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Hong Kong SFC Circular on Custody of Virtual Assets for Licensed Trading Platform Operators
On 15 August 2025, the Hong Kong Securities and Futures Commission (HK SFC) issued its Circular to licensed virtual asset trading platform operators on custody of virtual assets. The circular sets minimum custody standards under the Hong Kong Securities and Futures Ordinance (Cap. 571) for all licensed virtual asset trading platforms (VATPs). It follows recent overseas incidents of compromised wallet solutions and aligns with Initiative 3 of Pillar “Safeguard” in the HK SFC’s ASPIRe Roadmap. The Circular established that client asset protection requires robust cold wallet governance, enhanced transaction verification, and 24/7 threat monitoring. These requirements now form mandatory obligations for licensed VATPs and will extend to providers of virtual asset custodian services once the legislative framework, as outlined in the Public Consultation on Legislative Proposal to Regulate Virtual Asset Custodian Services jointly issued by the Financial Services and the Treasury Bureau (FSTB) and the HK SFC, is implemented.
Singapore MAS and Brunei BDCB Strengthen Cross-Border Financial Cooperation with MoU on Collateral Framework
On 14 August 2025, the Monetary Authority of Singapore (MAS) and the Brunei Darussalam Central Bank (BDCB) announced their partnership at the fifth BDCB-MAS Bilateral Roundtable in Brunei Darussalam. The meeting reinforced cooperation between the two central banks in financial stability, payments connectivity, and cross-border liquidity management. Both regulators announced plans to commemorate the 60th Anniversary of the Currency Interchangeability Agreement in 2027. A Memorandum of Understanding was signed to establish a reciprocal cross-border collateral arrangement, enabling financial institutions in both jurisdictions to access a wider pool of eligible collateral. This provides greater flexibility in liquidity provisioning and strengthens resilience in regional markets. The roundtable confirmed the long-standing relationship between MAS and BDCB as an important framework for navigating regional economic developments.
US SEC Division of Corporation Finance Clarifies Application of United States Securities Laws to Liquid Staking
On 5 August 2025, the United States Securities and Exchange Commission (US SEC) Division of Corporation Finance issued a staff statement addressing the legal status of “Liquid Staking” activities. The statement clarified that Liquid Staking Activities, when conducted within the defined framework, do not constitute the offer or sale of securities under the United States Securities Act of 1933 or the United States Securities Exchange Act of 1934. The US SEC’s position extends its prior guidance on protocol staking and provides detailed analysis of staking receipt tokens. According to the US SEC Division of Corporation Finance, registration obligations arise only where the deposited crypto assets or the staking receipt tokens are structured as investment contracts. While the statement does not carry binding legal effect, it establishes an authoritative interpretive stance on how United States securities laws apply to liquid staking.
ASIC Investor Alert: Unlicensed Crypto Futures Offered by Bitget Breach Australian Financial Services Laws
On 28 July 2025, the Australian Securities and Investments Commission (ASIC) issued an investor warning against Bitget and its related entities, BTG Technology Holdings Limited. The regulator stated that Bitget is offering unlicensed crypto asset futures products to Australian investors without holding an Australian Financial Services (AFS) licence under the Australian Corporations Act 2001 (Cth). ASIC warned that Australians investing in these unlicensed derivative products lose access to statutory rights, including dispute resolution and client money protections. The futures products are marketed as “crypto futures trading” through Bitget’s website and app, available for download in Australia. ASIC emphasised that such futures products involve extreme leverage, with exposure of up to 125:1, far exceeding the 2:1 leverage ratio cap imposed under Australian law for retail clients. The regulator cautioned that trading in highly leveraged unlicensed derivatives exposes investors to...
ASIC Seeks High Court Appeal on Block Earner Crypto Financial Product Ruling
On 21 May 2025, the Australian Securities and Investments Commission (ASIC) announced that it is seeking special leave from the High Court of Australia to appeal the Full Federal Court’s ruling in the Block Earner case. The Full Federal Court had determined that a fixed-yield crypto lending product issued by Block Earner did not constitute a “financial product” under the Corporations Act 2001 (Cth). ASIC stated that the appeal is intended to clarify the statutory definition of “financial product” and determine the regulatory scope of interest-earning and asset-conversion products. ASIC emphasised that the definition is designed to be broad and technology-neutral and that clarity from the High Court is required in the public interest. The High Court of Australia will consider ASIC’s application on a date to be fixed. ASIC’s Legal Position ASIC’s appeal is in regards to authoritative clarification of the scope of the “financial product” definition in Australian law. The regulator...
ASIC Appeal in Finder Wallet Case Dismissed by Full Court of the Federal Court of Australia, Clarifies: Crypto Staking Activities not a Debenture
On 24 July 2025, the Full Court of the Federal Court of Australia dismissed the appeal brought by the Australian Securities and Investments Commission (ASIC) in the matter of Australian Securities and Investments Commission v Wallet Ventures Pty Ltd (formerly Finder Wallet Pty Ltd) [2025] FCAFC 93. The appeal concerned ASIC’s contention that the Finder Earn product constituted a debenture and therefore required compliance with the licensing and disclosure provisions of the Australian Corporations Act 2001 (Cth). The Full Court upheld the original Federal Court ruling, which found that the Finder Earn product was not a debenture, and consequently, Wallet Ventures Pty Ltd had not breached the Corporations Act as alleged by ASIC. The decision highlights interpretive challenges within the current statutory framework concerning the classification of debentures and the regulation of crypto-asset related offerings under Australian financial services law. Definitions Under the Australian...
US CFTC Launches Listed Spot Crypto Trading Initiative
On 4 August 2025, the United States Commodity Futures Trading Commission (US CFTC) has announced the launch of an initiative to enable trading of spot crypto asset contracts listed on a CFTC-registered futures exchange, or designated contract market (DCM). The move is detailed in the announcement Acting Chairman Pham Launches Listed Spot Crypto Trading Initiative and represents the first concrete step in the agency’s “crypto sprint” to implement recommendations from the President’s Working Group on Digital Asset Markets report. US CFTC’s Chairman’s Statement and Policy Direction “Under President Trump’s strong leadership and vision, the CFTC is full speed ahead on enabling immediate trading of digital assets at the Federal level in coordination with the SEC’s Project Crypto,” said Acting Chairman Pham. “There is a clear and simple solution the CFTC can implement now... Together, we will make America the crypto capital of the world.” The Chairman’s remarks is a politically aligned...
US CFTC Commissioner Kristin Johnson Summarises 2025 Global Regulators Roundtable on AI, Digital Assets, and Market Resilience
On 05 August 2025, United States Commodity Futures Trading Commission (US CFTC) Commissioner Kristin N. Johnson issued a formal statement summarising the outcomes of the 2025 Regulators Roundtable on Financial Markets Innovation and Supervision of Emergent Technology, held on 14 July 2025 in London, United Kingdom. Convened by Commissioner Johnson, the high-level event brought together market regulators, central banks, and consumer protection authorities from the United States, the United Kingdom, and Europe. A follow-on Public–Private Roundtable on Surveillance and Supervision in the Age of AI and Digital Assets, moderated by Bénédicte Nolens of the BIS Innovation Hub (Hong Kong), further expanded on the supervisory and operational implications of technological innovation. Commissioner Johnson’s statement outlines the central themes and takeaways from the roundtables and related industry events, including key discussions on artificial intelligence (AI), operational resilience,...
US CFTC Initiates Crypto Sprint to Implement Digital Asset Market Reforms
On 1 August 2025, the United States Commodity Futures Trading Commission (US CFTC) announced the launch of a "crypto sprint" aimed at implementing the recommendations of the President's Working Group on Digital Asset Markets. The US CFTC's Acting Chairman, Caroline D. Pham, confirmed the Commission’s swift action to fulfil former President Trump's vision of making the United States the "crypto capital of the world." Pham affirmed that the US CFTC would work in close collaboration with U.S. Securities and Exchange Commission (US SEC) Chairman Paul Atkins and Commissioner Hester Peirce to achieve "Project Crypto." This initiative is part of a broader effort to provide much-needed regulatory clarity while simultaneously fostering innovation within the rapidly evolving digital asset markets. Since the start of the year, the US CFTC has made notable strides, including holding the first-ever Crypto CEO Forum, retracting outdated staff advisories, and releasing new guidance designed to...
US SEC’s Crypto Task Force Launches National Roundtable Tour to Expand Stakeholder Dialogue on Regulatory Framework
On 1 August 2025, the United States Securities and Exchange Commission (US SEC) published Release No. 2025-102 titled "On the Road: SEC Crypto Task Force to Host a Series of Roundtables Across the U.S." stating that its Crypto Task Force, led by Commissioner Hester M. Peirce, will embark on a national tour titled “Crypto Task Force on the Road.” This initiative will include a series of roundtables across major cities in the United States to engage with stakeholders, particularly those in early-stage crypto ventures who have not previously participated in policymaking discussions. As per US SEC, the national outreach effort is designed to complement the spring 2025 Crypto roundtables held in Washington, D.C., by ensuring inclusivity in the regulatory consultation process. The objective is to engage directly with crypto-related projects with limited resources specifically, those with 10 or fewer employees and under two years old to understand their operational realities, regulatory...
US SEC Approves In-Kind Creations and Redemptions for Crypto ETPs, Expanding Operational Flexibility for Digital Asset Markets
On 29 July 2025, the United States Securities and Exchange Commission (US SEC) published in Release No. 2025-101, titled “SEC Permits In-Kind Creations and Redemptions for Crypto ETPs,” the orders enable Bitcoin and Ether ETPs to adopt in-kind mechanisms for share creation and redemption. This shift from the US SEC’s previous framework, which restricted spot Bitcoin and Ether ETPs to cash-only transactions. The change brings crypto ETPs into alignment with the operational norms of other commodity-based ETPs under US SEC oversight. This is a broader policy orientation toward regulatory parity and functional consistency across asset classes, where the in-kind model, already standard for many commodity ETPs, can now be applied to crypto products. US SEC Chairman Paul S. Atkins stated: “It’s a new day at the SEC, and a key priority of my chairmanship is developing a fit-for-purpose regulatory framework for crypto asset markets. I am pleased the Commission approved these orders permitting...
Singapore Launches Criminal Investigation into Tokenize Xchange Operator AmazingTech Pte Ltd After MAS Licence Rejection
On 1 August 2025, the Monetary Authority of Singapore (MAS) and Republic of Singapore’s Commercial Affairs Department (CAD) announced an ongoing criminal investigation into AmazingTech Pte Ltd (ATPL), the operator of the cryptocurrency platform Tokenize Xchange, and its related companies. The investigation follows a referral by the MAS after the regulator rejected ATPL’s application for a Major Payment Institution licence under the SG Payment Services Act 2019 and identified potential misconduct, including possible fraudulent trading. The official statement alleges that ATPL had been operating Tokenize Xchange under a temporary exemption from licensing under the SG PS Act, pending MAS’ assessment of its licence application. Such exemptions applied to entities whose activities came under MAS oversight when the PS Act took effect. However, ATPL's exemption expired on 4 July 2025 following MAS' rejection of its licence application. In accordance with the regulatory framework, ATPL was...
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