Author: Deng Tong, Jinse Finance
As 2025 draws to a close, Jinse Finance launches the "Looking Back at 2025" series of articles to review the progress of the cryptocurrency industry over the year, hoping that the industry will emerge from the winter and shine brightly in the new year.
In 2025, the global regulatory landscape for cryptocurrencies underwent significant changes, with regulations no longer relying solely on enforcement actions to shape the industry but rather establishing different regulatory frameworks. This article reviews the regulatory achievements of the cryptocurrency industry in major countries and regions around the world in 2025.
Summary of Global Cryptocurrency Policies in Major Countries/Regions in 2025
1. United States
Cryptocurrency regulation in the United States saw favorable policies after Trump returned to the White House, achieving significant progress after years of legislative stagnation.
1. "Guidance and Establishment of the National Innovation Act for Stablecoins" (the "GENIUS Act")
On February 4, this bill was introduced by Republican Senators Bill Hagerty from Tennessee, Tim Scott from South Carolina, Cynthia Lummis from Wyoming, and Democratic Senator Kirsten Gillibrand from New York. On June 17, the U.S. Senate passed the bill, advancing the federal government's regulatory efforts on stablecoins and pressuring the House of Representatives to plan the next phase of national digital asset regulation. The bill was signed into law by Trump on July 18.
The bill limits reserve assets to low-risk assets such as U.S. dollar cash and short-term U.S. Treasury bonds, requires automatic federal oversight for issuance exceeding $10 billion, prioritizes the rights of stablecoin holders in bankruptcy, and prohibits non-licensed entities from issuing stablecoins.
The implementation of this bill marks the first formal establishment of a regulatory framework for digital stablecoins in the U.S. It clarifies the categories of reserve assets that stablecoin issuers can hold and delineates the regulatory responsibilities between federal and state levels, ending the previous "wild" state of ambiguous legal status and unclear regulatory authority in the stablecoin sector, providing clear compliance guidelines for stablecoin issuance and custody, and accelerating the formation of a global stablecoin regulatory system.
For more details, see Jinse Finance's special report “What Impact Will the U.S. Stablecoin Bill Have on the Cryptocurrency Industry?”
2. "Stablecoin Transparency and Accountability to Promote a Better Ledger Economy Act" (the "STABLE Act")
This bill was officially introduced on April 2 by Republican Representatives Bryan Steil from Wisconsin and French Hill from Arkansas, aiming to establish a federal framework for the issuance of payment stablecoins. It was submitted to Congress by the House Financial Services Committee.
The bill specifies regulatory standards for payment stablecoins, requiring issuers to hold licensed reserve assets in a 1:1 ratio and prohibiting interest payments to users; it clarifies that legitimate issuers include federally regulated banks and approved non-bank entities; and it mandates issuers to disclose redemption procedures and monthly reserve reports, which must be audited by registered accounting firms, with false certifications facing criminal penalties.
This bill complements the GENIUS Act, together constructing a comprehensive regulatory system for stablecoins.
For more details, see “Is a Turning Point for Stablecoins Coming? Major Adjustments to the STABLE Act in the U.S. House of Representatives”
3. "Digital Asset Market Clarity Act" (the "CLARITY Act")
On May 29, the Chairman of the House Financial Services Committee, French Hill, introduced the Digital Asset Market Clarity Act, aiming to eliminate long-standing ambiguities in digital asset regulation by clarifying the roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). On June 23, the House Financial Services and Agriculture Committees submitted the bill, which defines digital commodities as digital assets whose value is "intrinsically linked" to the use of blockchain. The House passed it on July 17.
The core of the bill delineates the regulatory scope of the SEC and CFTC, with the SEC overseeing "digital asset securities" and the CFTC overseeing "digital commodities." The bill classifies Bitcoin, Ethereum, and others as digital commodities and views tokens from the ICO phase as investment contract assets; it establishes a blockchain "maturity" certification mechanism, allowing projects that meet the standards to be subsequently regulated by the CFTC. Additionally, it exempts non-custodial DeFi services from traditional registration requirements and relaxes SEC registration restrictions for small fundraising projects.
The CLARITY Act shifts focus from "whether a certain cryptocurrency is a security" to "how mature is it?"—"What is the level of decentralization?" It clarifies the division of labor between the SEC and CFTC, creating a new framework for digital asset regulation.
