Asia’s weekly TOP10 crypto news: PBOC to Probe Solana’s Lujiazui Ad Campaign, South Korea Pushes Crypto Gains Tax to 2029 and Top10 News

1. PBOC to Probe Solana’s Lujiazui Ad Campaign linkA person in charge of a relevant department of the People’s Bank of China stated that recent monitoring has found that Solana placed advertisements through relevant domestic entities in Lujiazui, Shanghai, to conduct virtual currency marketing and promotion by way of brand promotion. The People’s Bank of China, together with local financial regulatory, public security, market supervision and other authorities, has suspended the offline event Solana Accelerate China 2026 originally scheduled to be held in Shanghai and other locations, and will investigate the involved entities and individuals together with relevant departments. According to the official, Solana’s relevant promotional activities violate the Circular on Further Preventing and Resolving Risks Related to Virtual Currencies issued in February this year. Going forward, authorities will focus on cracking down on domestic virtual currency traders and domestic affiliates of overseas virtual currency issuance and trading platforms.2. Bank of Russia Opens BTC, ETH and USDT to Retail Investors linkThe Central Bank of Russia has specified the list of crypto assets available for non-qualified investors, including BTC, ETH and USDT. Under the rules, non-qualified investors must pass a risk test, and their annual purchases of crypto assets through a single intermediary may not exceed 300,000 rubles. Earlier reports indicated that the Moscow Exchange plans to launch cryptocurrency trading under new regulations starting December 1, with initial support for BTC, ETH and USDT, which will be rolled out gradually in the form of pilot trading.3. Hong Kong to License Crypto Custody Services, Bill Due by 2026 linkThe main forum of the 11th Hong Kong FinTech Week x StartmeupHK 2026 concluded successfully on November 3, focusing on three growth engines: “Finance+”, “AI+” and global expansion. Chan Ho-lim, Deputy Secretary for Financial Services and the Treasury, said Hong Kong will introduce a licensing regime for virtual asset trading, custody, advisory and management, and submit amendment bills to the Legislative Council within 2026. Julia Leung, Chief Executive Officer of the SFC, noted that tokenization should be integrated into market operations to improve liquidity and proportionate governance should be adopted for agentic AI. Eddie Yue, Chief Executive of the HKMA, stressed leveraging FinTech 2030 to drive the responsible adoption of AI and tokenization by banks. In addition, Chief Executive John Lee stated that Hong Kong’s first five-year plan is closely aligned with the national 15th Five-Year Plan, offering businesses a clear and stable business outlook.4. MAS Cautions Public After Binance Hack linkA spokesperson for the Monetary Authority of Singapore stated on November 5 in response to Binance’s recent hack that cryptocurrency trading is unsuitable for the general public. Consumers should exercise caution and avoid transacting with unregulated firms. MAS reiterated that Binance is not licensed to provide regulated financial services in Singapore, and even trading via licensed entities cannot fully prevent losses stemming from the inherent high risks of cryptocurrencies.5. Lee Jae-myung Urges Cross-Government Cyber Security Body linkSouth Korean President Lee Jae-myung mentioned the recent multi-billion-dollar crypto asset theft at Binance during a state council meeting on November 3. He called for establishing a robust cross-government cybersecurity coordination agency to oversee security protection efforts across the public and private sectors. Lee Jae-myung said that as AI makes hacking techniques increasingly sophisticated, the existing security system focused mainly on post-incident inspections and responses has shown obvious limitations, and proactive prevention mechanisms must be put in place. South Korea’s National Intelligence Service has launched emergency security inspections covering more than 2,100 central and local government departments and public institutions. Earlier, the FBI attributed the Binance hack to North Korean hackers, while North Korea has denied involvement.6. South Korea Delays Crypto Gains Tax to 2029, Fourth Extension linkLee Hyeong-il, Deputy Prime Minister and Minister of Economy and Finance of South Korea, stated on November 5 that the government plans to consult with the National Assembly to postpone the virtual asset gains tax, originally scheduled for 2027, by another two years until 2029. This will mark the fourth postponement of South Korea’s virtual asset taxation regime. The government said it needs to further refine the taxation system in light of the planned commencement of virtual asset tax information exchange with the United States in 2029 and potential regulatory changes brought by the