China’s Spy Agency Warns Crypto Used as ‘Accomplice’ in Espionage

China's spy agency — China’s Ministry of State Security has issued a warning that cryptocurrencies serve as “accomplices” in espionage, while new data shows Singapore’s crypto economy grew 55% in the past year.

The Chinese spy agency published an article stating that “overseas anti-China hostile forces” use crypto to disrupt financial order and harm national security. It emphasized that blockchain transactions are not truly anonymous, in what appears to be a direct warning to potential foreign intelligence assets.

Meanwhile, Chainalysis data reveals Singapore’s crypto activity surged to $284 billion in the year to June 2026, regaining its position as the largest crypto economy in Central and Southeast Asia and Oceania. The growth was driven by a 94% increase in institutional platform activity, concentrated among market makers and OTC firms.

In other regional developments, South Korea’s Financial Services Commission said it is considering allowing crypto market makers to operate legally, following liquidity issues on a major exchange. Separately, Binance Pay launched a service allowing overseas visitors to spend crypto at PayPay merchants in Japan.