regulations

According to Bits.media, Fidan Tofidi, the head of the Financial Technology and Innovation Department of the Central Bank of Azerbaijan, stated that the regulatory bill for the country's virtual asset market has been drafted and submitted for review, with formal legislation expected within the year. The bill requires all companies engaged in cryptocurrency asset business to obtain a license issued by the central bank, and unauthorized operations within the country are prohibited. Licensed institutions will be subject to ongoing supervision. The regulatory framework will cover compliance requirements such as anti-money laundering, counter-terrorism financing, and customer identity verification (KYC), and will be incorporated into Azerbaijan's financial market development strategy for 2027-2030.

According to the Chosun Ilbo, the revised listing regulations for increasing the retention threshold in the South Korean stock market will be implemented on July 1. Some KOSDAQ DAT (Digital Asset Treasury) listed companies that have profited from investing in crypto assets are facing delisting risks.Data from the Korea Exchange shows that on June 26, Bitmax fell 6.3% to 1,228 KRW, with a market capitalization of 13.1 billion KRW, below the lower limit of 20 billion KRW for the second half of the year; Parataxis Ethereum has a market capitalization of 26.8 billion KRW, and BitPlanet has a market capitalization of 33.1 billion KRW. However, Parataxis Ethereum has not met the adjusted standard of 30 billion KRW set for January next year, and Parataxis Korea has been transferred for substantial review of its listing qualifications and suspended since April due to capital erosion.The delisting crisis is mainly influenced by the weakness of crypto assets and the outflow of funds from KOSDAQ. If the trend of declining market capitalization continues, related DAT companies may gradually enter the delisting process starting from early next year, beginning with Bitmax.

According to Hong Kong media Ming Pao, Hong Kong Legislative Council member Jan Wai-man revealed that the "2026 Taxation (Amendment) (Automatic Exchange of Information) Bill" was passed by the Legislative Council last week, and the Crypto Asset Reporting Framework (CARF) Bill has entered the review stage. Jan Wai-man stated that the tax and fines recovered by the Hong Kong government from 2018 to 2025 have exceeded 100 million Hong Kong dollars, and it is expected that an additional approximately 8,000 financial institutions will be required to register compulsorily in the future.

According to a Reuters report, the Bank of England released the final policy and draft rules for stablecoins on Monday, easing some of the recommendations proposed in last year's industry consultation. The Bank of England has scrapped the plan for a personal holding limit and instead imposed a cap on the total issuance of each stablecoin, with an initial limit of £40 billion (approximately $52.84 billion). The central bank has also slightly relaxed the reserve asset requirements and plans to finalize the rules by the end of this year.

According to The Edge Malaysia, Malaysia has made comprehensive revisions to the regulations on shareholding and asset declaration for civil servants. The new rules stipulate that public officials can purchase shares in companies registered in Malaysia, but the shareholding ratio must not exceed 5% of the company's paid-up capital or a value of no more than 300,000 ringgit, whichever is lower. Although the upper limit for shareholding remains at 5%, the value limit has been increased from 100,000 ringgit. If officials wish to exceed the shareholding limits, they must apply for approval from designated officials, including the Prime Minister and the Chief Secretary to the Government. The announcement also specifies relevant rules regarding digital assets.Previously, Bloomberg reported in February that the then Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC), Azam, held 17.7 million shares in a financial services company, valued at nearly 800,000 ringgit. This report sparked public debate in the country.

According to CryptoNews, the European Union will implement revised anti-money laundering (AML) regulations starting from July 10, 2027. The new rules require cryptocurrency asset service providers (CASP) to execute stricter "KYC" procedures for transactions exceeding 1,000 euros, and anonymous accounts and services related to privacy coins will be completely banned. In addition, a cap of 10,000 euros (approximately 11,500 dollars) has been set for commercial cash payments across the EU, and for cash transactions of 3,000 euros (approximately 3,450 dollars) or more, traders and other obligated entities must verify customer identities and conduct due diligence before completing the transaction.

Against the backdrop of the gradual implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), Binance's compliance path in the European market remains uncertain. Whether it can continue to serve EU users in the future may depend on the approval progress of French regulatory authorities.After Greek regulators rejected the relevant authorization application, the French Financial Markets Authority (AMF) is seen as a potential key regulatory entry point. However, Binance has not yet formally submitted a complete MiCA license application and is still in the communication phase with multiple national regulatory authorities.Under the MiCA "single license" mechanism, once authorized by any member state, it can cover the EU's 27-country market. Therefore, the approval results from a single country have a decisive impact on the platform's regional business. The EU regulatory authorities maintain a highly cautious attitude towards the compliance risks of large trading platforms, anti-money laundering mechanisms, and systemic financial risks. The progress of relevant approvals will directly affect the reshaping of the European crypto trading landscape.

a16z Crypto General Partner Ali Yahya stated that in the previous crypto era, DAOs (Decentralized Autonomous Organizations) were undoubtedly a failed experiment, but this may simply be due to "being born at the wrong time."Ali Yahya admitted that over the past 10 years, the industry has painfully rediscovered that "direct democracy is a bad idea," as no ordinary users are willing to wake up in the morning to adjudicate risk parameters or protocol upgrades. He emphasized that with changes in the compliance landscape, the industry will regain legitimate space for experimentation, allowing exploration of representative democracy, bicameral systems, or hybrid architectures of licensed and unlicensed systems; at the same time, AI agents can fill many management responsibilities that humans are unwilling to undertake, thus allowing DAOs to truly move towards "autonomy," with the design space for the new generation of DAOs as software being limitless.