Digital Asset Act. Under the current scheme, a 22% composite tax rate (including local tax) applies to the portion of an individual’s annual virtual asset gains exceeding 2.5 million Korean won. The government also plans to study allowing investors to carry forward losses for up to three years to offset future gains, and establish a public-private joint working group to refine specific taxation standards.7. South Korea Weighs 99% Cold Wallet Rule Amid Withdrawal Fears linkSouth Korea’s Financial Services Commission is considering raising the cold wallet custody ratio requirement for domestic crypto exchanges, discussing lifting the current minimum 80% threshold to around 99%. At present, Upbit’s cold wallet custody ratio exceeds 99%, Bithumb’s stands at approximately 94%, and Coinone’s at roughly 85%, while some small and mid-sized exchanges hold only slightly above 80%. Industry insiders worry that a uniform higher requirement may reduce the assets available in hot wallets for instant withdrawals, causing longer user withdrawal delays and adding operational pressure on smaller and mid-sized exchanges. Reports state that Bithumb encountered insufficient hot wallet funds in August this year, leading to delays of around 13 hours for withdrawals of some altcoins.8. GOPAX Halts Trading and Transfers, Moves All User Assets to Cold Storage linkSouth Korean crypto exchange GOPAX announced on November 6 that, following recommendations from financial regulators, it will transfer all users’ crypto assets to cold wallets and temporarily suspend trading, deposit and withdrawal services to strengthen security protection and safeguard user assets. GOPAX suspended crypto asset deposits and withdrawals at 13:55 Beijing Time and halted trading at 14:53, with all unfilled orders cancelled. Normal online withdrawal functions are currently unavailable, but users may submit separate withdrawal applications via the customer service email for manual processing after internal review, which may take extended time. GOPAX has not yet announced a service resumption schedule.A GOPAX official stated that the firm received threatening emails claiming an impending hacker attack on the exchange, prompting the decision to proactively suspend trading and deposit and withdrawal services. The official emphasized that GOPAX has not been hacked and no actual attack attempts have been detected so far. The company understands users may view the restrictions as overly strict, yet security is prioritized over business operations at this stage, and users can still apply for withdrawals individually through customer support.9. U.S. Sanctions 4 Individuals and 41 Entities Linked to Prince Group linkThe U.S. Department of the Treasury announced on November 5 a new round of sanctions targeting four individuals and 41 entities linked to the transnational criminal organization of Cambodia’s Prince Group. The sanctioned individuals include Qiu Yong, Zhao Mengyao, He Yujing and Visal Pang. Among them, Qiu Yong is accused of controlling multiple British Virgin Islands and Hong Kong companies on behalf of the Prince Group, while Zhao Mengyao serves as his personal assistant. He Yujing is the wife of Chen Bo, a previously sanctioned senior executive of the Prince Group, who transferred his luxury mansion in Tokyo to He Yujing’s name. Visal Pang controls eleven Cambodian companies. The U.S. Treasury stated that these sanctions aim to curb the Prince Group’s use of offshore firms, nominee arrangements and affiliated enterprises to conceal assets and evade prior sanctions. Separately, the United States also sanctioned a Malaysian national named Chui Kok Wa, who is alleged to have organized a digital asset fraud ring in Madagascar. The fraud network is accused of defrauding U.S. victims of more than 400,000 U.S. dollars.10. Japan and EU Deepen Digital Finance Ties, Tokenization Enters Joint Statement linkJapan’s Financial Services Agency and the European Commission issued a joint statement for the 7th Japan-EU Financial Regulatory Forum on November 6, marking the first time asset tokenization has been explicitly mentioned in the forum’s joint statement. According to Japanese media NADA NEWS, the two sides held a meeting in Tokyo on November 4 and 5 to discuss topics including crypto assets, stablecoins, tokenization and the application of AI in financial services. The Financial Services Agency of Japan outlined measures for digital finance development and the secure use of AI by financial institutions, while the European Commission briefed on the implementation progress of the Markets in Crypto-Assets Regulation (MiCA) and key issues covered in its recently concluded public consultation. Both sides also emphasized continued regulatory cooperation through international frameworks such as the G7, G20 and the Financial Stability Board.Follow usTwitter: https://twitter.com/WuBlockchainTelegram: https://t.me/wublockchainenglish