This Week In Crypto Update Asia: Indian Court Acknowledges Crypto As Property, Japan Introduces JPYC Stablecoin, China Classifies Stablecoins As High Risk

Asia is at the forefront of the global cryptocurrency movement, with nations such as Vietnam, India, Japan, and South Korea emerging as regional crypto centers. Some of these nations are experiencing a surge in retail digital currency trading, while others are establishing frameworks to better regulate the crypto sector, thus offering tailored roadmaps for the diverse Asian crypto environment.

Significant developments have occurred since the last crypto update in Asia. Here’s a summary of the major update.

Indian Court Declares Crypto As Property: Prevents WazirX From Redistributing User’s XRP

The Madras High Court in India delivered a landmark verdict on 31 October, recognizing cryptocurrencies as legal property, thereby providing enhanced legal protections for crypto holders across the country.

This case pertains to a WazirX user who acquired 3,532 XRP tokens prior to the notorious hack last July. WazirX intended to redistribute this user’s XRP to mitigate network losses, but the court intervened to halt this action.

BREAKING: The Madras High Court rules in favor of an $XRP holder in the WazirX vulnerability breach lawsuit — officially classifying $XRP as property according to Indian law. pic.twitter.com/1RdDztqcTU

— RippleXity (@RippleXity) October 26, 2025

Justice N. Anand Venkatesh clarified that while cryptocurrencies may not be physical or recognized as official currency in India, they are nonetheless classified as property.

“It is not a physical asset nor is it currency,” he stated. “Nonetheless, it qualifies as property that can be enjoyed and possessed beneficially.”

Justice Venkatesh highlighted that the user accessed WazirX from her residence using a mobile device and was prohibited from trading or divesting her tokens. This detail reinforced that crypto assets accessed within India are protected under Indian law.

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Stablecoins Considered Underdeveloped and High-Risk: PBOC Governor Pan Gongsheng

China has firmly dismissed any rumors regarding the lifting of its crypto ban. The confirmation came during a speech by the Governor of the People’s Bank of China (PBOC), Pan Gongsheng, at a financial conference in Beijing.

Following Hong Kong’s introduction of a stablecoin licensing framework in August, several firms from mainland China expressed interest in participating and hurried to apply. This led to a perception within the crypto community that the government might be easing its restrictions.

However, Gongsheng dispelled these notions, asserting that the existing policies would remain intact. He remarked, “The People’s Bank of China will persist in collaborating with law enforcement to crack down on the use and speculation of virtual currencies within China.”

Pan Gongsheng, China’s central bank governor, has reaffirmed that the nation’s crypto ban is still in place, quashing speculation about possible relaxation.

Despite Hong Kong’s stablecoin licensing scheme attracting applicants from the mainland, Pan confirmed that prohibitions from 2017… pic.twitter.com/yDQQkOwaq4

— KOLYAN TREND (@kolyan_trend) October 31, 2025

Additionally, he expressed concerns regarding stablecoins, labeling them as high-risk and underdeveloped. Gongsheng noted that they do not comply with essential Anti-Money Laundering regulations and could potentially facilitate terrorist financing.

He concluded by stating that the central bank’s primary focus is on risk monitoring and will keep a vigilant watch on global stablecoin developments.

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$14M Crypto Ponzi Scheme Mastermind Captured In Thailand

Thai law enforcement has apprehended the individual behind a $14 million crypto Ponzi scheme. Chinese citizen Liang Ai-Bing was operating from an upscale three-story residence in Bangkok’s Wang Thonglang district.

A report indicates that Thai officials allege Bing’s Ponzi scheme deceived around 100 investors, primarily from China, to relinquish their funds.

The fraudulent operation revolved around a DeFi protocol named FINTOCH, active from December 2022 to May 2023. It falsely claimed to deliver a daily return of 1% and made deceptive claims of connections to Morgan Stanley. Morgan Stanley was quick to refute these claims.

Thai authorities have detained Chinese national Liang Aibing in Bangkok for allegedly orchestrating a crypto-investment scam via the FINTOCH network, which misled nearly 100 individuals out of over 100 million RMB. A firearm and ammunition were seized during the operation. Authorities… pic.twitter.com/MtWs76fabj

— Jacob in Cambodia (@jacobincambodia) October 30, 2025

A blockchain analyst later traced approximately $31.6 million in USDT passing through ETH and Tron bridges.

To lend legitimacy to his operation, Bing fabricated a false CEO named Bob Lambert and even used an image of actor Michael Provenzano to bolster the deceitful story.

Liang now confronts multiple charges, including illegal possession of firearms and entering Thailand without the necessary documentation. Authorities are preparing for his extradition to China for further legal action.

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Japan’s Launch of Yen-Backed Stablecoin Represents A Significant Advancement For Crypto In Asia

The Japanese venture JPYC has officially unveiled its Yen-pegged stablecoin, representing a critical movement in the country’s broader effort to modernize its financial framework.

The crypto token is fully collateralized by bank deposits and Japanese government bonds, with each JPYC stablecoin equivalent to exactly 1 Yen.

Noritaka Okabe, CEO of JPYC, expressed, “This marks a pivotal moment in the history of Japanese currency, and we are excited to play a central role in it.”

The company has also initiated its own trading network platform, enabling users to convert their Yen into JPYC stablecoins. Okabe mentioned that JPYC anticipates issuing up to ¥10 trillion worth of stablecoins over the coming three years.

The inaugural Japanese Yen Stablecoin “JPYC” has been launched

On Avalanche pic.twitter.com/JoFYEKBZEV

— voh (@vohvohh) October 24, 2025

To uphold trust and stability, JPYC plans to maintain reserves of traditional assets equivalent to the value of the coins it generates.

Okabe believes that JPYC will generate sufficient profits to ensure its sustainability and will not impose fees for issuing stablecoins unless interest rates revert to nearly zero.

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The post This Week In Crypto Announcement Asia: Indian Court Recognizes Crypto As Property, Japan Launches JPYC Stablecoin, China Categorizes Stablecoins As High Risk appeared first on 99Bitcoins.