Asia in 2025: From Policy Debates to Practical Crypto Implementation

By 2025, the story of crypto regulation in Asia is no longer centered around big commitments but focuses on what the market has been waiting for years: clear regulations for practical implementation. Stablecoins and asset tokenization emerge as two main pillars as regulators in the region shift from discussing legal frameworks to developing specific rules and conducting pilot tests.

Hong Kong implemented stablecoin laws from August, establishing licensing mechanisms for stablecoin issuers linked to fiat currency, while also promoting tokenization through pilot projects like Project Ensemble. Singapore officially activated licensing for digital token service providers (DTSP) and expanded tokenization applications in interbank banking activities.

In Japan and South Korea, stablecoins also become a focal point. Japan supports stablecoin pilot programs involving major banks, while South Korea sees the launch of a won-pegged stablecoin despite the legal framework still being finalized. Industry experts say these steps are laying the groundwork for a wave of increased participation by financial institutions in 2026, with stablecoins and real asset tokenization becoming core infrastructure.