Key Takeaways
- • Hong Kong has opened secondary market trading for SFC-authorised Tokenized Funds on licensed VATPs, under a framework similar to that governing ETFs, according to guidelines from the Investor and Financial Education Council (IFEC).
- • Thailand's WORPT, developed by Waan Exchange (Waanx) and Wipay, launched stablecoin payments for foreign tourists under the Tourist DigiPay sandbox, converting USDT and USDC into baht for payments via Thai QR PromptPay.
- • BlackRock and SBI Holdings signed an MOU to explore linking tokenized money market funds with the JPYSC yen stablecoin; BlackRock's BUIDL fund has roughly $2.17 billion in AUM.
- • JPYC's circulation is about 3 billion yen, roughly a quarter of its internal target, with CEO Noritaka Okabe citing the 1 million yen single issuance and redemption cap as a major barrier.
- • Russia plans a mandatory crypto investor knowledge test, with brokerages expected to begin offering it as early as late November, while KuCoin halted services for Russian and Belarusian users.
Summary
Hong Kong has opened secondary market trading for SFC-authorised Tokenized Funds, according to investor education guidelines issued by the Investor and Financial Education Council (IFEC). Investors can buy and sell tokenized fund units through a matching mechanism, directly or via connecting brokers, on licensed Hong Kong Virtual Asset Trading Platforms. The guidelines cite shorter settlement cycles and improved price discovery as benefits, and state that the market is governed by a regulatory framework similar to that for ETFs. The IFEC also flagged risks including premiums and discounts from supply-demand imbalances, thin liquidity outside traditional trading hours, cross-platform price fragmentation and heavy reliance on a single market maker.
In Thailand, digital asset payment application WORPT has launched under the Tourist DigiPay regulatory sandbox. Foreign tourists can convert stablecoins such as USDT and USDC into Thai baht and pay via Thai QR PromptPay. WORPT is jointly developed by Waan Exchange, a digital asset trader licensed by the Thai SEC, and Wipay, an e-money provider regulated by the Bank of Thailand, with partners including Tether, Visa and The Mall Group. Merchants receive baht through existing payment systems rather than accepting crypto directly. A physical Visa prepaid card is planned for mid-November 2026, with a virtual card to follow in early 2027.
BlackRock Financial Management and BlackRock Japan signed a memorandum of understanding with SBI Holdings and Startale Group to explore connecting tokenized money market funds with the JPYSC yen stablecoin. The collaboration will cover technical infrastructure, business models, distribution and regulatory frameworks, and is planned to be opened to other Japanese and overseas institutions. JPYSC is issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade. BlackRock's previously launched tokenized fund BUIDL has assets under management of approximately $2.17 billion.
On the first anniversary of the yen stablecoin JPYC, CEO Noritaka Okabe acknowledged that growth has fallen short of plan. Cumulative issuance has exceeded 10 billion yen and partnerships include Sony Bank and LINE NEXT, but circulation is around 3 billion yen, about a quarter of the internal target. Okabe attributed a key constraint to Japan's 1 million yen cap on single issuance and redemption amounts and said he hopes regulators will ease it. JPYC plans to expand circulation at least tenfold in its second year.
Russia has drafted testing standards for crypto investors, submitted to the Basic Standards Committee of the Central Bank of Russia, according to Ekaterina Andreeva of the National Association of Securities Market Participants (NAUFOR). Non-qualified investors would need to pass a knowledge test before trading crypto on regulated platforms, with results mutually recognized across platforms. Brokerages could begin offering the tests as early as late November. Separately, KuCoin will stop serving users in Russia and Belarus with immediate effect, citing legal and regulatory compliance without specifying the sanctions involved; MEXC ceased serving the two countries on October 20.
In Thailand, digital asset payment application WORPT has launched under the Tourist DigiPay regulatory sandbox. Foreign tourists can convert stablecoins such as USDT and USDC into Thai baht and pay via Thai QR PromptPay. WORPT is jointly developed by Waan Exchange, a digital asset trader licensed by the Thai SEC, and Wipay, an e-money provider regulated by the Bank of Thailand, with partners including Tether, Visa and The Mall Group. Merchants receive baht through existing payment systems rather than accepting crypto directly. A physical Visa prepaid card is planned for mid-November 2026, with a virtual card to follow in early 2027.
BlackRock Financial Management and BlackRock Japan signed a memorandum of understanding with SBI Holdings and Startale Group to explore connecting tokenized money market funds with the JPYSC yen stablecoin. The collaboration will cover technical infrastructure, business models, distribution and regulatory frameworks, and is planned to be opened to other Japanese and overseas institutions. JPYSC is issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade. BlackRock's previously launched tokenized fund BUIDL has assets under management of approximately $2.17 billion.
On the first anniversary of the yen stablecoin JPYC, CEO Noritaka Okabe acknowledged that growth has fallen short of plan. Cumulative issuance has exceeded 10 billion yen and partnerships include Sony Bank and LINE NEXT, but circulation is around 3 billion yen, about a quarter of the internal target. Okabe attributed a key constraint to Japan's 1 million yen cap on single issuance and redemption amounts and said he hopes regulators will ease it. JPYC plans to expand circulation at least tenfold in its second year.
Russia has drafted testing standards for crypto investors, submitted to the Basic Standards Committee of the Central Bank of Russia, according to Ekaterina Andreeva of the National Association of Securities Market Participants (NAUFOR). Non-qualified investors would need to pass a knowledge test before trading crypto on regulated platforms, with results mutually recognized across platforms. Brokerages could begin offering the tests as early as late November. Separately, KuCoin will stop serving users in Russia and Belarus with immediate effect, citing legal and regulatory compliance without specifying the sanctions involved; MEXC ceased serving the two countries on October 20.
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