Cointelegraph’s latest Asia Express roundup tracks a broad set of crypto developments across Asia, from a lawsuit against Tether in the United States to new transfer rules in Thailand, onchain student lending in Southeast Asia, and regulatory and corporate moves in Singapore, Australia, Japan, the United Arab Emirates, Hong Kong and South Korea.
Thai businessmen sue Tether over frozen USDT
Two Thai businessmen have sued stablecoin issuer Tether in a New York district court, alleging that the company illegally froze $42.4 million in Tether USDt (USDT) in October 2025. The funds were tied to a broader $61 million pig butchering case.
According to the plaintiffs, Tether froze the $42 million without a warrant after an informal request from US Homeland Security Investigations.
Authorities in the Eastern District of North Carolina did not issue a seizure warrant until February 2026. That warrant directed the burn and reissuance of the tokens to a government wallet.
The plaintiffs did not dispute their involvement in the investment scam, but the lawsuit is set to test the scope of a stablecoin issuer’s authority to freeze assets.
Thailand adopts Travel Rule requirements for crypto transfers
Thailand is tightening oversight of crypto transfers, including transactions involving self-custodial wallets, as it aligns with global Anti-Money Laundering standards.
The country’s Securities and Exchange Commission issued new Travel Rule regulations requiring digital asset operators to collect information on the parties involved in crypto transfers.
The rules will take effect on Feb. 27, 2027.
Thai SEC proposes access to some overseas crypto derivatives
Thailand’s SEC has also proposed allowing intermediaries to facilitate retail access to certain digital asset derivatives traded overseas.
Under the proposal, eligible products would need to resemble crypto derivatives traded in Thailand in terms of underlying assets, maturity, leverage and settlement methods.
Those products must also trade on an exchange that uses a central counterparty for clearing and is supervised by a regulator that belongs to specified international regulatory or exchange groups.
The consultation is open until Sept. 30.
Pencil Finance completes $1 million onchain student loan cycle
Pencil Finance said it has completed a $1 million onchain student loan cycle, providing financing for 6,600 students in Southeast Asia who were underserved by traditional lenders.
Across 118 schools and universities in the region, about 1,050 students received direct funding. Pencil said 50% of borrowers were female and 93% came from lower-income households.
The company described the program as the first fully onchain lending cycle for student loans with records transparently stored on a blockchain network.
Ripple and Coincheck expand custody-related partnerships
Ripple partnered with digital asset infrastructure company SettleMint to offer financial institutions custody, issuance and management solutions for tokenized assets across their full lifecycle.
Coincheck Group also partnered with wallet infrastructure provider DFNS to build digital asset wallet technology and custody services in Japan.
Singapore reviews paths for some foreign-issued stablecoins
The Monetary Authority of Singapore is reconsidering its earlier restriction on stablecoins issued across multiple jurisdictions and is weighing a route for some jointly issued tokens to qualify under its framework.
Under one proposal, stablecoins jointly issued by a Singapore issuer and a foreign issuer could be regulated under the framework and labeled “MAS-regulated stablecoins” if the associated risks are sufficiently mitigated.
MAS is also considering recognizing a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks, citing their potential use in cross-border wholesale transactions.
Australia gives unlicensed crypto firms until Sept. 30
Australian crypto companies operating under temporary regulatory relief have until Sept. 30 to apply for a financial services license or face penalties that can reach 10% of annual turnover.
The Australian Securities and Investments Commission said businesses that need an Australian Financial Services license must submit an application, or seek changes to an existing license, before the deadline. ASIC said it has recorded more than 45 digital asset-related license applications so far.
Standard Chartered launches spot BTC and ETH trading in the UAE
Standard Chartered has launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates.
The bank said the move makes it the first global bank to offer institutional digital asset trading in the country and the first Global Systemically Important Bank to provide a similar offering.
Japan sees portfolio shifts, licensing warnings and stablecoin tax discussions
Remixpoint, one of Japan’s largest corporate Bitcoin holders, sold all of its altcoins and now holds about 1,506 BTC, valued in the report at $115 million, as its only cryptocurrency position.
According to a Wednesday company disclosure, Remixpoint sold its Ether, Solana, XRP and Dogecoin holdings for a combined 878.8 million yen ($5.5 million), generating a gain of 117.8 million yen ($736,000).
The company booked gains on its ETH, SOL and XRP sales, but sold its DOGE at a loss of 3.26 million yen ($20,000).
Japan’s Financial Services Agency also submitted a request to exempt trust-type stablecoins from mandatory tax filings starting in fiscal year 2027.
Separately, Bitcoin treasury company Metaplanet transferred 10,270 BTC to Coinbase Prime this week, a move that sparked speculation about a possible sale. The report also cited $377 million in value and referenced 4,800 BTC in the section heading.
Japan’s FSA issued a formal warning to Hong Kong-based Izakaya Limited, alleging that its cryptocurrency exchange services are unregistered.
SBI Holdings said it will spend $270 million to acquire a 20% stake in Indonesian online brokerage Ajaib Group to expand its crypto business across the region and promote its yen stablecoin JPYSC.
Hashkey joins DTCC digital assets working group
Hashkey joined the Depository Trust & Clearing Corporation’s Digital Assets Advisory Services Industry Working Group as its first Asian digital asset service provider.
The group includes more than 100 global financial institutions, among them JPMorgan Chase, Goldman Sachs, Nasdaq and the New York Stock Exchange.
DTCC custodies $114 trillion in liquid assets, including stocks and exchange-traded funds. The working group was created to connect traditional finance with decentralized finance infrastructure. DTCC plans to launch access to tokenized securities in October.
Hong Kong and South Korea add to the regional picture
The South China Morning Post described the mood at Bitcoin Asia in Hong Kong as subdued. Binance founder Changpeng Zhao told attendees that Bitcoin “will for sure become more important than gold,” but the report said the aftereffects of the bear market remained visible.
Brandon Green, CEO of conference organizer BTC, said in his opening address: “Psychologically, I think this has been one of the hardest bear markets we’ve had, because this time it wasn’t just the price of bitcoin that took a hit.”
He added: “This time, the Bitcoiners’ ego also took a hit.”
Hong Kong-based digital asset firm OSL Group reported a 65.8% increase in revenue in its first-half results.
Hong Kong’s Securities and Futures Commission added Star Bridge Capital Group to its Alert List following forced liquidation anomalies and millions in trader losses.
In South Korea, The Korea Times reported that Mirae Asset plans to build a 150 trillion won ($109 billion) digital asset business around Digital X, the exchange formerly known as Korbit.
According to the report, Digital X will focus on crypto, stablecoins, real-world assets and security token offerings, with plans to tokenize physical assets including gold, silver and electricity.
The expansion follows Mirae Asset Consulting’s acquisition of a 97.15% stake in Korbit in July for a cumulative 141.4 billion won. Korbit was later rebranded as Digital X, marking the first time an affiliate of a South Korean financial group acquired control of a domestic crypto exchange.