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<p><em>Everything that happened in crypto news in Asia over the past seven days: Asia Express.</em></p>
<p><strong>In this edition</strong></p>
<ol>
 <li><strong><a rel="noopener noreferrer nofollow">Neo co-founder floats $461 million governance reset</a></strong></li>
 <li><strong><a rel="noopener noreferrer nofollow">Over 50 projects flagged in DPRK infiltration sweep</a></strong></li>
 <li><strong><a rel="noopener noreferrer nofollow">Pakistan lifts crypto banking ban under strict regulatory limits</a></strong></li>
 <li><strong><a rel="noopener noreferrer nofollow">Ledger device that drains funds sold in Chinese marketplace</a></strong></li>
 <li><strong><a rel="noopener noreferrer nofollow">South Korea trials tokenized deposits for controlled public spending</a></strong></li>
 <li><strong><a rel="noopener noreferrer nofollow">Naver moves to fold Upbit operator into fintech arm ahead of IPO</a></strong></li>
 <li><strong><a rel="noopener noreferrer nofollow">Tokyo funds yen stablecoin use cases to boost global finance push</a></strong></li>
 <li><strong><a rel="noopener noreferrer nofollow">SBI Remit taps Ripple tech to expand remittances for foreign workers</a></strong></li>
</ol>
<h2 class="wp-block-heading" id="Neo-co-founder-floats-$461-million-governance-reset">Neo co-founder floats $461 million governance reset</h2>
<figure class="wp-block-image alignright size-full is-resized"><img width="918" height="753" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Erik-Zhang-response-to-Da-Hongfei-Neo.jpg" alt="Erik Zhang response to Da Hongfei Neo">
 <figcaption><em>Zhang pushes back on Das proposal. (</em><a href="https://x.com/erikzhang/status/2043183566557958533" rel="noopener noreferrer nofollow"><em>Erik Zhang</em></a><em>)</em>
 </figcaption>
</figure>
<p>Neo co-founder Da Hongfei has <a href="https://cointelegraph.com/news/neo-founder-proposes-461m-overhaul-to-governance" rel="noopener noreferrer nofollow">proposed stripping founders of control</a>, returning nearly 50 million tokens to the community and installing formal oversight in a bid to overhaul a $461 million treasury.</p>
<p>In March, the smart contract blockchain disclosed its finances for the first time since 2019, revealing assets held across the Neo Foundation and Neo Global Development.</p>
<p>The proposal would move the foundations legal base to the Cayman Islands, install a five-member board and an independent supervisor, and bar both Hongfei and co-founder Erik Zhang from holding governance roles for two years. It also includes returning 49.5 million NEO tokens to the community.</p>
<p>Founded in 2014, Neo rose to prominence during the 2017 bull market, when it was widely dubbed Chinas Ethereum. The two co-founders <a href="https://cointelegraph-magazine.com/civil-war-china-ethereum-bitcoin-etfs-2026-asia-express/" rel="noopener noreferrer nofollow">publicly clashed on X</a> on New Years Eve, accusing each other of mismanaging the project’s treasury.</p>
<h2 class="wp-block-heading" id="Over-50-projects-flagged-in-DPRK-infiltration-sweep">Over 50 projects flagged in DPRK infiltration sweep</h2>
<p>An Ethereum Foundation-funded program <a href="https://cointelegraph.com/news/eth-rangers-program-exposed-100-north-korean-operatives-infiltrating-web3" rel="noopener noreferrer nofollow">alerted more than 50 crypto projects</a> to potential North Korean infiltration.</p>
<p>The Ketman Project, one of its recipients, identified 100 suspected DPRK IT workers operating inside Web3 firms under false identities.</p>
<p>The group flagged patterns such as reused GitHub profiles, mismatched language settings and identity inconsistencies <a href="https://cointelegraph.com/features/north-korean-spy-reveals-ties-in-fake-job-interview" rel="noopener noreferrer nofollow">used to evade detection</a>.</p>
<figure class="wp-block-image aligncenter size-large is-resized"><img width="1024" height="423" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Heiner-Garcia-Ketman-1024x423.jpg" alt="DPRK operative interview Cointelegraph, Ketman">
 <figcaption><em>Security researcher Heiner Garcia and Cointelegraph interview a suspected North Korean operative. (</em><a href="https://www.ketman.org/understanding-dprk-it-workers-conversations-and-insight.html" rel="noopener noreferrer nofollow"><em>Heiner Garcia/Ketman</em></a><em>)</em>
