Crypto Asia News: Bitget’s India Push, BoJ Rate Hike Jitters, South Korea’s Stablecoin Bill Dilemma

Another week, another crypto Asia roundup. In this week’s update, we will focus on key developments in the crypto Asia landscape, with a keen emphasis on India, Japan, and South Korea.

These four markets never seem to sleep and always have something going on. Here are the biggest headlines from this past week.

Crypto Asia Win: Bitget To Expand Investment Platform In India Post 2026 FIU Approval

Bitget is all in on India and, as such, wants to expand beyond being just an exchange platform to offer wider investment options in the future. According to a local publication, the exchange is currently registering with the Indian Financial Intelligence Unit (FIU).

According to Bitget’s Chief Marketing Officer Ignacio Aguirre Franco, all formalities should be completed in 2026.

“We are a global exchange, but India is obviously an important market for us. We are working with FIU here, hoping to get the license by 2026. The country is very tech savvy, making it perfect for crypto adoption,” he said during the India Blockchain Week, earlier this week.

Per Franko, the huge amount of remittances received by India makes it a perfect fit for cross-border crypto use cases and even crypto debit cards. Further, he pointed out that blockchain is slowly replacing legacy financial systems globally and that it wants to be ready for the future.

“We are looking to provide a financial gateway to the people. We don’t want them to be looking at us as a place they go and buy Bitcoin. When you mix CeFi, DeFi, and TradFi, you create this platform for them. When people look to do an investment, we want to be the first platform to come to their mind. People should not look at us as separate exchange but as an investment platform,” he said.

In the meantime, Franco said, India needs to move faster on regulations and awareness.

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BoJ Hits At Rate Hike: Sends Crypto Tumbling

Earlier this week, the crypto market tumbled with Bitcoin (BTC) sliding from $92,000 to $85,000 within a few hours, and the trigger came straight out of Asia (Tokyo).

The Bank of Japan (BOJ) hinted at a possible rate hike in December, sending panicked shivers through the global markets, pushing investors out of riskier assets such as crypto. It began with the BOJ Governor Kazuo Ueda floating the idea of a 0.25% rate hike.

The markets immediately priced it in, strengthening the Yen and spiking Japan’s 10-year bond yield to 1.84%, which is the highest it has been since 2008, rattling investors banking on cheap Japanese funds.

The bigger worry here is that Japan is the largest foreign holder of US Treasuries (about $1.1 trillion). If Japanese institutions start pulling back money, it will end up putting a lot of stress on the US debt market as well.

Analysts are calling this the “Truss moment”, referencing the UK’s bond market chaos under Liz Truss. Arthur Hays, CEO of Maelstrom, has summed up this moment, stating, “The carry trade unwind is here. A stronger yen means less fuel for the casino.”

As the Yen tightens, easy money flowing into BTCs will dry up. For now, all eyes are on 19 December, when the BOJ will take a call. If it hikes its rates, BTC will face increased downward pressure. If it holds off, the markets will breathe a bit easier.

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South Korea’s 10 December Deadline Looms For Stablecoin Bill

South Korea has spent a long time working on stablecoin regulations and has now reached a critical stage, with lawmakers setting a 10 December deadline to draft the bill. In case the regulators miss this deadline, legislators say, they will push on their own, ending months of back and forth over who gets to issue and control won-pegged stablecoins.

At the heart of the debate lies a simple question: Should banks or tech firms take the lead?

Local reports say that the ruling party has given financial authorities an ultimatum to submit the bill by 10 December as part of its broader “Phase 2 Legislation on Digital Assets.”

In a closed-door meeting held on 1 December, some lawmakers demanded that banks hold at least a 50% stake and pointed to the Bank of Korea’s (BOK) warnings that privately held stablecoins could disrupt financial stability.

On the other hand, parts of the ruling party and the Financial Services Commission (FSC) want more room for fintechs, saying that too many restrictions choke innovation. The FSC later clarified that the final decision is still pending on whether a 51% stake by banks is required.

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The post Crypto Asia News: Bitget’s India Push, BoJ Rate Hike Jitters, South Korea’s Stablecoin Bill Dilemma appeared first on 99Bitcoins.

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