Table of Contents
- 1. Japan Mentions Onchain Finance in a National Strategy Document for the First Time
- 2. Hong Kong Opens the Licensed Stablecoin Market as HKDAP Launch Nears
- 3. Korea's Financial Groups and Platforms Move Simultaneously to Capture the Digital Asset Layer
- 4. Other News
- 4.1 Theme 1. Wider Real World Use of Payment and Settlement Infrastructure
- 4.2 Theme 2. Expansion of Tokenized Assets and Institutional Infrastructure
- 4.3 Theme 3. Regulation and Market Restructuring for Entry into the Regulated System
Researcher
Japan's first national strategy mention of onchain finance leads this week's ASA News, alongside Hong Kong's imminent HKDAP launch and simultaneous digital asset moves by Korea's financial groups and platforms.
1. Japan Mentions Onchain Finance in a National Strategy Document for the First Time
Source: Basic Policy 2026 Mentions the Promotion of Onchain Finance for the First Time
Key Update
- On July 21, the Japanese government approved the Basic Policy on Economic and Fiscal Management and Reform 2026 at a Cabinet meeting, explicitly mentioning the promotion of onchain finance for the first time, and the same day it was included in the Cabinet Secretariat's financial strategy for promoting growth investment.
- The policy sets out the linkage of payments, commerce, and logistics data management using tokenized deposits and stablecoins, citing manufacturing orders and delivery management, trade document management, and securities settlement as areas of application.
- The decision alone does not immediately change regulations or taxation, with detailed institutional design expected through future budget planning and follow up policies.
Commentary: Onchain Finance Moves from Exploration to National Strategy
Japan's digital asset policy has so far focused on exchange licensing, custody stability, and investor protection. Basic Policy 2026 shifts the target: tokenized deposits and stablecoins are now framed as settlement infrastructure for manufacturing orders, trade documents, and securities settlement. Grouping payments, commerce data, and logistics data in one definition points toward a unified ledger design rather than a single payment instrument.
Korea is debating won stablecoins and the Basic Digital Asset Act but has not written onchain finance into a national growth strategy. Hong Kong executes faster on issuance through HKMA licenses and HKDAP, and Singapore recruits global operators as a hub. Japan is slower but covers more layers, tying use cases, infrastructure, and policy language together in one document.
2. Hong Kong Opens the Licensed Stablecoin Market as HKDAP Launch Nears
Source: Hong Kong Stablecoin HKDAP Expected to Launch by End of This Month, Report Says
Key Update
- Anchorpoint, a joint venture backed by Standard Chartered Hong Kong, HKT, and Animoca Brands, is reportedly expected to issue HKDAP, a regulated Hong Kong dollar stablecoin, by the end of July after securing one of the HKMA's first stablecoin issuer licenses in April.
- Licensed virtual asset trading platforms OSL Group and HashKey Exchange are expected to handle HKDAP sales and distribution, creating a structure in which the issuer, distribution platforms, and trading infrastructure are separated but connected within the regulatory perimeter.
- Anchorpoint completed a test transfer of HKDAP on the Ethereum mainnet in May, reportedly verifying deposit, minting, transfer, and redemption procedures ahead of the actual distribution phase.
Commentary: The Hong Kong Model Moves from Issuance to Use
The April license selected the issuer, and the July launch starts real payment and distribution tests. Anchorpoint combines Standard Chartered's banking network, HKT's telecom reach, and Animoca's digital asset business, so HKDAP launches with institutional rails and consumer touchpoints already attached.
The structure is regulated role allocation, not vertical integration. Anchorpoint issues, OSL and HashKey distribute, and HKMA supervises both the license and the distribution channel. That separates Hong Kong from Japan, where one group can own every layer, and from Korea, where PoCs and MOUs are piling up without any official pairing of issuer license and distribution channel.
The test after launch is redemption reliability and merchant adoption. If distribution runs smoothly, companies evaluating Hong Kong dollar payments or tokenized asset settlement get a live licensed reference case, which strengthens Hong Kong against Singapore's hub model.
3. Korea's Financial Groups and Platforms Move Simultaneously to Capture the Digital Asset Layer
Key Update
- Mirae Asset Consulting completed its acquisition of a controlling stake in Korbit, later increased to 97.15%, and Korbit relaunched as Digital X, presented by Chairman Park Hyeon-joo as a core pillar of the Mirae Asset 3.0 strategy combining traditional and digital assets.
- The FIU accepted major shareholder change filings for Korea Investment & Securities and OKX Ventures, which will each acquire a 20% stake in Coinone, combining domestic compliance capabilities with global blockchain infrastructure.
- Kakao, Kakao Pay, and KakaoBank are pursuing cooperation with Circle on digital asset infrastructure including won stablecoins, while Viva Republica and Toss Bank agreed to jointly review payment, remittance, and real time settlement infrastructure with Circle.
