Regulation
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Regulation News
Regulation News
Browse all Regulation related articles and news. The latest news, analysis, and insights on Regulation.
244 Companies Receive Approval During MiCA Transition as Germany Takes the Lead
The transition period under the European Union’s MiCA framework, which regulates crypto asset markets, ends on July 1. The regulation, approved in December 2024, gave crypto asset service providers (CASPs) an 18-month compliance period. Once that period ends, platforms that have not obtained a MiCA license from any EU member state will no longer be able to serve customers across the bloc.According to data from the European Securities and Markets Authority (ESMA), 244 companies had received MiCA licenses as of June 26. Germany leads the list with 57 approvals granted through BaFin, accounting for roughly a quarter of all licenses. France’s AMF and the Netherlands’ AFM share second place with 26 approvals each, while Malta’s MFSA follows with 17 licenses.However, the numbers alone do not show the full picture. Before MiCA, more than 1,200 companies held national-level crypto registrations, but only around 17% of them managed to transition to the new standard. Poland alone was home to more than 1,400 legacy VASP registrations. This pointed to a large number of firms operating under looser national frameworks that may struggle to meet stricter EU-wide requirements.Binance’s Greece Plan Fell ApartThe final week of the transition period was especially difficult for Binance, the world’s largest crypto exchange by trading volume. According to a Reuters report published on June 16, Greek regulators were preparing to reject Binance’s MiCA application. Greece’s Hellenic Capital Market Commission (HCMC) did not confirm the claim, while a Binance spokesperson said the company had not received any formal rejection notice from the regulator.Binance had set up a holding company in Greece last December and submitted its application in January. In February, Binance co-CEO Richard Teng told Reuters that the company had chosen Greece as a suitable base for its European expansion after evaluating factors such as society, talent pool and security.On June 24, Binance announced that it had withdrawn its MiCA application in Greece and would seek a license in another member state. The company said it had worked “in good faith” with the HCMC for months but had not received a formal decision on the process. In a Reuters report published the same day, it was also stated that Binance had held talks with regulators in Ireland and Latvia, but faced resistance due to the company’s past anti-money laundering penalties and complex international structure.Gillian Lynch, Binance’s head of EU and UK operations, confirmed that the company had contacted four or five regulators, but said Greece was the only country where Binance had filed a formal application. Lynch said she did not understand why Greece might want to reject the application. She also stressed that Binance was not leaving Europe, but could simply look for a different path toward authorization.According to a Financial Times report published over the weekend, Binance is now pinning its MiCA hopes on France. The same report said Binance users in France, Italy, Poland and Spain had received emails explaining how they could withdraw their assets. Binance founder Changpeng Zhao also said in a June 26 post that he was saddened by the EU cutting its users off from the world’s highest liquidity.Rivals Compete for Customer TransfersThe uncertainty around Binance has also created an opportunity for rival exchanges. OKX, which received MiCA approval through Malta in January 2025, became one of the most vocal competitors. OKX founder Star Xu accused Binance of deliberately ignoring MiCA requirements even after the transition period. OKX Europe CEO Erald Ghoos also offered an 8% incentive for new deposits coming from Binance and non-compliant exchange Bybit. Coinbase CEO Brian Armstrong made a similar move, offering a 5% incentive to Coinbase One subscribers in certain countries.BitGo, a digital asset infrastructure provider that received MiCA approval from Germany’s BaFin in May 2025, is also trying to benefit from the gap. The company’s CEO, Mike Belshe, invited firms still waiting for approval to use BitGo Europe’s regulated custody and trading infrastructure.The market had already been weak for some time, and the negative news flow around Binance led to roughly $967 million in outflows over the past week. This figure still marks some recovery compared with the nearly $1.5 billion in outflows recorded on June 24, the day Binance withdrew its Greek application. During the same period, OKX saw inflows close to the amount Binance lost.
