Asia is currently leading the global crypto charge, and countries like Vietnam, India, Japan, and South Korea have become regional crypto hubs. Some of these countries are seeing an explosion in retail cryptocurrency trading, while others are mapping out frameworks to better govern cryptocurrencies, providing the broader Asian crypto landscape with roadmaps they can adapt to their own specific needs.
A lot has happened since the last update on cryptocurrencies in Asia. Here’s a summary of the big headlines.
Indian court rules that cryptocurrencies are property: prevents WazirX from redistributing user’s XRP
The Madras High Court in India issued a ruling on October 31 major bug which recognizes cryptocurrencies as legal property, providing cryptocurrency holders in the country with greater protection under the law.
The case involves a WazirX user who had purchased 3,532 XRP tokens before the infamous hack in July last year. WazirX had planned to redistribute user’s XRP to help cover the platform’s losses, but the court blocked its move.
JUST IN: Madras High Court sides with a $XRP headline in WazirX hacking case: stating $XRP as property under Indian law.
pic.twitter.com/1RdDztqcTU
— RippleXity (@RippleXity) October 26, 2025
Justice N. Anand Venkatesh explained that although cryptocurrencies are not physical or an official currency in the country, they still qualify as property.
“It is not tangible property or currency,” he wrote. “However, it is a property that can be beneficially enjoyed and owned.”
Justice Venkatesh also noted that the user accessed WazirX from his home, using a mobile phone and was prevented from trading or selling his tokens. That detail helped confirm that crypto assets accessed within India are under Indian legal protection.
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Stablecoins are underdeveloped and high risk: People’s Bank of China Governor Pan Gongsheng
China has officially shut down any speculation about lifting its cryptocurrency ban. The application of the narrative came from People’s Bank of China (PBOC) Governor Pan Gongsheng’s speech at a financial event. conference in Beijing.
After Hong Kong introduced its stablecoin licensing system in August, several mainland Chinese companies wanted in on the action and rushed to apply as well. This led many in the crypto space to believe that the government might be softening its stance on cryptocurrencies.
However, it was not like that. Gongsheng dismissed the rumors and said the policies will remain in place. He added: “The People’s Bank of China will continue, in coordination with law enforcement authorities, to crack down on the operation and speculation of virtual currencies within China.”
China’s central bank governor Pan Gongsheng has confirmed that the country’s cryptocurrency ban remains in effect, dispelling speculation about a possible easing.
Even though Hong Kong’s stablecoin licensing regime attracts mainland applicants, Pan declared bans in place since 2017… pic.twitter.com/yDQQkOwaq4
— KOLYAN TREND (@kolyan_trend) October 31, 2025
Furthermore, he criticized stablecoins, calling them risky and underdeveloped. Additionally, Gongsheng said they do not meet basic anti-money laundering standards and could potentially enable terrorist financing.
He concluded by saying that the central bank is focused on monitoring risks and will closely monitor the development of offshore stablecoins.
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$14 Million Crypto Ponzi Master Arrested in Thailand
Thai police arrested the man behind the $14 million crypto Ponzi scheme. Chinese national Liang Ai-Bing operated out of an elegant three-story luxury home in Bangkok’s Wang Thonglang district.
According to a reportThai authorities claim that Bing’s Ponzi scheme had tricked nearly 100 investors, mostly from China, into parting with their funds.
The entire scheme centered around a DeFi platform called FINTOCH, which operated from December 2022 to May 2023. It claimed to offer a daily return of 1% and was falsely linked to Morgan Stanley. A completely false proposal, which Morgan Stanley was quick to deny.
Thai police arrested Chinese national Liang Aibing in Bangkok for allegedly leading a crypto investment fraud through the FINTOCH platform, which defrauded nearly 100 victims of more than 100 million RMB. During the raid, authorities confiscated a gun and ammunition. Coordination… pic.twitter.com/MtWs76fabj
—Jacob in Cambodia
(@jacobincambodia) block chain analyst It later tracked around $31.6 million in USDT flowing through the Ethereum and Tron bridges.
To make his operation appear legitimate, Bing invented a fake CEO named Bob Lambert and even used a photo of actor Michael Provenzano to support the false narrative.
Bing now faces several charges, including illegal possession of firearms and entering Thailand without proper documentation. Authorities are currently preparing to extradite him to China for further prosecution.
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Launch of Japan’s Yen-Backed Stablecoin Marks Important Step for Crypto Asia
Japanese startup JPYC has finally launched its yen-backed stablecoin as part of the country’s broader push to modernize its financial system.
Bank deposits and Japanese government bonds fully back the currency and each JPYC stablecoin is equal to exactly 1 yen.
Noritaka Okabe, CEO of JPYC, said: “I believe this is an important turning point in the history of the Japanese currency and we are delighted to participate in its center.”
The company also opened its own exchange service that allows users to convert their yen into JPYC stablecoins. Okabe said JPYC plans to issue up to 10 trillion yen in stablecoins over the next three years.
The first Japanese yen “JPYC” stablecoin was launched
in avalanche
— voh
To maintain trust and stability, JPYC will maintain reserves of traditional assets equal to the value of the currencies it issues.
Okabe believes that JPYC will generate enough profits to remain sustainable and that he will not charge fees for the issuance of stablecoins unless interest rates drop to near zero.
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Key takeaways
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An Indian court recognized cryptocurrencies as property, boosting legal protection for asset holders
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China reaffirmed cryptocurrency ban, warned against stablecoin risks
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Thailand arrests leader of $14 million Ponzi scheme, Chinese national Liang Ai-Bing
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Japan launched its yen-backed JPYC stablecoin, an important step for crypto Asia
The post This Week in Crypto News Asia: Indian Court Recognizes Cryptocurrencies as Property, Japan Launches JPYC Stablecoin, China Classifies Stablecoins as High Risk appeared first on 99Bitcoins.
