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According to hket, Hong Kong's Acting Secretary for Financial Services and the Treasury, Chen Haolian, stated that the authorities will submit legislative proposals to the Legislative Council within the year regarding the provision of virtual asset services and management, promoting the establishment of a comprehensive regulatory system covering trading, custody, advisory, and asset management, and implementing a mandatory licensing arrangement.The new framework will be advanced according to the principle of "same business, same risk, same rules," aligning with the current regulated activities under the Securities and Futures Ordinance, and will focus on strengthening private key management and client asset security requirements in virtual asset custody.The Hong Kong Securities and Futures Commission stated that the current applications for licenses related to virtual assets continue to increase, but licensing will adhere to the principle of "quality over quantity," balancing market capacity and quality.

In a recent speech, the Chairman of the Hong Kong Securities and Futures Commission, Huang Tianyou, revealed that the trading volume of 12 licensed virtual asset trading platforms in Hong Kong has exceeded HKD 640 billion for 2025, with the trading volume in the first quarter of this year increasing nearly threefold year-on-year.In addition, brokers engaged in virtual asset-related businesses saw their commission income related to this sector grow by over 80% year-on-year last year.

According to Viet Nam News, the Ministry of Finance of Vietnam proposed in the revised draft of the "Support Law for Small and Medium Enterprises" to allow small and medium enterprises to use digital assets, virtual assets, intellectual property, intangible assets, and future formed assets as collateral for bank loans, in order to improve the financing availability for private enterprises and technology startups.The draft also encourages credit institutions to issue loans more based on credit ratings, business plans, market expansion potential, and corporate cash flow, reducing reliance on traditional collateral such as real estate. The Ministry of Finance of Vietnam stated that this policy aims to unleash private economic resources and is consistent with Resolution No. 68 - NQ / TW.

The Financial Intelligence Unit (FIU) of South Korea plans to no longer advance the mandatory suspicious transaction reporting (STR) requirements for large cross-border virtual asset transfers and personal wallet transfers, but will continue to expand the regulatory coverage of the Travel Rule and further strengthen the tracking of digital asset transactions.

According to Edaily, South Korean digital asset custody company KDAC has been selected as the custodian and operational service provider for the seizure of virtual assets by the National Tax Service of South Korea. This is the first instance of the government entrusting the seizure of virtual assets to a private professional custody company. KDAC has signed a delegation contract with the National Tax Service and will launch the project in June.This project is a follow-up measure to the "Improvement Plan for the Holding and Management System of Virtual Assets in the Public Sector" jointly released by the government in April this year. It aims to establish a formal operational model through the introduction of a private custody and operational system after pilot operations. This model will serve as a reference case for public institutions such as the prosecution, police, and customs in managing virtual assets.

According to Digital Asset, the trading volume of local virtual assets in South Korea has dropped to about 8% of the KOSPI trading volume, less than one-tenth of it. Media statistics show that the trading volume of the Korean won market exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) is only 8% of the KOSPI trading volume.The report points out that the South Korean virtual asset market has been continuously weakening since the second half of 2025, with a significant drop in October 2025 after a large-scale futures liquidation, while the KOSPI has strengthened due to semiconductor prosperity and policy support. Additionally, according to CryptoQuant data, the Bitcoin Korea premium indicator has been negative for most of the time since March, reflecting weak buying interest in the Korean market.

The Southern District Prosecutors' Office of Seoul, South Korea, has detained and prosecuted 2 individuals and prosecuted 3 individuals without detention in relation to the Rug Pull case of the Solana meme coin CATFI on decentralized exchanges (DEX). The prosecution stated that this is the first case applying the unfair trading provisions of the Virtual Asset User Protection Act and also the first case to detain and prosecute the main perpetrator of a DEX Rug Pull case.

According to CCTV News, the State Council Information Office held a series of themed press conferences on "Starting the 14th Five-Year Plan," introducing the situation regarding "Promoting Comprehensive Rule of Law." At the press conference, Liu Guixiang, a deputy-level full-time member of the Supreme People's Court Judicial Committee and a second-level chief judge, stated that in-depth research on new case adjudication rules for virtual currencies, cross-border finance, and other new types of cases should be conducted. Judicial interpretations regarding civil compensation related to insider trading and market manipulation should be formulated as soon as possible to ensure the stable operation of the capital market and effectively safeguard the legitimate rights and interests of small and medium-sized investors.In response to the new business formats of the digital economy, normative documents regarding judicial protection of artificial intelligence cases and data ownership should be researched and developed. The adjudication rules concerning data ownership, data transactions, AI generation, and other aspects should be improved to promote the deep integration of digital technology with the real economy, assist in perfecting the foundational institutional system for data elements, and promote the construction of an integrated data market that is open, shared, and secure.