5 Key Crypto Developments of the Week: MiCA, U.S. Data and the Altcoin Calendar
As July begins, the crypto market is focused on five separate themes: Europe’s MiCA regulation, Robinhood’s new product launch, macro data from the U.S. and Europe, DeFi governance votes and the token unlock calendar. The most critical development is taking place in Europe. The transition period for the European Union’s Markets in Crypto-Assets regulation, known as MiCA, ends on July 1.MiCA becomes a concern for investors in EuropeBinance has withdrawn its MiCA license application in Greece and is now seeking approval from another EU country. This move has temporarily left the world’s largest exchange without a license in the EU. In a statement on the matter, Binance informed its users that it would no longer be able to accept new registrations and that some services would be restricted.Coinbase and OKX, meanwhile, moved quickly. Coinbase CEO Brian Armstrong announced a 5 percent transfer bonus valid until July 13 for users in Germany, France, Italy, Belgium, Poland, Sweden and the United Kingdom. OKX also launched one of the largest welcome campaigns in the company’s history, offering eligible users in the European Economic Area investment matching of up to 8 percent.In an email sent to users, Binance said their assets were safe and would remain accessible at all times. The company says its goals in Europe have not changed and that it is confident it will obtain a MiCA license in the coming months. However, the number of users lost during this period also raises the question of how many of them will return once the license is secured.Robinhood announcementMiCA is not the only item on the agenda. Robinhood will announce new products at its “The World is Flat” event on July 1, where CEO Vlad Tenev is expected to appear alongside Johann Kerbrat, the company’s general manager of crypto. On July 2, tokenization firm Securitize will also begin trading on the NYSE following its SPAC merger.Macroeconomic developmentsThe macro calendar will also be busy this week. On June 30, the U.S. House Price Index and JOLTs job openings data will be released. Market expectations for JOLTs stand at 7.28 million, compared with the previous reading of 7.618 million.On July 1, the eurozone’s preliminary inflation data for June will be published, with expectations at 3 percent, down from the previous 3.2 percent. On the same day, markets will follow U.S. ADP employment data, the ISM manufacturing PMI and Fed Chair Warsh’s speech at the European Central Bank forum.The most important data of the week will arrive on July 2, when nonfarm payrolls, the unemployment rate and weekly jobless claims will all be released on the same day. Markets expect nonfarm payrolls to come in at 114,000 and the unemployment rate at 4.3 percent. The previous nonfarm payrolls figure was 172,000, so the expected decline is quite sharp.What is happening in the altcoin market?The DeFi agenda is also far from quiet. Aave DAO has opened voting on a proposal to upgrade the Pendle PT risk oracle infrastructure to an automated system; the vote closes on June 30. The Arbitrum community is discussing a proposal to halt new investment activities by Arbitrum Gaming Ventures and limit the initiative to its existing portfolio, with excess capital planned to be returned to the treasury.Aavegotchi has also put forward a proposal to transfer the protocol’s intellectual property from Pixelcraft Studios to the AavegotchiDAO Foundation. The Redbelly Network community is evaluating a proposal to suspend the activities of its DAO until the ecosystem becomes more mature.On the token unlock calendar, EigenCloud will release 2.91 percent of its circulating supply into the market, worth approximately $8.44 million. MemeCore will unlock 0.56 percent of its supply, valued at $36.25 million. There are no scheduled token launches for this week.On the conference calendar, the Global Blockchain Show 2026 will take place in Riyadh on June 29-30, while Stablecoins Unblocked will be held in London on July 1.
Is Binance Really Pulling Out of Europe? Latest Developments
The debate over Binance’s future in Europe has grown in recent days. The reason is that the world’s largest cryptocurrency exchange has informed customers that it is restricting some of its services in the European Union. The exchange has failed to secure a Markets in Crypto-Assets (MiCA) license, which it was expected to have by July 1.In an email sent to users last week, the company said it would no longer be able to accept new registrations and would restrict some services. According to CoinDesk, a Binance spokesperson said user assets remain safe and accessible at all times.Where did the process begin?: Withdrawal from Greece, shift toward FranceLast week, Binance announced that it had withdrawn its application for an EU-wide license through Greek authorities. The company said it would instead seek authorization in another EU member state.According to the Financial Times, Binance’s application in Greece was rejected, after which the exchange said it planned to turn to France. However, according to people familiar with the matter cited in the report, any potential approval is likely to come well after the July 1 deadline. In other words, as things stand, Binance is set to remain without a license in the EU for a period of time.In a statement to CNBC, Binance said it would “take the necessary steps to meet the applicable requirements before July 1.” While the company acknowledged that some users could be affected by the process, it said it would remain in contact with them to provide clarity on the next steps and expressed confidence that it would obtain the license in the coming months.MiCA is the EU’s crypto asset regulation. Under the rules, crypto companies must obtain a MiCA license from at least one member state in order to provide services across all 27 EU countries. Companies that fail to secure a license by July 1 are expected to wind down their activities in the EU.This transition period marks the final phase of MiCA’s gradual implementation. The EU designed the regulation to create a framework in which crypto markets operate under a single set of rules. So far, several major exchanges have managed to obtain licenses from different member states. Binance, however, appears to have hit an obstacle in this process.What happened to users in France, Italy, Poland and Spain?According to the FT report, Binance sent emails last week to customers in France, Italy, Poland and Spain, where it holds local licenses, explaining how they could withdraw their funds from the exchange.Competitors did not stay idleBinance’s step back has given rival exchanges with EU licenses an opportunity to promote their own services. Bitpanda founder Eric Demuth said in a post on X that they prioritize trust over speed. He added that while Europe’s regulatory approach may be open to debate, the region places importance on consumer protection, and that his company was built with this in mind from the beginning. He also invited those who have not yet tried Bitpanda to do so. OKX founder Star Xu made a similar post on X, highlighting his company’s trusted crypto and fintech services. Investigations in Binance’s pastBinance has faced numerous investigations and criminal complaints in recent years. The exchange has been banned in the United Kingdom since 2021.In 2023, Binance pleaded guilty to charges related to money laundering and violations of international financial sanctions, and paid more than $4.3 billion in penalties to U.S. authorities.Last year, French authorities launched a judicial investigation into Binance over allegations that the company may have aided money laundering. Binance denied the allegations.This history also helps explain why competitors in the EU were quick to seize this opportunity. Binance’s delay in the MiCA process is not separate from years of regulatory issues; rather, it coincides with the exchange’s broader effort to rebuild its reputation in Europe.Binance was founded in 2017 by Changpeng Zhao. Zhao was sentenced to prison in 2024 over anti-money laundering violations and was pardoned in 2025 by U.S. President Donald Trump.
