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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><a rel="noopener noreferrer nofollow">Ether-linked ETF losses rattle South Koreas funeral industry</a></li>
 <li><a rel="noopener noreferrer nofollow">South Korea crypto tax petition clears 50,000 signatures</a></li>
 <li><a rel="noopener noreferrer nofollow">Polymarket and Kalshi face regional access blocks</a></li>
 <li><a rel="noopener noreferrer nofollow">Japan lays out AI and onchain finance strategy</a></li>
 <li><a rel="noopener noreferrer nofollow">JPYC raises $31.4 million for AI and stablecoin growth</a></li>
 <li><a rel="noopener noreferrer nofollow">Singapore pulls Bsquared crypto license</a></li>
 <li><a rel="noopener noreferrer nofollow">Crypto trails headline cross-border scam crackdown</a></li>
 <li><a rel="noopener noreferrer nofollow">Hong Kong pushes OECD crypto reporting rules</a></li>
</ol>
<h2 id="Ether-linked-ETF-losses-rattle-South-Koreas-funeral-industry" class="wp-block-heading">Ether-linked ETF losses rattle South Koreas funeral industry</h2>
<p>South Korean funeral service company Bumo Sarang is sitting on roughly 49.3 billion won ($32.7 million) in unrealized losses <a href="https://cointelegraph.com/news/south-korean-funeral-company-customer-funds-eth-etfs-unrealized-loss" rel="noopener noreferrer nofollow">after investing customer funds</a> into crypto-linked exchange-traded funds (ETFs).</p>
<p>The company placed about $40 million into a <a href="https://cointelegraph-magazine.com/dumping-tesla-eth-vietnams-state-crypto-exchange-asia-express/" rel="noopener noreferrer nofollow">leveraged ETF tied to Ether treasury company Bitmine</a>, according to its 2025 audit report.</p>
<figure class="wp-block-image aligncenter size-full"><img width="512" height="476" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/05/South-Korea-funeral-company-audit.jpg" alt="South Korea funeral company audit">
 <figcaption><em>Bumo Sarangs nearly 60 billion won investment in a leveraged Bitmine ETF is currently worth about 10 billion won. (</em><a href="https://www.ftc.go.kr/www/selectBizPpitRegWebView.do?pageUnit=10&amp;pageIndex=4&amp;searchCnd=all&amp;key=249&amp;bzmnSn=240" rel="noopener noreferrer nofollow"><em>FTC</em></a><em>)</em>
 </figcaption>
</figure>
<p>The paper losses put South Koreas funeral mutual aid industry back under the microscope. Such companies collect prepaid customer funds but fall under consumer and competition protection regulators oversight instead of financial regulators.</p>
<p>Korea Economic Daily <a href="https://www.hankyung.com/article/2026051844751" rel="noopener noreferrer nofollow">reported</a> that roughly 43% of funeral service providers held fewer assets than customer advance payments, meaning some firms could struggle to repay customers if cancellation requests rise sharply.</p>
<p>South Koreas funeral mutual aid industry extends beyond traditional funeral-home services. Companies typically operate through prepaid contracts in which customers make monthly payments over several years.</p>
<h2 id="South-Korea-crypto-tax-petition-clears-50,000-signatures" class="wp-block-heading">South Korea crypto tax petition clears 50,000 signatures</h2>
<p>A public petition calling for the abolition of South Koreas planned cryptocurrency tax <a href="https://cointelegraph.com/news/petition-scrap-south-korea-crypto-tax-50k-threshold" rel="noopener noreferrer nofollow">crossed 50,000 signatures on Thursday</a>, triggering a formal review in the National Assembly.</p>
<figure class="wp-block-image aligncenter size-large"><img width="1024" height="469" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/05/South-Korea-crypto-tax-petition-1024x469.jpg" alt="South Korea crypto tax petition">
 <figcaption><em>South Koreas crypto tax petition has been referred to the National Assemblys Finance, Economy, Planning and Budget Committee. (</em><a href="https://petitions.assembly.go.kr/proceed/onGoingAll/4F91926BDD6A0BB4E064B49691C6967B" rel="noopener noreferrer nofollow"><em>National Assembly</em></a><em>)</em>
