Singapore police say at least two cases involving tampered Ledger hardware wallets have been reported since Sept. 10, with combined losses of about 3.5 million Singapore dollars ($2.7 million). The first local report therefore came almost a month before the broader incident became public. Singapore police issued the warning on Oct. 28.

The consumer alert did not make clear whether the Sept. 10 case was reported to police at the time or retrospectively. If it was reported promptly, questions remain over whether Ledger had been informed and whether the Singapore Police Force could have issued a public warning earlier. The advisory nevertheless indicated that the investigation was still in its preliminary stages.

Ledger issued a public alert on Oct. 9 after tampered Ledger devices were found in the CryptoBilis supply chain. Almost $100 million was drained from wallets containing spyware components. On Oct. 13, Ledger said it had asked retailers in Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia and Hong Kong to suspend sales of Ledger devices while investigations continued.

The reports place a consumer-security issue alongside wider efforts across the region to build digital-asset payment and reporting infrastructure. Singapore’s initiative is adding central-bank members, while South Korea is preparing stablecoin rules and transfer reporting. The Ledger investigation remains preliminary, and the reports do not establish a connection between the wallet cases and those policy developments.

Malaysia and Thailand join Singapore’s cross-border stablecoin initiative

Bank Negara Malaysia and the Bank of Thailand joined Singapore’s BLOOM initiative on Friday as policymaker members. BLOOM stands for Borderless, Liquid, Open, Online, Multi-currency.

The public-private initiative is intended to help financial institutions use stablecoins and tokenized deposits for cross-border payments. The Monetary Authority of Singapore launched it in October last year. Its members include Airwallex, Mastercard, Ripple, Visa and the World Bank Group. The initiative adds the two central banks to Singapore’s cross-border payments effort.

DBS survey finds strong corporate interest in tokenized money

A survey by Singapore-based bank DBS found that almost 90% of 422 global businesses surveyed are either adopting tokenized cash or interested in adopting it to accelerate payments. The survey measured corporate interest in tokenized money rather than reporting adoption by all respondents.

South Korea

Officials consider a fourth delay to the cryptocurrency tax

South Korean government officials are reportedly considering another delay to the country’s cryptocurrency tax policy, which is currently scheduled to take effect in January 2027. A Monday report by South Korean outlet Newsis said the crypto income tax could be postponed until 2029.

One factor cited in the report is that 2029 would be the earliest point at which officials could share tax-related information from digital-asset exchanges with the United States. The policy would impose a 22% tax on crypto gains for investors earning more than 2.5 million Korean won ($1,883) annually. Newsis reported on the possible delay, while a separate report addressed the planned 2027 implementation and the 22% rate (Cointelegraph).

Bithumb and two other firms report data breaches

Bithumb said its in-house mobile system was hacked and that personal information was leaked. Brokerage Daishin Securities reported that roughly 38,000 customer records had been exposed, while asset manager Mirae Asset Global Investments confirmed a hacking incident. Reuters reported the incidents.

South Korea plans stablecoin rules and monthly transfer reports

The South Korean government and the Bank of Korea intend to draft amendments to the Foreign Exchange Transactions Act within this year to regulate stablecoins used as payment instruments.

The central bank will also require crypto transfer service providers to submit monthly reports beginning Dec. 2. The reporting requirement will extend retroactively to mid-2024 and will cover information about who has been sending money out of the country.

North Korea

Chainalysis traces North Korean crypto cash-outs through Garantex

Blockchain analytics company Chainalysis mapped a long-running network of Russian intermediaries that helped North Korean IT workers cash out millions of dollars in cryptocurrency.

The US Treasury Department’s Office of Foreign Assets Control sanctioned 10 individuals and one entity on Wednesday for supporting North Korean government-run IT worker schemes. According to a Treasury Department press release, the schemes funded North Korea’s weapons programs. The sanctioned individuals included Russian nationals Ilya Aleksandrovich Boykov and Vitold Viktorovich Obertas. Chainalysis described the network.

Hong Kong

Hong Kong names Nasdaq-listed Solana Company a strategic enterprise

Hong Kong named Nasdaq-listed Solana Company (HSDT) a strategic enterprise under a government program designed to attract businesses that support the city’s economic development.

Solana Company said Thursday that it was part of the seventh batch of businesses selected by Hong Kong’s Office for Attracting Strategic Enterprises, or OASES. It described itself as the only blockchain infrastructure company onboarded by the office in 2026. Hong Kong’s government confirmed the addition of 18 enterprises to the program last week, bringing the total to 142. Solana Company issued an announcement, and Hong Kong’s government confirmed the additions.

Beijing looks to Hong Kong for digital yuan expansion

The South China Morning Post reported that Beijing wants Hong Kong to help seed international use of the digital yuan. The report described Hong Kong as a potential launchpad for the central bank digital currency’s international use.

RedotPay plans a US initial public offering

Hong Kong crypto payments firm RedotPay plans to launch an initial public offering in the United States before the end of the year. The company has also launched a pre-IPO funding round that values it at $4 billion. The Standard reported the plan.

China

National blockchain network targeted for completion by 2030

China has set a 2030 target for largely completing a national blockchain network under a five-year digital development plan published Friday. The plan also calls for stronger technical standards for blockchain and greater use of the technology in data circulation and trading.

Mainland China bans cryptocurrency-related business activities while promoting blockchain technology as a national priority. Critics say the “blockchain-not-crypto” approach has not worked before. The national network plan was reported alongside China’s broader policy on blockchain and digital-asset activities.

Thailand

Supreme Court recognizes Bitcoin as property

Thailand’s Supreme Court ruled that Bitcoin qualifies as property under criminal law, establishing a precedent that may influence how Thai courts treat other cryptocurrencies. The case involved the upholding of a 10-year prison sentence in a robbery case involving about $50,000 in Bitcoin.

Thailand launches crypto wallet for tourists

Thailand launched the WORPT digital wallet, allowing tourists to convert USDT or USDC into Thai baht and spend the funds through PromptPay QR codes. The scheme is part of the Tourist DigiPay sandbox.