Welcome back — every Friday we pull the top Asia headlines on digital-asset regulation, cyber risk, industry moves and insurance signals, with concise takeaways and practical actions for insurers and corporate risk teams.
1) Regulatory
China flags stablecoin AML / cross-border scrutiny
PBOC public guidance renewed warnings on virtual-currency risks and stablecoins, signalling tighter cross-border AML scrutiny that PSPs and custodians should bake into settlement controls.
Turkmenistan enacts mining & exchange law (effective Jan 1, 2026)
A new legal framework for mining and exchanges was passed this week — a reminder that APAC regulatory landscapes continue to diverge and create bespoke compliance requirements.
2) Hacking & Physical Risks
Upbit hot-wallet theft / emergency audit
South Korea’s Upbit detected a Solana-network outflow (~KRW 44.5bn / ≈$30M) and opened an emergency audit; the exchange says it will reimburse users from reserves — a live reminder that hot-wallet controls and proof of key rotation matter to underwriters.
Oracle Identity Manager — CISA flags active exploitation (CVE-2025-61757)
CISA added a critical Oracle Identity Manager RCE to its KEV list after evidence of active exploitation — enterprise SSO and identity stacks used by custodians/PSPs are at elevated risk. Patch and attest.
3) Industry & Markets
Balancer DeFi aftermath — $8M reimbursement plan after $128M exploit
Balancer’s protocol governance moved to an $8M in-kind reimbursement plan following a major V2 exploit earlier in November — shows how DeFi recovery/governance actions now feed counterparty and custody risk reviews.
HashKey clears HKEX listing hearing — Hong Kong IPO path opens
HashKey Holdings passed its HKEX listing hearing this week, advancing plans for an IPO that would make it one of the region’s first fully compliant, exchange-listed virtual-asset platforms — a major institutionalisation signal for Hong Kong’s licensed crypto market.
4) Insurance Spotlight
AI / emerging-tech funding & captive signal
Reporting continues to show major AI firms exploring investor-funded settlements or captive/self-insurance approaches where broad insurer capacity is limited — relevant precedent for underwriters assessing model / third-party exposures.
Reinsurance / sidecar capital flows into APAC
Fortitude Re & Carlyle launched a $700M+ Asia reinsurance sidecar — a concrete example of alternative capital being deployed to scale APAC capacity
Continuum is available to review custody readiness, vendor/SBOM audits, and insurer-pack prep for APAC placements. DM Rob Russell or email [email protected] to book a 30-minute readiness check.