Commentary: Why Exchange Acquisitions and Stablecoin Partnerships Converged in the Same Week
Three moves landed in one week: Mirae Asset took control of Korbit, Korea Investment & Securities and OKX Ventures cleared FIU review for 20% each of Coinone, and Kakao and Toss opened infrastructure talks with Circle. Retail exchanges are turning into assets inside financial group and platform strategies rather than standalone businesses.
No single design has emerged. Mirae Asset wants direct exchange ownership, Coinone pairs a domestic securities firm with global trading infrastructure, and Kakao and Toss are securing payment networks before touching issuance. Add Hana's work with Dunamu, KISA's deposit token project, and KB Kookmin Bank's use of JPMorgan Kinexys, and issuance, distribution, payment, and custody each have different leading players.
The risk is sequencing. If the Basic Digital Asset Act settles exchange ownership, stablecoin issuance, and payment network access after this infrastructure hardens, market standards will be set by private contracts before they are set by law. For financial companies and platforms, the immediate question is which layer to occupy first.
4. Other News
4.1 Theme 1. Wider Real World Use of Payment and Settlement Infrastructure
4.1.1 Philippines' BPI Moves to Pilot Stablecoins for Overseas Remittances
- BPI plans to pilot a stablecoin settlement network for overseas income recipients with Meridian, settling first in stablecoins before converting into Philippine pesos, an experiment to reduce the cost and time of bank transfers in the freelancer and virtual assistant payment market.
4.1.2 HashKey Explores KRW Stablecoin Payments with Kbank and BPMG
- HashKey Group, Kbank, and BPMG signed an MOU to develop digital asset payment infrastructure, reviewing overseas payments and regional trade settlement using won stablecoins, an early example of Korean banks connecting with Hong Kong infrastructure operators in payment networks.
4.1.3 Card Industry Strengthens Role as Guide for Won Stablecoins, Leading Digital Payment Innovation
- The Credit Finance Association and nine domestic card companies completed a roughly one year PoC for won stablecoins covering issuance, distribution, payment authorization, cancellation, and refunds, suggesting card companies could become settlement infrastructure rather than simply merchant networks.
4.2 Theme 2. Expansion of Tokenized Assets and Institutional Infrastructure
4.2.1 After Hanwha, Shinhan Also Invests in Canton Developer Behind the "RWA Chain"
- Shinhan Financial Group and Standard Chartered Bank's SC Ventures invested USD 10 million in Digital Asset, raising its cumulative fundraising to USD 365 million at a USD 2 billion valuation, reflecting Korean financial groups increasing direct exposure to institutional chain infrastructure dedicated to RWA.
4.2.2 Chainlink CCIP Joins Central Bank Digital Asset Experiments, Testing Institutional Infrastructure
- Chainlink CCIP is connected to experiments including Hong Kong's Ensemble and e-HKD+, Brazil's Drex, and ANZ Bank's A$DC, testing whether public blockchain based interoperability can enter regulated institutional payments.
4.2.3 Why Korean Companies Are Choosing Hong Kong for RWA Expansion
- Mirae Asset Securities and Shinhan Securities are preparing to expand tokenization businesses through their Hong Kong entities, as Korea lays the foundation for STO issuance and distribution and Hong Kong emerges as a point of contact between Korean financial firms and global investors.
- HashKey presented an onchain financial infrastructure strategy spanning issuance, distribution, and payments through HIP, HTP, and HSP, an example of a Hong Kong operator expanding institutional vertical infrastructure while looking at the Japanese market.
4.3 Theme 3. Regulation and Market Restructuring for Entry into the Regulated System
- The FSC is preparing guidelines for opening the corporate digital asset market alongside overhauls of custody systems, internal control standards, and trading structures, a potential catalyst for turning a trading market centered on retail into an institutionally managed system.
- The FSC is reviewing a plan to regulate digital asset custody as an independent business, distinguishing custody responsibilities from exchanges as core infrastructure reform for institutional investor entry, taxation, and customer asset protection.
4.3.3 Japan Begins Preparing Its First Spot Bitcoin ETF, with Possible 2028 Launch
- Japan's Financial Services Agency has begun revising investment trust regulations in line with legal amendments, with the market discussing a spot Bitcoin ETF launch by 2028 at the latest, a follow up stage in bringing digital assets into the financial product framework.
4.3.4 Thailand SEC Files Criminal Complaint Against Bitkub Over USD 50 Million Hack Disclosure
- Thailand's SEC filed a criminal complaint against Bitkub and two former directors over the disclosure of a USD 50 million hack in 2021, signaling stricter responsibility for disclosing security incidents as exchange listings and institutionalization proceed.
[ASA News] is a biweekly newsletter that summarizes major stablecoin news across Asia and shares perspectives from industry participants. (2026.07.20~07.26)
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