Grab partners with Solana ecosystem DePIN project to enhance mapping

Vietnam has moved to take a positive approach to crypto assets by passing legislation to legalize them. Last week, the Southeast Asian nation’s National Assembly passed the Digital Technology Industry Law, which takes effect on Jan. 1, 2026, according to a report published in the official online newspaper of the Vietnamese government. Photo by Daniel Bernard on UnsplashCategorizing digital assetsThe law sets out two categories of digital assets, virtual assets and crypto assets. The legislation frames virtual assets as digital assets used for exchange or investments. Meanwhile, crypto assets are to be regarded as digital assets utilized to validate transactions and confirm ownership while relying on the use of encryption technology. Neither category includes securities or digital versions of fiat currencies such as central bank digital currencies (CBDCs) or other financial instruments. The legislation gives the Vietnamese government the authority to define and apply specific regulatory conditions when it comes to items such as anti-money laundering (AML) measures and the inclusion of international cybersecurity standards. It is hoped that the law will pave the way for the development of home-grown technological enterprises within Vietnam, while also promoting a nationwide digital transformation process. Regulatory clarityThe legislation is significant as it clearly sets out the legal status of digital assets in Vietnam after years of uncertainty and regulatory ambiguity. Singapore-based blockchain-focused Business Strategist, Anndy Lian, said that such legal clarity could result in Vietnam becoming a regional hub for the crypto sector.  Anh Tran, who belongs to Superteam Vietnam, a community for Solana builders in Vietnam, said that the development was huge for founders, developers and investors in the crypto space in Vietnam. He stated: “For a country who has always been at the forefront of crypto adoption, [Vietnam] is now a 'green-lighted zone' in principle, but we're still waiting at the red light for operational rules.” He refers to the fact that Vietnamese regulators still have until Jan. 1, 2026, to flesh out the details in terms of defining who can issue, trade, custody or manage crypto, and how AML, cybersecurity and taxation are handled. Vietnamese officials are likely to give strong consideration to AML measures relative to crypto given that the Southeast Asian nation has been on the grey list of the Financial Action Task Force since 2023. Countries who appear on the grey list are under considerably more scrutiny with regard to AML matters. While another community member claimed that anywhere crypto regulation has been implemented, actual usage has declined, Tran maintained that regulation is inevitable and that “crypto doesn’t need to be lawless to be free.” Last October, Vietnam set out its blockchain strategy, aspiring to the goal of achieving regional leadership in the sector by 2030. In March, the country’s Prime Minister, Pham Minh Chinh, requested that a legal framework for cryptocurrencies be established.  According to Chainalysis’ 2024 Global Crypto Adoption Index, Vietnam ranks fifth in the world.

