Asia Emerges as Web3 Testbed: Tiger Research Highlights Policy Turning Point in Q2 2025

In Q2 2025, Asian countries have emerged as active players in the global Web3 landscape, striving to balance regulation and innovation. Korea is seeing heightened policy attention around KRW-based stablecoins, alongside growing involvement from traditional financial institutions and foreign exchanges. Japan is expanding corporate-led Bitcoin investment and preparing for stablecoin issuance, while Hong Kong is strengthening its position as a digital finance hub through licensing for stablecoin issuers and approval of crypto derivatives.

Singapore has tightened regulations by banning overseas operations of unlicensed firms, whereas China, despite its official ban on cryptocurrencies, continues to pursue practical strategies at the local level and is exploring yuan-backed stablecoins. Vietnam legalized crypto assets through its new Digital Technology Industry Act while simultaneously enhancing platform control. Thailand issued G-tokens, the world’s first government-led digital bonds, and the Philippines is adopting a dual-track approach by combining strict regulation with innovation-friendly sandbox programs.

Tiger Research views this quarter as a critical turning point, concluding that Asia now plays a key role in shaping the global Web3 ecosystem by asserting both technological leadership and regulatory maturity.