In short
- As of 12 October 2026 no official register I checked shows PI as a handled asset on a locally licensed exchange in any of the seven markets. Japan’s FSA register was read directly; elsewhere this is absence of evidence, and the country guides say so.
- Only two official statements naming Pi are known: Hanoi City Police (March 2025) and Indonesia’s trade ministry with Bappebti (November 2022).
- PI trades on offshore exchanges, and each of the four most-used ones excludes at least one of these markets.
- Tax runs from nothing on occasional gains to a per-trade levy, so the market you live in matters more than the coin.
Pi Coin (PI) is the native token of Pi Network, which opened its mainnet to outside connectivity on 20 February 2025. Whether you can hold, buy or sell it comfortably depends less on Pi than on where you live. Asian regulators license the businesses that touch your money, not the token, and the seven markets here have taken very different routes. This page compares them as of 12 October 2026 and sends you to the detailed guides and to the official registers. It is information, not legal or tax advice; see our disclaimer.
The pattern across all seven
Every market in this comparison draws the same basic line. Exchanges, brokers and custodians that serve local residents need a licence or a registration, and unlicensed operators face blocking, warnings or criminal complaints. Holding a token you earned in an app was not what these laws were written for, so they say little about it. What they do decide is where you can turn PI into local money without leaving the regulated system.
Pi Network adds its own filter. Pi’s published KYB list names the businesses it treats as properly integrated, and its Open Network post of 19 February 2025 tells users to be extremely cautious with any business not listed. The list includes Kraken, OKX, Bitget, Gate, Pionex, LBank, MEXC and several on-ramps. It does not include Upbit, Bithumb, Bitkub, Indodax, Pintu, Tokocrypto or Luno, the licensed local names in this comparison, so even a local listing would not by itself mean Pi supports it. Read the exchange listing status before assuming anything.
Seven markets in a paragraph each
Hong Kong. The SFC licenses virtual asset trading platforms; its list showed 13 names at the 29 May 2026 update. Retail access to tokens on those platforms is narrow, and I found no sign of PI on any of them. OKX, Bitget, MEXC and Gate all list Hong Kong among places they do not serve. See Pi Coin in Hong Kong.
Japan. The most formal system: 27 operators were registered on the FSA register at 1 September 2026, and none of their asset lists includes PI. A reform moving crypto under securities law passed the Diet on 15 July 2026 and a lower tax rate is planned. See Pi Coin in Japan.
South Korea. Exchanges register with the FIU and offer won markets (Upbit, Bithumb, Coinone, Korbit). PI is not reported on them, offshore apps have been pulled from app stores, and a 20% crypto income tax is scheduled for 1 January 2027. See Pi Coin in South Korea.
Vietnam. The strictest on paper and the least settled in practice. A pilot licensing regime exists, but no licensed exchange was reported yet, and Hanoi police have warned about Pi directly. See Pi Coin in Vietnam.
Indonesia. OJK took over from Bappebti in January 2025 and published a whitelist of licensed traders on 19 December 2025. A 2025 tax rule sets 0.21% on licensed domestic platforms and 1% on foreign ones. See Pi Coin in Indonesia.
Thailand. The SEC licenses exchanges, brokers and dealers, and announced a block of several offshore platforms in 2025. Capital gains on digital assets sold through licensed operators are exempt from personal income tax through 2029. See Pi Coin in Thailand.
Malaysia. The Securities Commission registers digital asset exchanges; five were on its list as of 20 July 2026. All four PI exchanges named above list Malaysia as excluded. See Pi Coin in Malaysia.
| Market | Main regulator | Individual tax, headline | PI on a local licensed venue |
|---|---|---|---|
| Hong Kong | SFC (platforms), HKMA (stablecoins) | No capital gains tax; trading profits can be taxed | None found |
| Japan | FSA, Local Finance Bureaus | Miscellaneous income now; about 20% planned | None (FSA register, 1 Sep 2026) |
| South Korea | FIU, FSC, FSS | 20% plus local tax above KRW 2.5M from 1 Jan 2027 | None found |
| Vietnam | Ministry of Finance | 0.1% per transfer via licensed providers | No licensed exchange reported yet |
| Indonesia | OJK | 0.21% domestic, 1% foreign platform | Not verified |
| Thailand | SEC Thailand | Exempt through 2029 on licensed venues | None found |
| Malaysia | SC Malaysia | Occasional gains generally not taxed | None found |
What moved in the last twelve months
Regulation in this region is changing quickly, and several of the rules below are weeks old. The dates are drawn from regulator pages where I could read them and from law-firm or press summaries where I could not; the country guides label which is which.
- 19 Dec 2025 — Indonesia’s OJK publishes its first whitelist of licensed digital asset traders.
- 1 Jan 2026 — Vietnam’s Law on Digital Technology Industry comes into force.
- 20 Jan 2026 — Vietnam’s Ministry of Finance starts accepting pilot exchange licence applications.
- 27 Mar 2026 — Vietnam issues Circular 32/2026 on a 0.1% tax per transfer.
- 20 May 2026 — Malaysia’s SC issues revised Guidelines on Recognized Markets.
- 15 Jul 2026 — Japan’s Diet passes the crypto amendment to its Financial Instruments and Exchange Act.
- Aug 2026 — Korea’s amended reporting Act takes effect, delay bills for its 2027 tax are filed, and the Thai SEC opens a consultation on custody and access (21 Aug).
- Late Sep 2026 — Korea’s ruling party joins calls to postpone the crypto tax; no change had passed by 12 October.
