該報告是由Tiger Research撰寫的，研究了Asia的Web3監管發展，第1季度2025

該報告由Tiger Research撰寫，研究了Asia在第1季度2025年的Web3監管發展，強調了日本，韓國的進展

If you're reading this, chances are you're interested in learning more about the latest developments in Asia's Web3 industry. And what better place to start than with a report from Tiger Research, renowned for its deep dives into the region's blockchain and cryptocurrency trends?

如果您正在閱讀本文，那麼您有可能有興趣了解有關亞洲Web3行業最新發展的更多信息。還有什麼比《老虎研究》的報告更好的起點，因為它以深入研究該地區的區塊鍊和加密貨幣趨勢而聞名？

This report focuses on Q1 2025, examining how major markets like Japan, South Korea, Hong Kong, Singapore, Vietnam, and Thailand are advancing structured frameworks for cryptocurrency adoption.

該報告的重點是第1季度2025年，研究了日本，韓國，香港，新加坡，越南和泰國等主要市場如何推進採用加密貨幣的結構化框架。

We'll also explore the evolution of stablecoins and CBDCs in parallel.

我們還將並行探索穩定菌和CBDC的演變。

If you're eager to stay ahead of the curve in Asia's Web3 market, be sure to join the 8,000+ pioneers who receive exclusive market insights with Tiger Research.

如果您渴望在亞洲Web3市場中保持領先地位，請務必加入8,000多個通過Tiger Research獲得獨家市場見解的先驅。

Major markets push Web3 into formal finance: Japan, Korea, Hong Kong, and Singapore are accelerating Web3 integration through tax reforms, asset reclassification, and licensing frameworks.

主要市場將Web3推向正式財務：日本，韓國，香港和新加坡通過稅收改革，資產重新分類和許可框架加速Web3集成。

Stablecoins and CBDCs evolve in parallel: Japan and Hong Kong expand private-sector stablecoin markets, while Korea advances public-sector CBDC pilots.

Stablecoins和CBDC的並行發展：日本和香港擴大了私營部門Stablecoin市場，而韓國則促進了公共部門的CBDC飛行員。

Emerging markets shift from policy to execution: Vietnam and Thailand move into implementation with sandboxes, cross-border pilots, and collaboration with global firms.

新興市場從政策轉變為執行：越南和泰國通過沙箱，跨境飛行員和與全球公司的合作進行實施。

This report offers a country-level analysis of major Q1 2025 updates, with insights for businesses and builders navigating Asia’s evolving Web3 landscape.

該報告提供了對主要Q1 2025更新的國家級別分析，並提供了有關企業和建築商導航亞洲不斷發展的Web3景觀的見解。

1. Setting the Stage: Asia’s Web3 Moment

1。設置舞台：亞洲的Web3時刻

In the first quarter of 2025, Asia’s Web3 market continued to advance. While Western markets remained focused on political and regulatory uncertainty, governments across the region took concrete steps forward. Across the region, authorities introduced new legislation, issued licenses, launched regulatory sandboxes, and expanded cross-border cooperation.

在2025年第一季度，亞洲的Web3市場繼續前進。儘管西方市場仍然專注於政治和監管不確定性，但該地區各國政府都採取了具體的步驟。在整個地區，當局介紹了新的立法，頒發了許可證，推出了監管沙箱並擴大了跨境合作。

Key developments include Japan’s tax reform and token classification changes. South Korea began cautiously expanding corporate access. Hong Kong accelerated its licensing process. Singapore continued to advance its role in regional coordination.

主要發展包括日本的稅制改革和代幣分類變化。韓國開始謹慎地擴大公司的訪問。香港加速了其許可過程。新加坡繼續推進其在區域協調中的作用。

Asia isn’t chasing the crypto cycle. It’s laying the foundations for the next chapter of digital finance — one that’s institution-friendly, policy-aligned, and increasingly interoperable across borders. This report offers a country-level analysis of major Q1 2025 updates, with insights for businesses and builders navigating Asia’s evolving Web3 landscape.

亞洲沒有追逐加密週期。它正在為下一章的數字金融基礎奠定基礎，該融資對機構友好，政策一致且越來越多地互操作。該報告提供了對主要Q1 2025更新的國家級別分析，並提供了有關企業和建築商導航亞洲不斷發展的Web3景觀的見解。

2. Japan: Quiet Precision, Bold Moves

2.日本：安靜的精確性，大膽的動作

Japan’s Web3 strategy is often characterized by quiet precision—gradual but persistent progress led by financial institutions. Recently, the government has taken a more active role in opening markets and advancing regulatory frameworks.

