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Global Digital Asset Regulatory Developments: June 2025 Report

Executive Summary


June 2025 marked a period of significant progress in establishing detailed regulatory frameworks for digital assets worldwide. The European Union led the way, advancing its MiCA and DORA frameworks by publishing several key technical standards, including those concerning threat-led penetration testing, liquidity management for asset-referenced tokens (ARTs), and conflicts of interest policies for crypto-asset service providers. In Asia, Hong Kong took a significant step forward by gazetting its Stablecoins Ordinance and initiating consultations on corresponding AML/CFT requirements.


The United Kingdom continued to build on its ambition to be a crypto hub, publishing the Data (Use and Access) Act 2025 and clarifying the treatment of digital assets in private international law. In the United States, regulatory activity was characterised by key statements from the SEC on the classification of crypto assets and guidance on broker-dealer custody. On the international front, the FATF continued to maintain pressure on the global implementation of its standards, releasing targeted updates on virtual asset supervision and the Travel Rule.


This report provides a summary of significant regulatory and legislative developments in the digital asset, cryptocurrency, and distributed ledger technology sectors across key jurisdictions during June 2025.

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🇪🇺 European Union


The EU continues to build out its comprehensive digital finance framework, with significant progress on the detailed rules for both the Digital Operational Resilience Act (DORA) and the Markets in Crypto-Assets (MiCA) regulation.


  • DORA: A key milestone was reached with the publication of the Delegated Regulation on Regulatory Technical Standards (RTS) for threat-led penetration testing (TLPT) in the Official Journal of the European Union. This provides financial entities with the detailed requirements and standards they must follow to test their resilience against sophisticated cyber threats, a core component of the DORA framework.

  • MiCA: Progress on MiCA implementation accelerated with the adoption and publication of several critical delegated regulations:

    • Liquidity Management: The European Commission adopted a Delegated Regulation specifying the RTS on liquidity management policies and procedures for issuers of Asset-Referenced Tokens (ARTs).

    • CASP & ART Issuer Requirements: A series of delegated regulations were introduced to supplement the MiCA framework, establishing detailed standards for:

      • The records of crypto-asset service providers (CASPs) (Regulation (EU) 2025/1140).

      • Conflict of interest policies for issuers of ARTs (Regulation (EU) 2025/1141).

      • Broader conflict of interest policies, disclosure content, and methodology for all CASPs (Regulation (EU) 2025/1142).

      • The formal authorisation process for issuers of ARTs.

    • PSD2 Overlap: The European Banking Authority (EBA) published an opinion clarifying the intersection and potential overlaps between the Payment Services Directive (PSD2) and MiCA, providing essential guidance for firms navigating both regulatory regimes.

  • Digital Markets:

    • DLT Pilot Regime: The European Securities and Markets Authority (ESMA) has published its first report on the DLT Pilot Regime, providing initial insights and data from the sandbox environment for tokenised securities.

    • Strategic Analyses: The European Parliament released two influential reports: one analysing the United States' strategy on digital assets and formulating a European response, and another exploring the tension between "Crypto Mercantilism" and the EU's monetary sovereignty.


🇬🇧 United Kingdom


The UK continues to advance its agenda to become a global hub for crypto-assets through legislative action and strategic planning.


  • Data (Use and Access) Act 2025: This new legislation was published, setting out a framework for the use and access of data, which will have implications for the broader digital economy, including financial services and digital assets.

  • Private International Law: A significant publication addressed the complex issue of digital assets and (electronic) trade documents within the context of private international law, providing legal clarity for cross-border transactions and disputes.

  • Industrial Strategy: The government outlined its modern industrial strategy, which includes specific provisions and goals for strengthening the UK's financial services sector, with a clear focus on embracing innovation in areas like digital assets.


🇭🇰 Hong Kong


Hong Kong took decisive steps to regulate stablecoins, establishing itself as a key jurisdiction for this asset class.


  • Stablecoins Ordinance: The government officially gazetted the new Stablecoins Ordinance, providing a formal legal framework for the regulation of stablecoin issuance and management.

  • AML/CFT Consultation: Following the ordinance, the Hong Kong Monetary Authority (HKMA) published a consultation paper detailing the proposed Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) requirements for regulated stablecoin activities.


🇸🇬 Singapore


The Monetary Authority of Singapore (MAS) provided further clarity on its regulatory approach to the digital asset space.

  • Regulatory Regime Clarification: The MAS issued a statement clarifying the regulatory regime for digital payment token (DPT) service providers, ensuring firms in the sector have a clear understanding of their compliance obligations.


🇺🇸 United States

The regulatory landscape in the US remained dynamic, with key statements from the Securities and Exchange Commission (SEC) and a focus on inter-agency coordination.


  • SEC Statements:

    • A public statement titled "Muddying the Waters" was released, addressing what the agency perceives as growing confusion regarding the security status of crypto assets.

    • In remarks at the "Final Crypto Task Force Roundtable," the SEC outlined its perspective on "Where We Go From Here," signalling future regulatory priorities.

  • Broker-Dealer Custody: In a significant move for institutional adoption, a Joint Staff Statement was issued on the custody of digital asset securities by broker-dealers, guiding compliance with the Customer Protection Rule.

  • Summary of Developments: A summary report was also released, encapsulating the various regulatory activities and trends observed in the digital asset space throughout the month.


🌍 International


International bodies and rating agencies focused on the global implementation of standards and risk management for virtual assets.

  • FATF: The Financial Action Task Force released two key reports:

    • A targeted update on the global implementation of its standards on virtual assets and virtual asset service providers (VASPs).

    • A detailed report on the supervision of the "Travel Rule", assessing how jurisdictions are monitoring and enforcing the requirement for VASPs to share originator and beneficiary information.

  • Economic & Risk Analysis:

    • A report was published on "Blockchain Technology, Web3 and Cryptoassets as a Driver of Innovation and Growth for the City of London & Broader UK Economy," highlighting the potential economic benefits of the sector.

    • Moody’s released an analysis on managing digital asset risks, focusing on the critical importance of smart contract security, the use of AI for monitoring, and ensuring robust interoperability.


 
 

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The posts listed on the 'What we think' webpages are our interpretation of regulatory developments we have been reading about. They should not be considered legal, regulatory or other advice. Contact us if you want to understand the impact of public policy, regulation and governance changes for you.

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