 </figcaption>
</figure>
<p>North Korean IT workers have allegedly tricked crypto firms for years to earn salaries that can be funneled back to the regime. Recently, suspected operatives escalated their tactics by <a href="https://cointelegraph-magazine.com/taiwan-advised-btc-drift-hack-north-korea-asia-express/" rel="noopener noreferrer nofollow">physically approaching Drift contributors</a> at a conference, culminating in a $285 million exploit.</p>
<h2 class="wp-block-heading" id="Pakistan-lifts-crypto-banking-ban-under-strict-regulatory-limits">Pakistan lifts crypto banking ban under strict regulatory limits</h2>
<p>Pakistan has <a href="https://cointelegraph.com/news/pakistan-allows-banks-to-serve-licensed-crypto-firms" rel="noopener noreferrer nofollow">ended an eight-year ban</a> by reopening its banking system to licensed crypto firms.</p>
<p>Banks will be allowed to open accounts for licensed virtual asset service providers and their customers under a new framework set by the central bank.</p>
<p>However, banks will not be allowed to trade or hold crypto, with their role limited to providing services such as account access and payments to licensed firms.</p>
<p>The change follows the passage of the Virtual Assets Act 2026 in March, which established a licensing regime for crypto firms and created a formal regulatory framework for the sector.</p>
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<h2 class="wp-block-heading" id="Ledger-device-that-drains-funds-sold-in-Chinese-marketplace">Ledger device that drains funds sold in Chinese marketplace</h2>
<figure class="wp-block-image alignright size-large is-resized"><img width="764" height="1024" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Fake-Ledger-scam-764x1024.png" alt="Fake Ledger scam">
 <figcaption><em>Researcher dissects counterfeit Ledger device. (</em><a href="https://www.reddit.com/r/ledgerwallet/comments/1sn0hk0/update_fake_ledger_nano_s_from_chinese/" rel="noopener noreferrer nofollow"><em>Past_Computer2901/Reddit</em></a><em>)</em>
 </figcaption>
</figure>
<p>A cybersecurity researcher has <a href="https://cointelegraph.com/news/fake-ledger-device-sold-chinese-market-place" rel="noopener noreferrer nofollow">ident</a><a href="https://cointelegraph.com/news/fake-ledger-device-sold-chinese-market-place" rel="noopener noreferrer nofollow">i</a><a href="https://cointelegraph.com/news/fake-ledger-device-sold-chinese-market-place" rel="noopener noreferrer nofollow">fied a fake Ledger hardware wallet</a> designed to capture seed phrases and drain user funds.</p>
<p>The researcher said they purchased what appeared to be a Ledger Nano S Plus from a Chinese marketplace for personal use.</p>
<p>When the device was connected to the official Ledger Live app, it failed the built-in verification check. The researcher already had the app installed, but first-time users would likely have been prompted to download a malicious version instead.</p>
<p>Ledger told Cointelegraph that customers should only download official apps on desktop and mobile devices.</p>
<p>Earlier in April, Apple <a href="https://cointelegraph.com/news/apple-removes-fake-ledger-app-stole-9-million-from-users" rel="noopener noreferrer nofollow">removed a fake Ledger app</a> from its App Store that led to a combined $9.5 million in losses for victims who downloaded it.</p>
<h2 class="wp-block-heading" id="South-Korea-trials-tokenized-deposits-for-controlled-public-spending">South Korea trials tokenized deposits for controlled public spending</h2>
<figure class="wp-block-image alignleft size-full is-resized"><img width="640" height="427" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Sejong-City-administrative-center-South-Korea.jpg" alt="Sejong City administrative center South Korea">
 <figcaption><em>Sejong City is South Koreas administrative center. (</em><a href="https://pixabay.com/photos/sejong-city-lake-boat-korea-pond-4331956/" rel="noopener noreferrer nofollow"><em>YHBae/Pixabay</em></a><em>)</em>
 </figcaption>
</figure>
<p>South Korea will <a href="https://cointelegraph.com/news/south-korea-pilot-tokenized-deposits-government-spending" rel="noopener noreferrer nofollow">pilot tokenized deposits for government spending</a> in late 2026 under a regulatory sandbox testing blockchain-based payments.</p>