The State Council Information Office held a series of themed press conferences titled "Starting Off the 14th Five-Year Plan," introducing the situation regarding "Promoting Comprehensive Rule of Law." Liu Guixiang, a deputy-level full-time member of the Judicial Committee of the Supreme People's Court and a second-level chief judge, stated that the Supreme Court will conduct in-depth research on the adjudication rules for new types of cases such as virtual currencies and cross-border finance, and will formulate judicial interpretations on civil compensation related to insider trading and market manipulation as soon as possible, to ensure the stable operation of the capital market and protect the legitimate rights and interests of small and medium-sized investors.In addition, he also mentioned that in response to the new business models of the digital economy, the Supreme Court will study and formulate normative documents regarding judicial protection of artificial intelligence cases and data property rights, improving the adjudication rules concerning data ownership, data transactions, and AI generation.

According to Jinshi News, the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Securities and Futures Commission have released a consultation summary regarding the regulatory framework for virtual asset provision and management services. The proposed licensing system for virtual asset provision and management received broad support from the market during the consultation period.The new licensing system will follow the principle of "same business, same risk, same rules," and its scope will be consistent with the regulated activities under the Securities and Futures Ordinance. This series of new systems will enhance participation in Hong Kong's digital asset market and help build a robust and secure ecosystem.

According to an official announcement, the South Korean cryptocurrency exchange Bithumb has announced that starting from May 21, 2026, it will immediately restrict all virtual asset deposit and withdrawal transactions related to the overseas payment platform Heleket.The announcement stated that Heleket is suspected of being associated with illegal activities such as money laundering and funding intimidation. Bithumb indicated that this move is to comply with relevant regulations such as the Specific Financial Information Act and the Virtual Asset User Protection Act, and to protect user asset security. Bithumb also reminded users that using unverified overseas services may face risks such as hacking attacks and interruptions in deposits and withdrawals.

According to the updated information on the official website of the Hong Kong Securities and Futures Commission, NewBX Limited's digital asset trading platform Bixin has obtained a license to operate a virtual asset trading platform. The institution is authorized to conduct regulated activities under Type 1 (securities trading) and Type 7 (providing automated trading services). It has also been licensed under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to operate a virtual asset trading platform.As of now, the number of licensed virtual asset trading platforms in Hong Kong has increased to 13, with 6 applicants for virtual asset trading platforms.

According to Zhejiang Daily, recently, the Ningbo Customs Anti-Smuggling Bureau successfully dismantled multiple criminal gangs smuggling virtual currency "mining machines" through in-depth operations and meticulous investigations, effectively cutting off an illegal industrial chain.Previously, during a routine inspection of a batch of imported express shipments declared as "industrial blockers," Ningbo Customs discovered that the actual goods did not match the declaration and were, in fact, virtual currency "mining machines." Customs officers quickly transferred this lead to the anti-smuggling department. After receiving the report, the Ningbo Customs Anti-Smuggling Bureau immediately assembled a task force by drawing on elite personnel, and through data analysis and clue investigation, gradually clarified the organizational structure and operational model of the criminal network. When the timing was right, they decisively struck, simultaneously conducting net-seizing operations in Dongguan, Shenzhen, and other locations, successfully dismantling multiple smuggling gangs of mining machines.Upon investigation, it was confirmed that this series of cases seized over 400 illegal entry mining machines of brands such as Ant L9 and Ice River KS3. The investigation revealed that the smuggling gang led by Liao, in order to make illegal profits, procured "mining machines" from overseas suppliers, disassembled the whole machines, and misreported the product names to smuggle them into the country through international express channels from ports in Ningbo, Guangzhou, and other places. After the goods entered the country, the gang reassembled them, either selling them directly domestically or transporting them to hidden "mining sites" in Xinjiang, Hunan, and other places to engage in illegal virtual currency "mining" activities. At the same time, they utilized virtual currencies like USDT for cross-border payment settlements to evade financial supervision.

