South Korea's main opposition People Power Party is pushing the government to reconsider the virtual asset tax scheduled to take effect in January. Floor leader Chung Jeom-sik argued that enforcing the levy could drive capital toward Hong Kong and Singapore, which he framed as more crypto-friendly jurisdictions. He also called for a broader review of a proposed Future Response Fund financed by excess tax revenue, warning that temporary windfalls should not justify permanent spending commitments. The intervention signals growing political resistance to the tax just months before its planned rollout.

HSBC has branded its upcoming Hong Kong dollar stablecoin HSBC RedCoin and released survey findings from over a thousand local customers suggesting consumers are ready for its launch. The research found 74% of respondents recognized at least one use case for stablecoins, with digital asset trading and tokenized investments leading at 57%, followed by peer-to-peer transfers at 53%. However, the survey also highlighted knowledge gaps, with 26% mistakenly believing stablecoins are government-issued and 10% assuming they generate yield, a feature outside Hong Kong's current regulatory framework.

The Hong Kong government has priced approximately HK$20 billion equivalent in digital green bonds across Hong Kong dollars, renminbi, US dollars and euros under its Sustainable Bond Programme. For the first time globally, the HKD tranche incorporated tokenized deposits through the EnsembleTX platform during primary issuance settlement. The move builds on the city's earlier introduction of tokenized central bank money settlement and deepens its experimentation with programmable digital currency infrastructure.

Blockchain security firm SlowMist, commissioned by Bitget, has released an interim report on the September 25 hot wallet theft. The investigation uncovered malicious activity tied to a specific third-party security product and the wallet application host, along with highly customized withdrawal tools used by the attackers. Separately, SlowMist founder Cos reported that North Korean hackers laundered stolen funds through a combination of Cow Protocol and Chainflip, using automated scripts to swap assets into BTC. The findings point to a sophisticated, state-linked operation exploiting vulnerabilities beyond Bitget's direct control.

Bitget has replenished its Protection Fund to $300 million, with the latest balance standing at 3,705 BTC, roughly $307 million. The exchange also reported a return to net inflows on its third day of open withdrawals, with ETH deposits significantly outpacing outflows. One address moved 20,000 ETH, about $54.66 million, from Lido into Bitget to participate in an 11.27% APR staking campaign. The exchange's 47th proof-of-reserves report showed a comprehensive reserve ratio of 131% across 19 asset classes.

Binance Pay now allows international visitors in Japan to pay with cryptocurrency at millions of PayPay-supported merchant locations. Travelers can scan merchant QR codes or present their own payment code, settling directly from their Binance account balance with zero gas fees. The integration connects one of the world's largest crypto exchanges to Japan's dominant mobile payment network, marking a significant expansion of crypto utility in the country's retail economy.

Alpaca Securities Pte. Ltd., the Southeast Asia headquarters of the brokerage infrastructure firm, has received in-principle approval for a Capital Markets Services license from the Monetary Authority of Singapore. Once fully licensed, the unit plans to offer brokerage and custody services to financial institutions and fintech companies across Southeast Asia. Alpaca emphasized that the approval is conditional and does not yet permit it to provide regulated services.

The benchmark KOSPI index closed down 0.48% at 6,838.04 on Wednesday, capping a brutal third quarter with a 19.3% decline, its steepest since the first quarter of 2020. The slump reflects broader stress in South Korean risk assets, coinciding with intensifying political debate over crypto taxation and capital outflows. The market weakness provides important context for the opposition's push to delay the virtual asset tax ahead of its January implementation date.

On-chain analyst Ember reported that Bitget recorded a net inflow of $9.47 million on Monday, marking a shift after the initial withdrawal rush following the hack. ETH movements were particularly lopsided, with roughly 28,900 ETH flowing in against 7,266 ETH flowing out. The exchange's retention measures, including fixed high-yield stablecoin products and PoolX ETH and BTC lock-up mining, appear to have stabilized user confidence. The largest single deposit came from a Lido withdrawal of 20,000 ETH directed into Bitget's high-APR staking pool.

Standard Chartered has launched research coverage on Ethena, projecting its ENA token could reach $2 by 2028, roughly a tenfold increase from current levels. The bank highlighted Ethena's position as the fourth-largest stablecoin issuer after Tether, Circle and Sky, and the second-largest yield-bearing stablecoin issuer. Its USDe stablecoin became the fastest stablecoin to reach a $10 billion market cap, underscoring the rapid growth of yield-generating stablecoin products in Asian and global markets.