The digital asset landscape continues to evolve rapidly, with significant regulatory updates, institutional moves, and market developments emerging worldwide. Here’s a curated overview of the latest major events and trends shaping the industry.
Hong Kong Strengthens Digital Asset Ambitions with New Policy Framework
Hong Kong has released its "Digital Asset Development Policy Declaration 2.0," reinforcing its commitment to becoming a global hub for digital asset innovation. The updated policy introduces the LEAP framework, focusing on:
- Optimizing legal and regulatory structures
- Expanding tokenized product offerings
- Promoting real-world applications and cross-sector collaboration
- Developing talent and partnership ecosystems
Financial Secretary Paul Chan emphasized that careful regulation combined with support for market innovation will help build a thriving digital asset ecosystem integrated with the real economy.
South Korean Banks Collaborate on National Stablecoin Initiative
Eight major South Korean banks—including KB Kookmin, Shinhan, Woori, and NH Nonghyup—are jointly establishing a stablecoin venture in partnership with blockchain and digital identity associations. This consortium marks the banking sector's first collective entry into digital assets. Two stablecoin models are under consideration: a trust-based model and a deposit-pegged structure. The project aims to launch by late 2025 or early 2026.
Japan Proposes Crypto Law Overhaul for ETFs and Tax Reform
Japan's Financial Services Agency (FSA) has proposed bringing crypto assets under the Financial Instruments and Exchange Act. This change would enable the launch of Bitcoin ETFs in Japan and introduce a separate self-assessment tax rate of approximately 20%—replacing the current top marginal tax rate of 55%. The proposal is under review by the Financial System Council.
Federal Reserve Maintains Cautious Stance on Interest Rates
Federal Reserve Chair Jerome Powell reiterated a wait-and-see approach regarding interest rate cuts, noting that robust economic activity allows policymakers to monitor inflation and employment data closely. Powell emphasized the Fed’s focus on preventing sustained inflation resulting from trade tariff impacts, without hinting at a July rate cut.
Bhutan’s Bitcoin Reserve Reaches $1.3 Billion, Nearly 40% of GDP
Since launching a Bitcoin mining initiative in 2020, Bhutan has accumulated roughly $1.3 billion in Bitcoin—nearly 40% of its GDP—making it the third-largest government holder of Bitcoin globally. The country leverages its hydroelectric resources for mining and has built at least six mining facilities in collaboration with Bitdeer. Bhutan plans to hold long-term and explore crypto payments in tourism and future smart city projects.
UAE Web3 Fund Invests $100 Million in WLFI Tokens
Aqua1 Fund, a UAE-registered Web3 investment fund, has invested $100 million in WLFI tokens issued by World Liberty Financial Inc.—a DeFi platform linked to the Trump family. The platform’s co-founder announced at the Permissionless conference that several public companies are considering adding WLFI to their treasury reserves. The group also launched the World Liberty Financial App.
Turkey Introduces Stricter Anti-Money Laundering Rules for Crypto
Turkey’s Ministry of Treasury and Finance is implementing new regulations to combat money laundering via crypto assets, particularly targeting illicit gambling and scam proceeds. Key measures include:
- Mandatory origin and purpose documentation for transactions
- A minimum 20-character description for all transfers
- A 72-hour delay for initial withdrawals from non-compliant platforms
- Daily and monthly limits on stablecoin transfers
Compliant platforms may receive looser restrictions, while violators risk losing their licenses.
Barclays Bank Bans Crypto Purchases Using Credit and Debit Cards
Effective June 27, 2025, Barclays will prohibit customers from using their cards for cryptocurrency transactions. The bank cited volatility risks, potential debt accumulation, and lack of protection under financial ombudsman services as reasons for the ban. Barclays is one of the UK’s largest banks and is classified as a globally systemically important bank.
OKX Explores U.S. IPO Following Market Return
Cryptocurrency exchange OKX is considering an initial public offering in the United States. The move follows its return to the U.S. market in April 2025, signalling continued expansion ambitions in regulated markets. 👉 Explore more strategies for global market entry
Coinbase to Launch U.S. Perpetual Futures on July 21
Coinbase Derivatives Exchange is set to introduce "US Perpetual-Style Futures" on July 21, 2025. The offering includes nano Bitcoin (0.01 BTC) and nano Ethereum (0.10 ETH) contracts. These will be the first such products in the U.S., providing CFTC-regulated crypto derivatives and reducing the need for offshore trading platforms.
Notable Funding Rounds
Recent investment activity highlights continued confidence in digital asset infrastructure and Web3 innovation:
- OpenRouter: $40M in Seed and Series A funding
- The Smarter Web: £41.2M raised
- Zama: $57M Series B for encryption technology
- Digital Asset: $135M for Canton network development
- GTE: $15M Series A led by Paradigm for DEX development
- Veda: $18M for DeFi infrastructure
Additional funding initiatives involved Bitcoin treasury strategies and Web3 entertainment platforms, indicating diversified interest across sectors.
Frequently Asked Questions
What is a national stablecoin?
A national stablecoin is a digital currency pegged to a sovereign currency, often developed with support from domestic financial institutions. It aims to combine the stability of traditional finance with the efficiency of blockchain technology.
Why are banks banning crypto transactions?
Some banks restrict crypto transactions due to concerns about volatility, potential consumer debt risks, regulatory uncertainty, and limited investor protection mechanisms compared to traditional financial products.
How do Bitcoin ETFs work?
Bitcoin ETFs allow investors to gain exposure to Bitcoin without directly holding it. These funds track the price of Bitcoin and are traded on traditional stock exchanges, making them accessible to a broader range of investors under existing regulatory frameworks.
What is the significance of Bitcoin treasury reserves?
Companies and countries holding Bitcoin in treasury reserves aim to diversify assets, hedge against inflation, and potentially benefit from long-term value appreciation. This trend reflects growing institutional acceptance of Bitcoin as a store of value.
What are perpetual futures?
Perpetual futures are derivative contracts that allow traders to speculate on the future price of an asset without an expiration date. They are popular in crypto markets for leverage and hedging purposes.
How is Web3 influencing investment trends?
Web3 is attracting significant capital due to its potential to decentralize the internet, enhance user data ownership, and create new economic models through blockchain, AI, and tokenization.