Global Regulation

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 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.

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

On 7 April 2025, the US DOJ, through a policy memorandum issued by Deputy Attorney General Todd Blanche titled “Ending Regulation By Prosecution”, announced a systemic shift in its enforcement approach to digital assets.

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.

On 21 March 2025, the US CFTC confirmed that the United States District Court for the District of Arizona has issued two judgments against Debiex and relief defendant Zhang Cheng Yang.

Explore this comprehensive overview of virtual assets law and regulation across more than 20 jurisdictions, including Mauritius, Seychelles, Hong Kong, Singapore, Antigua & Barbuda, Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Grenada, St. Kitts & Nevis, Estonia, Isle of Man, Gibraltar, Guernsey, Jersey, Malta, Abu Dhabi, Bahrain, Dubai International Financial Centre (DIFC), Dubai (UAE), and Qatar.

On 11 March 2025, the US SEC published a notice extending the review period for NYSE Arca’s proposed rule change.

On 11 March 2025, the US SEC published a notice inviting public comment on a proposed rule change submitted by NYSE Arca, Inc.

The FATF published its latest update on jurisdictions under increased monitoring, commonly known as the Grey List, dated 21 February 2025.

On 27 February 2025, the US SEC published Joint Stipulation to Dismiss, and Release and thereby dismissed its civil enforcement action against Coinbase Inc. and Coinbase Global Inc.