Welcome to the Asia Pacific Morning Brief—your essential digest of overnight crypto developments shaping regional markets and global sentiment. Grab a green tea and watch this space.

Vietnam launches an international financial center with a crypto exchange pilot program by year-end. Bakkt enters Japan with bitcoin.jp rebrand. Chainlink launches US equities data. Nomura’s Dubai derivatives license secured.

Vietnam to Pilot Crypto-Asset Exchange at International Financial Center

Vietnam advances crypto regulation as Prime Minister Pham Minh Chinh announced the International Financial Center will be operational by year-end 2025, featuring digital asset trading platforms. Deputy Governor Pham Tien Dung revealed Vietnam has established comprehensive legal foundations for digital assets during the GM Vietnam 2025 conference.

The Digital Technology Industry Law, passed in June 2025, officially recognizes crypto assets as distinct from virtual assets, taking effect January 2026. The Ministry of Finance submitted a pilot resolution for crypto asset trading floors using blockchain technology as the core infrastructure.

Vietnam has a 21.2% crypto ownership rate globally, with over 21 million citizens holding digital assets worth more than $ 100 billion annually. The regulatory sandbox will operate in Ho Chi Minh City and Da Nang, potentially attracting major exchanges. South Korea’s Upbit is already exploring Vietnamese market entry, signaling international confidence in the emerging regulatory framework.

Bakkt Launches Bitcoin Treasury Strategy in Japan Through “bitcoin.jp” Rebrand

Bakkt Holdings has acquired a 30% stake in Tokyo-listed Marusho Hotta, becoming its largest shareholder in a $235 million deal. The Japanese firm will be rebranded as “bitcoin.jp” pending shareholder approval, with Bakkt securing the matching web domain. Phillip Lord, President of Bakkt International, will assume CEO duties and integrate Bitcoin into the company’s treasury strategy.

Bakkt co-CEO Akshay Naheta cited Japan’s regulatory environment as creating “an ideal platform for a Bitcoin-centered growth business”. The move follows Bakkt’s recent $75 million equity raise and $1 billion shelf offering to fund Bitcoin purchases, marking its pivot from crypto infrastructure to direct Bitcoin treasury operations.

Chainlink Launches Real-Time US Equities Data Streams for DeFi

Chainlink has unveiled Data Streams for US equities and ETFs, bringing institutional-grade pricing to blockchain networks. The service delivers real-time data for assets like SPY, NVIDIA, Apple, and Microsoft across 37 blockchains. DeFi protocols GMX, Kamino, and others have already integrated the streams.

The infrastructure includes market hours enforcement, staleness detection, and circuit breaker logic with sub-second latency. This addresses a critical gap in tokenized equities infrastructure, which has lagged despite the $275 billion RWA tokenization market. Use cases include perpetual futures, on-chain lending with equity collateral, and synthetic ETFs.

Chief Business Officer Johann Eid noted the launch enables “production-ready tokenized financial products tied to US equities” directly on-chain. The move aligns with growing regulatory acceptance, including the recent GENIUS Act passage supporting tokenized financial instruments.

Nomura’s Laser Digital Wins Dubai License for Crypto OTC Derivatives

Laser Digital, Nomura’s cryptocurrency subsidiary, secured the first regulated over-the-counter crypto options license under Dubai’s Virtual Asset Regulatory Authority pilot framework. The firm becomes the first VARA-regulated entity offering direct client-facing crypto OTC option services in the emirate.

Dubai’s crypto-friendly regulatory environment continues attracting major players, with Coinbase-owned Deribit also planning operations there. Chief Product Officer Johannes Woolard praised VARA’s detailed justification process but flexible execution approach. Laser Digital will initially focus on major crypto tokens through medium-dated options under ISDA agreements, keeping structures simple before expanding into yield enhancement and lending services.

Shigeki Mori and Shota Oba contributed.