According to Hongxing News, the police in Linyi, Shandong recently dismantled a telecom fraud gang targeting minors, seizing about 140,000 yuan in illegal gains and 20,000 in virtual currency on site. Preliminary investigations have confirmed that the gang has carried out over 200 fraud cases nationwide, involving a huge amount of money.The police disclosed that the criminal gang used "free game skins and equipment" as bait to lure minors into using their parents' phones and remotely controlling the victims' devices through screen sharing to carry out transfer fraud. The stolen money was then laundered in batches through methods such as mobile phone top-ups, electricity bills, and property fee payments. The upstream fraud platform settled funds through virtual currency, and the suspects took about 20% of the fraud amount as their share. It is reported that the gang leader had previously traveled to Myanmar to engage in fraudulent activities and has strong counter-investigation experience. The case is still under further investigation.

The Criminal Investigation Bureau of the Ministry of Public Security published an article titled "Beware of Online Fraud Targeting Minors," which reveals a new type of online fraud chain characterized by "game diversion + impersonating public security and judicial authorities + virtual currency money laundering." Criminals post advertisements through games and social platforms to guide minors to add friends, and use intimidation and other means to extract funds from parents' accounts. The stolen money is split and withdrawn through black and gray industry platforms to purchase virtual currencies, which are not restricted by geography and can silently flow back to overseas fraud dens, completing the "physical isolation" of cross-border funds. The Criminal Investigation Bureau reminds that public security and judicial authorities will never handle cases online, will never intimidate for deductions, and will never ask for passwords or verification codes.

Luo Yonghao called out to Zhao Changpeng on social media, stating, "Recently, a virtual currency named 'Luo Yonghao' (which also used my avatar as its logo) has been traded on the Binance trading platform. Although it has not officially entered the 'trading platform' tab yet, it is still on the 'wallet' tab, but it is still part of the Binance trading platform. To prevent people from being deceived, please take it down or provide a formal complaint channel for removal."

According to a report by the Korea Herald, data obtained by South Korean National Power Party member Kang Min-guk from the Financial Supervisory Service shows that as of May 4, a total of 15 virtual asset service providers have ceased operations in South Korea, affecting approximately 1.949 million users, with frozen assets amounting to 22.1 billion won (14.87 million USD). Among them, only 6 operators have transferred user assets to the Digital Asset Protection Foundation, involving 1.92 million users and assets of about 2.36 billion won (1.59 million USD). Only 131 users have recovered their assets through the foundation, accounting for 0.006% of all users, with returned assets of about 74.52 million won (50,000 USD), which is only 0.3% of the total assets.Member Kang pointed out that current laws do not require service providers to transfer user assets to the foundation when ceasing operations, lacking legal enforcement mechanisms, and the foundation has not actively promoted the asset recovery application process. He urged the Financial Supervisory Service to expedite the advancement of the second phase of legislation to strengthen user protection mechanisms.

According to News1, the Korean National Tax Service is piloting the custody and management of seized virtual assets by entrusting them to private cryptocurrency custody institutions for the first time, with plans to run a trial until the end of this year.Major custody institutions in Korea, such as KODA, KDAC, Hecto WalletOne, BDACS, and InfiniteBlock, are all prepared to participate. Although the budget for this pilot project is only about $5,800, the industry believes that obtaining a reference case from the "Korean National Tax Service project" is of symbolic significance.

According to Newtimes, the lower house of the Rwandan Parliament passed a virtual asset regulatory bill on May 5, aimed at regulating cryptocurrency trading, protecting investors, and maintaining the stability of the financial system.The bill stipulates that individuals operating virtual asset businesses without authorization will face 3 to 5 years of imprisonment and fines ranging from 30 million to 50 million Rwandan francs, while companies may be fined up to 100 million Rwandan francs. The Capital Market Authority will serve as the main regulatory body, working in conjunction with the National Bank of Rwanda for enforcement. The bill is pending presidential signature and will take effect after publication in the official gazette, with detailed implementation rules to be formulated after the law comes into effect.

According to BusinessWorld, the Central Bank of the Philippines has warned the public and cryptocurrency users not to trade with unauthorized virtual asset service providers, as this may lead to financial losses due to fraud, security vulnerabilities, and operational failures.The central bank stated that unauthorized VASPs also pose risks such as lack of legal recourse, absence of consumer assistance mechanisms, poor service quality, false advertising, improper handling of private keys, cybersecurity incidents, and data privacy issues. Additionally, access may be restricted due to government enforcement actions against illegal operations. The Central Bank of the Philippines has committed to continuing cooperation with the Securities and Exchange Commission, the National Telecommunications Commission, and other departments to restrict access for Philippine users to unauthorized VASP platforms, and urges consumers to protect personal information, maintain cybersecurity hygiene, and only trade with licensed institutions.