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<p>The petition argues that taxing digital assets while easing or withdrawing taxes on other investment products creates fairness concerns.</p>
<p>Under South Koreas parliamentary petition system, proposals that surpass the threshold within 30 days are referred to a relevant committee for examination.</p>
<p>South Korea plans a 22% tax on crypto gains exceeding 2.5 million won ($1,800) beginning Jan. 1, 2027. The proposal has already been postponed multiple times and still faces political opposition.</p>
<h2 id="Polymarket-and-Kalshi-face-regional-access-blocks" class="wp-block-heading">Polymarket and Kalshi face regional access blocks</h2>
<p>Prediction markets are facing new access restrictions across parts of Asia.</p>
<p>Indian authorities <a href="https://theprint.in/india/governance/polymarket-kalshi-india-prediction-markets/2937547/" rel="noopener noreferrer nofollow">reportedly</a> ordered internet providers to block access to Kalshi and Polymarket, classifying them as prohibited online money gaming services.</p>
<p>In the Philippines, Globe Telecom users were redirected from Polymarket to a government restriction page citing licensing requirements from gambling regulators, local outlet <a href="https://bitpinas.com/regulation/polymarket-blocked-ph/" rel="noopener noreferrer nofollow">BitPinas</a> reported.</p>
<p>Indonesia has <a href="https://www.komdigi.go.id/berita/siaran-pers/detail/kemkomdigi-blokir-polymarket-judi-online-berkedok-prediction-market" rel="noopener noreferrer nofollow">announced</a> its own ban on Polymarket.</p>
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<h2 id="Japan-lays-out-AI-and-onchain-finance-strategy" class="wp-block-heading">Japan lays out AI and onchain finance strategy</h2>
<p>Japans ruling party approved a proposal <a href="https://cointelegraph.com/news/japan-government-infrastructure-ai-blockchain" rel="noopener noreferrer nofollow">to develop AI-powered financial infrastructure</a> using blockchain technology.</p>
<p>The initiative calls for AI capable of autonomously carrying out economic activity and greater legal clarity around yen-pegged stablecoins.</p>
<p>The proposal also envisions blockchain-based payment and settlement infrastructure across both retail and wholesale financial systems.</p>
<p><a href="https://cointelegraph-magazine.com/chinas-blockchain-booster-alibaba-ai-mines-bitcoin-asia-express/" rel="noopener noreferrer nofollow">Prime Minister Sanae Takaichi’s government</a> has pursued several digital asset initiatives in recent months, including changes to crypto regulation and discussions around digital asset-linked ETFs.</p>
<h2 id="JPYC-raises-$31.4-million-for-AI-and-stablecoin-growth" class="wp-block-heading">JPYC raises $31.4 million for AI and stablecoin growth</h2>
<p><a href="https://cointelegraph-magazine.com/metaplanet-japan-bithumb-6-month-suspension-asia-express/" rel="noopener noreferrer nofollow">Japanese yen stablecoin issuer JPYC</a> raised roughly 5 billion yen (about $31.4 million) across its Series B funding round as it pushes to expand real-world adoption of its digital currency.</p>
<p>The company <a href="https://prtimes.jp/main/html/rd/p/000000319.000054018.html" rel="noopener noreferrer nofollow">said</a> Friday that the funds will support AI payments infrastructure, ecosystem expansion, strategic investments and hiring.</p>
<p>Its AI plans include machine-to-machine payments and broader blockchain integration, aligning with the governments onchain finance strategy.</p>
<p>The company said its stablecoin has surpassed 35 billion yen in transaction volume, with 18,000 accounts and more than 2.5 billion yen in cumulative issuance.</p>
<figure class="wp-block-image aligncenter size-large"><img width="1024" height="701" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/05/JPYC-stablecoin-market-cap-1024x701.jpeg" alt="JPYC stablecoin market cap">
 <figcaption><em>The JPYC stablecoin has a market capitalization of about $18.5 million. (</em><a href="https://www.coingecko.com/en/coins/jpy-coin?chart=type%3Dmarket_cap%26mode%3Dline%26timeframe%3Dd30" rel="noopener noreferrer nofollow"><em>CoinGecko</em></a><em>)</em>