For more details, see “Focus on the CLARITY Act: Comprehensive Analysis of Content, Significance, and Industry Evaluation”
4. "Anti-CBDC Surveillance National Act"
In February 2023, U.S. House Majority Whip Tom Emmer first proposed this act. On March 26, 2025, Texas Senator Ted Cruz also introduced a bill of the same name in the Senate, which was passed by the House on July 17 with a vote of 219 to 210.
The core significance of this bill lies in safeguarding citizens' financial privacy and freedom. It also plays a positive role in clearing obstacles to the development of private cryptocurrencies, maintaining the stability of the traditional U.S. financial system, and avoiding the politicization of monetary policy risks.
For more details, see “Detailed Analysis of U.S. Congressional Crypto Week: Summary of Three Major Bills, Market Trends, and Industry Perspectives”
2. Hong Kong, China
1. "Stablecoin Regulation Bill"
On May 21, the Hong Kong Legislative Council officially passed the Stablecoin Regulation Bill in its third reading. It came into effect on August 1, marking the first comprehensive regulatory framework for fiat-backed stablecoins in Asia.
The regulation stipulates that issuing fiat-backed stablecoins in Hong Kong, or issuing fiat-backed stablecoins claiming to be pegged to the Hong Kong dollar outside of Hong Kong, requires a license from the Hong Kong Monetary Authority. Licensed issuers must comply with requirements for reserve asset segregation, redemption at face value, and a series of regulations including anti-money laundering, risk management, and information disclosure. Additionally, only licensed entities can sell fiat-backed stablecoins in Hong Kong, and only stablecoins issued by licensed issuers can be sold to retail investors; any promotion of unlicensed stablecoins is illegal. The Monetary Authority also released corresponding regulatory guidelines, clarifying the licensing application process and transition arrangements.
For more details, see “Hong Kong's Compliant Stablecoins Are Coming: A Quick Overview of Their Journey and Key Points”
2. Public Consultation on the Crypto Asset Reporting Framework and Amendments Related to Common Reporting Standards
On December 9, the Hong Kong Special Administrative Region government launched a public consultation on implementing a crypto asset reporting framework and amendments related to common reporting standards. Financial Secretary Paul Chan stated that to demonstrate Hong Kong's commitment to promoting international tax cooperation and combating cross-border tax evasion, and to fulfill international obligations, the government will amend the Inland Revenue Ordinance (Cap. 112) to implement the reporting framework and the newly revised common reporting standards. This initiative is also crucial for maintaining Hong Kong's reputation as an international financial and business center. The government plans to complete the necessary local legislative amendments within the next year, aiming to automatically exchange tax information related to crypto asset transactions with relevant partner tax jurisdictions starting in 2028, and to implement the newly revised common reporting standards from 2029. Hong Kong will automatically exchange tax information with suitable partners on a reciprocal basis, with partners required to meet standards related to data confidentiality and security.
For more details, see “Hong Kong: Plans to Automatically Exchange Tax Information Related to Crypto Asset Transactions with Relevant Partner Tax Jurisdictions Starting in 2028”
3. European Union
On December 30, 2024, the EU's "Regulation on Markets in Crypto-Assets" (the "MiCA Regulation") officially came into effect, marking a new era for the compliance framework of crypto assets in Europe.
This regulation establishes a refined classification regulatory system, setting clear requirements for the issuance of crypto assets and related service providers, as well as establishing regulatory exemption rules and market integrity protection clauses. MiCA defines crypto assets as digital representations of value or rights transmitted and stored using distributed ledger technology, categorizing them into three types: electronic money tokens (EMT); asset-referenced tokens (ART); and other crypto assets, such as non-stablecoins like Bitcoin. The regulation emphasizes differentiated regulation of crypto asset issuance, specifies entry and operational standards for crypto asset service providers (CASPs), delineates regulatory exemptions to avoid stifling innovation, and explicitly prohibits insider trading to prevent market violations.
For more details, see “The EU MiCA Regulation Officially Takes Effect: A Comprehensive Overview of New Regulations for Web3 Enterprises”
4. Japan
1. Amendment to the "Funds Settlement Act"
In March of this year, Japan's Financial Services Agency submitted an amendment to the National Diet, focusing on strengthening market safety and moderately lowering industry entry barriers.
On June 6, the Japanese Senate passed the amendment to the Funds Settlement Act, establishing a new system for "crypto asset intermediary businesses," allowing companies to engage in matching services without needing to register as crypto asset exchange operators, aiming to lower market entry barriers and promote innovation in crypto finance. The amendment also introduced a "domestic retention order" clause, granting the government the power to order platforms to retain certain user assets within Japan when necessary, to prevent asset outflow risks similar to those caused by the FTX bankruptcy. The new law is expected to come into effect within one year of its announcement.
For more details, see “Japan's Senate Passes Amendment to the Funds Settlement Act, Establishing a New System for Crypto Asset Intermediary Businesses”
2. Proposed Approval for Issuing Yen-Backed Stablecoins
The yen-backed stablecoin will be named JPYC, with 1 JPYC fixed to exchange for 1 yen (approximately 0.05 RMB), supported by reserves of yen deposits and Japanese government bonds and other highly liquid assets. Individuals, businesses, and institutional investors can apply to purchase JPYC stablecoins and conduct payment transfers, after which the stablecoins will be transferred to their electronic wallets. Application scenarios include remittances to overseas students, corporate payments, and blockchain-based asset management services.
The yen-backed stablecoin could have a significant impact on the Japanese bond market. If JPYC is widely used, it will boost demand for Japanese government bonds, and in the future, JPYC is likely to begin purchasing large amounts of Japanese government bonds.
For more details, see “Japan Plans to Approve the Issuance of Yen-Backed Stablecoins”
5. United Arab Emirates
On September 16, the "Federal Decree No. 6 of 2025" came into effect, marking a significant consolidation in its financial regulatory history, tightening regulations on cryptocurrencies and related fields comprehensively. Specific policies include: the decree for the first time includes DeFi, Web3 projects, stablecoin protocols, decentralized exchanges, cross-chain bridges, and other blockchain infrastructure under the central bank's regulatory framework; even if cryptocurrency service providers are located outside the UAE, they must comply with this law and apply for relevant licenses as long as their services include UAE residents; entities conducting related business without a license may face fines ranging from 50,000 to 1 billion dirhams (approximately 13,600 to 272 million USD), with some cases also resulting in imprisonment; the decree provides a one-year transition period for existing operators in the cryptocurrency and related fields, requiring relevant projects to complete compliance license applications and other adjustments by September 2026, with the central bank having the discretion to extend the transition period; previously, financial free zones in places like Dubai could issue virtual asset licenses independently, but this new decree explicitly states that its provisions also apply to financial free zones, and licenses issued by free zones cannot exempt compliance requirements in the new law.
The UAE is striving to establish itself as the most structured and internationally credible cryptocurrency regulatory region in the Middle East.
1. Abu Dhabi
On June 10, the Abu Dhabi Global Market Financial Services Regulatory Authority announced the implementation of revisions to its digital asset regulatory framework. The revisions focus on modifying the process for accepting virtual assets (VA) and using them as approved virtual assets (AVA) in the Abu Dhabi Global Market (ADGM), as well as setting corresponding capital requirements and fees for authorized persons (virtual asset companies) engaged in regulated activities related to virtual assets. The revisions also introduce specific product intervention powers for virtual assets and establish relevant rules to confirm the existing prohibition on the use of privacy tokens and algorithmic stablecoins within the ADGM. Finally, the revisions expand the investment scope of venture capital funds.
Due to Abu Dhabi's continuously improving cryptocurrency regulatory environment, many cryptocurrency companies, including Circle, Tether, Binance, Ripple, Animoca Brands, GFO-X, and Bitcoin Suisse, obtained licenses in Abu Dhabi this year. Abu Dhabi is becoming the cryptocurrency capital of the Middle East.
For more details, see “Is Abu Dhabi the Real Crypto Capital? Why Crypto Giants Like Binance, Tether, and Circle Are Choosing Abu Dhabi”
2. Dubai
In May of this year, the Dubai Virtual Assets Regulatory Authority (VARA) released its Rules Manual 2.0, expanding the governance and reporting standards for all licensed virtual asset activities. VARA has also continued to take significant civil enforcement actions against unlicensed operators in Dubai, issuing stop orders and fines on multiple platforms.
6. South Korea
In May of this year, Lee Jae-myung officially proposed a plan to issue a stablecoin pegged to the Korean won at a policy discussion meeting.
In early December, the ruling party in South Korea called on various ministries and the Financial Services Commission (FSC) to submit a regulatory bill for the Korean won stablecoin by December 10, but the FSC failed to submit the bill on time. An FSC spokesperson stated that the FSC needed more time to coordinate positions with relevant agencies, and rather than rushing to complete the proposal before the deadline, it would be better to announce its proposal when submitting the bill to the National Assembly. The FSC stated that this move was to protect the public's right to know about the matter.
As a result, all forms of cryptocurrency and stablecoin issuance remain illegal in South Korea.
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