According to Cointelegraph, the Philippines is tightening cryptocurrency regulatory rules and banning privacy coins from being traded on licensed exchanges.

Marc Andreessen, co-founder of the venture capital firm a16z, published an article outlining his stance on AI regulation by the U.S. government. He stated that if so-called regulation means creating complex rules by people who do not understand the technology, suppressing innovation through layers of approval and compliance requirements, and ultimately becoming a tool for large enterprises to consolidate market positions and hinder newcomers, then he will firmly oppose such regulation.In his view, excessive regulation often leads to startups being crushed by cumbersome procedures and high compliance costs, causing innovative talent to flow to more open markets, while regulatory agencies themselves continue to expand, ultimately deviating from their original goals.Andreessen specifically criticized the regulatory mindset centered on the "precautionary principle," arguing that if this concept is amplified indefinitely, it could lead society to reject new technologies out of fear of potential risks. Many regulatory measures often arrive late, after fundamental changes in technology and industry have already occurred, making it difficult to address real issues and potentially becoming obstacles to innovative development. He also attributed the relatively lagging state of technological innovation in Europe in recent years to a culture of excessive regulation, believing that regulation should not become a moat to protect vested interests and raise market entry barriers.However, Andreessen emphasized that he does not oppose all forms of regulation. On the contrary, he supports rules that can build market trust, ensure public safety, and maintain fair competition. For example, preventing AI from faking voices to commit financial fraud, preventing deepfake content from interfering with elections, preventing technology from being used to harm vulnerable groups, and ensuring that consumers and businesses can safely use new technologies.In his view, reasonable regulation is like guardrails on a highway and a braking system in a car; it does not hinder technological progress but rather allows innovation to develop in a faster and more sustainable manner. Andreessen stated that what is truly worth pursuing is not "zero regulation" or "heavy regulation," but finding a balance between innovative vitality and social trust, which is also his unwavering stance.Previously, the U.S. government forcibly "recalled" commercial models due to jailbreak risks, leading Anthropic to take Fable 5 offline overnight and publicly protest.

The states of Delaware and New Jersey are advancing legislation to comprehensively ban the installation and operation of Crypto ATM devices, citing that these devices are widely used for fraudulent activities. The Delaware House Economic Committee has passed a related bill that aims to prohibit the possession, installation, or operation of Crypto ATMs, requiring existing devices to be removed within 90 days after the bill takes effect; violations could result in fines of up to $10,000 and possible recovery of costs or inclusion in a consumer protection fund.Meanwhile, the New Jersey Senate Commerce Committee has also unanimously passed a similar bill, prohibiting business activities related to Crypto ATMs, with penalties for violations reaching up to $20,000. According to data from the FBI in May, complaints involving Crypto ATMs approached 13,500 in 2025, resulting in losses exceeding $388 million, a significant increase from the previous year, with more than half of the victims aged 50 and above. Currently, several states, including Indiana, Tennessee, and Minnesota, have fully banned Crypto ATMs, and some states and local governments have also imposed limits on transaction amounts.Under regulatory pressure, Crypto ATM operators are facing ongoing impacts, with industry leader Bitcoin Depot having previously filed for bankruptcy due to a deteriorating operating environment. Meanwhile, operators emphasize that they have set up risk warnings and transaction limits and deny direct responsibility for third-party fraud.

According to informed sources, the CFTC is proposing a comprehensive set of new rules to regulate prediction markets. The parameters of these rules will continue to allow most sports-related betting while striving to avoid obvious manipulation.According to a draft of the proposed rules seen by The Wall Street Journal, the U.S. CFTC will introduce new regulations on Wednesday, seeking to prevent predictive bets that it believes are not in the public interest or are easily manipulable, such as in cases where one person may have an undue influence on the outcome.The agency's proposal does not directly prohibit trading any specific type of so-called event contracts but outlines the factors under which regulators will review certain types of contracts on a case-by-case basis.The U.S. CFTC has previously provided some preliminary guidance on which types of bets should be avoided, and Kalshi and other prediction platforms have taken action in advance.Additionally, informed sources revealed that the CFTC is considering other rules, including those aimed at protecting retail traders.

