Crypto regulation in the world weekly digest #158

USA

The first comprehensive White House administration report on cryptocurrency was released on July 30, 2025, under President Donald Trump's administration. This document was produced by a cryptocurrency working group formed shortly after Trump took office in January 2025, fulfilling his campaign pledge to make the U.S. the «crypto capital of the world». The report outlines a detailed regulatory framework and policy recommendations to promote innovation while ensuring oversight in the digital asset sector.

The main goal mentioned in the report is the establishment of a pro-crypto regulatory stance, encouraging Congress to pass legislation (such as building on the bipartisan Clarity Act that provides clear rules for cryptocurrency markets and oversight by agencies like the SEC and the CFTC.

The reports urges regulators to clarify market participant requirements related to registration, custody, trading, and recordkeeping to facilitate innovation without excessive bureaucracy.

Endorsement of modernizing anti-money laundering rules and embracing decentralized finance (DeFi) technologies is another strategic goal.

The report also calls for Congress to empower the CFTC to oversee spot markets for non-security digital assets.

The working group that has prepared the report seeks to balance innovation, consumer protection, and market integrity in a pro-crypto framework markedly different from the prior Biden administration, which was more enforcement-focused. The document serves as a roadmap to institutionalize crypto policies, though some questions — like details about a federal digital asset reserve previously mentioned by Trump — remain open. It has been described by officials as the most comprehensive U.S. government document on digital assets to date and is positioned as a cornerstone for future legislation and regulation in the industry.

South Korea

The Bank of Korea (BOK) established a dedicated crypto monitoring group called the Virtual Asset Team or Crypto Assets Department. This new unit operates under the BOK’s Financial Payment Systems Bureau and focuses on overseeing and monitoring the crypto market, particularly Korean won-based stablecoins, which are becoming increasingly prominent in South Korea.

The Virtual Asset Team is responsible for monitoring crypto market developments and engaging in cooperative work with the government, especially during the legislative process related to stablecoins and virtual asset regulation. The team reflects a strategic shift at the BOK, moving from purely theoretical research on central bank digital currencies to a practical business department actively exploring digital currency initiatives, including stablecoins and tokenized assets.

This move aligns with growing national interest in stablecoins pegged to the Korean won, proposed stablecoin legislation, and the election of a pro-crypto president, Lee Jae Myung, who supports stablecoins and crypto ETFs. The Crypto Asset Department collaborates closely with the South Korean Financial Services Commission on regulatory matters, representing a more active engagement by the BOK in shaping the digital assets regulatory framework.

Bolivia

Bolivia, where cryptocurrency has been prohibited for years, and El Salvador, where it has been a legal tender since 2022, have entered into a formal partnership to develop a cryptocurrency framework in parallel with their fiat systems. The Central Bank of Bolivia signed a memorandum of understanding with El Salvador’s National Commission of Digital Assets to collaborate on crypto policy development, regulatory frameworks, blockchain intelligence tools, risk analysis, and legal standards for digital assets.

The partnership aims to modernize Bolivia’s financial system and improve financial inclusion, especially for families and small entrepreneurs. Today, Bolivia calls cryptocurrency a «viable and reliable alternative» to traditional fiat currency in light of its ongoing economic crisis.

Bolivia has lifted its decade-long crypto ban in June 2024, allowing banks to handle Bitcoin and stablecoin transactions. Crypto transaction volume in Bolivia surged from $46.5 million in June 2024 to nearly $294 million by June 2025, reflecting rapid crypto adoption.

The partnership focuses on sharing expertise and regulatory best practices rather than mandating specific crypto adoption policies, which helps Bolivia avoid some challenges El Salvador faced. The agreement is open-ended and effective immediately as of mid-2025.

This cooperation represents a significant step for Bolivia to build a well-regulated and inclusive digital asset ecosystem while benefiting from El Salvador’s pioneering experience in cryptocurrency adoption and regulation. It highlights a regional approach to integrating cryptocurrencies alongside traditional fiat currencies in Latin America.

News from other countries:

• The U.S. SEC has approved in-kind creations and redemptions for cryptocurrency exchange-traded products, including Bitcoin and Ether ETFs. This means authorized participants can now exchange ETF shares directly for the underlying crypto assets (Bitcoin or Ether) instead of receiving cash upon redemption. This shift moves crypto ETFs closer to the mechanics of traditional commodity ETFs.

• In Russia, a new reporting framework for cryptocurrency miners entered into force. This framework includes the introduction of a national registry for all crypto mining equipment, requiring mining operators to register their hardware with the government. Miners are also mandated to report their income and details about their mining operations directly via the Federal Tax Service portal.

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