Crypto scammers face death, Aussie CGT makes Asian hubs attractive: Asia Express

Myanmar proposes life sentence or death for crypto scammers

Myanmar’s new Anti-Online Fraud Bill states that anyone who is convicted of committing “digital currency fraud” could face anywhere from ten years to life in prison, and possibly the death penalty.

The parliament, the Pyidaungsu Hluttaw, put forward the proposed law last Thursday in response to online fraud in the country, which it said challenged its “sovereignty and stability.”

Anyone responsible for the death of an individual who had been coerced or exploited into committing online fraud would receive a sentence of death.

The penalties are among the most severe in the world. In January, China ordered the execution of 11 people linked to Myanmar scam centers that had been responsible for trafficking Chinese nationals.

South Korea plans to release rules for tokenized securities

The US Securities and Exchange Commission (SEC) is expected to reveal its “innovation exemption” for tokenized stocks this week. Around the world, governments like the UK and South Korea are making similar preparations.

South Korea’s Financial Services Commission (FSC) plans to release detailed tokenized securities rules in July. The country is preparing to add blockchain-based securities to its capital markets framework in 2027.

The measures are expected to include a roadmap for tokenizing stocks, bonds and money market funds, possible changes to over-the-counter trading limits and rules allowing some fractional investment products to pool similar underlying assets.

It’s shaping up as an important test of how far South Korea is willing to open regulated capital markets to distributed ledger infrastructure while keeping tokenized securities inside existing investor-protection rules.

South Korean crypto exchanges play musical chairs

Global crypto exchange OKX is reportedly in talks with Korea Investment & Securities to take a major stake in Coinone, one of the country’s five biggest exchanges.

According to Korean media outlet Yonhap, the two firms are discussing plans to each acquire around 20% of Coinone, mainly through the issuance of new shares rather than the sale of existing stock. The structure would leave management control largely unchanged.

Also this week, Hana Financial Group said it will invest roughly 1.003 trillion won (about $668 million) to acquire a 6.55% stake in Dunamu Inc, the operator of Upbit. The deal is slated to close in mid-June.

Meanwhile, the Maeil Business Newspaper reported legal and academic experts have raised constitutional concerns that percentage restrictions on crypto exchange ownership in South Korea may infringe on private property rights and operational rights.

Australia’s CGT makes Asian crypto hubs look more attractive

Australia just made starting a crypto business in the country much less attractive, following its decision to double the Capital Gains Tax rate in the Federal Budget. The minimum 30% rate, and a maximum 47% rate — which is the highest in the world — have caused outrage among local crypto holders.

Set to be implemented from mid-2027, the rules replace a 27-year-old scheme whereby any assets held for more than 12 months received a 50% CGT discount.

The new scheme allows investors to only adjust their cost basis by the inflation rate. Koinly boss Robin Singh said: “Crypto has historically grown much faster than inflation, so the inflation adjustment doesn’t come close to offsetting the loss of the 50% discount. With no tax reward for sitting on positions, expect more frequent trading and shorter holding periods.”

When Magazine surveyed the top crypto hubs around the world it’s notable that most didn’t impose any CGT at all (or none on long-term holders), including the major Asian crypto hubs of Singapore, the UAE and Hong Kong, or European hubs like Portugal.

Australian CGT rates on crypto will be the highest in the world. (AFR)

Vietnam eyes Q3 launch for regulated crypto market

Vietnam’s deputy minister of finance, Nguyen Duc Chi, told the Digital Trust in Finance forum the country intends to launch its regulated cryptocurrency market in the third quarter of 2026.

“We believe that, as early as the third quarter, Vietnam could witness the first official activities of its crypto asset market, operating under a framework designed to ensure safety and transparency,” Chi said

Regulators opened a licensing pathway for domestic crypto asset trading platforms earlier this year. The country ranks fourth in the world for crypto adoption, according to Chainalysis.

Iran chooses Bitcoin for ‘insurance’ scheme

The Iranian Government is examining a plan to offer “cryptographically verifiable insurance policies” for ships passing through the Strait of Hormuz, which would presumably prevent them from being attacked by Iran.

“Payments will be settled in Bitcoin,” reported the IRGC-linked Fars News Agency. It said the aim was to create “a model that would be acceptable to other countries during peacetime while still allowing Iran to exercise control over the Strait.”

Fars said the government believes it could generate $10 billion a year from the scheme. Around one in six Iranians now use Bitcoin, and it accounts for around 2.2% of GDP.

North Korean hackers go big or go home

CertiK reports that North Korea-linked hackers stole about 60% of the value lost to crypto hacks in 2025, with proceeds used to help fund the regime’s nuclear and ballistic missile programs. It highlights the country’s growing reliance on digital assets to generate hard currency.

However, DRPK-linked hackers were only involved in 12% of total incidents across the year, suggesting they pick high-value targets.

Between 2016 and early 2026, DPRK-linked actors stole an estimated $6.75 billion in cryptocurrency across 263 documented incidents, the report says, citing findings by independent onchain researcher Taylor Monahan.

CertiK’s analysis concludes that North Korea has “industrialized” crypto theft into a core state revenue mechanism.

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Andrew Fenton

Andrew Fenton is a writer and editor at Cointelegraph with more than 25 years of experience in journalism and has been covering cryptocurrency since 2018. He spent a decade working for News Corp Australia, first as a film journalist with The Advertiser in Adelaide, then as deputy editor and entertainment writer in Melbourne for the nationally syndicated entertainment lift-outs Hit and Switched On, published in the Herald Sun, Daily Telegraph and Courier Mail. He interviewed stars including Leonardo DiCaprio, Cameron Diaz, Jackie Chan, Robin Williams, Gerard Butler, Metallica and Pearl Jam. Prior to that, he worked as a journalist with Melbourne Weekly Magazine and The Melbourne Times, where he won FCN Best Feature Story twice. His freelance work has been published by CNN International, Independent Reserve, Escape and Adventure.com, and he has worked for 3AW and Triple J. He holds a degree in Journalism from RMIT University and a Bachelor of Letters from the University of Melbourne. Andrew holds ETH, BTC, VET, SNX, LINK, AAVE, UNI, AUCTION, SKY, TRAC, RUNE, ATOM, OP, NEAR and FET above Cointelegraph’s disclosure threshold of $1,000.

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