Asian regulators are moving from discussions to the implementation of specific regulatory frameworks for stablecoins and real-value asset Tokenize , laying the groundwork for strong growth in 2026.
The story of Asia's cryptocurrency asset regulation in 2025 isn't about new promises, but about what the market has been waiting for for years: rules for practical implementation. Stablecoins and asset Tokenize have emerged as central themes as regulators move from high-level discussions to establishing specific regulatory frameworks and implementing pilot programs, according to experts.
Angela Ang, Head of Policy and Strategic Partnerships for Asia Pacific at TRM Labs, said that amid the US-led development of crypto-friendly policies, Asia Pacific regulators have stepped up efforts to enact clear, risk-appropriate rules and promote practical regulatory implementation.
Eddie Xin, Head of Research at OSL Research, noted that regulatory progress in Asia in 2025 has moved beyond the debate over legal frameworks to the direct integration of stablecoins and asset Tokenize into payment and clearing infrastructure. These developments lay the groundwork for a significant year, with institutional participation expected to increase sharply in 2026.
Leading markets are building the legal framework.
Regulatory momentum was evident in Hong Kong in 2025. In August, the long-awaited stablecoin law officially came into effect, establishing a licensing mechanism for issuers of fiat-backed stablecoins. This move followed years of consultations and made Hong Kong one of the earliest jurisdictions in the world to develop a dedicated stablecoin framework.
Ang argues that stablecoins are clearly at the forefront, partly because they are the most payment-like type of crypto asset, and therefore have the greatest potential for practical application. Regulators are prioritizing stablecoins as a way to realize the benefits of chain in transferring value at internet speeds.
Hong Kong regulators are also promoting Tokenize. Under Project Ensemble and related initiatives, authorities are working with banks and market participants to test a payment model that combines Tokenize deposits with on- chain asset transfers. In November, the government launched a pilot program focused on Tokenize real value, exploring how traditional financial instruments can be issued, traded, and settled on chain infrastructure in a tightly regulated environment.
Singapore's Token Service Provider Regulatory Scheme officially came into effect in June, three years after the law was passed. Under this mechanism, token service providers with a significant operational presence in Singapore must apply for a license and meet anti-money laundering obligations, regardless of whether they serve domestic customers or not.
The island nation is also pushing forward with its Tokenize program. In November, the Monetary Authority of Singapore stated that Tokenize had moved beyond its pilot phase and was increasingly being deployed in a commercial context. In a recent trial , three banks—DBS, OCBC, and UOB—conducted overnight interbank lending transactions using the central bank's digital currency for the wholesale market. This trial aligns with Singapore's ambition to expand Tokenize finance based on secure payment assets.
Stablecoins are emerging as a common theme in cryptocurrency developments in Japan and South Korea in 2025. In Japan , regulators are both increasing oversight and supporting stablecoin trials. In November, the Financial Services Agency publicly endorsed a stablecoin pilot program involving the country's three largest banks. Japanese regulators are also considering a new requirement that cryptocurrency exchanges establish emergency reserve funds to handle incidents such as cyberattacks.
This regulatory impetus has spurred domestic businesses to research new products. Six major Japanese asset management companies, including Mitsubishi UFJ Asset Management and Daiwa Asset Management, are reportedly preparing to develop the country's first cryptocurrency-backed investment trusts. In South Korea, banks and cryptocurrency businesses are also pushing stablecoin initiatives. In September, custody service provider BDACS launched KRW1, a won- Peg stablecoin, on the Avalanche network.
Regulated domestic markets will play a larger Vai in 2026, according to Tim Sun, senior researcher at HashKey Group. Hong Kong, Singapore, and Japan are all building regulated domestic ecosystems, led by licensed organizations.
Eddie Xin of OSL predicts that regulatory pathways in Asia will converge towards the normalization of digital asset issuance and Tokenize of physical assets by 2026, with payments increasingly relying on regulated stablecoins and Tokenize money.
Chen Wu, CEO of EX.IO, a Hong Kong-licensed cryptocurrency and Tokenize company, also believes that Tokenize of real assets will shape 2026. Sun of HashKey concludes that Asia is entering a fully institutionalized digital asset era, and the stablecoin and Tokenize infrastructure built in 2025 will lay the foundation for more stable and sustainable growth in 2026.
