Global Regulation

On 9 July 2025, the United States Securities and Exchange Commission (US SEC) published the Notice of Filing of Amendment No. 2 to Proposed Rule Change to Amend the Bitwise Bitcoin ETF Trust and the Bitwise Ethereum ETF in Order to Permit In-Kind Creations and Redemptions, submitted by NYSE Arca, Inc. The amendment seeks to allow in-kind creation and redemption of ETF shares in both the Bitwise Bitcoin ETF and Bitwise Ethereum ETF, as an alternative to the existing cash-based model.

On 27 June 2025, the Hong Kong Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Securities and Futures Commission (HK SFC) jointly published two consultation papers proposing statutory licensing regimes for virtual asset dealers and custodians, marking a major regulatory development in the SAR’s digital asset agenda. These consultations follow the release of Policy Statement 2.0 on the Development of Digital Assets in Hong Kong and support the “Access” pillar of the SFC’s ASPIRe roadmap.

On 3 July 2025, the FINMA opened a public consultation on two new ordinances: the RDO-FINMA and the LiqO-FINMA.

On 25 June 2025, US SEC announced an extension of the compliance deadline for broker-dealers subject to its amended Rule 15c3-3.

On 30 May 2025, the MAS launched the full licensing and compliance regime for DTSPs under the Singapore Financial Services and Markets Act 2022.

On 10 June 2025, the 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 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 published a Notice of Designation of Longer Period to extend its review timeline on a proposed rule change by NYSE Arca, Inc.

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).