Beijing Promotes Superfast Blockchain Chang’an Chain Beijing’s state media is strongly supporting Chang’an Chain, a domestically developed blockchain infrastructure touted as a key to China’s “root problem” of digital sovereignty. Qianlong. com features researcher Dong Jin and his team for creating a fully open-source, state-backed blockchain stack that now underpins major national digital projects. Though relatively unknown outside China, Chang’an Chain has undergone 21 iterations over six years and claims to process over 100, 000 transactions per second, matching speeds targeted by next-generation blockchains seeking to rival traditional financial systems. Chang’an Chain is reportedly in use within China’s nationwide real estate registration system and by businesses digitizing supply contracts, enabling banks to verify supplier ties and speed loan approvals. This profile appears amidst Chinese tech giants lobbying to issue yuan-backed stablecoins in Hong Kong. However, at home, Beijing projects a contrasting stance. Notably, the Qianlong article omits any mention of crypto or stablecoins, reinforcing China’s long-held vision of blockchain as government-controlled infrastructure for secure data exchange, not a platform for digital currencies or speculation. While Hong Kong develops progressive crypto regulations to become a regional digital asset hub, mainland China maintains bans on cryptocurrency trading, mining, and exchanges. Despite recent global crypto market surges that sparked speculation of policy changes, Beijing remains firm. Support for state-backed blockchains continues, with President Xi Jinping declaring blockchain a “core breakthrough technology” in 2019. Though blockchain isn't among the seven “frontier technologies” spotlighted in the 14th Five-Year Plan—such as AI and quantum computing—it remains integral to China’s broader digital plans in finance, governance, and supply chains. The plan's development ends in December, and final evaluation will be presented to the National People’s Congress in March 2026. Quantum computing, prioritized as a frontier field, poses potential threats to blockchain and Bitcoin security by potentially breaking cryptographic encryption. Recently, Chinese researchers reportedly developed blockchain storage technology resistant to quantum computer attacks. Japan’s Solana Stablecoin Study Japan’s digital-only Minna Bank has initiated a joint study with Solana Japan, Fireblocks, and TIS Inc. to explore stablecoin issuance and Web3 wallet integration on the Solana blockchain. The study targets potential applications like tokenized real-world assets—bonds and real estate—cross-border payments, and financial services via digital wallets. This aligns with global trends, especially in the US and Europe, where institutions are investigating stablecoin regulation and tokenization of real-world assets.

Japan established a clear legal framework for fiat-backed stablecoins through the Payment Services Act amendments effective June 2023. Founded in 2021 and now with over 1. 3 million accounts, Minna Bank aims to embed stablecoins and Web3 functions into its core app as part of its Banking-as-a-Service model. North Korean Defectors Targeted by Crypto Scams South Korean authorities are investigating a suspected cryptocurrency investment scam targeting North Korean defectors. Between July 4 and 8, police received 21 complaints against an unidentified suspect operating from an office in Siheung, a satellite city of Seoul. The suspect allegedly solicited crypto investments via a specific platform, converting transferred funds into platform accounts. Using a mobile app, victims believed they invested in crypto products, but the app ceased functioning recently, preventing withdrawals. Total reported losses are about 1 billion Korean won (~$720, 000). Some complainants said the suspect posed as a North Korean defector to lure others, while others suspect the suspect was only an operative earning commissions by recruiting members. Authorities believe many victims remain unreported, suggesting higher true losses. Indonesia’s Licensed Exchange Goes Public Indokripto Koin Semesta became Indonesia’s first licensed crypto exchange operator to go public, listing on the Indonesia Stock Exchange under the ticker COIN—the same symbol used by Coinbase on Nasdaq. Its shares surged 35% on its July 9 debut. Indokripto owns Central Financial, a licensed crypto exchange, and Kustodin Koin Indonesia, a digital asset custodian. Though often overlooked globally, Indonesia plays a key role in crypto adoption. In 2024, it ranked third on Chainalysis’ Global Crypto Adoption Index and first in DeFi value received. Earlier this year, Indonesia appointed the Financial Services Authority (OJK) as the official crypto regulator. To date, only one exchange under Indokripto holds a crypto license.