 </figcaption>
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<h2 id="Singapore-pulls-Bsquared-crypto-license" class="wp-block-heading">Singapore pulls Bsquared crypto license</h2>
<p>Singapore has <a href="https://cointelegraph.com/news/singapore-revokes-crypto-payment-licence-of-bsquared-over-regulatory-breaches" rel="noopener noreferrer nofollow">revoked the crypto payment license</a> of Bsquared Technology after an inspection uncovered risk management failures, outsourcing breaches and false disclosures.</p>
<p>The Monetary Authority of Singapore <a href="https://www.mas.gov.sg/news/media-releases/2026/mas-revokes-the-major-payment-institution-licence-of-bsquared-technology-pte-ltd" rel="noopener noreferrer nofollow">said</a> the company provided misleading information on multiple occasions, from its license application through the inspection process.</p>
<p>Bsquared received approval to offer digital payment token services 16 months ago under Singapores Payment Services Act.</p>
<p>The Monetary Authority of Singapore has granted only 37 digital payment token licenses so far. Revocations have been uncommon so far.</p>
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<h2 id="Crypto-trails-headline-cross-border-scam-crackdown" class="wp-block-heading">Crypto trails headline cross-border scam crackdown</h2>
<p>A Singapore-based company lost $36.3 million after scammers posing as the chairman of its parent firm convinced the CEO to fund a fake acquisition project, according to police.</p>
<p>More than $11 million was later recovered from Hong Kong bank accounts and cryptocurrency wallets through cross-border cooperation involving Singapore and Hong Kong authorities.</p>
<figure class="wp-block-image aligncenter size-full"><img width="962" height="750" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/05/Joint-operation-Singapore-and-others.jpg" alt="Joint operation Singapore and others">
 <figcaption><em>Thousands arrested in a transnational crackdown headlined by a $36.3 million fraud case linked to crypto wallets. (</em><a href="https://www.police.gov.sg/Media-Hub/News/2026/05/20260520_operation_frontier_iii_joint_two_month_crackdown_on_transnational_scams" rel="noopener noreferrer nofollow"><em>Singapore Police Force</em></a><em>)</em>
 </figcaption>
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<p>The case was one of several uncovered during a two-month international anti-scam operation spanning ten jurisdictions.</p>
<p>Authorities said the operation led to more than 3,000 arrests, investigations into over 138,000 scam cases and the seizure of more than $161 million in illicit funds.</p>
<h2 id="Hong-Kong-pushes-OECD-crypto-reporting-rules" class="wp-block-heading">Hong Kong pushes OECD crypto reporting rules</h2>
<p>Hong Kong will <a href="https://www.info.gov.hk/gia/general/202605/20/P2026052000240.htm" rel="noopener noreferrer nofollow">introduce</a> a bill to implement the OECD’s Crypto-Asset Reporting Framework, bringing crypto firms into a new tax reporting regime.</p>
<figure class="wp-block-image aligncenter size-full"><img width="968" height="547" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/05/Hong-Kong-OECD-CARF-commitment.jpg" alt="Hong Kong OECD CARF commitment">
 <figcaption><em>Hong Kong is among the 28 jurisdictions committed to first exchanges by 2028. (</em><a href="https://www.oecd.org/content/dam/oecd/en/networks/global-forum-tax-transparency/commitments-carf.pdf" rel="noopener noreferrer nofollow"><em>OECD</em></a><em>)</em>
 </figcaption>
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<p>The legislation would require crypto-asset service providers with a reporting nexus to Hong Kong to register with tax authorities and comply with due diligence and reporting requirements.</p>
<p>Authorities plan to implement the framework next year and begin automatically exchanging crypto tax information with partner jurisdictions from 2028.</p>
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50K investors fight Korean crypto tax, Singapore cancels Bsquared: Asia Express

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