Welcome to the Asia-Pacific Morning Brief—an essential summary of overnight cryptocurrency developments that shape regional markets and global sentiment. Prepare your green tea and stay tuned.
Today's highlights: Shenzhen collaborates with Hong Kong on RWA platform development, Indian tax authorities review cryptocurrency regulations amid industry exodus, and new developments in regional markets are driving innovation and policy changes.
Shenzhen State-Owned Enterprise Establishes Hong Kong Web3 Partnership
Shenzhen Longgang Data Company has secured an exclusive mainland partnership with Hong Kong's Web3.0 Standardization Association. This state-owned big data company will participate in building the world's first Real-World Assets (RWA) registration platform. The collaboration was officially announced after the platform's August 7th launch in Hong Kong.
The partnership aims to establish a cross-border digital compliance framework between mainland China and Hong Kong. Both parties plan to create comprehensive services covering asset verification, trusted storage, and compliance cycles. This initiative leverages Shenzhen's industrial base alongside Hong Kong's international financial hub status.
The collaboration explores a three-stage model of mainland asset digitization, Hong Kong's digital financialization, and global compliance cycles. This framework supports China's dual circulation economic strategy connecting domestic and international markets. The RWA platform positions Hong Kong as a key player in global Web3.0 financial infrastructure development.
India Reviews Cryptocurrency Tax Framework… Industry Exodus Continues
India's tax authority, CBDT, is consulting on cryptocurrency platforms and dedicated virtual asset regulations. The review investigates which regulatory body—RBI, SEBI, or others—should oversee the sector. Industry leaders criticize the current 30% fixed tax and 1% transaction tax as excessive.
Cryptocurrency companies argue that the harsh tax regime suppresses innovation and obstructs loss offset mechanisms. Banking restrictions under RBI and FEMA regulations have prevented financial institutions from serving cryptocurrency customers. Regulatory uncertainty is driving traders and businesses toward crypto-friendly jurisdictions like Dubai.
BeInCrypto Asia Coverage
GENIUS ACT and Beyond: Kaia Explains Asian Perspective – Kaia's chairman discusses Asia's stablecoin strategy amid new US regulations and regional cooperation needs. Read
Asian Crypto Companies Eye US IPO Amidst Opportunities and Risks – OKX, Animoca, and Bithumb pursue Wall Street listings for capital, credibility, and global expansion. Read
Korea Halts Cryptocurrency Lending Services – Korea suspends 1.5 trillion won cryptocurrency lending services due to consumer protection concerns. Read
"Want to Be Japan's Circle," Says JPYC, Japan's First Stablecoin Issuer – JPYC receives regulatory approval to launch Japan's first yen-based stablecoin platform. Read
More Highlights
Wyoming Launches First State-Issued Stablecoin – Wyoming releases FRNT token across seven blockchains with reserves to fund public education. Read
Saylor's MicroStrategy Faces Backlash Over Bitcoin Volatility Exposure – MicroStrategy removes stock issuance safeguards, allowing sales below valuation and angering investors. Read
Ethereum Whales Selling in August—Analysts Explain Why It's Not Bearish – Ethereum whale wallets decrease while shark addresses increase, driven by institutional accumulation and market maturity. Read
Bitcoin Treasury Demand Slows as Ethereum and Altcoin Buyers Rise – Corporate Bitcoin treasury adoption decreases to an average of 2.8 buyers daily, while Ethereum and altcoins attract corporate interest. Read
Robinhood Introduces AI Market Insights to UK — Crypto Innovation's Prelude? – Robinhood launches AI Digest in the UK, hinting at cryptocurrency expansion potential after a 217% trading volume surge. Read
