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At the 16th Mint Annual BFSI Summit and Awards in Mumbai, Reserve Bank of India (RBI) governor Shaktikanta Das reiterated the central bank's cautious stance on cryptocurrencies, regardless of recent global developments. During the event, which was held on Thursday, Das took to the stage. He was asked if the approval of spot bitcoin exchange-traded funds (ETFs) in the United States gives legitimacy to cryptocurrency.Photo by rupixen.com on UnsplashUnwavering responseDas was unwavering in his response, maintaining that the RBI remains steadfast in its approach and opposition to cryptocurrencies. He stated: "The way we look at crypto remains unchanged, irrespective of who does what."  He emphasized that the RBI does not intend to emulate regulatory decisions made by other countries. Despite this global development, Das maintained the RBI's reservations, expressing concerns about the potential risks associated with venturing further into the cryptocurrency space. Favoring a crypto banLast month, officials from the Indian central bank told the Hindustan Times that the RBI believes that the Indian government should impose an outright ban on cryptocurrencies in India. One unnamed official stated:"The government cannot sidestep the RBI’s concerns while deciding on cryptocurrencies, as it is responsible for monetary stability in India and maintains price stability." Das acknowledged the potential of blockchain technology, the foundation of cryptocurrencies, highlighting its versatility for various applications. Both the central bank and the Indian government have encouraged the development of blockchain rather than crypto. Last year, an RBI-led initiative, the National Payments Corporation of India (NPCI), recruited blockchain expertise to further develop that project. However, he made it clear that the RBI's focus remains on strengthening governance and assurance in regulated entities, with an emphasis on early identification, close monitoring and effective management of risks. Citing ‘Tulipmania’Das cautioned against a “crypto mania,” drawing parallels to the historical tulipmania of the 17th century. He underscored the RBI's position that embracing cryptocurrencies could pose significant risks, echoing his previous warnings about the macroeconomic and financial stability risks associated with these digital assets. The governor emphasized the importance of instilling an appropriate risk culture within organizations, with active involvement from the board and senior management. Das stated that the RBI expects top officials and board members to play a more proactive role in risk management. India’s crypto community responded critically to the RBI governor’s comments. Ajeet Khurana, a Web3 growth investor, responded on social media, stating:”Dear RBI governor, I respect you a lot, and I don’t mind that you don’t like Crypto. Diverse points of view are healthy. Yet, using words like 'tulip mania' only gives the impression that you are out of touch with what is happening in Web3. My request, Sir, is that you update yourself.” Vivek Sen, the founder of Bitgrow Lab, wrote:”Dear RBI, First, don't club Bitcoin with ‘Crypto’. Secondly, Tulips did not experience an 80% drop on four occasions, and they recovered each time.”Despite opposition to cryptocurrencies in official circles in India, a report last year produced by Chainalysis found that India is leading the way in Asia in terms of grassroots adoption of cryptocurrencies. 

South Korea’s largest cryptocurrency exchange Upbit has opened a special event in celebration of its staking service surpassing a total value of KRW 1.5 trillion ($1.2 billion), where users can participate in a staking quiz to receive 0.002 ETH (approximately $4.60) each. Staking refers to the process of entrusting crypto assets to be utilized for a blockchain’s operations and receiving rewards in return.Photo by Nenad Novaković on UnsplashEvent detailsParticipants in the quiz event will have 30 minutes to complete five quizzes related to Upbit’s staking service. The total reward pool is 210 ETH, which will be allocated to 100,000 participants on a first-come, first-served basis the day after answers are submitted. After completing the quiz mission, ten users who also stake their Ethereum assets will get the opportunity to be selected to receive 1 ETH each. "We organized the event to make more users aware of staking on Upbit and to express our gratitude,” Dunamu, the operator of Upbit, said. Upbit’s growing staking platformUpbit’s staking service was officially launched in January last year. Currently, there are five cryptocurrencies that can be staked on Upbit – Ethereum, Cosmos, Cardano, Solana and Polygon. In particular, the exchange does not manage user assets or entrust them to external parties but stakes them through self-operated validators. All staked assets are stored in a cold wallet. 

Japan and China are moving in different directions on digital finance. In Japan, senior officials are signaling a push to bring cryptocurrencies further into the mainstream financial system. In China, regulators are doubling down on limits for private-sector tokenization even as the central bank expands a state-led digital currency model.Photo by Nat on UnsplashTraditional exchanges to anchor crypto pushSpeaking at the Tokyo Stock Exchange on Jan. 5, Japanese Finance Minister Satsuki Katayama framed 2026 as “the inaugural year of digital” in her New Year’s address, according to local outlet CoinPost. She said she expects cryptocurrency adoption to broaden as commodity and stock exchanges take on a larger role, arguing that established market infrastructure will be key to realizing the benefits of blockchain-based assets. Pointing to the U.S., she noted that exchange-traded funds are commonly used as an inflation hedge, and suggested Japan could move in a similar direction. Katayama also struck an upbeat tone on the wider economy, saying she expects Japanese stocks to hit new record highs this year. She cast 2026 as a potential turning point as Japan seeks to move beyond a long stretch of deflation, and called for responsible but proactive fiscal policy alongside targeted investment in growth sectors. Her comments come as Tokyo considers a major overhaul of how crypto gains are taxed. Under a government proposal, profits from cryptocurrencies would be taxed at a flat 20%, aligning them more closely with levies on stocks and foreign-exchange trading. The framework would also cover crypto-linked ETFs and derivatives. Currently, crypto gains are treated as miscellaneous income, leaving investors subject to progressive rates that can climb to roughly 55% once local taxes are included. The proposed reforms would bring crypto assets under the Financial Instruments and Exchange Act. While the package is slated for discussion during the upcoming ordinary Diet session, which is scheduled to begin on Jan. 23, officials do not expect it to take effect before 2028, given the scope of the required legal and regulatory changes. Industry groups flag RWA tokenization risksChina, by contrast, continues to take a restrictive stance toward private digital-asset activity. Seven major financial industry associations—including the National Internet Finance Association of China, the Banking Association, and the Securities Association—issued a joint statement warning that the tokenization of real-world assets (RWAs) is illegal and amounts to a “risky business model,” according to Wu Blockchain, citing a WeChat post published last month. The associations argued that RWA tokenization still functions as a form of unauthorized fundraising barred under existing securities laws. They also warned of risks tied to both the projects and their underlying assets, including fraud, operational failures, and speculative hype, adding that even when the assets themselves are legitimate, token structures remain unreliable and could pose spillover risks to other parts of the financial system. The statement added that such activities have not received regulatory approval. The warning fits with Beijing’s broader, state-led approach to digital finance. Last month, Lu Lei, a deputy governor of the People’s Bank of China (PBOC), warned that unchecked private-sector innovation could pose challenges for monetary policy, arguing that the rapid growth of digital assets and stablecoins risks weakening central banks’ control over money flows. Against that backdrop, Lu said the PBOC has rolled out a new operational framework for its central bank digital currency that took effect on Jan. 1. The move places the digital yuan in a deposit-like role within the commercial banking system under a two-tier structure, with the central bank overseeing rules and infrastructure and commercial banks handling wallets, payments, and compliance. By late November 2025, the digital yuan network had processed 3.48 billion transactions totaling 16.7 trillion yuan ($2.3 trillion), underscoring how China is channeling digital finance through a centrally controlled system. The system includes about 230 million personal wallets and 18.84 million corporate wallets.