![\"\"](\"http:\/\/www.fresnoforeclosure.com\/wp-content\/uploads\/2025\/03\/e27-18-1.png\")
<\/p>\n<\/p>\n
Southeast Asia continues to be a leader in cryptocurrency adoption, with Indonesia ranking third globally and receiving US$157.1 billion in cryptocurrency value, according to Chainalysis’ latest 2024 Global Crypto Adoption Index. The region accounts for approximately 60 per cent of global crypto activity, with Vietnam, the Philippines, and Thailand also ranking among the top 10 countries for crypto adoption.\u00a0\u00a0<\/span><\/p>\n However, Southeast Asia’s adoption of crypto and digital assets varies widely and is fragmented, reflecting each country’s economic and political context.\u00a0 For instance,\u00a0 Myanmar bans companies and people from trading cryptocurrencies. Owning or trading crypto assets in Myanmar can lead to imprisonment or fines.<\/span><\/p>\n Southeast Asian regulators from Singapore, Thailand, Vietnam, The Philippines and Malaysia are leveraging regulatory sandboxes to cautiously explore and assess blockchain-based products and services, allowing controlled experimentation with innovations like tokenised offerings and crypto payments while mitigating risks to the broader financial ecosystem<\/span><\/p>\n From fiat to crypto\u00a0\u00a0<\/strong><\/p>\n To date, no country in the Southeast Asia region has granted cryptocurrency legal tender status, a cautious stance reflected in the region’s usual preference to regulate cryptocurrencies as securities and limit their use to trading and investment.<\/span><\/p>\n For instance, Indonesia and Thailand prohibit using crypto as a means of payment other than its local currency. However, Thailand is now piloting a crypto payment program in Phuket, allowing foreign tourists to use digital currencies for purchases, subject to the KYC (‘Know Your Customer’) checks.<\/span><\/p>\n In contrast, Singapore does not consider crypto as legal tender, but crypto may be used as an alternative means of payment. <\/span><\/p>\n Merchants and employees considering receiving payments in crypto should carefully review local regulations and consult legal counsel to ensure compliance.<\/span><\/p>\n Also Read:\u00a0A startup’s roadmap to success in Malaysia: Key government agencies and their support systems<\/a><\/strong><\/p>\n Stablecoins are gaining traction, particularly for cross border payments and remittances. Thailand has recently expanded its list of approved cryptocurrencies, approving Tether’s USDT and Circle’s USDC for trading on digital asset exchanges, while Myanmar and Vietnam maintain blanket restrictions.\u00a0\u00a0<\/span><\/p>\n Thailand also announced it is launching a THB 10 billion (approximately US$294 million) stablecoin backed by government bonds, and launched a cryptocurrency sandbox in Phuket to test digital asset payment systems, such as stablecoins for tourism payments.\u00a0\u00a0<\/span><\/p>\n Singapore, meanwhile, requires stablecoin issuers to be licensed as Major Payment Institutions (MPI) if circulation exceeds SG$5 million (approximately US$3.7 million), aligning with its stablecoin regulatory framework by the Monetary Authority of Singapore (MAS).\u00a0\u00a0<\/span><\/p>\n However, the lack of legal recognition for stablecoins, as seen in Malaysia (e.g., stablecoins are usually absent from the approved tokens in regulated exchanges) and Vietnam, may likely drive stablecoin trading to unregulated P2P transactions, heightening the risk of money laundering and fraud. Legal recognition may mitigate bad actors by requiring stablecoin holders to undergo KYC and monitoring standards.<\/span><\/p>\n Singapore leads tokenisation initiatives with Project Guardian, exploring asset tokenisation and DeFi applications. The Philippines is actively leveraging tokenisation by launching tokenised government bonds via fintech providers GCash and PDAX, while its SEC is integrating DeFi into capital markets with digital token trading systems.<\/span><\/p>\n Malaysia is catching up with a new tokenisation project this year, particularly tokenising bonds and sukuk, in collaboration between the Securities Commission Malaysia and sovereign fund Khazanah, aiming to make these products accessible to retail investors (previously limited to high net worth individuals).