Vietnam launches five-year pilot to regulate crypto asset trading

As cryptocurrencies increasingly position themselves as a recognized asset class and potential hedge against fiat inflation, illicit activity tied to digital tokens is becoming more visible. A recent high-profile case in the UK has brought this issue into sharp focus, centering on a fraud scheme originating in China. According to BBC News, the case involves Qian Zhimin, a woman who raised funds from more than 100,000 investors in China by claiming to operate a crypto mining company that also develops health products. Instead, she laundered the proceeds and fled the country. On Nov. 11, Qian was sentenced to 11 years and eight months in prison by a UK court.Photo by Vasilis Chatzopoulos on Unsplash$6B fraud and lavish lifestyle​Qian entered Britain on a forged passport in September 2017 and proceeded to live an extravagant lifestyle, renting a mansion in Hampstead for over £17,000 ($22,700) per month. She was arrested in northern England in April 2024, and it was found that she held roughly 61,000 Bitcoin, valued at roughly £5 billion ($6.6 billion), having converted portions of her holdings to cover her substantial living expenses. ​The sheer scale of her wealth was revealed after police searched her rented residence, discovering the Bitcoin reserves on hard drives and laptops. It marks the largest crypto seizure ever recorded in the UK. During the raid, officers also found four other individuals at the property illegally employed to handle household tasks such as shopping, cleaning, and security. ​Since Qian’s arrival in the UK, the value of her Bitcoin holdings has appreciated more than 20-fold. With the fraudster now sentenced, victims are seeing a glimmer of hope for restitution. A civil case scheduled for early next year will determine the fate of the seized assets. However, while many defrauded Chinese investors are reportedly preparing to file claims, establishing a clear paper trail may prove difficult. Many victims routed funds through local intermediaries rather than transferring them directly to Qian’s firm. ​U.S. Bitcoin forfeiture and Beijing’s allegationsWhile the UK courts grapple with the aftermath of Qian’s fraud, a separate crypto controversy is brewing between the U.S. and China, highlighting Beijing's continued vigilance over the sector despite its 2021 ban on trading and mining. According to Cointelegraph, the state-supported National Computer Virus Emergency Response Center (CVERC) has alleged that American authorities are connected to the disappearance of roughly 127,000 Bitcoin, valued at around $14.5 billion, from the LuBian mining pool. ​These allegations surfaced after the U.S. filed a civil forfeiture claim in October against Chen Zhi, the Cambodia-based founder of the Prince Group, who is believed to have owned the assets prior to the breach. At the time of the filing, the U.S. Treasury Department noted that the funds were already under its control. ​CVERC contends that Washington hasn't explained how it accessed the assets. Citing data from analytics firm Arkham, the Chinese agency suggested the funds had been under U.S. control for over a year. They argued that the prolonged inactivity of the Bitcoin before the formal seizure is inconsistent with the typical behavior of hackers seeking quick profit, implying state-level involvement. Economic chess between Washington and BeijingThis matter of Bitcoin control adds a new layer of complexity to U.S.–China relations, even as a trade truce between the two countries took effect on Nov. 10. In a report by CNBC, Washington cut tariffs on China’s fentanyl-linked imports to 10% and extended a reciprocal rate reduction under that agreement. In exchange, Beijing is said to have eased certain restrictions on rare earth exports. Analysts at Morgan Stanley suggest that China is maintaining its export-control regime, implemented in April, to retain strategic leverage. They caution that recurring negotiations and strategic divergence will remain defining features of the evolving bilateral relationship. 

Several players across Asia and the Middle East have announced expansions into the stablecoin sector, aiming to capitalize on a market projected to double in size within the next two years. A notable example came from Hong Kong-listed OSL Group, which unveiled plans last week to introduce a new U.S. dollar-pegged stablecoin, USDGO. The token is scheduled to launch in the first quarter of next year with San Francisco-based Anchorage Digital serving as the issuer. According to OSL, the product is designed to comply with the recently passed U.S. GENIUS Act, a legislative framework establishing federal guidelines for stablecoins. The company stated that USDGO will be backed one-to-one by high-quality liquid assets, including U.S. Treasuries, and will undergo third-party audits to meet anti-money laundering (AML) and know-your-customer (KYC) standards. Anchorage Digital, notably the only digital asset company holding a U.S. national trust bank charter, will handle issuance, while OSL Group will manage branding and distribution. In Hong Kong, distribution is restricted exclusively to OSL Digital Securities Limited. The token will deploy first on the Solana blockchain, with expansion to other networks planned for the future.Photo by engin akyurt on UnsplashInfrastructure expansion in TaiwanTaiwan has also seen movement in the stablecoin space, with blockchain infrastructure firm OwlTing announcing its integration into the Circle Payments Network (CPN). The move allows the firm’s digital wallet, OwlPay Wallet Pro, to utilize stablecoin routing for cross-border transactions. OwlTing is currently targeting markets with high demand for cross-border payments, including Brazil, Nigeria, and the European Union. The company aims to secure a foothold in a global payments market that FXC Intelligence estimates is currently worth $194 trillion and could reach $320 trillion by 2032. As part of its regulatory footprint, OwlTing disclosed it holds Money Transmitter Licenses in 39 U.S. states, a Virtual Asset Service Provider (VASP) license in Europe, and a Bank API license in Japan. The firm is pursuing further regulatory approval in Hong Kong, Singapore, and Latin America. Adoption in the UAEIn the Middle East, state-owned telecommunications giant e& UAE signed a strategic memorandum of understanding (MoU) with Al Maryah Community Bank, according to Khaleej Times. The agreement focuses on enabling payments via AE Coin, the UAE’s first central bank-licensed, dirham-backed payment token. Ramez Rafeek, General Manager of AED Stablecoin LLC, stated that the initiative aims to create a "regulated, transparent, and instant stablecoin framework" for daily transactions. The collaboration supports the UAE’s broader Digital Economy Strategy, designed to transition the nation toward a cashless society. Stablecoins projected to reach $750BThese regional developments come as the global stablecoin market continues to expand. According to data from RWA.xyz, total stablecoin market capitalization, including major tokens such as USDT and USDC, stands at roughly $300 billion, reflecting a 1.17% increase over the past 30 days.Analysts anticipate continued expansion. In a September research note, Teresa Ho, Head of U.S. Short Duration Strategy at J.P. Morgan, projected the market could reach between $500 billion and $750 billion within the next two years. Other market reports offer more aggressive forecasts, suggesting valuations could top $2 trillion by the end of 2028.

CrossAngle undergoes rebranding, shifting focus to ERP solutionAccording to industry sources on Wednesday (KST), CrossAngle, the operator of digital asset data research platform Xangle, is in the process of rebranding. The company recently changed its name to Xangle, and the research platform’s name will be changed to Xangle Portal. Its Web3 enterprise resource planning solution formerly known as Xangle Beacon will also be renamed Xangle ERP.Photo by Glenn Carstens-Peters on UnsplashService transitionPreviously, Xangle’s main services involved evaluation and disclosure for crypto-related projects. However, in the first half of this year, these services were suspended due to uncertainty surrounding crypto regulations, and the company started shifting its focus to data research. It had also announced plans to launch a business-to-business (B2B) solution for companies that are looking for crypto asset accounting services.Now, Xangle is gearing up to establish Xangle ERP — scheduled for release at the beginning of next year — as its main service. This solution is targeted toward Web3 enterprises and uses on-chain data to provide accounting services, manage tokenomics systems and evaluate the performance of blockchain projects. The firm announced on Monday that it would host a closed beta test for companies that signed up for pre-registration.Strategic allianceXangle also recently formed a partnership with Samjong KPMG, the South Korean branch of accounting giant KPMG, to jointly research how on-chain data can be used for accounting in the crypto sector. This is a crucial opportunity in the development process for Xangle ERP, as Xangle will be able to ascertain the various real-world problems that Web3 businesses face.“Xangle has been focusing on building infrastructure that can process on-chain data and conducting research to understand it. Through our partnership with Samjong KPMG, we will be able to expand our knowledge and expertise on accounting and taxes,” said Lee Hyun-woo, Co-CEO of Xangle.