Topics · Domains · Onchain finance
Lending and credit.
Crypto lending collapsed spectacularly in 2022, and Asian regulators remember. Many markets ban or restrict lending and borrowing of client crypto for retail users.
Where it is allowed, expect disclosure, collateral and risk-warning rules.
By market · 10 sources across 9 markets
East Asia
South Korea1 source
Income Tax Act (virtual asset income provisions)
Taxes gains from transferring or lending virtual assets as other income at 20% plus 2% local tax above ₩2.5 million a year, effective 1 January 2027 after three postponements.
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South KoreaSoutheast Asia
Cambodia1 source
Prakas No. 093 on the Issuance of Licence and Management of Digital Asset Business
Creates SERC licences for digital asset service providers and agents covering trading, wallets, lending and asset management, with KHR 40 billion minimum capital for trading and sandbox testing before licensing. Khmer text only.
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Singapore2 sources
MAS Announces Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale Central Bank Digital Currency
First live issuance of Singapore dollar wholesale CBDC, used by DBS, OCBC and UOB. MAS plans a follow-on trial of tokenised MAS Bills.
Read the originalMAS Publishes Investor Protection Measures for Digital Payment Token Services
Requires customer assets to be held under statutory trust and bars DPT firms from facilitating lending and staking of retail customers' tokens.
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Vietnam1 source
Circular 15/2026/TT-BTC on accounting principles for organisations in the crypto asset market
Effective on issue for the 2026 financial year. It tells service providers, issuers and corporate investors how to book crypto assets, treating fundraising tokens like borrowing.
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Cambodia
Singapore
VietnamSouth Asia
Pakistan1 source
Pakistan Virtual Asset Services Activity Specific Regulations, 2026 (S.R.O. 1420(I)/2026)
Activity-by-activity rules for exchanges, brokers, custodians, lenders, asset managers, derivatives providers and issuers, including limits on margin and leveraged products.
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PakistanCentral Asia
Kyrgyzstan1 source
Regulation on virtual asset exchange operators and their register
Rules for crypto exchange offices: capital of 400,000 calculation units (KGS 40 million), no borrowed capital or offshore owners, and a ban on residents using unlicensed operators.
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KyrgyzstanMiddle East
UAE1 source
VARA Issues Updated Activity Rulebooks to Strengthen Market Integrity and Risk Oversight
Announces version 2.0 of the seven activity rulebooks and the issuance rulebook, strengthening margin trading and token distribution controls and clarifying collateral wallet arrangements, with compliance required by 19 June 2025.
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UAEOceania
Australia1 source
Kraken crypto exchange operator to pay $8 million following ASIC enforcement action (24-274MR)
Bit Trade offered a margin extension credit product to over 1,100 customers without a target market determination. It was ASIC's first penalty for breaching design and distribution obligations.
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AustraliaOffshore hubs
Bermuda1 source
Digital Asset Business Amendment Act 2023
Added digital asset lending and repurchase transactions as a licensable activity and set record-keeping rules for Class T licensees. In force 9 June 2023.
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BermudaNo dedicated rule found yet in 22 markets:
