China-Hong Kong Web3 Partnership, India Tax Reviews and More
Welcome to the Asia Pacific Morning Brief—your essential digest of overnight crypto developments shaping regional markets and global sentiment. Grab a green tea and watch this space.
Today’s highlights: Shenzhen partners with Hong Kong on RWA platform development, India’s tax authority reviews crypto regulations amid industry exodus, plus emerging developments across regional markets driving innovation and policy shifts.
Shenzhen State Enterprise Forges Hong Kong Web3 Partnership
Shenzhen Longgang Data Company has secured exclusive mainland partnership status with Hong Kong’s Web3.0 Standardization Association. The state-owned big data firm will participate in building the world’s first RWA asset registration platform. This collaboration was officially announced following the platform’s August 7th Hong Kong launch.
The partnership aims to establish cross-border digital compliance frameworks between mainland China and Hong Kong. Both parties plan to create comprehensive services covering asset verification, trusted storage, and compliant circulation. The initiative leverages Shenzhen’s industrial foundation alongside Hong Kong’s international financial hub status.
The collaboration explores a three-tier model: mainland asset digitization, Hong Kong digital financialization, and global compliant circulation. This framework supports China’s dual circulation economic strategy, connecting domestic and international markets. The RWA platform positions Hong Kong as a key player in global Web3.0 finance infrastructure development.
India Reviews Crypto Tax Framework Amid Industry Exodus
India’s tax authority, CBDT, is consulting crypto platforms about creating dedicated virtual asset regulations. The review examines which regulators should oversee the sector, including the RBI, SEBI, or other agencies. Industry leaders criticize the current 30% flat tax and 1% transaction levy as excessive.
Crypto businesses argue that the harsh tax regime stifles innovation and prevents loss offset mechanisms. Banking restrictions under RBI and FEMA rules have deterred financial institutions from serving crypto clients. The regulatory uncertainty is driving traders and companies toward crypto-friendly jurisdictions like Dubai.
BeInCrypto’s Asian Coverage
GENIUS ACT and Beyond: Kaia Explains Asian Perspective – Kaia Chairman discusses Asia’s stablecoin strategy amid new US regulations and regional cooperation needs. Read
Asian Crypto Firms Eye US IPOs Amid Opportunities and Risks – OKX, Animoca, and Bithumb pursue Wall Street listings for capital, credibility, and global expansion. Read
Korea Stops Local Exchanges From Crypto Lending Services – South Korea suspends crypto lending services, citing consumer protection concerns amid 1.5 trillion KRW volume. Read
“Want to Be Japan’s Circle,” Says JPYC, Japan’s First Stablecoin Issuer – JPYC secures regulatory approval to launch Japan’s first licensed yen-denominated stablecoin platform. Read
More Highlights
Wyoming Makes History, Launches America’s First State-Issued Stablecoin – Wyoming debuts FRNT token across seven blockchains with reserves backing public education funding. Read
Backlash Erupts as Saylor’s MicroStrategy Heightens Bitcoin Volatility Exposure – MicroStrategy removes equity issuance safeguards, allowing stock sales below valuation, sparking investor outrage. Read
Ethereum Whales Are Selling in August—Analyst Explains Why It’s Not Bearish – Ethereum whale wallets decline while shark addresses rise, driven by institutional accumulation and market maturation. Read
Bitcoin Treasury Demand Slows as Ethereum and Altcoin Buyers Rise – Corporate Bitcoin treasury adoption drops to 2.8 buyers daily, while Ethereum and altcoins gain corporate interest. Read
Robinhood Brings AI Market Insights to the UK — A Prelude to Crypto Disruption? – Robinhood launches AI Digests in the UK with potential crypto expansion after a 217% trading volume surge. Read
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