The cryptocurrency landscape in Asia underwent significant changes in 2025, with increased scrutiny on Bitcoin treasury firms and a rising interest in stablecoins. As the year draws to a close, a retrospective on these developments reveals the complexities of the region”s crypto environment.
The concept of Bitcoin treasury companies gained momentum in Asia during 2024. This trend was notably initiated by Japan”s Metaplanet, which adopted a strategy reminiscent of that championed by Michael Saylor. By 2025, these companies were officially recognized as digital asset treasury companies, or DATs. However, the adoption of Bitcoin among many of these firms was often seen as a desperate measure to boost stagnant share prices. Numerous DATs had minimal prior involvement in cryptocurrency, and their announcements frequently resulted in fleeting stock price surges before returning to normal levels.
Japan emerged as a focal point, with at least 13 publicly traded DATs incorporating Bitcoin within their financial portfolios. This swift expansion attracted the attention of the Japan Exchange Group, which is reportedly considering stricter oversight of Bitcoin treasury strategies, particularly regarding concerns over backdoor listings. Additionally, new DATs began to make their presence felt in Hong Kong, where the internet meme platform 9GAG acquired shares in Howkingtech International Holdings. The company plans to rebrand as “MemeStrategy” and integrate Bitcoin and other cryptocurrencies into its balance sheet.
Stablecoins have escalated into a geopolitical battleground across Asia, particularly following the signing of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act by US President Donald Trump in July. The regulatory focus on stablecoins intensified as they became increasingly perceived as pivotal in the future of payment systems. In China, while cryptocurrency trading remains prohibited, there are indications of interest in the development of a yuan-backed stablecoin, driven by local e-commerce giants lobbying the People”s Bank of China (PBOC).
Despite speculation that the rise of stablecoins could compel China to ease its stringent stance on cryptocurrencies, PBOC Governor Pan Gongsheng publicly dismissed such notions, citing stablecoins” failure to meet essential Anti-Money Laundering standards. Meanwhile, Hong Kong has positioned itself as a regulated center for digital assets, implementing its Stablecoin Ordinance, which took effect in August. However, only a limited number of companies are expected to receive licenses under this new regulatory framework.
Japan, on the other hand, became the first major economy in the region to launch a regulated stablecoin. Amendments to the Payment Services Act laid the groundwork for the introduction of a yen-pegged stablecoin, with the first bank-backed stablecoin anticipated by mid-2026.
Government attitudes toward cryptocurrency in Asia have also experienced a shift in 2025, influenced by political changes and regulatory updates in the United States. In South Korea, the impeachment of former president Yoon Suk Yeol led to the election of the crypto-friendly Lee Jae Myung. His administration is expected to revive discussions on regulatory frameworks for digital assets, including stablecoins. However, as of December, South Korea”s financial regulator missed a crucial deadline for submitting draft legislation regarding these issues.
In contrast, other Asian governments approached blockchain technology with caution. The Philippines has pursued legislation to utilize blockchain as an anti-corruption measure, while Singapore has tightened its regulatory framework, closing loopholes that previously allowed firms to operate without proper licensing.
The memecoin phenomenon also surged in early 2025, particularly on the Solana network, as nostalgia for pop culture icons found its way into the cryptocurrency space. This trend saw figures like Japanese adult film star Yua Mikami launching a memecoin, which generated significant presale funding despite concerns over its management. Additionally, rumors circulated about organized efforts to promote celebrity-linked tokens, raising alarms about potential pump-and-dump schemes.
As the Asian cryptocurrency landscape evolves, the interplay between regulation, innovation, and market sentiment will continue to shape the future of digital assets in the region.