\u00a0\u00a0<\/span><\/p>\n Also Read:\u00a0Fed\u2019s 2025 rate cuts: How they shape stocks, gold and crypto<\/a><\/strong><\/p>\n Overall, most Southeast Asian countries have not implemented specific regulations for crypto mining, instead focusing on broader cryptocurrency regulations and trading activities. However, this regulatory landscape may evolve as the crypto industry continues to grow in the region.<\/span><\/p>\n Taxation policies reveal a further divergence of approaches, which presents opportunities for regional harmonisation.<\/span><\/p>\n In contrast to the US’s present crypto gains and income taxes, which vary based on income and holding period, Singapore exempts capital gains for individual crypto investors, enhancing its status as a crypto hub, with only business derived crypto income may be taxed as a corporate.<\/span><\/p>\n Malaysia distinguishes between casual investors and professional traders, requiring taxpayers to demonstrate whether gains are revenue or capital based on “badges of trade” during audits by the Inland Revenue Board of Malaysia.\u00a0\u00a0<\/span><\/p>\n Thailand imposes a 15 per cent withholding tax on crypto trading gains, with exemptions possible for non residents under certain conditions, which may likely add complexity to cross border tax compliance.<\/span><\/p>\n Indonesia also taxes crypto mining rewards based on the value received.\u00a0\u00a0<\/span><\/p>\n Singapore’s model of exempting capital gains for individual investors attracts crypto related businesses, a strategy other countries may emulate to stimulate growth.\u00a0\u00a0<\/span><\/p>\n The new pro crypto stance of the US\u2019s White House is likely to catalyse further regulatory reforms in Southeast Asian countries, prompting regulators in the region to reassess and potentially update their cryptocurrency laws to remain competitive and attract investment in their respective jurisdictions.<\/span><\/p>\n Crypto founders exploring Southeast Asia as a potential launchpad must weigh each jurisdiction’s regulatory framework and assess the existing crypto specific laws and how the regulatory sandbox may facilitate testing new, innovative models.<\/span><\/p>\n This article is for informational purposes only and does not constitute legal, financial, or investment advice. Readers should consult qualified professionals before engaging in any digital asset activities.<\/span><\/em><\/p>\n This article reflects the current legal landscape as of 24 March 2025.<\/span><\/em><\/p>\n —<\/p>\n Editor\u2019s note:\u00a0e27<\/b>\u00a0aims to foster thought leadership by publishing views from the community. Share your opinion by\u00a0submitting<\/a>\u00a0an article, video, podcast, or infographic.<\/p>\n Join us on\u00a0Instagram<\/a>,\u00a0Facebook<\/a>,\u00a0X<\/a>, and\u00a0LinkedIn<\/a>\u00a0to stay connected.<\/p>\n Image credit: DALL-E<\/p>\n The post Navigating the diverse crypto regulatory landscape in Southeast Asia<\/a> appeared first on e27<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Southeast Asia continues to be a leader in cryptocurrency adoption, with Indonesia ranking third globally and receiving US$157.1 billion in cryptocurrency value, according to Chainalysis’ latest 2024 Global Crypto Adoption Index. The region accounts for approximately 60 per cent of global crypto activity, with Vietnam, the Philippines, and Thailand also ranking among the top 10 […]<\/p>\n","protected":false},"author":1,"featured_media":427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/posts\/425"}],"collection":[{"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/comments?post=425"}],"version-history":[{"count":2,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/posts\/425\/revisions"}],"predecessor-version":[{"id":428,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/posts\/425\/revisions\/428"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/media\/427"}],"wp:attachment":[{"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/media?parent=425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/categories?post=425"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/tags?post=425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Tailoring crypto regulations for Southeast Asia through regulatory sandboxes<\/strong><\/h1>\n
Stablecoins gaining tractions<\/strong><\/h2>\n
Decentralised Finance (DeFi) and tokenisation<\/strong><\/h2>\n
Crypto mining<\/strong><\/h2>\n
Making crypto taxation work<\/strong><\/h2>\n
Final thoughts<\/strong><\/h2>\n