Crypto regulation in the world weekly digest #149

El Salvador

El Salvador has reached a staff-level agreement with the International Monetary Fund (IMF) on the first review of a $1.4 billion, 40-month extended loan arrangement, which includes conditions to limit the country's Bitcoin activities. As part of this agreement, El Salvador is required to stop increasing its Bitcoin holdings and to cease government involvement with the Chivo Bitcoin wallet by the end of July 2025. The IMF has emphasized efforts to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged.

Despite these conditions, El Salvador has continued to purchase Bitcoin. The country's Bitcoin Office has accumulated about 30 BTC in the past 30 days, bringing the total Bitcoin reserve to approximately 6,192 BTC, valued at around $675 million with an unrealized profit of $386 million. President Nayib Bukele has publicly stated that the government will continue acquiring one Bitcoin per day as part of its Bitcoin treasury strategy, defying the IMF's directive.

El Salvador appears to be maintaining technical compliance with the IMF by making Bitcoin purchases through entities like the Bitcoin Office, which may operate outside the direct fiscal sector, thus avoiding a formal breach of the agreement. The IMF has acknowledged the country's compliance with performance criteria so far and continues to collaborate constructively with Salvadoran authorities.

In summary, while the IMF agreement with El Salvador includes strict limits on Bitcoin accumulation and government involvement, El Salvador continues to buy Bitcoin, navigating the terms through indirect means and maintaining its Bitcoin strategy despite IMF pressure.

Thailand

Thailand is imposing strict limits on major cryptocurrency exchanges by blocking access to five prominent platforms — Bybit, OKX, CoinEx, and XT.COM — starting June 28, 2025. These exchanges have been found to be operating without the required local licenses, violating Thailand’s Digital Asset Business Act and related cybercrime laws. The Thai Securities and Exchange Commission has filed formal complaints against these exchanges and requested the Ministry of Digital Economy and Society to enforce the block.

The primary reasons cited for this crackdown are investor protection and the prevention of illegal activities such as money laundering. The SEC has warned investors to secure their assets on these platforms before the shutdown date, emphasizing that assets on unlicensed exchanges are not protected under Thai law and carry significant risks, including scams and exposure to illicit financial activities.

This move follows the enactment of new anti-cybercrime legislation in April 2024, which grants authorities broad powers to swiftly shut down unauthorized digital asset platforms. The crackdown is part of Thailand’s broader effort to regulate the digital asset market more tightly, ensure compliance with licensing requirements, and safeguard the integrity of its financial system.

In parallel, Thailand is also exploring regulatory reforms to integrate digital assets with traditional financial markets and plans to enable crypto spending for tourists via credit cards, reflecting a balanced approach to innovation and security in the crypto space.

The UK

The UK has taken a significant step toward regulating stablecoins and crypto custody services. On May 28, 2025, the Financial Conduct Authority published draft rules and opened a public consultation on the regulation of stablecoin issuance and the safeguarding (custody) of cryptoassets. These proposals follow draft legislation from HM Treasury released in April 2025 and are part of a broader effort to create a comprehensive regulatory framework for cryptoassets in the UK.

According to the document only «qualifying» stablecoins — those pegged 1:1 to fiat currency — are covered. Issuers must back stablecoins with secure, highly liquid assets, held with an independent third-party custodian under a statutory trust.

Stablecoin holders must have the right to redeem their tokens at par value, with redemption processed within one business day of a valid request. Issuers are required to clearly disclose their redemption policies and the composition of backing assets to consumers. A minimum capital requirement of £350,000 is proposed for stablecoin issuers.

Crypto custodians must segregate client assets from their own and hold them in trust for clients. They must maintain accurate records, ensure robust governance, and be able to return assets quickly in the event of insolvency. A minimum capital requirement of £150,000 is proposed for crypto custodians.

The FCA and the Bank of England are coordinating on the regime, with the Bank of England planning a separate consultation for systemic stablecoins later in 2025. The new rules will require FCA authorization for firms issuing stablecoins or offering crypto custody services in the UK.

News from other countries:

• Pakistan has announced its intention to establish a government-backed Strategic Bitcoin Reserve, signaling a dramatic change in its approach to cryptocurrencies. The announcement was made by Bilal Bin Saqib, Special Assistant to the Prime Minister on Crypto and Blockchain, during the Bitcoin 2025 conference in Las Vegas.

• A draft bill regulating cryptocurrency payments has been introduced in Guatemala’s Congress. The proposed legislation aims to provide a legal framework for the voluntary use of cryptocurrencies as a means of payment within the country. Notably, the bill includes provisions for tax exemptions on personal crypto transactions, making it more attractive for individuals to use digital assets for everyday payments. We continue to highlight the news of the world of crypto regulation worldwide. Please stay with us!