On June 9, the New York State Department of Financial Services (DFS) announced a proposed regulation aimed at adjusting its dollar stablecoin issuance framework in accordance with the federal GENIUS Act. The new rules retain the original requirements of the DFS for dollar stablecoins, including reserves and redeemability, qualified reserve assets, independent audits, etc., and add new federal provisions, including: setting a maximum limit on reserve assets held by a single custodian; requiring entities to establish a risk management plan covering internal controls and information security; establishing an internal audit system; managing asset growth and income; regulating transactions with insiders and related parties; and regulating service provider arrangements.The proposed rules enter a 10-day pre-proposal comment period starting today, followed by a 60-day comment period after publication in the state register. The final rules will take effect simultaneously with the GENIUS Act, and existing licensed issuers in New York will enjoy a one-year transition period. Until then, the DFS's stablecoin regulatory guidance remains in effect.

According to Crypto Briefing, the Central Bank of Russia has rejected the proposal to immediately expand access to cryptocurrencies, not allowing non-qualified investors to trade cryptocurrencies other than Bitcoin, Ethereum, and USDT. Vice President Vladimir Chistyukhin stated that after the new regulations come into effect, only these three mainstream digital currencies will be allowed for trading.Chistyukhin pointed out that the high volatility of cryptocurrencies, market risks, and the possibility that stablecoins may be restricted or frozen are reasons for maintaining strict limits. These rules are part of Russia's digital currency legislation, which is expected to come into effect next month after being overwhelmingly passed in the first reading by the State Duma in April. Regulators also intend to maintain the proposed investment cap of 300,000 rubles.As part of the proposed rules, both qualified and non-qualified investors must pass a mandatory knowledge test before purchasing any digital assets. From 2027, unauthorized cryptocurrency lending will be prohibited. The bill still needs to go through a second reading, a third reading, approval from the Federation Council, and presidential signing to become law.

According to the official announcement, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have published a joint consultation summary regarding the amendments to the over-the-counter derivatives trading regulations under the Clearing Rules. In light of the broad market support, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority will proceed with the legislative process to introduce the proposed amendments to the Clearing Rules, with plans to implement the relevant amendments starting from March 1, 2027 (the proposed start date for the new calculation period).

The State Council of China has issued the "Regulations on Foreign Investment," which will take effect on July 1, 2026. China supports investors in conducting foreign investment activities based on market principles and actively participating in international cooperation and competition.Investors have the autonomy for foreign investment according to the law, making independent decisions, bearing risks, and assuming profits and losses. Investors engaging in foreign investment and related activities must comply with laws and regulations as well as international practices, respect local customs and cultural traditions, adhere to business ethics, act honestly and with integrity, compete fairly, fulfill social responsibilities, maintain the national image, and must not disrupt market competition order, damage the ecological environment, or infringe upon the legitimate rights and interests of workers. They must not endanger China's national security, harm national interests, or the public interest of society.

According to Jinshi, the German Ministry of Finance stated that it seeks to implement EU-level regulation on important cryptocurrency service providers and stablecoins.

According to CoinDesk, Elena Carletti, an executive at UniCredit Bank in Italy, warned that Europe may struggle to cope with the financial shocks related to crypto companies and banks. Carletti pointed out that when Silicon Valley Bank and Signature Bank collapsed in 2023, the United States decided to protect all deposits, including funds held by stablecoin issuers, a measure that helped stabilize the crypto market.Carletti stated that Europe cannot easily take the same measures. The EU's MiCA regulations require stablecoin issuers to hold reserve assets in liquid assets such as bank deposits and government securities, which ties them more closely to traditional banks. However, the European deposit guarantee system typically only protects up to €100,000 per bank per depositor. If large stablecoin reserve accounts come under pressure, this limit may not be sufficient to absorb the shock. Carletti described this as a "double weakness."

The European Central Bank (ECB) rejected the proposal to relax regulations on euro stablecoins, believing that such measures are too risky and could undermine financial stability and the transmission of monetary policy.Bruegel suggested at the informal meeting of EU finance ministers held in Nicosia, Cyprus, that liquidity requirements for stablecoin issuers should be lowered and that they should be allowed to access ECB funding support when necessary to combat a market dominated by dollar stablecoins and to avoid "digital dollarization." However, officials, including central bank president Lagarde, strongly opposed this, arguing that stablecoins could destabilize bank deposits, increase banks' funding costs, weaken lending capacity, and interfere with interest rate control.Although some finance ministers had mixed feelings about the proposal, several central bank officials questioned the idea of making the ECB the "lender of last resort" for stablecoin issuers. The EU is currently implementing strict regulations on stablecoins under the MiCAR framework, while the GENIUS Act passed in the U.S. in 2025 adopts more lenient rules. Currently, euro stablecoins account for only 0.3% of the global stablecoin supply, while Europe is advancing the digital euro project to enhance payment sovereignty.