Japan Gives Green Light to Ripple’s RLUSD
Ripple has launched its dollar-backed stablecoin RLUSD in Japan. Following approval from Japan’s Financial Services Agency, the company made the token available to institutional and retail users through its partnership with SBI Holdings and its crypto arm, SBI VC Trade. The launch makes RLUSD the second foreign dollar-denominated stablecoin to receive approval in the country; before it, only USDC was on that list. Jack McDonald, senior vice president of Ripple’s stablecoins unit, said the collaboration with SBI Group would serve as a bridge across payments, tokenization and collateral management, connecting Japanese companies and individuals to global liquidity more efficiently.The JFSA’s approval is more than a routine permission. The agency classified RLUSD as a new type of electronic payment instrument under the Payment Services Act and granted the token “Type 4” electronic payment instrument status, a designation that no other crypto asset in the country currently holds. This category, created by the JFSA specifically for regulated stablecoins, gives RLUSD a clear legal position within Japanese payment law. The token is no longer operating in a zone of regulatory tolerance; it now functions within a legally defined framework.Japan Opened the Door, but Kept It NarrowIn the first phase in Japan, RLUSD transactions have been capped at 1 million yen, or roughly $6,200. This limit is designed to keep early-stage volume low and make monitoring easier. The token is running on Ethereum, not Ripple’s own XRP Ledger. In other words, the first Japanese version of RLUSD has gone live on infrastructure that the company does not directly control.The development in Japan came shortly after Ripple received preliminary approval in Luxembourg under the MiCA framework. Once the CASP license receives final approval, it will grant passporting rights across 30 countries in the European Economic Area. Taken together, the two developments mean Ripple has secured a legal foundation for RLUSD in Japan and much of Europe within a single week.The Approval Signal the Industry Has Waited for Over the Past DecadeThe stablecoin sector spent much of the past decade growing by moving around regulators. Issuers managed reserves from offshore locations, structured themselves in jurisdictions with lighter oversight and often faced enforcement only after the damage had already been done. RLUSD has tried the opposite route. It has secured licensing from two of the industry’s most important regulatory regimes; Japan and the European Union sit at the top of that list.This is where the real significance begins to take shape. A dollar stablecoin approved by both the JFSA and MiCA is not a temporary workaround built to avoid supervision. It becomes a product that banks and regulated exchanges can hold without taking on unnecessary legal risk. In Japan, SBI’s role as distributor places RLUSD not in front of a narrow crypto-native audience, but in the hands of an established financial player. The 1 million yen cap and Ethereum-based infrastructure show how cautiously Japan is taking this step; still, the direction is now clear. The industry has argued for years that it can operate within the rules. Two strict approvals in one week create a data point that is much harder to dismiss than another offshore launch.What remains is the question of usage. Convincing regulators was, on paper, the hardest part. Whether RLUSD can generate real volume in both regions is still untested.
U.S. Senate Approves Bill Containing CBDC Ban
The U.S. Senate approved the 21st Century ROAD to Housing Act, a sweeping housing bill, on Monday by a vote of 85-5. The bill aims to increase housing supply across the country and limit the dominance of institutional investors in the market. However, the part that drew the most attention from the crypto community was another provision embedded in the legislation: a ban on central bank digital currencies, or CBDCs. According to voting records on the Senate’s official website, bill H.R. 6644 passed with 85 votes in favor and only 5 against. This shows how broad the support for the legislation was. Given that housing costs have remained near the top of the political agenda in the U.S. for years, that is not particularly surprising.Background of the billLast week, key senators and representatives jointly released an updated version of the bill, signaling that the two chambers had reached an agreed text. House Financial Services Committee Chair French Hill said after Monday’s vote that housing supply lies at the heart of the problem and that the bill delivers real progress on that front.The bill is now waiting for a vote in the House of Representatives. If it passes the House, it will be sent to the president for approval. Politico reported last week that Republican House leadership planned to bring the bill to an expedited vote on June 23, when the House returned from recess.Details of the CBDC banThe 21st Century ROAD to Housing Act includes a provision that would ban the Federal Reserve from issuing a CBDC, or any digital asset “substantially similar” to a CBDC, until December 31, 2030. Adding an anti-CBDC provision to a housing bill is not a typical move, but it highlights a common tactic in Washington: attaching a controversial or standalone policy to a larger piece of legislation that is highly likely to pass. According to earlier reporting by journalist Eleanor Terrett, Republican representatives were the ones pushing for the provision to be included in the bill.The Trump administration has taken a clear stance on CBDCs from the beginning. Treasury Secretary Scott Bessent reiterated last month that CBDCs were definitely “not on the table,” emphasizing that the administration’s main priority was finalizing the Clarity Act, which focuses on digital assets.What does it mean for the crypto market?The fact that the ban excludes stablecoins is a critical detail for the industry. The text of the provision defines “open, permissionless and private” dollar-denominated assets as exceptions to the ban. This means that instead of a government-backed digital dollar, the path would remain open for stablecoins issued by the private sector. The ban is set to expire in 2030, and after that point, the Fed would still need congressional approval to move forward with a CBDC.If the bill becomes law, the U.S. will join the small group of countries that legally restrict their central bank from issuing a digital currency. This would place the U.S. in a distinct position in the global CBDC debate, separating it from other major economies at a time when many countries around the world are still researching, piloting or developing CBDC projects.
