Global Regulation

On 25 June 2025, United States Securities and Exchange Commission (US SEC) announced an extension of the compliance deadline for broker-dealers subject to its amended Rule 15c3-3, titled ‘Daily Computation of Customer and Broker-Dealer Reserve Requirements under the Broker-Dealer Customer Protection Rule,’ the compliance date is now pushed from 31 December 2025 to 30 June 2026.

On 25 June 2025, United States Securities and Exchange Commission (US SEC) announced an extension of the compliance deadline for broker-dealers subject to its amended Rule 15c3-3, titled ‘Daily Computation of Customer and Broker-Dealer Reserve Requirements under the Broker-Dealer Customer Protection Rule,’ the compliance date is now pushed from 31 December 2025 to 30 June 2026.

On 30 May 2025, the Monetary Authority of Singapore (MAS) launched the full licensing and compliance regime for Digital Token Service Providers (DTSPs) under the Singapore Financial Services and Markets Act 2022, for Digital Token Service Providers operating in or from within the Singapore Financial markets.

On 10 June 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting proceedings to assess whether to approve or disapprove Nasdaq’s proposed rule change.

On 2 June 2025, the United States Securities and Exchange Commission (US SEC) issued an Order instituting proceedings to assess whether to approve or disapprove a proposed rule change by Cboe BZX Exchange, Inc.

On 28 May 2025, the United States Securities and Exchange Commission (US SEC) published a Notice of Designation of Longer Period to extend its review timeline on a proposed rule change by NYSE Arca, Inc. seeking approval to list and trade shares of the Bitwise 10 Crypto Index Fund under proposed NYSE Arca Rule 8.800-E.

On 21 May 2025, the Government of the Hong Kong Special Administrative Region announced the passage of the Hong Kong Stablecoins Bill by the Legislative Council, officially enacting the Hong Kong Stablecoins Ordinance.

On 1 April 2025, the Swiss Financial Market Supervisory Authority (FINMA) implemented a structural reorganisation to strenthen its risk-based supervision across banking, insurance, and asset management sectors.

On 29 April 2025, the United Kingdom Government along with UK Financial Conduct Authority (UK FCA) and UK Treasury Department, in furtherance of the UK Crypto Roadmap, completed a milestone shift in Crypto asset regulation and published its first draft bill for cryptoassets under the Financial Services and Markets Act 2000 (FSMA)

On 8 April 2025, the United Kingdom Financial Conduct Authority (UK FCA) launched its Pre-Application Support Service (PASS).

On 7 April 2025, the United States Department of Justice (DOJ), through a policy memorandum issued by Deputy Attorney General Todd Blanche titled “Ending Regulation By Prosecution.”

On 4 April 2025, the United States Securities and Exchange Commission (US SEC), through its Division of Corporation Finance, issued an interpretive statement titled statement on stablecoins.