Crypto regulation in the world weekly digest #152
Iran
Iran's largest cryptocurrency exchange, Nobitex, was hacked on June 18, 2025, in a politically motivated cyberattack claimed by the pro-Israel hacker group Gonjeshke Darande, also known as Predatory Sparrow. The hackers stole over $90 million worth of cryptocurrencies from Nobitex's hot wallets, including Bitcoin, Ethereum, Dogecoin, Ripple, Solana, Tron, and Ton. However, instead of stealing the funds for financial gain, the group transferred the stolen assets to specially created «vanity addresses» containing politically charged messages embedded in the public keys — addresses for which the hackers do not hold private keys, effectively rendering the funds irretrievable and «burned».
Specific examples of such vanity addresses include:
The attack coincided with broader cyber operations by the same group, which had also targeted Iran’s state-owned Bank Sepah a day earlier, disrupting ATM services nationwide. These incidents occurred amid escalating tensions and Israeli military strikes on Iran, highlighting the geopolitical motivations behind the hack.
In response, Nobitex confirmed the security breach, suspended its website and app temporarily, and assured users that most assets stored in cold wallets remained secure. The exchange pledged to compensate all losses through its insurance fund and internal resources.
This hack is notable not only for its scale but also for its unprecedented method of destroying stolen cryptocurrency to send a political message rather than for financial profit.
USA
The US Senate has passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins of 2025), a landmark bipartisan bill that creates the first comprehensive federal framework for regulating payment stablecoins, a type of cryptocurrency pegged to the US dollar or other fiat currencies.
The Act establishes a dual-licensing regime for fiat-backed stablecoin issuers, combining federal oversight with state flexibility. It requires stablecoins to be backed 1:1 by high-quality liquid assets, with mandatory monthly audits to ensure reserve backing.
The Act defines three permitted stablecoin issuer types: subsidiaries of insured depository institutions (IDIs), federal-qualified nonbank issuers regulated by the OCC, and state-qualified issuers. It also sets a $10 billion issuance threshold, above which nonbank issuers must submit to federal oversight; smaller issuers may operate under state regulation if state laws are substantially similar to federal standards.
The Senate passed the bill with a vote of 68-30, including bipartisan support with 18 Democrats voting in favor despite some opposition related to concerns over former President Donald Trump's cryptocurrency ventures. The legislation is seen as a historic step toward broader digital asset oversight and signals a shift from piecemeal legal battles to a proactive legislative approach to crypto regulation.
The bill now moves to the House of Representatives, where it will be reconciled with the House's STABLE Act, which has a different structure and scope. Key issues for the conference include the structure of federal oversight, coordination with state regulators, and the regulatory treatment of algorithmic stablecoins, which are not covered by the GENIUS Act.
Supporters hail the GENIUS Act as a means to protect consumers, enable responsible innovation, and safeguard the dominance of the US dollar in digital payments, while critics express concerns about potential conflicts of interest and the sufficiency of safeguards.
Vietnam
Vietnam has officially adopted a comprehensive crypto regulation through the Law on Digital Technology Industry, passed by the National Assembly on June 14, 2025, and set to take effect on January 1, 2026. This legislation legalizes digital assets by classifying them into two categories: virtual assets and crypto assets. Crypto assets are specifically defined as digital assets that use encryption technology to validate creation and transfers, while virtual assets are digital assets used for exchange or investment purposes. Importantly, neither category includes securities, digital fiat currencies, or other traditional financial instruments.
The law establishes a regulatory framework that mandates the government to develop specific business rules, classification criteria, and oversight mechanisms. It also enforces cybersecurity and anti-money laundering standards aligned with international norms, addressing concerns that previously placed Vietnam on the FATF grey list.
Vietnam’s new legal clarity is expected to boost its rapidly growing crypto ecosystem, which currently ranks fifth globally in crypto adoption. The law also sets a clear roadmap for startups to operate legally and benefit from government-backed incentives, positioning Vietnam as a serious contender in the global digital asset space.
In summary, Vietnam’s new law:
- Legalizes crypto assets under a clear regulatory framework starting January 2026.
- Classifies digital assets into virtual and crypto assets, excluding securities and fiat currencies.
- Requires compliance with cybersecurity and AML standards.
- Provides incentives to foster blockchain innovation and digital infrastructure.
- Aims to improve Vietnam’s international standing on AML compliance and digital technology leadership.
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