Stablecoins and RWA tokenization shape Asia’s crypto rulebook in 2025

In 2025, crypto regulation across Asia shifted from high-level discussions to concrete implementation, with stablecoins and RWA tokenization as core themes, setting the stage for increased institutional participation in 2026. Hong Kong enacted its stablecoin licensing law and advanced tokenization pilots like Project Ensemble. Singapore implemented its Digital Token Service Provider (DTSP) regime and trialed wholesale CBDC for tokenized finance. Japan supported stablecoin pilots involving major banks and considered reserve mandates for exchanges, while South Korea saw the launch of a won-backed stablecoin. Experts anticipate that regulated onshore ecosystems in these hubs will converge toward normalizing digital asset issuance and RWA tokenization, relying on regulated stablecoins for settlement, while purely speculative use cases face stricter compliance.

(Source：The Block)