Fed Proposes Identity Verification Rule for Stablecoins
The U.S. Federal Reserve published a 130-page proposed rule on Thursday that would require stablecoin issuers to establish programs for identifying their customers. The regulation is part of the implementation process for the GENIUS Act, or the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which became law last year.The proposed rule aims to extend the Bank Secrecy Act standards that currently apply to financial institutions to the stablecoin industry. The Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and National Credit Union Administration (NCUA) are also involved in the regulatory process.Five Fed members voted to approve the proposal. The central bank’s new chair, Kevin Warsh, abstained. Fed Governor Michael Barr supported publishing the proposal, though he also raised concerns over whether the GENIUS Act sufficiently addresses money laundering risks in secondary-market transactions.Barr said some crypto asset service providers are subject to anti-money laundering and counterterrorist financing rules in their home jurisdictions. However, he stressed that malicious actors can still evade these restrictions relatively easily and without detection when conducting digital asset transactions.GENIUS Act’s One-Year Implementation TimelinePresident Trump signed the GENIUS Act into law on July 18, 2025, establishing the United States’ first comprehensive federal regulatory framework for stablecoins. The legislation introduced the designation of “permitted payment stablecoin issuer,” or PPSI, and established requirements covering reserve assets, capital adequacy, and regulatory compliance.Most of the implementing regulations must be completed by July 18, 2026. The law itself will take effect 120 days after that date or no later than January 18, 2027.The tight timeline has pushed federal regulators to publish a series of proposed rules throughout the year. In February 2026, the OCC released a proposed framework for issuers under its jurisdiction. The FDIC published its first rule on application procedures in December 2025, followed by a second proposal concerning reserve assets and deposit insurance coverage in April 2026.Also in April, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) issued a joint proposal that would classify stablecoin issuers as financial institutions under the Bank Secrecy Act and subject them to anti-money laundering obligations.With Thursday’s proposal, the Fed became the last of the four primary federal stablecoin regulators—the Fed, OCC, FDIC, and NCUA—to publish its draft rules. Some banking industry groups had previously asked the Treasury Department to extend comment periods until the OCC finalized its own rule. They argued that three separate GENIUS Act regulations directly depend on the OCC’s framework.Industry Focus Turns to the July DeadlineThe effort to coordinate these regulations signals a process that the crypto and banking industries will follow closely in the coming weeks. Although each proposed rule is undergoing a separate public comment process, the individual parts of the final framework are closely connected. A change to one agency’s reserve or custodial requirements could also affect regulations being developed by other agencies.The public comment period for the Fed’s proposal is only beginning. As with the proposals issued by other regulators, industry representatives are expected to submit objections and recommendations in the coming period.For stablecoin issuers and the banks that work with them, the main issue is how these fragmented rules will form a unified framework by July 18, 2026. Time is running short, and the regulators’ final adjustments will largely determine the rules under which the market operates as it enters 2027.
Binance’s MiCA License in Europe Could Be at Risk
According to Reuters, Binance’s MiCA license application filed through Greece is reportedly set to be rejected. If the report is accurate, the world’s largest cryptocurrency exchange could fail one of its most critical regulatory tests in Europe just before the EU’s July 1 deadline.MiCA, or Markets in Crypto-Assets, is the European Union’s comprehensive regulatory framework for crypto assets. A license obtained from any EU member state can theoretically be used across the entire bloc, making the choice of application country a strategic decision for companies.Binance chose Greece and submitted its application to the Hellenic Capital Market Commission (HCMC). The transitional period ends on July 1; after that date, companies operating without the required license will be in breach of EU law.Greece May Reject the ApplicationAccording to Reuters, citing two sources familiar with the matter, the HCMC plans to reject Binance’s application. Such a decision would affect more than the Greek market, as it could directly disrupt the exchange’s operations across the EU.MiCA licenses operate under a passporting system. Once authorized in one member state, a company can provide services throughout the bloc. A rejection in Greece would therefore block Binance’s chosen route to securing access to the wider European market.Binance disputes this account. A company spokesperson said the exchange believes it meets MiCA’s requirements and has worked with regulators throughout the 18-month application process. The spokesperson added that Binance had received no indication that its application would be rejected.There are now two conflicting accounts: a report based on unnamed sources and an official company statement rejecting its claims. The truth will become clear once the regulator announces its final decision.In a warning published in April, the European Securities and Markets Authority (ESMA) said crypto companies serving EU customers without the necessary authorization after July 1 would be violating the law. ESMA advised such companies to prepare either to cease their operations or transfer their customers to licensed platforms.For Binance, a rejection would create more than reputational damage. It would also bring an immediate operational challenge: the exchange would need to secure an alternative license quickly or redirect its European customers elsewhere.The report carries additional weight when viewed alongside Binance’s regulatory history. The exchange has been working to repair its relationship with regulators worldwide following its $4.3 billion settlement with US authorities in 2023 over anti-money laundering violations. Former CEO Changpeng Zhao was also sentenced to four months in prison before later receiving a pardon from President Donald Trump.Current CEO Richard Teng has repeatedly placed licensing in major markets at the center of Binance’s growth strategy. In a tweet posted this morning, Teng reiterated the company’s commitment to Europe and said Binance remained determined to obtain a MiCA license. He described the EU’s regulatory framework as “clear, fair and harmonized.”Binance appeared to believe that the application process was progressing smoothly, at least based on its public statements. Reuters’ sources paint a different picture. The outcome should become clear within weeks, with the July 1 deadline rapidly approaching.If the application is rejected, Binance users in the EU could be directly affected. The company may be forced to shut down parts of its European operations or move customers to a licensed alternative. ESMA’s April warning had already outlined such a scenario, although carrying out a transition involving millions of users would be a far more significant challenge.The market is now waiting for both the HCMC’s official decision and Binance’s response.
