The next round of the encryption bull run may start from Asia! China, South Korea, Japan, and Thailand are all making a strong push.

While Wall Street is still watching, Asia is quietly preparing for the next round of the bull run in Crypto Assets. From China's liquidity injection, South Korea's Bitcoin ETF and stablecoin plans, to Japan's yen-pegged digital currency, and Thailand's crypto payment travel sandbox, the regulatory and innovative pace in the Asian market is accelerating in sync, which may become the trigger point for a new influx of global crypto capital.

China's Liquidity or Catalyst for Shitcoins

Against the backdrop of weak economic data, the People's Bank of China (PBoC) is preparing a new round of stimulus measures, which may be launched as early as September.

Potential Impact: China's $5.2 trillion monetary base, second only to the United States and the Eurozone, is expected to benefit risk assets (including Crypto Assets) once Liquidity is released.

Market correlation: The correlation of Bitcoin (BTC) with global liquidity has surpassed that of the S&P 500 and gold. If Beijing expands the money supply, the demand for altcoins may recover first.

South Korea Advances Bitcoin ETF and Stablecoin

South Korea's financial regulatory agency launches a four-phase plan:

1. Proposal for spot Bitcoin ETF

2. Test South Korean Won (KRW) pegged stablecoin

3. Lift the corporate trading ban since 2017

4. Pilot trading between listed companies and qualified investors

Market data shows that the South Korean won is the second largest fiat currency in global crypto trading volume, accounting for about 30%, with a trading volume of 663 billion USD this year. Nearly one third of South Korean adults hold crypto assets, which is twice the proportion in the United States. The market share of exchanges continues to rise, and the South Korean banking sector is also actively developing stablecoins.

Japan Launches Yen Pegged Stablecoin JPYC

Japan's Financial Services Agency is expected to approve the yen-pegged stablecoin JPYC issued by JPYC Inc., supported by bank deposits and government bonds, with an exchange rate fixed at 1:1.

Technical and capital support: USDC issuer Circle participates in a 5 billion yen financing, and the tokens will be issued on Ethereum (ETH), Polygon (POL), and Shiden.

Application scenarios: covering e-commerce payments, cross-border remittances, etc., operating under the framework of the Payment Services Act to ensure compliance.

Thailand Uses Crypto Payments to Attract Tourists

The Thai government has launched the TouristDigiPay regulatory sandbox, allowing foreign tourists to exchange Crypto Assets for Thai Baht and use them for payments, with services regulated by the Bank of Thailand and the Securities and Exchange Commission.

Background: In the first half of 2025, the number of tourists was 16.8 million, a year-on-year decrease, with a 34% reduction in Chinese tourists.

Regulations: Must pass KYC review, with consumption and withdrawal limits. Specific details will be announced by Deputy Prime Minister and Finance Minister Pichai Chunhavanij.

Conclusion

China's liquidity injection, Korea's ETFs and stablecoins, Japan's digital yen, and Thailand's crypto payment travel plans are collectively building the growth engine of the Asian crypto market. While Wall Street funds are still on the sidelines, Asia may have already ignited the spark for the next bull run. For investors, this could be the best time to position themselves early. For more global crypto market updates, please follow the official Gate platform.