Thailand, HK make digital asset progress as China reinforces ban

Homepage > News > Finance > Thailand, HK make digital asset progress as China reinforces ban TL;DR: It was two steps forward, one step back for the digital asset sector in Asia this week, as Thailand consults on regulation to progress Thai baht stablecoins and Hong Kong expands its tokenized settlement infrastructure pilot, just as China reaffirms commitment to its crypto ban by adding virtual assets as a target in its ongoing anti-corruption campaign. Key Takeaways: Thailand drafts rules for baht stablecoins, BNPL, and large cash gold deals, targeting implementation by March 2027. Hong Kong is advancing tokenization, with 24/7 settlement live and stablecoins soon joining tokenized government debt trials. Mainland China doubles down on its crypto ban, extending its anti-corruption drive to graft involving virtual currency and blockchain. Thailand consults on stablecoins regulation The Bank of Thailand (BOT), the country’s central bank, is preparing to announce and solicit public comment on new measures to regulate stablecoins, Buy Now Pay Later (BNPL) businesses, and high-value gold transactions, with the aim of implementing the proposed rules by March 2027. BOT Governor W...