South Korea · Hong Kong · China · Japan · Singapore · Cointelegraph
China flags foreign spies about crypto, Singapore dominates Asia: Asia Express
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Singapore’s crypto economy grows 55%, South Korea set to make crypto market makers legal, and Chinese spy ministry warns would-be foreign spies it’s watching the blockchain.
Key facts
- Singapore’s crypto activity rose 55.4% to $284 billion in the year ended June 2026, bucking a regional contraction and regaining its position as the largest crypto economy in Central and Southeast
- Crypto exchange Upbit opened trading of JPYC, a yen-backed stablecoin, on Sept
- Much of the growth came from institutional platform activity, which increased 94% to $60 billion, concentrated among several market makers, over-the-counter trading firms, and institutional brokerages
- China banned crypto several times, before a comprehensive ban on exchanges in 2017 and a later ban on mining in 2021
Summary
China’s Ministry of State Security has toughened its rhetoric on the risks of cryptocurrencies, highlighting their role in crime and stressing transactions are not anonymous. According to the South China Morning Post the spooks published an article on social media stating cryptocurrencies are used to facilitate money laundering and cyberattacks and serve as “accomplices” in espionage. The MSS stated that crypto is often used by “overseas anti-China hostile forces” to disrupt financial order and harm national security. The warning that crypto isn’t as anonymous as most people assume, seemed to be a coded warning aimed at would-be foreign spies who mistakenly believe they could send or receive payments without the authorities knowing:.