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. Former Chinese central bank chief Zhou Xiaochuan warns against stablecoin adoption, citing systemic risks. Korean crypto voice phishing cases surged 6.6-fold this year. More developments across APAC markets continue to reshape the digital asset landscape. Former PBoC Chief’s Stablecoin Warning Former People’s Bank of China Governor Zhou Xiaochuan issued comprehensive warnings against stablecoin adoption in China. Zhou’s detailed analysis, published by the CF40 think tank, outlined multiple risks from a central banking perspective. His remarks directly challenge growing calls from policy advisers to embrace digital currencies. Zhou identified two primary central bank concerns about stablecoins: first, “currency over-issuance,” where operators lack genuine 100% reserves when issuing stablecoins, and second, high leverage amplification effects that create monetary derivative multiplier impacts during circulation. He criticized insufficient regulatory frameworks in the US GENIUS Act and Hong Kong ordinances. The former governor questioned whether full tokenization could effectively replace account-based payment systems. Also, Zhou warned against excessive use in asset speculation, citing fraud risks and financial instability. He expressed concern about threats to China’s capital controls and monetary sovereignty. Crypto Voice Phishing Surge in Korea South Korean voice phishing scams using cryptocurrency have skyrocketed dramatically this year. Police data shows 420 crypto-related voice phishing cases occurred from January to July 2025, a 6.6-fold increase compared to 64 cases during the same period last year. Scammers typically impersonate prosecutors or financial officials, claiming victims’ accounts were compromised. They demand cryptocurrency purchases worth hundreds of millions of won for “asset verification.” Recent cases involved victims losing 190 million won each in Tether and Bitcoin transfers. BeInCrypto’s Asian Coverage Thailand launched the world’s first publicly offered tokenized government bond with KuCoin partnership. MetaPlanet faces challenges as Japan’s regulatory changes threaten its Bitcoin proxy premium strategy. US and Chinese apps harvest European data despite strict privacy laws, blockchain offers potential solutions. Japan’s FSA proposes 2026 crypto tax reforms including 20% flat rate and loss carryforward provisions.