Japan Brings Tax Relief for Crypto Investors
Japan's lower house has moved forward with a bill that would classify crypto assets as financial instruments. The legislation advanced another step on June 10 after receiving approval from the House of Representatives Committee on Finance and Financial Affairs. If it is also approved by the upper house, the House of Councillors, it will take effect in 2027.Under the bill submitted by the government in April, crypto assets would be evaluated under a regulatory framework similar to that applied to stocks. This would mean stricter trading rules for the sector. At the same time, a reduction in the tax rate on crypto gains is also on the table, with the current maximum rate of 55% potentially being replaced by a fixed 20% rate, the same level applied to stocks and bonds.At present, Japan's top financial regulator, the Financial Services Agency (FSA), mainly regulates crypto assets under the Payment Services Act and treats them as a means of payment. The new regulation would fundamentally change this approach. Crypto-related businesses would come under much broader oversight.Crypto Momentum Builds in JapanThe regulatory development comes at a time when Japan's crypto sector is gaining momentum, particularly in the stablecoin space.In 2023, the country clarified its stablecoin framework through amendments to the Payment Services Act. Those changes introduced the concept of "electronic payment instruments" into legislation, allowing registered service providers and banks to issue and manage stablecoins.Following the creation of this regulatory foundation, several industry moves followed. Fintech company JPYC Inc. announced in October 2025 that it had launched JPYC, the first legally recognized yen-based stablecoin. In February 2026, SBI Holdings and Startale Group introduced JPYSC, a trust bank-backed yen stablecoin designed for institutional and cross-border use cases.Japan's three megabanks, MUFG Bank, Mizuho Bank and SMBC, are also planning to begin live commercial transactions within the fiscal year ending in March 2027 with a stablecoin they will jointly issue. SBI Shinsei Bank, according to Nikkei, is also considering launching a crypto rewards program for deposit customers this autumn.Tax Reform: The Step the Sector Has Long AwaitedFrom the perspective of crypto investors, the most concrete impact of this regulatory shift will be felt on the tax side. In Japan, crypto income is currently classified as "miscellaneous income" and is subject to marginal tax rates of up to 55%. This has long been seen as a deterrent for crypto investors in the country.If the new framework is adopted, crypto gains will be subject to the same fixed 20% tax rate applied to stocks and bonds. This change would serve as a major incentive for both retail investors and institutional players looking to include crypto assets in their portfolios.The Global ContextWith this move, Japan is clarifying its own framework at a time when the United States continues to debate whether crypto assets should be treated as securities. Europe’s MiCA regulation has entered into force, while Hong Kong has accelerated its licensing processes. In this context, Japan’s step can be read as a reflection of how regulatory clarity is increasingly becoming a decisive competitive factor for the global crypto sector.The bill will now be submitted to the upper house. If approved, Japan’s crypto regulatory architecture will be significantly reshaped as of 2027.
Russia Plans Extra Tax on Western-Linked Cryptocurrencies
Russian Deputy Finance Minister Ivan Chebeskov said Russia plans to introduce transaction fees and restrictions on Western-linked cryptocurrencies. Speaking to reporters on June 9 at the St. Petersburg International Economic Forum (SPIEF 2026), Chebeskov said the proposed measures aim to steer Russian investors away from assets considered “unfriendly.”Under the draft framework, Russia would create a system consisting of economic incentives, technical restrictions and recommendation mechanisms. Chebeskov said, “There may be both technical protective measures and various practices such as economic incentives, commissions or recommendations that encourage citizens to hold other assets.”Which cryptocurrencies are being targeted?The draft defines tokens issued by entities under the jurisdiction of countries included in Western sanctions lists as “unfriendly.” The main assets falling under this classification are USDT, USDC and BNB.The common thread is clear: the issuers of these three assets, Tether, Circle and Binance, have previously frozen wallets or restricted access for Russian users at the request of foreign authorities. Russia frames this situation directly as a sovereignty issue.Freedom Global analyst Vladimir Chernov estimates that possible fees could range between 0.5% and 2% for “unfriendly” token transactions, while dollar-linked stablecoins could face fees of up to 3%. Chernov also stressed that excessively high fees could push users toward informal channels.What will retail investors be able to buy?According to statements from Central Bank Deputy Governor Vladimir Chistyukhin, starting July 1, 2026, Russian citizens without qualified investor status will be allowed to trade only three tokens: Bitcoin, Ethereum and USDT.USDC and BNB were excluded from the retail investor list because their issuers can freeze assets at the request of foreign authorities. Tether carries the same risk; in fact, Russian officials initially considered banning USDT entirely. After objections from the industry, that decision was rolled back, but access was left open in a restricted form with new protective mechanisms added.Ruble-linked stablecoins are expected to gain priority for inclusion on the list.Where does the bill stand?The measures announced by Chebeskov have not yet become law. The bill titled “On Digital Currency and Digital Rights” was approved in the first reading in the State Duma on April 21, 2026, by a vote of 327 to 13.The first reading established the basic framework: five licensing categories for crypto operators, broad supervisory powers for the Bank of Russia, the ongoing ban on domestic crypto payments and a clear opening for cross-border crypto swaps used to bypass sanctions.The main points of contention will take shape during the second reading. Anatoly Aksakov, chairman of the Duma Financial Markets Committee, aims to finalize the main framework by July 2026 and bring implementation rules into force by July 2027. The fee structure for unfriendly assets sits at the center of the negotiations.The scale of the numbersAccording to Chainalysis data, Russia processed approximately $376 billion worth of cryptocurrency transactions between July 2024 and June 2025. This was the highest recorded volume across Europe.Legal expert Yuriy Brisov says Russian investors pay around $15 billion in commissions to foreign crypto exchanges every year. The law aims to redirect this revenue to licensed domestic platforms.Another piece of data completes the picture: according to the Bank of Russia’s Financial Stability Report dated June 1, retail crypto investments stood at only 3.8 billion rubles, or roughly $44 million. The deep gap between $376 billion in transaction volume and $44 million in investment size shows that Russia’s crypto weight lies not in domestic portfolios, but in cross-border flows.Two options for foreign exchangesThe regulatory framework directly affects not only individuals, but also international exchanges. Starting in July 2026, foreign platforms without operating permission or a physical office in Russia could be fully blocked. Roskomnadzor is reportedly preparing DNS-level filtering tools similar to those used against YouTube.Binance, which has excluded Russian users from its services, and HTX, which was added to the United Kingdom’s sanctions list last month, are among the platforms facing the most direct pressure. The options are clear: comply with Russia’s licensing rules or lose access to millions of users.
