Crypto regulation in the world weekly digest #154
USA
The U.S. House of Representatives has designated the week of July 14–18, 2025, as «Crypto Week», a focused period for considering pivotal legislation that could reshape the regulatory landscape for digital assets in the United States. This initiative is significant for the crypto industry for several reasons:
• CLARITY Act: Seeks to establish clear distinctions between digital assets that are considered securities and those classified as commodities. It aims to clarify the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and requires digital asset firms to provide retail disclosures and segregate client funds.
• GENIUS Act: Sets robust requirements for dollar-backed stablecoins, including full backing by U.S. dollars or highly liquid assets and annual audits for major issuers. This is intended to enhance consumer protection and foster innovation in the stablecoin sector.
• Anti-CBDC Surveillance State Act: Aims to block the creation of a retail U.S. central bank digital currency (CBDC), citing concerns about government surveillance and the protection of Americans’ financial privacy.
The lack of clear rules has been a major barrier for crypto businesses and investors in the U.S. By clarifying the roles of the SEC and CFTC and providing detailed guidelines for stablecoins, the proposed legislation could reduce legal uncertainty and compliance risks, making the U.S. more attractive for blockchain innovation and investment. A predictable, well-defined regulatory framework is expected to boost public and institutional confidence in digital assets, potentially unlocking new capital and encouraging the return of Web3 innovation that has migrated offshore due to regulatory ambiguity.
The legislative push aligns with President Trump’s pro-crypto agenda, which has received substantial support from the crypto industry.
Turkey
Turkey has banned access to PancakeSwap, making it the first decentralized exchange to face such enforcement in the country. The move is part of a broader regulatory crackdown by the Turkish Capital Markets Board, which blocked a total of 46 crypto-related websites for «providing unauthorized crypto services» to Turkish residents.
PancakeSwap and the other platforms were found to be operating without the required licenses under Turkey’s new regulatory framework for crypto service providers. Since March 2025, the CMB has enforced stricter rules, including mandatory licensing, enhanced Know Your Customer and Anti-Money Laundering compliance, and transparency/reporting obligations for all platforms serving Turkish users.
Turkish users can no longer directly access PancakeSwap and other blocked platforms, pushing them toward licensed, centralized exchanges or potentially riskier workarounds like VPNs. This action may reduce participation in decentralized finance within Turkey and could stifle local crypto innovation.
Turkey has seen rising crypto adoption, partly due to high inflation and currency instability. The lira became one of the top fiat currencies used for crypto purchases in 2024. While buying and holding crypto remains legal in Turkey, using digital assets for payments has been banned since 2021.
This is the first time Turkey has targeted a DEX, not just centralized exchanges. The move signals that other decentralized platforms like Uniswap could face similar scrutiny if they do not comply with Turkish regulations. The CMB’s actions serve as a warning to all crypto platforms: compliance with local licensing and regulatory requirements is now mandatory for continued operation in Turkey.
Germany
AllUnity, a joint company of Deutsche bank and Galaxy has received regulatory approval to launch the first fully regulated euro stablecoin in Germany, marking a major milestone for the European digital asset industry. The stablecoin, named EURAU, will be issued after securing an E-Money Institution (EMI) license from BaFin, Germany’s financial regulator.
EURAU is fully compliant with the EU’s new Markets in Crypto-Assets Regulation (MiCA), ensuring it meets the highest standards for transparency, security, and regulatory oversight. The stablecoin will be backed 1:1 by euro reserves, with regular audits, proof-of-reserves, and mandatory regulatory reporting to ensure institutional-grade transparency.
EURAU is designed for use by financial institutions, fintechs, treasuries, and large enterprises, enabling 24/7 instant cross-border settlements and seamless integration with existing financial infrastructure. The coin is the first euro stablecoin to be fully licensed under BaFin and compliant with MiCA, setting a new benchmark for regulatory rigor and trust in the European stablecoin market.
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