{
  "id": 11307450,
  "title": "China warns foreign spies about crypto, Singapore dominates Asia: Asia Express",
  "url": "https://urgent.news/2026/10/01/china-warns-foreign-spies-about-crypto-singapore-dominates-asia-asia",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-01T23:17:47.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/magazine/china-claims-crypto-used-by-spies-singapore-dominates-asian-crypto-asia-express"
  },
  "original_language": "en",
  "account": "Singapore's crypto economy experienced a 55% growth, reaching a value of $284 billion in the year ended June 2026, according to Chainalysis. This marked the largest crypto economy in Central and Southeast Asia and Oceania (CSAO), surpassing previous regional contractions. Most of the growth was driven by institutional platform activity, which surged 94% to $60 billion, led by a few market makers, over-the-counter trading firms, and institutional brokerages. In contrast, South Korea's Financial Services Commission is exploring the possibility of market-making systems for digital assets, following a surge in a yen-backed stablecoin on a major South Korean exchange. The stablecoin, JPYC, initially traded for four times its intended value before settling at a much lower rate due to limited liquidity. Meanwhile, Binance has launched a South Korean subsidiary that aims to collaborate with local financial institutions on remittances, payments, settlements, and digital asset distribution. The company plans to use a payment interoperability framework, HIVEX, to connect overseas QR payment services to PayPay-supported merchants in Japan. Hong Kong's regulators have also forged an agreement with accounting and financial reporting council to enhance their cooperation on financial reporting and audits of licensed crypto firms. HSBC, a Hong Kong-based bank, intends to roll out a stablecoin, RedCoin, based on the Hong Kong dollar, starting with person-to-person and merchant payments, before expanding into corporate and institutional use cases. Additionally, HSBC will launch an education campaign to prevent potential scams.",
  "summary": "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_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}