Dozens of Companies, From Coinbase to Kraken, Join the Same Letter: CLARITY Act Call
Dozens of leading crypto companies, including Coinbase, Kraken, Uniswap and Andreessen Horowitz, have sent a joint letter to the U.S. Congress calling for legal protections for software developers to be added under the CLARITY Act. The letter argues that developers working on open-source blockchain infrastructure should not face legal liability for illegal actions committed by third parties.The signatories also include Aave, 1inch, Block, BitGo, Aptos Labs, Zcash, Solana Labs, Galaxy Digital, Ledger and Hyperliquid. Point of tension: Developer liabilityThe CLARITY Act, currently being considered in the Senate, aims to clarify the legal status of digital assets and the boundaries of regulatory authority. However, several key issues remain unresolved. The scope of developer protections and whether stablecoins should be allowed to pay interest are among the main points of disagreement in the final stage of negotiations.In their letter, crypto companies raise a concrete concern: those who develop open-source software or build blockchain infrastructure could face excessive legal burdens due to user behavior or third-party misuse beyond their control. According to the industry, this risk seriously weakens the DeFi development environment in the United States.The White House is involvedDiscussions on the issue are not limited to Capitol Hill. According to Fox Business reporter Eleanor Terrett, administration officials met with law enforcement representatives at the White House on Wednesday. The agenda focused on concerns over whether the CLARITY Act could undermine efforts to combat illicit finance.This concern remains one of the biggest obstacles preventing the bill from moving to the Senate floor. Some Democratic senators have made clear that they will not support the bill unless they believe law enforcement concerns have been adequately addressed.The meetings followed a broad industry pressure campaign. That campaign included a public meeting attended by former law enforcement officials and a private event involving crypto industry supporters.What the industry wantsThe core demand in the companies’ letter is clear: blockchain development activity cannot grow in the United States unless legal uncertainty is resolved. If developer protection provisions are included in the bill, the legal risks for those working on open-source DeFi infrastructure would be significantly reduced.Although it remains unclear when the bill will come up for a vote, negotiations in Congress are continuing alongside White House-level discussions and intense lobbying efforts from the industry.
CFTC Opens the Door to Crypto Perpetual Futures in the U.S.
Access to crypto derivatives in the United States has been heavily restricted for years. A large part of global trading activity moved overseas, while U.S. investors were forced to turn to offshore platforms for these products. That picture is now changing.The Commodity Futures Trading Commission (CFTC) has cleared the way for perpetual futures contracts, widely known as “perps,” to be offered domestically. Under the Commission’s latest move, Kalshi and Coinbase will be able to offer these products to users in the United States.What are perpetual futures contracts, and why do they matter?Perpetual futures contracts are derivative instruments that allow investors to take positions based on an asset’s price movement without directly buying the asset itself. Their difference from standard futures contracts is simple: they do not have an expiration date. A position can remain open until the investor decides to close it.This feature has made perps one of the most liquid and widely used products in the crypto derivatives market. However, the vast majority of these trades have taken place on offshore exchanges for years. U.S. users could not access this market.Coinbase CEO Brian Armstrong put the scale of the issue clearly. Until now, U.S. users had no access to roughly 80 percent of the global crypto market. Perpetual futures and options made up a significant part of that 80 percent. Armstrong said, “That is now changing.”What did the CFTC do?The Commission’s Division of Clearing and Risk, Division of Market Oversight and Market Participants Division issued a joint staff advisory on Friday. This advisory is not a formal rulemaking, meaning it does not carry permanent legal status. However, it clearly states that CFTC-registered exchanges may list perpetual futures contracts.In the advisory, Commission staff emphasized that demand for 24/7 trading has increased due to the impact of blockchain technology and decentralized infrastructure. In this environment, the staff’s aim is to explain the risks linked to continuous trading and how existing regulations address those risks. In a sense, the document offers a roadmap to the market.CFTC Chair Brian Quintenz described the decision on X as a historic step. “Today, the CFTC took a historic step enabling a bitcoin perpetual contract to be listed by a CFTC-registered exchange. This decision opens the door for one of the most liquid crypto asset markets to operate within the U.S. regulatory framework,” he said.Green light for Kalshi and CoinbaseThe CFTC authorized KalshiEX LLC to list BTCPERP, a perpetual contract linked to the price of Bitcoin. For Coinbase Financial Markets Inc., the Commission adopted a “no-action” position regarding the company’s plan to offer digital commodity derivatives products.Coinbase’s reaction to the development was openly enthusiastic. Armstrong described it as “a big day for U.S. traders and Coinbase.” What does it mean for the market?The perps market has long been the center of gravity for crypto derivatives. In terms of daily trading volume, it has frequently surpassed the spot market. Most of this volume has flowed through offshore exchanges such as Binance, Bybit and OKX. U.S. users either accessed these platforms through VPNs or missed out on this market entirely.The CFTC’s move creates an opportunity for domestic exchanges operating within a regulated framework to bring this liquidity onto their own platforms. Still, it is important to remember that the decision is advisory in nature and does not represent a formal regulatory change. A new administration or a step at the congressional level could change the picture again. For now, however, the CFTC’s message is clear: the U.S. wants to play a larger role in the crypto derivatives market.
