Crypto regulation in the world weekly digest #150

Kazakhstan

Kazakhstan has officially launched a pilot program for issuing «crypto cards», a major step in integrating digital assets with the country’s mainstream banking and payment infrastructure. The initiative is spearheaded by the National Bank of Kazakhstan and is part of a broader national strategy to develop the digital asset ecosystem under the directive of President Kassym-Jomart Tokayev.

The crypto card allows users to conduct cashless transactions using funds held in cryptocurrency wallets managed by licensed digital asset service providers, primarily crypto exchanges operating within the Astana International Financial Centre (AIFC). When a user makes a payment, their digital assets are sold in real time on the AIFC crypto market. The equivalent value in fiat currency is instantly credited to the crypto card, which functions like a standard payment card linked to a bank account. The payment is ultimately settled in fiat currency, ensuring compatibility with existing payment infrastructure and compliance with financial regulations.

The pilot aims to provide a secure and convenient way for residents to spend cryptocurrencies at any merchant that accepts regular payment cards, effectively bridging the gap between digital assets and everyday commerce. The initiative is designed to support the development of Kazakhstan’s digital asset industry, promote innovation, and strengthen the country’s position as a regional leader in fintech. The project also supports the safe integration of digital assets into the national financial system, moving Kazakhstan towards leaders of the cryptocurrency industry, such as Hong Kong. where similar projects have been already running and providing users with in-demand services such as RedotPay and others.

The crypto card pilot is part of a larger roadmap, with several related projects planned for 2025, including issuance of stablecoins backed by the national currency, tokenization of real estate and financial assets and development of custodial services and systems for digital asset storage and accounting. Participation in the crypto card project is limited to companies licensed by the AIFC, ensuring regulatory oversight and consumer protection.

UAE

Ripple’s RLUSD stablecoin has been officially approved by the Dubai Financial Services Authority as a recognized crypto token for use within the Dubai International Financial Centre (DIFC). This regulatory green light allows RLUSD to be integrated into a wide range of virtual asset services offered by DFSA-licensed firms in the DIFC, including payments, treasury management, and other enterprise-focused financial solutions.

The DFSA’s approval positions RLUSD among a select group of stablecoins permitted for use in Dubai’s leading financial district, alongside other major tokens like USDC and EURC. RLUSD is designed specifically for institutional and enterprise use, particularly to improve the speed, cost, and transparency of cross-border payments. Its features include 1:1 backing with U.S. dollar-denominated high-quality liquid assets, strict reserve management, third-party audits, and guaranteed redemption rights.

With nearly 7,000 companies operating in the DIFC at the end of 2024, this approval enables all DFSA-licensed entities to incorporate RLUSD into their offerings.

RLUSD will play a role in Dubai’s real estate sector, supporting the Dubai Land Department’s initiative to tokenize property title deeds on the XRP Ledger, aiming to enhance transparency and efficiency in property transactions.

The UAE saw a 55% year-on-year increase in stablecoin transaction volume in 2024, reflecting strong demand for blockchain-based payment solutions. With international trade volumes exceeding $400 billion, Dubai is positioning itself as a global hub for digital asset innovation. Earlier, in the UAE have decided to issue a dirham-pegged stablecoin.

RLUSD on the Ethereum blockchain is already supported by the TokenScope risk assessment platform.

Switzerland

Switzerland has approved a significant policy shift to enhance global tax transparency in the cryptocurrency sector. The Swiss Federal Council has adopted a bill that enables the automatic exchange of crypto-related tax information with 74 partner countries, including all European Union member states, the United Kingdom, and most G20 nations.

The bill was adopted on June 6, 2025, and is currently under discussion in the Swiss Parliament. If approved, the framework will take effect on January 1, 2026, with the first exchange of data expected in 2027. Crypto service providers in Switzerland will be required to collect and report information on customer holdings and transactions. This data will be shared with partner countries that meet the standards set by the OECD’s Crypto-Asset Reporting Framework (CARF).

The agreement covers all EU member states, the UK, and most G20 countries. Notably, the United States, China, and Saudi Arabia are excluded, as they have not agreed to the CARF rules. Data exchange will only occur with countries that express reciprocal interest and comply with the OECD’s CARF requirements. Swiss authorities will review each partner state’s compliance before sharing any data.

Switzerland, historically known for its financial secrecy, is signaling a major shift toward transparency and compliance with global tax norms. Until Switzerland fully implements the new framework, Swiss crypto providers will continue to have direct reporting obligations within the EU under the Directive on Administrative Cooperation (DAC8).

News from other countries:

• The UK’s Financial Conduct Authority (FCA) has announced a proposal to lift the ban on sales of crypto exchange-traded notes (ETNs) to retail investors, reversing a restriction that has been in place since 2019. This change would allow individual consumers in the UK to buy crypto ETNs, provided these products are traded on an FCA-approved investment exchange.

• Russian banks have recently started offering crypto-related financial products to accredited investors following approval by the Bank of Russia. As of late May 2025, financial institutions in Russia are permitted to provide a variety of cryptocurrency-linked instruments, including derivatives, securities, and other digital financial assets tied to crypto prices, but these products must not involve the actual delivery of cryptocurrencies. A notable example is T-Bank, which launched Bitcoin-linked digital financial assets available exclusively to accredited investors. These products allow investment in cryptocurrency through ruble-denominated applications without the need to open accounts on crypto exchanges or manage wallets, operating within the legal framework of Russia

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