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HONG KONG<h2 id="romance-scams-in-hong-kong-net-9m-in-a-single-week">Romance scams in Hong Kong net $9M in a single week</h2>An insurance agent in Hong Kong was fleeced out of $3.3 million after her fake online boyfriend convinced her to invest in a fraudulent crypto application. There were 25 similar romance-linked fraud cases reported to Hong Kong police between July 24 and July 30, which collectively defrauded lonely hearts of $9 million. Scammers typically connect with victims through dating or messaging apps and sometimes spend months building a rapport before dropping the idea of investing in crypto. They direct victims to a site that appears to be a legitimate trading application. It displays fake profits to encourage victims to invest more and more funds. Victims typically realize they have been scammed when they are unable to withdraw funds. Hong Kong news in brief— Hong Kong-licensed cryptocurrency exchange HashKey Exchange received approval from JPMorgan Chase to open a client money account, its parent company&nbsp;<a href="https://group.hashkey.com/newsroom/hashkey-exchange%E6%88%90%E7%82%BA%E4%BA%9E%E6%B4%B2%E9%A6%96%E5%80%8B%E7%8D%B2%E6%89%B9%E9%96%8B%E7%AB%8B%E6%91%A9%E6%A0%B9%E5%A4%A7%E9%80%9A%E5%AE%A2%E6%88%B6%E8%B3%87%E9%87%91%E5%B8%B3%E6%88%B6%E7%9A%84%E6%8C%81%E7%89%8C%E6%95%B8%E5%AD%97%E4%BA%A4%E6%98%93%E6%89%80" rel="noopener noreferrer nofollow">said</a>.— A Vietnam-linked scheme called Fun Coffee that promised annual returns of up to 222% has imploded in Hong Kong. Authorities say it was a virtual currency scam.MALAYSIA<h2 id="malaysia-withdraws-support-for-blockchain-week-after-onlyfans-controversy">Malaysia withdraws support for Blockchain Week after OnlyFans controversy</h2>Fresh from booting out the Network School over hosting Israelis, Malaysia’s government <a href="https://www.scmp.com/week-asia/people/article/3362133/malaysia-crypto-event-drops-ms-pui-yi-dj-after-backlash-over-adult-content-past" rel="noopener noreferrer nofollow">withdrew its support for Malaysia Blockchain Week</a> over an after-party featuring an influencer previously known for adult content. A conservative social media backlash erupted after promotional material for an after party featuring local DJ and actress Siew Pui Yi circulated. She built up a large following on OnlyFans, but hasn’t been on the platform since 2022. (That said, don’t go searching for her name on X if you are at work, as some pretty NSFW content shows up.) She now has 22 million followers on Instagram.Event organizers were forced to apologize to the Ministry of Digital and the Malaysia Digital Economy Corporation, and canceled the performance and scrubbed any mention of it from the website.<img alt="" height="590" src="https://s3-images.ctmedia.io/media/content/siew.jpg" width="591">Source: <a href="https://x.com/mindset68418/status/2076138076980879701?s=20" rel="noopener noreferrer nofollow">Javith</a>CHINA<h2 style="text-align: left;" id="chinese-newspaper-warns-of-bitcoin-extortion-scam-using-its-name">Chinese newspaper warns of Bitcoin extortion scam using its name</h2>China Business Journal, a state-affiliated newspaper, has warned that <a href="https://cointelegraph.com/news/chinese-newspaper-bitcoin-extortion-scam-name" rel="noopener noreferrer nofollow">fraudsters have been impersonating the publication</a> to extort companies by demanding Bitcoin in exchange for suppressing damaging reports.The newspaper said scammers used a Proton Mail address to contact businesses, falsely claiming they had uncovered negative information through undercover investigations and threatening to publish the material unless paid in Bitcoin.China news in brief:— Researchers from China’s national police academy claim to have invented a new AI system that can <a href="https://www.scmp.com/news/china/science/article/3362493/chinese-police-ai-algorithm-tracks-bitcoin-money-laundering-90-accuracy" rel="noopener noreferrer nofollow">detect illegal</a> crypto transactions with nearly 90% accuracy.—China detained 16 people for crypto money laundering tied to telecom fraud. SINGAPORE<h2 style="text-align: left;" id="falconx-cuts-50-of-singapore-staff-amid-prolonged-crypto-market-slump-report">FalconX cuts 50% of Singapore staff amid prolonged crypto market slump: Report</h2>Crypto prime brokerage FalconX <a href="https://cointelegraph.com/news/falconx-workforce-reduction-amid-crypto-market-slump-report" rel="noopener noreferrer nofollow">has laid off 10% of its global workforce</a> as it prepares for a prolonged downturn in the cryptocurrency market, Bloomberg reported Monday.Citing people familiar with the matter, the publication reported FalconX is slashing staff and reshaping its strategy in Singapore by focusing on crypto derivatives trading. It plans to withdraw its license application with the Monetary Authority of Singapore. The company intends to maintain its presence in Asia while expanding its European business.FalconX employed about 350 people across the United States, the United Kingdom, Singapore and Hong Kong before the layoffs. Singapore news in brief— Hashkey Holdings has signed an agreement