FCA Approved: Aave Is Now in the UK
Aave Labs, one of the biggest names in decentralized finance, has cleared an important regulatory threshold in the UK. The company’s UK subsidiaries, Push Labs Ltd. and Push Virtual Assets Ltd., have received registration approval from the Financial Conduct Authority (FCA) as cryptoasset exchange providers.The two companies, both operating under the “Push” brand, are now registered under the UK’s anti-money laundering rules. In addition, the company also holds Electronic Money Institution (EMI) authorization under the Electronic Money Regulations 2011. Together, these approvals give Aave Labs the ability to build end-to-end fiat-to-crypto infrastructure in the UK.For now, the practical goal is clear: allowing users to transfer money directly from their bank accounts to Aave with zero fees, without leaving the app.Aave Labs founder and CEO Stani Kulechov said the FCA EMI authorization and cryptoasset registrations provide the regulatory foundation needed to offer zero-fee on-chain consumer financial products in the UK.A Growing License Map in EuropeThese approvals mark the continuation of Aave Labs’ regulatory expansion across Europe in recent months. In November 2025, the company’s Irish subsidiary received a Crypto-Asset Service Provider license from the Central Bank of Ireland under MiCA. That license gives the company passporting rights across the entire European Economic Area.After Brexit, the UK remained outside the EU framework, which meant a separate license was required. Aave Labs has now completed that step as well. The company is now positioned to operate under regulatory coverage both in continental Europe and in the UK.Aave also remains the largest on-chain lending market by total value locked.Funding, Products, RegulationThe timing of these approvals is also notable. In April, the Aave DAO approved a $25 million grant to the company. Around the same period, development work on Aave V4 and the GHO stablecoin also gained momentum. Taken together, the picture shows Aave Labs following a systematic path beyond its DeFi protocol identity and moving into licensed consumer finance.There is also continued activity on the FCA side. In April, the regulator launched a consultation process on stablecoin issuance rules, trading platforms and custody services. Formal licensing applications are expected to open in September 2026, while the broader framework is expected to come into force in October 2027.Aave Labs has secured its approvals before this timetable is fully finalized. While much of the sector is still waiting in line, the company has already taken its place in the UK.At the time of writing, AAVE was trading at around $82.81.
SEC Registers Stablecoin Company Paxos: The First and Only
Paxos subsidiary Paxos Securities Settlement Company (PSSC) has received official registration from the U.S. Securities and Exchange Commission (SEC) as a clearing agency. The company became the first and only blockchain infrastructure firm to receive this approval after a seven-year regulatory process.The registration was granted under Section 17A of the Securities Exchange Act of 1934. With this status, PSSC is authorized to operate as a central securities depository in the United States. The approval is a temporary registration, subject to the company meeting ongoing regulatory requirements.Paxos CEO and co-founder Charles Cascarilla summarized how the company reached this point in his statement: “This registration is the product of a seven-year journey. We began with our No-Action letter in 2019, then launched our pilot program with some of the world’s largest and most sophisticated financial institutions. Most importantly, it gives our partners access to the most comprehensive infrastructure that can continue to evolve alongside the market and blockchain technology.”Pilot program ongoing since 2020Since February 2020, PSSC has been offering clearing and settlement services for U.S. equities under the SEC’s no-action relief. The pilot program was conducted with the participation of “leading global financial institutions.” In 2022, a blockchain-based trial launched in partnership with State Street enabled same-day settlement, or the “T+0” model, for equity trades.Based on the findings from this process, the company argues that blockchain infrastructure offers concrete advantages in both cost and speed compared to traditional post-trade processes.Where traditional finance meets blockchainThis step comes at a time when traditional capital markets and blockchain technology are becoming increasingly intertwined. The Depository Trust & Clearing Corporation (DTCC) also recently announced its own tokenization service with the support of major Wall Street firms. Paxos’ SEC registration stands out because it places this convergence within a concrete regulatory framework.Paxos already has partnerships with major names including PayPal, Interactive Brokers, Mastercard and Mercado Libre. The company also issues PayPal’s PYUSD stablecoin and the Pax Gold (PAXG) token. Last October, due to a technical error, the company accidentally minted 300 trillion PYUSD and then burned the amount. Following that incident, Paxos received conditional approval to become an OCC national trust bank; this status would allow the company to operate under a single federal framework instead of a state-by-state regulatory patchwork.Paxos’ registration is a sign that blockchain infrastructure can no longer be ignored in institutional finance. Seven years of negotiations with the SEC and pilot programs may serve as a reference point not only for Paxos, but also for other companies trying to move forward in this field. Moving infrastructure layers such as clearing and settlement onto blockchain has mostly remained a theoretical debate until now. PSSC’s official registration brings that discussion onto a real regulatory footing.
