该报告是由Tiger Research撰写的，研究了Asia的Web3监管发展，第1季度2025

该报告由Tiger Research撰写，研究了Asia在第1季度2025年的Web3监管发展，强调了日本，韩国的进展

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?

如果您正在阅读本文，那么您有可能有兴趣了解有关亚洲Web3行业最新发展的更多信息。还有什么比《老虎研究》的报告更好的起点，因为它以深入研究该地区的区块链和加密货币趋势而闻名？

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.

该报告的重点是第1季度2025年，研究了日本，韩国，香港，新加坡，越南和泰国等主要市场如何推进采用加密货币的结构化框架。

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

我们还将并行探索稳定菌和CBDC的演变。

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.

如果您渴望在亚洲Web3市场中保持领先地位，请务必加入8,000多个通过Tiger Research获得独家市场见解的先驱。

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.

主要市场将Web3推向正式财务：日本，韩国，香港和新加坡通过税收改革，资产重新分类和许可框架加速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的并行发展：日本和香港扩大了私营部门Stablecoin市场，而韩国则促进了公共部门的CBDC飞行员。

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

新兴市场从政策转变为执行：越南和泰国通过沙箱，跨境飞行员和与全球公司的合作进行实施。

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

该报告提供了对主要Q1 2025更新的国家级别分析，并提供了有关企业和建筑商导航亚洲不断发展的Web3景观的见解。

1. Setting the Stage: Asia’s Web3 Moment

1。设置舞台：亚洲的Web3时刻

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，亚洲的Web3市场继续前进。尽管西方市场仍然专注于政治和监管不确定性，但该地区各国政府都采取了具体的步骤。在整个地区，当局介绍了新的立法，颁发了许可证，推出了监管沙箱并扩大了跨境合作。

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.

主要发展包括日本的税制改革和代币分类变化。韩国开始谨慎地扩大公司的访问。香港加速了其许可过程。新加坡继续推进其在区域协调中的作用。

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.

亚洲没有追逐加密周期。它正在为下一章的数字金融基础奠定基础，该融资对机构友好，政策一致且越来越多地互操作。该报告提供了对主要Q1 2025更新的国家级别分析，并提供了有关企业和建筑商导航亚洲不断发展的Web3景观的见解。

2. Japan: Quiet Precision, Bold Moves

2.日本：安静的精确性，大胆的动作

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策略通常以安静的精度（由金融机构领导的级别但持续的进步）为特征。最近，政府在开放市场和推进监管框架方面发挥了更为积极的作用。

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，日本将其角色扩展到国际舞台。 Asia Web3联盟向美国SEC的加密特遣部队提交了一项建议，呼吁在代币分类和跨境监管标准上进行更深入的美国 - 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.

在增量的同时，这些步骤表示日本参与塑造全球Web3治理的意图。目的不仅是为了阐明国内政策，而且是为了制定国际监管规范的发展。

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

2.1。加密税改革：较低的税率，递延税项，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，日本采取了措施改善其Web3领域的监管环境。执政的自由民主党提议对加密税收制度进行修订，其中包括持平20％的资本利得税，以取代当前的渐进率，最高可达到55％。该提案还引入了关于加密货币交易（例如将比特币换成以太坊）的税收延期，直到资产转换为法定货币。

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.

该计划旨在降低税收复杂性，并为投资者和企业建立更清晰的框架。尽管20％的利率是向前迈出的一步，但它的竞争力仍然不如诸如韩国这样的司法管辖区，那里的资本收益目前被豁免。但是，日本对法律确定性的关注可能会吸引将监管可预测性优先于较低税收负担的​​公司。

2.2. Regulatory Classification: Bringing Crypto Into Traditional Finance

2.2。监管分类：将加密货币带入传统金融

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.

在监管方面，金融服务局（FSA）宣布了计划在2026年之前将加密货币重新分类为金融工具。这听起来可能是技术性的，但这是一个有意义的转变：它将加密货币带入与传统证券相同的法律框架，并具有围绕内部人士贸易和投资者保护的规则。

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.

这表明日本打算将数字资产定位在正式金融体系中，而不是将其视为监管规范之外的投机资产。对于机构参与者，这一转变介绍了更清晰的法律标准和增强的信誉。但是，对于较小的团队和Defi开发人员而言，增加的监督可能会引入操作限制。挑战在于与不断发展的监管期望保持一致，而该部门的创新继续超过政策制定。

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

2.3。 Stablecoin势头：日本Stablecoin市场的新阶段

Japan also made progress on the stablecoin

日本还取得了稳定的进步