New DeepSeek ban in US, Swiss-Asia crypto ties deepen: Asia Express

The US Treasury has proposed new rules that would block investment in artificial intelligence projects (sorry, ‘Super Intelligence’ projects) and certain high risk semiconductors in some foreign countries.

The blocks have been mainly aimed at geopolitical rival China, but will now also encompass other adversaries including Russia, Iran, North Korea and Cuba. The rules would implement the COINS Act from December 2025 and expand the Outbound Investment Security Program that went into effect in January 2025.

They rules build on previous restrictions on selling high powered AI chips to China. The US is backing up its threats too, having announced the first $200,000 penalty this month to Amidi, LLC. Treasury for failing to report an investment by its Chinese subsidiary into embodied AI and robotics company Shanghai Qiongche Intelligent Technology (AKA Noematrix.)

US bans DeepSeek from civilian agency IT systems

The US Department of Homeland Security has ordered the removal of DeepSeek products from federal civilian agency IT systems.

The order, filed on Monday, also covers DeepSeek affiliates and third-party products and services developed using DeepSeek implementations while prohibiting affected agencies from making new purchases.

DHS warned that use of DeepSeek by government employees and contractors could expose sensitive information to China, potentially revealing details about US citizens and federal programs.

Solana’s Liu says Shanghai event postponed over registration surge

The Solana Accelerate event in Shanghai was postponed after pre-registration exceeded the event cap set by local authorities, according to Lily Liu, president of the Solana Foundation.

Event registration quadrupled overnight following publicity for the event, Liu wrote in a Friday X post, adding that organizers decided to postpone the event to “comply with local requirements.”

Earlier on Friday, X users claimed that the event was “abruptly suspended” as law enforcement officers were stationed at the venue.

Binance founder Changpeng Zhao posted he was impressed the Solana Foundation had been allowed to open a Shanghai office, noting than BNB Chain had been unable to do so.

JAPAN

Japan-Korea tourist spending becomes a test case for yen stablecoins

South Korea’s Shinhan Card has signed an agreement with Japan’s SBI VC Trade and SBI XDC Network APAC to test yen stablecoin payments for travelers and cross-border trade settlement.

Under the pact signed Tuesday, the companies will test stablecoin card payments, wallet-to-wallet payments and cross-border trade settlement. They will also assess anti-money-laundering and fraud-detection controls.

Shinhan Card is one of South Korea’s biggest credit card companies. SBI is a Japanese financial heavyweight that runs banks, brokerages, insurers and crypto exchanges.

Metaplanet to take 93.7% stake in Super League through 2,100 BTC deal

Shareholders of Super League, a Nasdaq-listed gaming and digital media company, approved a deal that would give Japanese Bitcoin treasury firm Metaplanet a 93.7% ownership stake, paving the way for its expansion into US capital markets through a publicly traded Bitcoin treasury company.

Metaplanet has also announced a planned repurchase of about $160 million of its own shares.

KOREA

South Korean finance officials met with crypto exchanges amid calls for tax delay

Finance officials reportedly met major crypto exchanges this week, days after a lawmaker introduced legislation that could push the start date of a new crypto tax back two years.

The meeting was a consultation on crypto taxation, with representatives from Upbit, Bithumb, Coinone, DigitalX and Gopax, along with executives of the Digital Asset Exchange Alliance, known as DAXA.

South Korean regulators have delayed the crypto tax three times, with the latest delay pushing the start date to 2027 amid political disagreement and industry pushback.

Seoul at night. Source: Pexels, gijecho

Injective, BDACS plan Korean won stablecoin settlement for tokenized assets

Blockchain network Injective has entered into a memorandum of understanding with South Korean digital asset custodian BDACS to bring a won-backed stablecoin to its tokenized asset markets, potentially allowing institutions to settle transactions without relying on US dollar stablecoins.

Kakao plans KRW stablecoin payments ecosystem

Kakao, KakaoBank and KakaoPay have formed a new stablecoin task force to build the infrastructure required for won stablecoin issuance, custody and payments. The aim is to start with shopping and gifting.

MALAYSIA

Malaysia central bank launches DLT platform for tokenized bonds

Malaysia’s central bank has launched a distributed ledger-based platform for issuing and holding tokenized bonds, connecting digital securities records with a payment system designed to operate around the clock. 

Bank Negara Malaysia (BNM) said that its next-generation Scripless Securities Depository System (SSDS+) supports the issuance, depository and safekeeping of tokenized debt securities, including Islamic bonds known as sukuk.

THAILAND

Bitget plans Thai crypto exchange acquisition weeks after $388M hack

Crypto exchange Bitget has announced plans to acquire Thailand’s GMO-Z.com Cryptonomics, seeking to expand its Southeast Asia footprint weeks after a major hack impacting its hot and warm wallets. 

The proposed transaction involves BTGT Management (Thailand), a company in which Bitget says it holds an interest, according to an announcement shared with Cointelegraph.  The acquisition will allow Bitget to introduce its trading platform to Thai users.

Chinese suspect in $75M international crime network arrested in Bangkok

Thai police arrested a 37-year-old Chinese man wanted by authorities in China for alleged involvement in an international crime network and money laundering.

Investigators said the network handled more than 500 million yuan ($75 million) in transactions, Thai media Khaosod English reported in a post on X on Saturday.

Police alleged the suspect was involved in cryptocurrency and foreign-currency exchanges for criminal groups across more than 133 accounts. Investigators said he attempted to evade arrest by using forged documents to report his residence and changing vehicle registration plates before police found him in a luxury house in Bangkok.

VIETNAM
Da Nang crypto sandbox targets digital tourism

The fourth largest city in Vietnan, Da Nang, is using a controlled sandbox that enables businesses to employ crypto related applications in the tourism industry. Da Nang welcomed 15.9 million visitors in the first nine months of 2026.

Vietnam-EFTA agreement includes Crypto Valley links

Vietnam has signed a free-trade agreement with the European Free Trade Association countries of Switzerland, Iceland, Norway and Liechtenstein. Following a meeting with the Vietnamese PM, Swiss President Guy Parmelin proposed linking Switzerland’s Crypto Valley hub with Vietnam’s innovation ecosystem to further cooperation in blockchain, AI and quantum technology.

SINGAPORE

Singapore Gulf Bank offers retail USD-stablecoin conversion

Singapore Gulf Bank (which is actually licensed by Bahrain) announced that retail customers can convert between dollars for USDT or USDC via its mobile banking app.

Singapore-backed manager launches Swiss bitcoin ETF

The Singapore backed BIT Asset Management has launched Switzerland’s first Bitcoin ETF. Formerly known as Matrixport, it’s Zurich arm has been approved by the Swiss Financial Market Supervisory Authority to launch the country’s first spot Bitcoin ETF and Europe’s only spot Bitcoin ETF.