Web3 Market Review in Asia for Q2 2025: Policy Implementation and Practical Progress

Summary of Key Points
Regulation and Governance: 1) Hong Kong will issue legislation on stablecoins in August to strengthen its position as a digital financial hub. 2) Singapore implements a strict licensing system, prohibiting unlicensed companies from operating abroad. 3) Thailand launches government-issued digital bonds, G-Tokens, to become a leader in this field.
Corporate News: 1) listed companies in Japan are witnessing a wave of Bitcoin financing strategies, leading to a significant increase in institutional investments. 2) Chinese companies are adopting a pragmatic stance, circumventing local restrictions through Hong Kong licensing, and increasing their holdings of Bitcoin.
Policy Shifts: 1) Voices supporting a stablecoin backed by the Korean won have emerged in South Korea, but progress is slow due to the fragmentation of regulation. 2) Vietnam has achieved a historic shift from prohibition to full legalization. 3) The Philippines is adopting a dual strategy, combining strict regulation with a sandbox framework.
1.Asia