China’s central bank and seven other ministries have released a sweeping new policy tightening controls on cryptocurrencies, stablecoins, and the tokenization of real-world assets (RWA), citing mounting speculative activity and risks to financial order, public asset safety, national security, and social stability. The move builds on warnings issued late last year. At a Nov. 28 meeting on crypto regulation, the People’s Bank of China (PBOC) reaffirmed that all commercial activities involving digital assets remain illegal, citing the proliferation of speculative trading that was complicating financial risk management. Officials said enforcement against crypto-related illegal financial activity would be stepped up to safeguard economic stability, and flagged stablecoins as a particular concern due to deficiencies in customer identification and anti-money laundering (AML) controls, as well as risks of fraud and unregulated cross-border capital flows.Photo by William Olivieri on UnsplashCrypto not legal tender in ChinaIn the latest notice, regulators again stress that digital assets such as Bitcoin, Ethereum, and USDT have no legal tender status in China and cannot circulate as money. All crypto-related activities—including trading, exchange services, token issuance, derivatives, pricing, information brokerage, and related financial products—are classified as illegal financial activities and are strictly prohibited. Overseas entities and individuals are also barred from providing crypto-related services to users in China. The document further tightens oversight of stablecoins, warning that fiat-pegged tokens effectively perform some functions of sovereign currency. It explicitly bans the issuance of offshore yuan-linked stablecoins without regulatory approval. RWA tokenization deemed illegalChinese regulators laid out a comprehensive framework addressing RWA tokenization, defining it as the use of blockchain or similar technologies to tokenize ownership or income rights of assets. Authorities say that domestically conducted RWA tokenization, or the provision of related services, may constitute illegal securities issuance, illegal fundraising, or unauthorized financial business, and is prohibited unless explicitly approved and conducted via designated financial infrastructure. Offshore RWA tokenization targeting Chinese entities is also banned. The policy establishes a coordinated enforcement mechanism led by the central bank and securities regulator, involving development, industry, public security, cybersecurity, judicial, and foreign-exchange authorities, while placing primary enforcement responsibility on local governments. Financial institutions, payment firms, intermediaries, technology providers, and internet platforms are ordered not to provide accounts, clearing, custody, marketing, IT support, or online access for crypto or unauthorized RWA tokenization activities. Companies are also prohibited from using terms such as “cryptocurrency,” “stablecoin,” or “RWA tokenization” in business registration or advertising. China will continue its strict campaign against crypto mining, requiring all remaining mining projects to be shut down and banning the domestic manufacture and sale of mining equipment. The document also tightens supervision of overseas activities by Chinese entities, requiring regulatory approval for offshore token issuance or RWA tokenization involving onshore assets or rights, and imposing enhanced compliance, risk management, and AML requirements on overseas subsidiaries of Chinese financial institutions. The new rules take effect immediately and replace a notice issued in 2021, when China introduced a broad ban on crypto trading and mining, broadening the restrictions to explicitly cover RWA tokenization. 

Kyrgyzstan and Malaysia are advancing separate stablecoin initiatives, signaling a regional shift toward digital assets backed by tangible state reserves. While the projects differ in their underlying assets, gold in Kyrgyzstan and sovereign debt in Malaysia, both employ a hybrid model that combines public-sector oversight with private operational management.Photo by Zlaťáky.cz on UnsplashKyrgyzstan introduces gold-backed stablecoinOn Dec. 9, the Kyrgyz Republic’s state-owned OJSC Virtual Asset Issuer launched USDKG, a stablecoin pegged 1:1 to the U.S. dollar, according to a press release. The initial issuance comprises 50 million tokens, which the issuer says are fully backed by physical gold reserves. The project structure separates regulatory authority from asset management. While the issuer operates under the Ministry of Finance, management of the gold reserves has been contracted to a private company registered in the Central Asian nation. Officials say this arrangement distinguishes USDKG from a central bank digital currency (CBDC) and that the stablecoin is intended to operate alongside the national monetary system rather than compete with it. According to the statement, the token is currently issued on the Tron blockchain, with future support planned for Ethereum. The project cites an audit by ConsenSys Diligence and says it complies with Financial Action Task Force (FATF) standards, including identity verification for redemptions. The private operator aims to raise the reserves to $500 million in the next phase and later to $2 billion. Malaysia develops bond-backed tokenIn a parallel development, a Malaysian infrastructure firm with ties to the monarchy is preparing a ringgit-pegged stablecoin. According to Bloomberg, Bullish Aim is introducing the RMJDT token, which will be backed by Malaysian ringgit deposits and short-term government bonds. The company is owned by Ismail Ibrahim, son of Malaysia’s king. The token is designed to operate on Zetrix, a layer-1 blockchain developed by Malaysian firm Zetrix AI Bhd. The network currently supports the Malaysian Blockchain Infrastructure, a government-endorsed platform for digital public services and part of the country’s National Blockchain Roadmap. This places the stablecoin on the same technical foundation used for state-level digital identification and trade facilitation. Bullish Aim also intends to establish a digital-asset treasury (DAT), beginning with an investment of 500 million ringgit ($121 million) in Zetrix tokens. A DAT is a type of company that purchases and holds cryptocurrencies on its balance sheet. The initiatives in Kyrgyzstan and Malaysia suggest that stablecoin development in Asia may continue to evolve through state-anchored, asset-backed models. As each country tests its own approach to reserve management, issuance, and compliance, the next phases of both projects will offer early indications of how such frameworks perform in practice.