Thailand fraudsters '$122 million wallets, Japan embraces cryptocurrency credit: Asia News

Interpol action reveals that $122 million in cryptocurrency wallets are linked to love fraud money laundering

According to information disclosed by Interpol, a cryptocurrency wallet associated with suspected love fraud money launderers handled more than $122.5 million in funds within 10 months. Interpol said Thai authorities have arrested two suspects and cracked a money laundering network. The network converts funds obtained from love scams into cryptocurrency and uses cross-chain token exchanges to cover up the flow of funds.

The investigation is part of "Operation First 2026," an INTERPOL coordinated operation to combat social engineering fraud and the money laundering financial infrastructure behind it. The operation involved law enforcement agencies in 97 countries and regions, arrested a total of 5811 people and seized $293 million in illegal assets related to fraud and money laundering.

Love fraud, also known as "pig killing plate" fraud, usually involves criminals establishing a trusting relationship with victims through social media or online dating platforms and then guiding them to participate in false investment plans.

Authorities conducted a raid on the fraud center.

Hyundai Motor completes USDT treasury settlement pilot between the United States and Mexico

Hyundai Motor's U.S. and Mexico subsidiaries have completed a cross-border treasury transfer pilot using Tether's USDT stablecoin. On the Avalanche blockchain, a payment of $20,000 is settled in about 7 minutes. Hyundai Motor America converts funds into USDT, transfers stablecoins to Hyundai Motor Mexico, and then converts them back into U.S. dollars. The entire transfer and verification process takes about 7 minutes, while traditional cross-border bank transfers usually take 3 to 4 hours or more.

Tether said the pilot used Axiym's settlement infrastructure, while Hyundai Card Company was responsible for designing the remittance structure and overseeing the regulatory, compliance, accounting and operational requirements needed to support the proof-of-concept.

Japan's SBI launches yen stablecoin lending service with annualized returns of 3%

Tokyo-based SBI VC Trade will begin accepting applications on Thursday to launch a yen-denominated stablecoin lending service. For a 12-week JPYSC loan, the initial annualized interest rate is 3%. The company said in a press release issued Monday that customers will lend JPYSC to a subsidiary of SBI Holdings starting Thursday, and will withdraw the tokens and receive borrowing fees after maturity. Based on the rates advertised, the total return (before tax) over the 12-week period is approximately 0.69%.

The company said the product's yield was higher than the 0.325% to 1% annual interest rate for ordinary yen deposits announced by SBI. However, this product is not a bank deposit, is not protected by deposit insurance, and usually cannot be cancelled in advance.

Japanese lenders launch bitcoin mortgage loans of up to US$6.2 million

Japanese lender CRYL has launched Bitcoin mortgages of up to 1 billion yen (US$6.2 million), allowing individuals and businesses to obtain legal tender without selling Bitcoin. The company announced Thursday that borrowers can obtain loans of $62 million to $6.2 million at an annual interest rate of 3.5% to 7%. Loans have mortgage ratios ranging from 40% to 60%, have a one-year term and can be used to pay taxes, business funds and property purchases.

This business expands Japan's smaller regulated crypto asset financing market. In 2020, Fintertech, a joint venture between Daiwa Securities Group and Credit Saison, launched a similar service and currently offers up to $3 million in Bitcoin or Ethereum mortgages. But CRYL's service promotes higher loan ceilings and lower minimum amounts, while limiting collateral to Bitcoin.

Metaplanet explores Japan's bitcoin-based digital credit cooperation with JPYC

Japanese bitcoin finance company Metaplanet has partnered with stablecoin issuer JPYC and tokenization infrastructure provider Progmat to study Japan's bitcoin-based digital credit products. The study will explore whether Bitcoin can be used as collateral or credit enhancement tool for digital corporate bonds and other credit instruments, enabling round-the-clock access, settlement, and providing holders with daily interest accumulation, issued on blockchain ledgers. Currently, no products have been launched for this experiment.

The news suggests that Metaplanet is moving beyond its role as a Bitcoin finance company to test how to use Bitcoin as an efficient balance sheet asset. Digital credit tools have always been an important strategic component of Strategy. The world's largest corporate bitcoin holder has relied on "digital credit" tools such as STRC preferred shares as the main tool to raise funds to buy more bitcoin.

