Asia's weekly TOP10 crypto news: Shanghai Encourages Blockchain Adoption, Kazakhstan Plans Tokenized Government Bonds, Thailand Launches WORPT Crypto Travel App and Top10 News - Substack

Shanghai has announced support for blockchain and AI technologies in scientific data sharing, marking a significant development in China's approach to distributed ledger technology. The Shanghai Municipal Science and Technology Commission and the Shanghai Municipal Bureau of Data propose encouraging the adoption of blockchain, AI, and privacy-preserving computation to establish a development mechanism for scientific data with discoverability, authorizability, traceability, and evaluability.

This policy primarily targets research data management, authorized circulation, and trusted traceability scenarios, explicitly excluding cryptocurrency trading or digital asset issuance. Meanwhile, China's Cyberspace Administration of China has banned virtual currency and exchange terms in blockchain filing names, clarifying that applications involving virtual currency issuance, trading, or ICO will be affected.

Russia Prepares for Crypto Trading

The Central Bank of Russia has confirmed that Russian exchanges may begin cryptocurrency trading starting November 22, 2026, provided trading rules are pre-approved by regulators. The directive has been registered with the Ministry of Justice of Russia, requiring exchanges to register trading participants, maintain transaction records, monitor trades, and submit transaction details to the Central Bank.

In contrast, Russia's largest Bitcoin mining firm BitRiver faces financial troubles, as founder Igor Runets has been declared personally bankrupt by Promsvyazbank to recover approximately 773 million rubles. Runets provided a guarantee for a loan taken by BitRiver-B, which failed to repay the debt on schedule.

Kazakhstan Plans Tokenized Bonds

Kazakhstan's central bank plans to issue tokenized government bonds as early as Q1 2027 in collaboration with the Ministry of Finance. This follows the successful issuance of tokenized central bank bills via the Kazakhstan Stock Exchange (KASE), which included a tokenized tranche worth 100 billion tenge (approximately $22.3 million) with a weighted average yield of 15.72%.

Tourist Crypto Payment App Launches in Thailand

Thailand has launched the WORPT travel app, allowing foreign tourists to convert crypto assets like USDT and USDC into Thai baht and make purchases via local PromptPay QR codes without opening a Thai bank account. The service, co-developed by Wipay and Waan Exchange, operates under the TouristDigiPay regulatory sandbox of Thailand's SEC.

Wipay projects the service will attract 200,000 users in its first year and generate approximately $440 million in spending during the 18-month pilot period. Meanwhile, Hong Kong's SFC and HKMA co-hosted a seminar focusing on transitioning Hong Kong's tokenization ecosystem from pilots to commercial adoption, with over 200 financial practitioners in attendance.

Corporate Developments in Crypto Space

Tencent is recruiting a financial product manager specializing in cross-border payments with expertise in distributed ledgers and digital assets. The role involves developing zero-fee payment functions with account abstraction and translating regulatory requirements into product workflows.

Nomura Holdings is considering selling its crypto subsidiary Laser Digital Holdings AG, with Marex Group evaluating a potential acquisition. Laser Digital, established in 2022 and based in Zurich, provides crypto asset trading, asset management, and venture capital services for institutional investors. The company has obtained a crypto asset trading license in Japan and secured conditional approval for a US national trust bank license.