Q2 2025 Asia Web3 Market Overview: Policy Implementation and Corporate Practices

Market Overview

In the second quarter of 2025, the Asian Web3 market is showing signs of stabilizing regulations and increased corporate investment. Although the global focus of Web3 has shifted to the United States, Asia still maintains its position as the largest cryptocurrency user base and blockchain innovation hub in the world.

The regulatory foundation established in the first quarter facilitated substantial business activities and accelerated capital allocation in the second quarter. The participation of institutions and enterprises has significantly increased, and policy changes in various countries have had a profound impact on the global Web3 ecosystem.

Market Dynamics of Various Countries

South Korea: Policy Transformation and Regulatory Adjustment

• Cryptocurrency policy has become a hot topic in the presidential election.
• The South Korean won stablecoin plan has attracted market attention, but specific regulatory guidance is still lacking.
• The new regulations allow non-profit organizations and exchanges to sell donated crypto assets.
• Global exchanges continue to show interest in the South Korean market
• Offline activities are significantly rebounding, with an increase in international project visits.

Japan: Institutions adopting a Bitcoin strategy

• Public companies are starting a wave of Bitcoin adoption
• Progress has been made in the construction of stablecoins and payment infrastructure.
• Regulators introduce a new classification system for crypto assets
• Retail investor participation remains sluggish
• Institution-led investment models provide stability but may limit short-term growth.

Hong Kong: Regulation of Stablecoins and Expansion of Digital Financial Services

• The new stablecoin regulation will take effect on August 1.
• The first batch of regulated stablecoins is expected to be launched in the fourth quarter.
• Allow professional investors to trade virtual asset derivatives.
• Licensed exchanges and funds are permitted to offer staking services.

Singapore: Regulatory Tightening

• Prohibit unlicensed digital asset companies from conducting business overseas
• Put more pressure on local Web3 companies to require full compliance.

China: Internationalization of Digital Renminbi and Business Strategies

• Promote the internationalization of the digital renminbi, Shanghai to establish an international operation center
• Some companies are increasing their holdings of Bitcoin, using Hong Kong licenses to bypass mainland restrictions.
• Growing interest in RMB-pegged stablecoins in the market

Vietnam: Legalization of Cryptocurrency and Digital Regulation

• Officially announced the legalization of cryptocurrency through the "Digital Technology Industry Law".
• Strengthen the control of digital platforms and combat illegal activities

Thailand: Government-led Innovation in Digital Assets

• Review the proposal to allow exchanges to list their own utility tokens.
• Plan to issue government digital bonds "G-Tokens"

Philippines: Strict Regulation and Innovation Sandbox in Parallel

• Implement stricter controls on token listings
• Introduce influencer regulation guidelines
• Launch "StratBox" sandbox program to support crypto service providers

Overall, the Asian Web3 market in the second quarter of 2025 is characterized by a gradually完善 regulatory framework and an increase in corporate participation. Countries are adopting different strategies based on their own circumstances to promote the integration of Web3 technology with traditional finance.