Joint Research: Exploring the field of digital credit using Bitcoin, JPYC and security tokens.

Japan's stablecoin payments make progress: Lawson pilot and Netstars launch

Japanese convenience store operator Lawson plans to test yen stablecoin payments at a store in Tokyo in August to test whether stablecoin payments can work properly during the standard convenience store checkout process. On Monday, blockchain company HashPort announced that it had signed an agreement to pilot it at Lawson High-Wheel Gateway City stores. Participants will use HashPort's unmanaged wallets, while stores will process payments through the company's point-of-sale system, without the need to open or manage cryptocurrency wallets.

The pilot aims to explore how to integrate stablecoin payments into Japan's existing retail infrastructure while freeing merchants from the many operational complexities involved in accepting digital assets.

Bitdeer shares rise 14% as the company expands U.S. mining machine production

Bitdeer shares rose after it announced a $36 million investment in a manufacturing facility in Nevada to produce its SEALMINER Bitcoin mining machine and expand its hardware business. The Singapore miner's share price rose after it announced that it would build a manufacturing facility in Sparks, Nevada, to produce key mining machine hardware components, with commercial production expected to begin by the end of the year.

Hong Kong regulators require new anti-phishing measures for crypto platforms

Hong Kong's Securities and Futures Commission (SFC) on Thursday issued new requirements for virtual asset trading platforms (VATPs) and online brokerages to adopt anti-phishing certification methods. The new standard requires stronger anti-phishing authentication methods and device bindings, and prohibits the use of one-time passwords sent via text messages, email or in-app login. The platform must implement these changes within the next 12 months.

The Bank of Korea adheres to the direction of bank-led stablecoins, and promotes deposit tokens pilot

The Bank of Korea (BOK) reiterated its position that Korean won stablecoins should be issued first through bank-led consortiums. According to local media reports, the Bank of Korea also called for the establishment of new safeguards, including the establishment of a statutory policy body with the participation of relevant agencies to regulate the industry. The latest comments reinforce the Bank of Korea's efforts for months to promote the issuance of Korean won stablecoins under a bank-led framework. The central bank's position has created divisions between policymakers and industry groups and delayed the advancement of South Korea's Digital Assets Act.

Binance co-CEO said regulators invited MiCA to apply for a new license after its setback.

Binance co-CEO Richard Teng said that after failing to obtain a European operating license, some regulators have invited the exchange to apply for a cryptocurrency license. Teng called the discussions premature and declined to disclose specific jurisdictions. MiCA has established a unified licensing framework for crypto companies across the EU, and starting from July 1, companies without a license will not be able to operate in the EU. Binan withdrew its MiCA license application in Greece on June 24 after reports that Greek regulators planned to reject the application. Teng said: "We were surprised because we submitted an application that was fully compliant. Regulators tell us the same. We're not quite sure why approval has been delayed. We withdrew the application because otherwise our users would face a very short transition period."

A quick look at Asian Crypto News

Temasek said it will not engage in cryptocurrencies for the time being

Singapore's sovereign wealth fund Temasek is still worried about a US$275 million write-down on FTX investment. Its global investment head said this week that cryptocurrencies are still "not under consideration" at present, although Temasek is still focusing on developments in the blockchain space.

HSBC Blockchain Notes

HSBC partnered with Marketnode to complete a private placement of "digital native" dollar-denominated notes issued based on blockchain in Hong Kong.

Japanese Crypto ETF and Credit

The Japanese government still plans to launch crypto ETFs domestically, having previously made legislative amendments to the Financial Instruments and Transactions Act.

SBI cooperates with Solana

Japanese asset management company SBI Holdings has partnered with the Solana Foundation to form a new division, SBI Solana Global, focusing on stablecoins, international payments and real-world assets (RWAs).

India's cryptocurrency ban looms

The Reserve Bank of India has expressed its "inclination" to ban cryptocurrencies completely and recommended that lawmakers prevent banks and financial institutions from entering the field.

Thailand stablecoin audit

The Bank of Thailand and the Securities and Exchange Commission of Thailand are using blockchain analysis tools to investigate suspicious large stablecoin transactions, with a particular focus on USDT.