Why the same exchange is open in one country and closed in the next
Exchanges decide where to operate by licence and by risk appetite, and each publishes its own list of excluded places. The lists below come from the exchanges’ own pages read on 12 October 2026. They say “not limited to” or “at this time”, and regulators sometimes act without the exchange changing its terms, so treat them as a starting point.
| Exchange | Excluded or restricted among the seven |
|---|---|
| OKX | Hong Kong, Japan, Malaysia; services may be limited in Korea (derivatives, P2P) |
| Bitget | Hong Kong, Japan (unsupported); Malaysia, Thailand (prohibited) |
| MEXC | Hong Kong, Malaysia (prohibited); Japan, Korea, Indonesia (limited) |
| Gate | Hong Kong, Malaysia, Indonesia, Japan, Thailand, Korea; Vietnam not listed |
Details differ per market. Thailand’s SEC announced a block of OKX in 2025 even though OKX’s own restricted list does not name Thailand, and Indonesia’s Satgas PASTI included OKX and Gate in a 2026 list of halted unlicensed traders. Those are reported by secondary sources and are explained in the country guides. For reviews of the platforms themselves, see OKX, Bitget, MEXC and Gate.
Shared themes worth knowing
Real-name banking sits behind most fiat routes. Korea requires a won account linked in the user’s name, Bitget and Gate require payment accounts that match the verified name, and Indonesia and Thailand run their regimes through licensed local exchanges that settle in rupiah and baht. The consequence is that moving PI into a country’s licensed system usually means converting through a stablecoin or an offshore platform first, which is also where the tax and enforcement questions begin.
Tax is the second theme. Four markets are moving toward more tax, not less: Korea in 2027, Japan after its reform, Indonesia since August 2025 and Vietnam’s pilot levy. Thailand’s exemption is a deliberate carrot with conditions, and Hong Kong relies on general principles about trading versus investing. None of the sources I read addresses how to treat PI you claimed through the Pi app’s mining mechanic, so keep records of dates and values and ask a local professional.
Third, the pace of enforcement is uneven. Korea has blocked apps, Thailand and Malaysia have issued blocking orders, Japan issues warning letters, and Vietnam has mostly warned and drafted. Pi price risk sits on top of that: around US$0.08 on 12 October 2026 per CoinMarketCap and CoinGecko, far below the February 2025 peak, with a thin order book. See what Pi is and our legitimacy review for the project’s own risks.
How to check any exchange in five minutes
You do not need to trust this page or an exchange’s marketing for the licensing question. Each regulator publishes something checkable, and the same routine works everywhere.
- Find the exchange’s legal entity name in its terms of use (the brand is not the licensee).
- Search that name in the local register: the SFC list, the Japan FSA register, the OJK whitelist, the Thai SEC list or the SC Malaysia register. For Korea and Vietnam, follow the steps in the country guides.
- Check the exchange’s asset list for PI and the ticker, not just the name; similar names exist.
- Compare with Pi’s KYB list if you plan to withdraw PI to Pi mainnet.
- Test with a small amount and read the deposit rules, including any memo field, before sending more. The transfer guide explains the address types.
Where to go next
If you live in one of the seven markets, read its guide: Korea, Japan, Hong Kong, Vietnam, Indonesia, Thailand or Malaysia. For the mechanics of acquiring PI, see how to buy Pi Coin, and for getting out, how to sell Pi Coin. If you are not yet verified in the app, the KYC guide covers the Pi side of the process, which has nothing to do with local regulators but decides whether your PI can leave the app at all.
Quick answers
Is Pi Coin legal in Asia?
In the seven markets reviewed, none has made holding PI a crime, and regulators mostly license businesses rather than tokens. Vietnam is the exception in tone: Hanoi police said in March 2025 that Pi is not treated as property and that paying with it can be penalised. Check your own country guide.
Which Asian market has the highest bar for a crypto exchange licence?
Vietnam. Its five-year pilot requires at least VND 10 trillion in charter capital (about US$379 million), at most 49% foreign ownership and a Vietnamese company. Applications opened on 20 January 2026, and I found no report of a granted licence as of 12 October 2026.
Do I pay tax on Pi Coin in Asia?
It depends on the country and on how you earn the PI. Gains can be untaxed (Thailand on licensed venues through 2029, Hong Kong for capital gains), taxed per trade (Indonesia, Vietnam) or taxed as income (Japan today, Korea from 2027). Tax treatment of app-based mining is rarely addressed, so ask an adviser.
Can I use OKX, Bitget, MEXC or Gate in every Asian country?
No. Their own terms list Hong Kong and Malaysia as excluded or restricted, Japan as unsupported or limited, and Thailand as prohibited on Bitget and Gate. Rules change without notice, so read the live restricted-country page of the exchange before registering.
Has any Asian regulator warned about Pi Network by name?
Two official statements are known: the Hanoi City Police warning of March 2025 and a November 2022 statement by Indonesia's trade ministry and Bappebti that Pi was unregistered. I found none from regulators in Japan, Korea, Hong Kong, Thailand or Malaysia, which is not proof that none exists.
Where can I check whether an exchange is licensed?
Use the regulator's own register: the SFC lists for Hong Kong, the FSA register for Japan, the OJK whitelist for Indonesia, the Thai SEC licensee list and the Securities Commission Malaysia register. Korea uses FIU registration and Vietnam has no licensed exchange yet.
Sources & fact-check
- Pi Network: KYB-verified business list
- Japan FSA: registered crypto-asset exchange service providers (1 Sep 2026)
- SFC Hong Kong: licensed virtual asset trading platforms
- OJK: whitelist of licensed digital asset and crypto traders
- SEC Thailand: licensed digital asset businesses
- Securities Commission Malaysia: registered digital asset exchanges
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