Mastercard Secures Crypto License in New York
The New York State Department of Financial Services (NYDFS) has approved a BitLicense for Mastercard, granting the company authorization to conduct digital asset activities. The license is valid under one of the strictest crypto regulatory regimes in the United States.The company announced on Wednesday that Mastercard Transaction Services (U.S.) LLC had received the license. The move aligns with Mastercard’s broader strategy around blockchain-based payment and settlement infrastructure.Companies have been subject to BitLicense rules since 2015New York introduced the BitLicense framework in 2015, imposing strict standards on crypto companies in areas such as capital requirements, cybersecurity, compliance, and consumer protection. Licensed firms are also required to operate under the ongoing supervision of NYDFS.Although the framework has drawn criticism from the industry due to high compliance costs and lengthy approval processes, supporters argue that it provides institutional players with a clear foundation for operating digital asset businesses.With this decision, Mastercard joins a relatively short list of companies that have received the license recently. Crypto financial services firm Galaxy obtained a BitLicense earlier this month, while Bitcoin payments app Strike received approval in March. Since the regime was launched, around two dozen companies have been granted approval for virtual currency licenses.Mastercard Chief Product Officer Jorn Lambert commented on the development, saying: “Clear regulatory frameworks play a critical role in building trust as new forms of digital value move from experimentation to practical application.”Mastercard’s push into stablecoin infrastructure has taken concrete shape in recent months. In March, the company agreed to acquire stablecoin payments firm BVNK for $1.8 billion. Analysts interpreted the deal as a sign that stablecoins are no longer a niche crypto product, but are increasingly becoming part of mainstream financial infrastructure.These digital tokens, pegged to fiat currencies such as the U.S. dollar, are being used more widely in cross-border payments, treasury management, and institutional settlement. Blockchain transfers can take place around the clock and, in many cases, are completed much faster than transactions through the traditional banking system.Mastercard said the BitLicense approval supports its strategy for digital currencies, including stablecoins and tokenized deposits. The company emphasized that it will maintain the compliance and operational standards adopted across its global payment network.Investment by major payment networks in blockchain infrastructure is part of a broader transformation across the sector. Traditional banking and blockchain-based payment systems are beginning to take shape not as competing structures, but as parts of an interconnected ecosystem. With this move, Mastercard has positioned itself among the institutions moving early in that transformation.
Italy’s First Crypto Bank: Banca Sella Receives MiCA Approval
Italy-based Banca Sella announced that it has completed the mandatory notification process with the country’s central bank, Banca d’Italia. With this step, the bank became the first bank in Italy to gain a legal basis for offering cryptocurrency services. The group plans to open digital asset custody and transfer services to certain customer segments by the end of 2026.Active by year-endAccording to Banca Sella’s statement, the bank aims to launch digital asset custody and transfer services within this year. While these services will only be offered to specific customer categories, the bank also signaled that it does not plan to limit its crypto offering to these two products.Andrea Tessera, the group’s Head of Digital Banking, commented on the development as follows: The shift toward instant, interoperable, and programmable payment models, together with the tokenization of money and assets, is radically transforming financial infrastructure in Europe and globally. Banca Sella’s new services are positioned directly within this transformation.The bank is not taking this step from scratch. The group has long been investing in both technological infrastructure and human resources in the fields of distributed ledger technology, blockchain, and digital assets. Since 2022, the bank has participated in pilot programs run under Banca d’Italia’s Fintech Milano Hub. It is also among the founding members of the Qivalis consortium, which brings together 37 European banks and aims to launch a euro-pegged stablecoin.A milestone for MiCA complianceThe completion of the notification submitted to Banca d’Italia places Banca Sella in the position of Italy’s first bank that can begin offering services under Europe’s crypto regulatory framework, MiCA. MiCA stands out as a comprehensive EU regulation covering crypto assets and industry participants.The group’s focus is not limited to its current services. Banca Sella says it is also closely monitoring other developments in tokenization, especially the Pontes and Appia projects carried out under the Eurosystem with coordination from the European Central Bank.Europe ahead of the USThis picture once again highlights the regulatory gap between Europe and the United States. Apart from some exceptions in the investment banking segment, much of the US banking sector is still waiting for comprehensive legislation that would clarify the limits and opportunities in crypto. The Clarity Act remains stalled in Congress without making progress, and serious questions remain over whether it will become law this year.By contrast, Europe has paved the way for banks to enter crypto services by implementing a comprehensive and functioning regulatory framework such as MiCA. Banca Sella’s move is a concrete example of how this framework is being received in the traditional finance world.
