Asia Tightens Crypto Grip: China Cracks Down on Cross-Border Trading, India Blocks Prediction Markets, Russia Eyes Large Transactions

A wave of regulatory action is sweeping across Asia this week, with multiple major economies moving simultaneously to tighten control over crypto activity. China has launched a fresh crackdown on illegal cross-border crypto trading, a perennial enforcement priority that signals Beijing's continued zero-tolerance stance on capital outflows via digital assets. India, meanwhile, has blocked access to prediction market platforms Kalshi and Polymarket, cutting off retail users from offshore crypto-adjacent speculation venues.

Russia is stepping up surveillance of large crypto transactions, a move consistent with its broader push to bring digital asset flows under state visibility ahead of formal regulatory frameworks. Hong Kong's CRS 2.0 framework is expanding its scope to include crypto assets, aligning the financial hub with global tax transparency standards.