Asia is currently leading the global crypto charge, with countries like Vietnam, India, Japan and South Korea becoming regional crypto hubs. Some of these countries are witnessing an explosion in retail crypto trading, while other are charting frameworks to better govern crypto, providing the broader Asian crypto landscape with roadmaps that they can adapt to their own specific needs.
A lot has happened since the last update on crypto in Asia. Here’s a rundown of the big headlines.
Indian Court Rules Crypto As Property: Blocks WazirX From Redistributing User’s XRP
The Madras High Court in India, on 31 October has given a major ruling that recognizes cryptocurrencies as legal property, giving crypto holders in the country stronger protection under the law.
The case involves a WazirX user who had purchased 3,532 XRP tokens before the infamous July hack last year. WazirX had planned to redistribute the user’s XRP to help cover platform losses, but the court blocked its move.
JUST IN: Madras High Court sides with an $XRP holder in the WazirX hack case — declaring $XRP as property under Indian law.
pic.twitter.com/1RdDztqcTU
— RippleXity (@RippleXity) October 26, 2025
Justice N. Anand Venkatesh explained that although crypto isn’t physical or an official currency in the country, it still qualifies as property.
“It is not a tangible property nor is it a currency,” he wrote. “However, it is a property, which is capable of being enjoyed and possessed in a beneficial form.”
Justice Venkatesh also pointed out that the user accessed WazirX from her home, using a mobile phone and was blocked from trading or selling her tokens. That detail helped confirm that crypto assets accessed within India fall under Indian legal protection.
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Stablecoins Are Underdeveloped And High-Risk: PBOC Governor Pan Gongsheng
China has officially shut down any speculations about lifting its crypto ban. The enforcement in narrative came from the Governor of the People’s Bank of China (PBOC), Pan Gongsheng’s speech at a financial conference in Beijing.
After Hong Kong introduced its licensing system for stablecoins in August, several Chinese firms from the mainland wanted in on the action and rushed in to apply as well. This led many in the crypto space to believe that the government might be softening its stance on crypto.
However, it was not to be. Gongsheng dismissed the rumors and said that the policies will remain in effect. 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 crypto ban remains in effect, dispelling speculation about potential easing.
Despite Hong Kong's stablecoin licensing regime attracting mainland applicants, Pan stated existing prohibitions from 2017… pic.twitter.com/yDQQkOwaq4
— KOLYAN TREND (@kolyan_trend) October 31, 2025
Furthermore, he criticized stablecoins, labeled them as risky and underdeveloped. Moreover, Gongsheng said that they fail to meet basic Anti-Money laundering standards and could potentially enable terror financing.
He closed by saying that the central bank focuses on monitoring risks and that it will be keeping a close eye on the developments of offshore stablecoins.
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$14M Crypto Ponzi Mastermind Arrested In Thailand
Thai police have busted the man behind $14 million crypto Ponzi scheme. Chinese national Liang Ai-Bing, was operating from a posh three-story luxury home in Bangkok’s Wang Thonglang district.
According to a report, Thai authorities claim that Bing’s Ponzi scheme had tricked nearly 100 investors, mostly from China, to part 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 falsely linked itself to Morgan Stanley. An entirely fake proposition, which Morgan Stanley was quick to deny.
Thai police have arrested Chinese national Liang Aibing in Bangkok for allegedly leading a crypto-investment fraud through the platform FINTOCH, which defrauded nearly 100 victims of over 100 million RMB. Authorities seized a pistol and ammunition during the raid. Coordination… pic.twitter.com/MtWs76fabj
— Jacob in Cambodia
(@jacobincambodia) October 30, 2025
Blockchain analyst later traced about $31.6 million in USDT flowing through Ethereum and Tron bridges.
To make his operation look legit, Bing invented a fake CEO named Bob Lambert and even used a photo of actor Michael Provenzano to support the fake narrative.
Bing now faces several charges including illegal firearm possession and entering Thailand without proper documentation. Authorities are currently preparing to extradite him to China for further prosecution.
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Japan’s Yen-Backed Stablecoin’s Launch Marks A Major Step For Crypto Asia
The 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 coin and each JPYC stablecoin equals exactly 1 Yen.
Noritaka Okabe, CEO of JPYC said, “I believe this is one major turning point in the history of the Japanese currency, and we are pleased to be involved at its center.”
The company has also opened its own exchange service that allows users to convert their Yen into JPYC stablecoins. Okabe said that JPYC plans to issue up to ¥10 trillion worth of stablecoins over the next three years.
The first Japanese Yen Stablecoin “JPYC” has launched
On Avalanche
pic.twitter.com/JoFYEKBZEV
— voh
To maintain trust and stability, JPYC will keep reserves of traditional assets equal to the value of the coins it issues.
Okabe believes that JPYC will generate enough profit to stay sustainable and that it won’t charge fees for issuing stablecoins unless interest rates drop back to near zero.
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Key Takeaways
- Indian court recognized crypto as property, boosting legal protection for asset holders
- China reaffirmed crypto ban and warned against stablecoin risks
- Thailand arrests $14M Ponzi scheme leader, Chinese national Liang Ai-Bing
- Japan launched its Yen-backed JPYC stablecoin, a major step for crypto Asia
The post This Week In Crypto News Asia: Indian Court Recognizes Crypto As Property, Japan Launches JPYC Stablecoin, China Categorizes Stablecoins As High Risk appeared first on 99Bitcoins.