<p>The pilot, led by the Ministry of Economy and Finance, will launch in Sejong City and apply predefined conditions such as time limits and permitted spending categories.</p>
<p>Authorities will assess whether the model improves oversight of public funds.</p>
<p>The Philippines is also <a href="https://cointelegraph-magazine.com/hong-kong-acts-crypto-kols-philippines-blockchain-bill-asia-express/" rel="noopener noreferrer nofollow">weighing blockchain to track government spending</a> through the Citizen Access and Disclosure of Expenditures for National Accountability Act, or CADENA. The bill has cleared the Senate and is now pending in the House of Representatives.</p>
<h2 class="wp-block-heading" id="Naver-moves-to-fold-Upbit-operator-into-fintech-arm-ahead-of-IPO">Naver moves to fold Upbit operator into fintech arm ahead of IPO</h2>
<p>South Koreas Naver and Dunamu have outlined a path toward a potential Naver Financial IPO in a corrected filing <a href="https://cointelegraph.com/news/naver-dunamu-filing-ipo-committee-listing-window" rel="noopener noreferrer nofollow">tied to their share swap deal</a>, including plans to form a listing committee within a year.</p>
<p>The plan hinges on a share swap that would bring Dunamu, operator of the countrys largest crypto exchange Upbit, under Naver Financial.</p>
<p>The companies also agreed to use best efforts to pursue a listing within five years of the deals closing, with a possible two-year extension.</p>
<p>Naver is one of South Koreas largest internet firms. The plan builds on a $10.3 billion all-stock deal <a href="https://cointelegraph.com/news/naver-financial-dunamu-upbit-acquisition-stablecoin" rel="noopener noreferrer nofollow">first reported in 2025</a>, which would bring Dunamu under its fintech arm.</p>
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<h2 class="wp-block-heading" id="Tokyo-funds-yen-stablecoin-use-cases-to-boost-global-finance-push">Tokyo funds yen stablecoi<strong>n use cases to boost global finance push</strong></h2>
<p>Tokyo is <a href="https://www.metro.tokyo.lg.jp/information/press/2026/04/2026041705" rel="noopener noreferrer nofollow">offering</a> subsidies of up to 40 million yen (about $250,000) to companies building yen-denominated stablecoin use cases.</p>
<p>The program will cover up to two-thirds of eligible costs, including infrastructure, compliance and system development expenses.</p>
<figure class="wp-block-image aligncenter size-full is-resized"><img width="883" height="572" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Japan-foreign-workers-increase-over-time.jpg" alt="Japan foreign workers increase over time">
 <figcaption><em>Japan foreign worker numbers over the years, broken down by visa type. (</em><a href="https://www.mhlw.go.jp/stf/newpage_68794.html" rel="noopener noreferrer nofollow"><em>Ministry of Health, Labour and Welfare</em></a><em>)</em>
 </figcaption>
</figure>
<p>The initiative is part of Tokyos broader push to position itself as a global financial hub, backing stablecoin development as a faster and lower-cost payment rail with potential use cases in areas such as cross-border transfers.</p>
<p>Applications are open until June 30, according to the Tokyo Metropolitan Government.</p>
<h2 class="wp-block-heading" id="SBI-Remit-taps-Ripple-tech-to-expand-remittances-for-foreign-workers">SBI Remit taps Ripple tech to expand remittances for foreign workers</h2>
<p>SBI Remit has <a href="https://www.remit.co.jp/kaigaisoukin/information/release20260417/" rel="noopener noreferrer nofollow">partnered</a> with Tottori Bank to expand low-cost, app-based remittance services for foreign workers in Japan.</p>
<p>The service allows customers to send money abroad through SBI Remits platform via the regional bank via Ripples technology to enable faster and lower-cost cross-border transfers.</p>
<p>The partnership targets growing demand from foreign workers, who are increasingly relying on digital remittance services over traditional bank transfers.</p>
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53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express

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