Kraken’s $600M stablecoin firm, Huione scandal deepens, Asia Express

Everything that happened in crypto news in Asia over the past seven days: Asia Express.

In this issue

1. Kraken’s parent buys Hong Kong payments firm for $600 million
2. Hun To denies operational role in Huione Pay
3. South Korea pencils in crypto tax date
4. Samsung’s IT arm lands tokenized securities platform project
5. Bithumb joins Vietnam’s crypto license race
6. Japan’s biggest banks want to put government bonds on a blockchain
7. Japan’s crypto body sets staking standards
8. Influencer cools Binance Philippines comeback rumors

Kraken’s parent buys Hong Kong payments firm for $600 million

Kraken payment company Payward has agreed to acquire Hong Kong-based Reap Technologies for up to $600 million in cash and stock.

Reap handles stablecoin card payments and cross-border transfers.

Reap nearly tripled revenue and volumes in 2025 and holds licenses across Asia and South America, which Payward says will accelerate its expansion in both regions. 

The transaction is expected to close in the second half of 2026.

Hun To denies operational role in Huione Pay

A cousin of Cambodian Prime Minister Hun Manet has admitted to owning 30% of the pig-butchering scam-linked Huione Pay while denying any role in its operations.

Hun To said in a statement that he never attended shareholder meetings, received profits, or participated in the company’s management.

The US government accused Huione Group of laundering billions of dollars for criminal networks running pig butchering scams across Southeast Asia.

Violent protests broke out in Phnom Penh after thousands of customers found their accounts frozen, with the National Bank of Cambodia saying most funds are unlikely to be recovered. 

South Korea pencils in crypto tax date

South Korea’s Finance Ministry confirmed Thursday that a tax on crypto gains will take effect in January 2027, after two previous postponements.

Investors earning more than 2.5 million won (about $1,800) annually from crypto will face a 22% tax, covering an estimated 13.26 million people.

The National Tax Service is finalizing guidance and has held working-level meetings with the country’s five largest exchanges, which includes Bithumb and Upbit. 

A draft notice is expected before year-end, though the opposing People Power Party has separately proposed scrapping the tax before it takes effect.

Samsung’s IT arm lands tokenized securities platform project

Samsung SDS, the conglomerate’s digital infrastructure arm, has reportedly won a contract to build and operate a blockchain-based securities platform for the Korea Securities Depository (KSD). 

Samsung SDS has been involved in KSD’s tokenization efforts since 2024, handling consulting and testbed construction before winning the full build contract.

Local outlets reported that the platform is expected to go live by February 2027. 

The timing aligns with South Korea’s incoming security token framework, which the Financial Services Commission has scheduled to take effect on Feb. 4, 2027.

Bithumb joins Vietnam’s crypto license race

Bithumb is attempting to enter Vietnam’s cryptocurrency scene through a subsidiary of the Southeast Asian nation’s largest securities firm. 

The South Korean exchange announced Thursday that it signed a memorandum of understanding with SSI Digital in March to jointly launch a local crypto trading platform.

Vietnam’s crypto licensing pilot requires exchanges to be locally incorporated, hold at least $380 million in charter capital, and cap foreign ownership at 49%.

Five local firms have already cleared an initial qualification round, and a rival bid has secured backing from OKX Ventures and HashKey Capital.

Japan’s biggest banks want to put government bonds on a blockchain

Progmat announced Friday that it formed a working group to put Japanese government bonds on-chain and trade them using stablecoins. 

Progmat, jointly owned by Japan’s major banks and exchanges, has brought over 30 institutions to the table, including…