North Korean hackers are turning to memecoins to launder stolen crypto, Kraken's xStocks is expanding its tokenized equities offering, and regulators across the region are tightening digital asset rules. Here is this week's Asia Express, a roundup of crypto and fintech news from across Asia.

North Korean hackers create memecoins to launder stolen Binance funds

North Korean hackers created memecoins to launder cryptocurrency stolen in the $6.3 billion Binance hack, according to a report from blockchain analytics firm Elliptic.

Between Nov. 5 and Nov. 7, the hackers created at least six tokens on the NEAR blockchain and used liquidity pools on decentralized exchanges to move $430,000 of stolen funds between wallets, Elliptic said. However, the tokens attracted almost no outside trading and were abandoned shortly after launch.

The analytics firm added that the same laundering technique was previously used following the $1.5 billion Bybit hack in 2025, when North Korean-linked actors moved at least $24 million through a newly created token on the TRON blockchain.

The reuse of the method across two major breaches shows how North Korean-linked actors keep adapting their laundering tactics even as public-blockchain transparency lets analytics firms trace the flows. The Binance and Bybit hacks rank among the largest cryptocurrency thefts on record, making the group's wallets a persistent focus of on-chain monitoring.

Hong Kong

xStocks tokenizes 200 UK and EU stocks, with hundreds of Hong Kong equities coming soon

xStocks, the tokenization platform operated by Kraken parent Payward, has added tokenized versions of more than 200 stocks listed in the United Kingdom and European Union.

Payward said the latest expansion takes xStocks' offering beyond 1,500 tokenized assets. The company also reported more than $45 billion in cumulative transaction volume and over 550,000 unique holders.

Payward added that it plans to list hundreds of Hong Kong-listed equities in the coming weeks. If completed, the listings would extend the platform into Hong Kong-listed names and land alongside the territory's planned licensing overhaul for virtual-asset firms, described below.

New crypto licensing regime on the way

Deputy Secretary for Financial Services Chan Ho-lim told FinTech Week that Hong Kong will introduce a new licensing regime covering virtual-asset trading, custody, advisory and management, through amendment bills that will be submitted to the Legislative Council this year. Hong Kong introduced a licensing regime for virtual-asset trading platforms in 2023; the new bills would extend formal oversight into custody, advisory and management activities as well.

More Hong Kong news

Police have arrested 22 people in a cross-border money laundering investigation involving an over-the-counter crypto network that allegedly moved more than HKD$150 million (US$18 million) while attempting to obscure the origin of the funds.

Meanwhile, the United States has sanctioned 41 entities allegedly linked to Cambodia's Prince Group, including a man named Qiu Yong, who is accused of running Hong Kong companies on behalf of the criminal organization.

South Korea

Regulator to permit withdrawal freezes during hacking threats

South Korea's Financial Services Commission (FSC) plans to allow crypto exchanges to suspend deposits and withdrawals when hacking is suspected, rather than waiting until a breach is confirmed. The regulator said it would issue a no-action letter permitting preventive suspensions under certain conditions.

Current rules prohibit exchanges from blocking withdrawals without legitimate grounds and explicitly allow restrictions only when a hacking incident is clearly established.

The FSC also called for round-the-clock monitoring and incident response, higher cold-wallet holdings, and stronger insurance coverage and reserves. The change would move the trigger for freezing funds from a confirmed breach to credible suspicion of one.

GOPAX puts everything on ice

South Korean crypto exchange GOPAX announced on November 6 that it was suspending trading, deposits and withdrawals and moving all user assets to cold wallets. The firm had received threatening emails claiming a hack was imminent, and took the drastic step of halting operations on the recommendation of financial authorities. The episode illustrates the kind of unconfirmed-threat scenario the FSC's planned no-action letter, outlined above, is designed to address.

Japan

Nomura explores sale of crypto unit Laser Digital

Japanese financial services giant Nomura Holdings is reportedly weighing a sale of its cryptocurrency subsidiary, Laser Digital, as Nomura's European operations continue to post losses.

Nomura has held talks with potential buyers, including Marex Group, but has yet to make a final decision and could still keep the business.

Nomura's European businesses posted a pretax loss of 7.4 billion yen ($46.5 million) in the quarter ended Sept. 30, 2026, their fourth consecutive quarterly loss. The company posted pretax profits in every other reporting region over the same period. Laser Digital was set up in 2022 as Nomura's dedicated digital-asset arm, meaning a sale would mark a retreat from the crypto expansion the bank launched that year.

Thailand

$148K daily cap proposed on stablecoin deposits and withdrawals

Thailand's securities regulator has proposed capping daily stablecoin deposits and withdrawals at 5 million baht ($148,000) each per customer at regulated crypto operators.

The limit would apply separately to deposits and withdrawals at each operator, the Securities and Exchange Commission (SEC) said in a Thursday announcement. The regulator said the rules aim to curb money laundering, cybercrime and attempts to bypass cross-border money transfer rules. The draft would also bar stablecoin transfers to and from third-party wallets.

Stablecoins are widely used for payments and cross-border transfers in Southeast Asia, which has made them a recurring focus of regional anti-money-laundering efforts.

More Thailand news

Thailand's SEC will block access to Bitget from December 5. It has also proposed new tests for retail investors before allowing them to invest in ICOs. The tests would require knowledge of at least six areas, including digital tokens and investor rights, blockchain technology, digital-asset wallets and distribution channels. The proposals will be open for comment until November 25.

The SEC is also seeking feedback on new rules around margin loans and ETFs, but has ruled out allowing leveraged or crypto ETFs at this stage.

Vietnam

South Korean crypto firm Bithumb Asset has invested $85 million into a luxury resort project in Hoi An being built by local real estate developer Asia Estate.

Da Nang police have issued a warning about scams involving “ghost” cryptocurrency projects that are really just ponzi schemes in disguise. They highlighted a fraud ring behind the DRK cryptocurrency project, led by Huynh Duc Van, 33, and seven accomplices, which was recently dealt with by law enforcement.

Singapore

Nomura's former head of crypto derivatives trading, John Kim, has joined Chicago-based DV Trading in Singapore to lead a new discretionary crypto-trading team.

A Singapore woman lost S$78,000 (US$60,391) in a four-month-long crypto scam after someone posing as an insurance buyer “helped” her set up a crypto wallet. She initially believed she was making money before being cleared out after she was directed to the little-known Qevorinex platform.

International bank communication network Swift — whose messaging system carries cross-border payment instructions for thousands of banks worldwide — argued at the Singapore FinTech Festival for shared standards to prevent digital assets from fragmenting across incompatible systems.