The Bank of South Korea (BoK) has created a new unit to monitor the crypto market, Indonesia has announced a tax hike on crypto transactions, and Hong Kong has finalized its rules for stablecoins.
Bank of Korea Digital Division
BoK has opened a new division that will monitor the cryptocurrency market, local outlet News1 reported.
The regulator also renamed the Digital Currency Research Group to the Digital Currency Group.
The department will focus on stablecoins pegged to the Korean won (KRW) to prevent capital outflows and reduce reliance on stablecoins like USDT and USDC.
Interest in these assets in South Korea has increased amid statements by newly elected President Lee Jae-myung. He has promised to promote KRW stablecoins. Ruling party lawmaker Min Byung-deok has introduced a bill that would establish a regulatory framework for this asset class.
In response, South Korean banks and payment systems have begun actively submitting applications to register tickers for stablecoins.
Crypto Taxes in Indonesia
According to Reuters, new tax rules for the crypto market will come into force in Indonesia on August 1. The rate for sellers on local exchanges will increase from 0.1% to 0.21%, and for transactions on foreign exchanges—from 0.2% to 1%.
At the same time, buyers will no longer pay VAT, which previously amounted to 0.11–0.22%.
The tax on bitcoin mining will be decreased from 2.2% to 1.1%, and the special income tax of 0.1% will be abolished from 2026. All income from cryptocurrency mining will be taxed at standard rates for individuals or legal entities.
Stablecoins in Hong Kong
On July 29, the Hong Kong Monetary Authority (HKMA) released the final regulations for the stablecoin market. The law will come into effect on August 1.
Issuers will need to obtain a license to issue fiat stablecoins in the Special Administrative Region (SAR) and beyond. The HKMA has already launched a public registry.
The regulator will start accepting applications for registration from September 1. According to the head of the HKMA, Eddie Yue, most applicants do not meet the requirements.
