the stage for a rally in the altcoin market.
Jamie Dimon described the project as part of the bank’s strategy to integrate blockchain technology into financial services. According to the CEO, the bank can no longer stay away from the growing digital asset market, which reached a capitalization of $263 billion by mid-2025.
Bank of England Governor Andrew Bailey has warned about the risks of banks issuing stablecoins, stating that it could lead to money being withdrawn from the banking system.
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