日本的Web3策略通常以安靜的精度（由金融機構領導的級別但持續的進步）為特徵。最近，政府在開放市場和推進監管框架方面發揮了更為積極的作用。

In the first quarter of 2025, Japan expanded its role to the international stage. The Asia Web3 Alliance submitted a proposal to the U.S. SEC’s Crypto Task Force, calling for deeper U.S.–Japan cooperation on token classification and cross-border regulatory standards.

在2025年第一季度，日本將其角色擴展到國際舞台。 Asia Web3聯盟向美國SEC的加密特遣部隊提交了一項建議，呼籲在代幣分類和跨境監管標准上進行更深入的美國 - 日本合作。

While incremental, these steps signal Japan’s intent to participate in shaping global Web3 governance. The objective is not only to clarify domestic policy, but also to contribute to the development of international regulatory norms.

在增量的同時，這些步驟表示日本參與塑造全球Web3治理的意圖。目的不僅是為了闡明國內政策，而且是為了製定國際監管規範的發展。

2.1. Crypto Tax Reform: Lower Rates, Deferred Taxation, Legal Clarity

2.1。加密稅改革：較低的稅率，遞延稅項，法律清晰度

In Q1 2025, Japan took steps to improve the regulatory environment for its Web3 sector. The ruling Liberal Democratic Party proposed a revision to the crypto tax regime, including a flat 20% capital gains tax to replace the current progressive rate, which can reach up to 55%. The proposal also introduces a deferral of taxation on crypto-to-crypto transactions—such as exchanging Bitcoin for Ethereum—until the assets are converted to fiat currency.

在2025年第1季度，日本採取了措施改善其Web3領域的監管環境。執政的自由民主黨提議對加密稅收制度進行修訂，其中包括持平20％的資本利得稅，以取代當前的漸進率，最高可達到55％。該提案還引入了關於加密貨幣交易（例如將比特幣換成以太坊）的稅收延期，直到資產轉換為法定貨幣。

The initiative aims to reduce tax complexity and establish a clearer framework for both investors and businesses. Although the 20% rate represents a step forward, it remains less competitive than jurisdictions such as South Korea, where capital gains on crypto assets are currently exempt. However, Japan’s focus on legal certainty may attract companies that prioritize regulatory predictability over lower tax burdens.

該計劃旨在降低稅收復雜性，並為投資者和企業建立更清晰的框架。儘管20％的利率是向前邁出的一步，但它的競爭力仍然不如諸如韓國這樣的司法管轄區，那裡的資本收益目前被豁免。但是，日本對法律確定性的關注可能會吸引將監管可預測性優先於較低稅收負擔的​​公司。

2.2. Regulatory Classification: Bringing Crypto Into Traditional Finance

2.2。監管分類：將加密貨幣帶入傳統金融

On the regulatory side, the Financial Services Agency(FSA) announced plans to reclassify crypto as a financial instrument by 2026. That might sound technical, but it’s a meaningful shift: it brings crypto into the same legal framework as traditional securities, with rules around insider trading and investor protections.

在監管方面，金融服務局（FSA）宣布了計劃在2026年之前將加密貨幣重新分類為金融工具。這聽起來可能是技術性的，但這是一個有意義的轉變：它將加密貨幣帶入與傳統證券相同的法律框架，並具有圍繞內部人士貿易和投資者保護的規則。

This signals Japan’s intent to position digital assets within the formal financial system, rather than treating them as speculative assets outside regulatory norms. For institutional participants, this shift introduces clearer legal standards and enhanced credibility. However, for smaller teams and DeFi developers, increased oversight may introduce operational constraints. The challenge lies in aligning with evolving regulatory expectations while innovation in the sector continues to outpace policy development.

這表明日本打算將數字資產定位在正式金融體系中，而不是將其視為監管規範之外的投機資產。對於機構參與者，這一轉變介紹了更清晰的法律標準和增強的信譽。但是，對於較小的團隊和Defi開發人員而言，增加的監督可能會引入操作限制。挑戰在於與不斷發展的監管期望保持一致，而該部門的創新繼續超過政策制定。

2.3. Stablecoin Momentum: New Phase in Japan’s Stablecoin Market

2.3。 Stablecoin勢頭：日本Stablecoin市場的新階段

Japan also made progress on the stablecoin

日本還取得了穩定的進步