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.

Today’s highlights: Shenzhen partners with Hong Kong on RWA platform development, India’s tax authority reviews crypto regulations amid industry exodus, plus emerging developments across regional markets driving innovation and policy shifts.

Shenzhen Longgang Data Company has secured exclusive mainland partnership status with Hong Kong’s Web3.0 Standardization Association. The state-owned big data firm will participate in building the world’s first RWA asset registration platform. This collaboration was officially announced following the platform’s August 7th Hong Kong launch.

The partnership aims to establish cross-border digital compliance frameworks between mainland China and Hong Kong. Both parties plan to create comprehensive services covering asset verification, trusted storage, and compliant circulation. The initiative leverages Shenzhen’s industrial foundation alongside Hong Kong’s international financial hub status.

The collaboration explores a three-tier model: mainland asset digitization, Hong Kong digital financialization, and global compliant circulation. This framework supports China’s dual circulation economic strategy, connecting domestic and international markets. The RWA platform positions Hong Kong as a key player in global Web3.0 finance infrastructure development.

India’s tax authority, CBDT, is consulting crypto platforms about creating dedicated virtual asset regulations. The review examines which regulators should oversee the sector, including the RBI, SEBI, or other agencies. Industry leaders criticize the current 30% flat tax and 1% transaction levy as excessive.

Crypto businesses argue that the harsh tax regime stifles innovation and prevents loss offset mechanisms. Banking restrictions under RBI and FEMA rules have deterred financial institutions from serving crypto clients. The regulatory uncertainty is driving traders and companies toward crypto-friendly jurisdictions like Dubai.

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The post China-Hong Kong Web3 Partnership, India Tax Reviews and More appeared first on BeInCrypto.

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