Asia's weekly TOP10 crypto news: HK‑Licensed Stablecoin Faces Multi‑Risks, Cambodia Drafts Digital‑Asset Legislation and Top10 News

1. South Korea Tightens Access to Overseas Exchanges: Identity‑and‑Purpose Verification Added for Cross‑Border Crypto Transfers link

Following the removal of overseas‑exchange apps including Bybit, MEXC and HTX from South Korea’s local Google Play store, South Korea is further tightening workflows for crypto‑asset transfers to offshore platforms. Under the amended Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information, domestic exchanges will henceforth decide whether to permit outbound transfers based on the risk tier of overseas platforms. When sending funds to certain offshore exchanges or personal wallets, users may be required to prove account ownership, state transaction purposes and disclose fund sources; transfers can be delayed or rejected if submitted information is insufficient. Any relevant single‑transaction exceeding 10 million won will be subject to exchanges’ in‑house suspicious‑transaction monitoring systems. The provisions shall enter into force six months upon official promulgation.

2. Licensed Hong Kong HKD‑Pegged Stablecoin HKDAP Contract Carries Multiple Security and Compliance Risks link

After reviewing the Ethereum mainnet contract of Hong‑Kong‑licensed Hong Kong dollar stablecoin HKDAP, blockchain security firm BlockSec stated that it has multiple security and compliance issues, including failed KYC revocation logic, lack of actual on‑chain validation for KYC proofs, and excessive concentration of certain high‑risk permissions. BlockSec pointed out that operations such as minting, freezing, pausing and forced burning of HKDAP can be partially performed by a single role, and the governance process lacks a timelock. It argued that the relevant design is inconsistent with HKMA’s regulatory guidance on high‑risk operations and separation of duties. HKDAP is issued by Anchorpoint Financial, which was co‑founded by Standard Chartered Hong Kong, HKT and Animoca Brands. Anchorpoint is one of Hong Kong’s first two licensed stablecoin issuers.