to potentially acquire Singapore’s <a href="https://technode.global/2026/07/30/hong-kongs-hashkey-proposes-to-acquire-entire-equity-interests-in-singapores-apex/" rel="noopener noreferrer nofollow">APEX</a>, which is one of just three firms in the city state to hold both a brokerage and exchange license from MAS.SOUTH KOREA<h2 style="text-align: left;" id="south-korea-plans-stablecoin-rules-as-opposition-pushes-crypto-tax-repeal">South Korea plans stablecoin rules as opposition pushes crypto tax repeal</h2>South Korea’s Financial Services Commission (FSC) reportedly plans to <a href="https://cointelegraph.com/news/south-korea-consolidated-crypto-law-tax-repeal" rel="noopener noreferrer nofollow">draft a consolidated Digital Asset Basic Act</a> in conjunction with the ruling Democratic Party.The proposal would reportedly cover stablecoin issuance and circulation, digital asset business rules, exchange entry requirements, disclosures, internal controls and system-resilience standards.At the moment, 10 separate digital asset and stablecoin bills are pending in Parliament, while disagreements have prevented South Korea from settling key elements of its second-stage crypto legislation.&nbsp;Separately, the opposition’s bill to abolish Korea’s planned crypto taxes has moved to a committee. The Government this week vowed the changes would go into force on January 1, 2027 despite being postponed on three other occasions.<img alt="" height="5417" src="https://s3-images.ctmedia.io/media/content/seoul.jpg" width="3611">Seoul, Source: PexelsSouth Korea news in brief — A report from Hashed and the Solana Policy institute recommends that South Korea should prioritize allowing greater flexibility for stablecoin issuers, provide interim licensing guidance and phase in stablecoin regulation, <a href="https://cointelegraph.com/news/south-korea-report-stablecoin-rules-crypto-law" rel="noopener noreferrer nofollow">before completing its Digital Asset Basic Act</a>.— South Korean cryptocurrency exchange Bithumb said Monday it plans to apply for a preliminary listing review in 2027 and<a href="https://cointelegraph.com/news/bithumb-ipo-timetable-internal-controls" rel="noopener noreferrer nofollow"> complete an initial public offering in 2028</a>.—South Korea saw 560.3 billion won ($367 million) in stablecoin outflows to overseas exchanges in June. It marks <a href="https://cointelegraph.com/news/south-korea-stablecoin-outflows-overseas-exchanges" rel="noopener noreferrer nofollow">18 consecutive months</a> of net stablecoin outflows.&nbsp;—South Korean police have formed a <a href="https://panews.io/articles/019fc18b-caa3-711c-81f2-69e9a28d53a0" rel="noopener noreferrer nofollow">41 member</a> crypto tracing and investigations unit focused on cracking down on drug trafficking via Telegram groups.—A fake Flare Network staking scheme defrauded $8.5 million from 71 investors.JAPAN<h2 style="text-align: left;" id="bitget-to-exit-japan-close-remaining-positions-after-dec-31">Bitget to exit Japan, close remaining positions after Dec. 31</h2>Crypto exchange Bitget said it will <a href="https://cointelegraph.com/news/bitget-exit-japan-account-restrictions" rel="noopener noreferrer nofollow">stop providing services to residents of Japan </a>and phase in account restrictions.&nbsp;The exchange&nbsp;<a href="https://www.bitget.com/ja/support/articles/12560603890270" rel="noopener noreferrer nofollow">announced</a>&nbsp;Monday that it had stopped accepting new registrations from residents of Japan, while account restrictions will begin Nov. 1. Any positions still open on Dec. 31 will be forcibly closed.Japan news in brief:— Japanese game developer Gumi is<a href="https://cointelegraph.com/news/japanese-game-developer-bitcoin-altcoin-fund" rel="noopener noreferrer nofollow"> launching an $18.3 million crypto asset fund</a> with SBI Financial Services and backing from Daiwa Securities Group and other investors. The fund will invest primarily in Bitcoin and major altcoins, using staking, portfolio rebalancing and hedging strategies.&nbsp;— Concerns over US Treasury markets <a href="https://cointelegraph.com/markets/us-hints-at-more-yen-intervention-five-things-to-know-in-bitcoin-this-week" rel="noopener noreferrer nofollow">were behind the US decision to intervene in the Japanese yen</a> last week. INDIANews in brief:— A Madras High Court Ruling has <a href="https://legalblogs.wolterskluwer.com/arbitration-blog/madras-high-court-recognises-cryptocurrency-as-property-implications-for-arbitration-asset-protection-and-cross-border-restructuring/" rel="noopener noreferrer nofollow">recognized cryptocurrency as “property” </a>that is capable of being the subject of trust obligations.— Binance APAC Head SB Sekar&nbsp;<a href="https://financefeeds.com/binance-apac-head-says-india-needs-rupee-stablecoins-to-hedge-against-us-dollar-fluctuations/" rel="noopener noreferrer nofollow">argues </a>that India needs to develop its own rupee backed stablecoins to reduce dependence on USD backed coins like USDT and USDC.

Malaysia Blockchain Week’s OnlyFans scandal, lonely heart scammed for $3.3M: Asia Express

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