1.UAE Issues Federal Decree №6: Fully Bring DeFi, Stablecoins and Cross-Chain Bridges Under Central Bank Supervision link
The UAE has officially enacted Federal Decree-Law №6 of 2025, which for the first time fully brings DeFi, Web3, stablecoin protocols, DEXs, cross-chain bridges and other related sectors under the regulatory scope of the central bank. “Being merely a piece of code” will no longer be regarded as a ground for exemption from liability.
The new regulation has been in effect since September 2025 and requires projects engaged in businesses such as payment, custody, lending, and investment to complete licensing and compliance procedures by September 2026. Otherwise, they will face a maximum penalty of 1 billion dirhams (approximately 272 million US dollars) and criminal sanctions.
The regulation does not prohibit self-custody wallets, but if wallet service providers offer regulated functions such as payment or money transfer to users in the UAE, they shall be required to apply for a license.
2. Japan Financial Services Agency Plans to Mandate Cryptocurrency Exchanges to Establish Liability Reserves link
Japan’s Financial Services Agency (FSA) plans to require cryptocurrency exchanges to mandatorily establish liability reserves to address asset outflows caused by unauthorized access and other incidents, and to promptly compensate users in the event of accidents. The Working Group of the Financial System Council will include this institutional arrangement in a report to be released soon, and the FSA will promote the formulation of specific rules based on the report. This move stems from the frequent occurrence of global cryptocurrency outflow incidents, and Japan aims to further strengthen investor protection.
3. South Korea’s Financial Intelligence Unit to Impose Penalties on Both Entities and Individuals for Multiple Cryptocurrency Trading Platforms link
Korea Financial Intelligence Unit (KoFIU) is expected to successively impose institutional and individual penalties on exchanges including Korbit, Gopax, Bithumb and Coinone following Dunamu. The penalties will be imposed in the First-In-First-Out (FIFO) order, and Bithumb may be penalized last due to an additional on-site inspection. Industry insiders anticipate that the violations of each exchange are roughly the same, and the intensity of the penalties will be similar to that imposed on Dunamu. It will be difficult for KoFIU to complete all the penalties within this year, and most of them are expected to be finished in the first half of next year. Previously, KoFIU imposed a fine of 35.2 billion won (approximately 24.35 million US dollars) on Dunamu, the operator of Upbit.
4. National Bank of Kazakhstan (NBK) Is Considering Investing Up to 300 Million US Dollars in Crypto Assets link
The National Bank of Kazakhstan (NBK) is considering investing up to 300 million US dollars in crypto assets, though the final investment scale has not been finalized and may only range from 50 million to 250 million US dollars. Timur Suleimenov, Chairman of the NBK, stated that due to the recent sharp downturn in the crypto market, it is necessary to wait for the dust to settle before entering the market cautiously, and the funds will come from the central bank’s foreign exchange reserves rather than the national fund. Kazakhstan has previously established a national-level crypto fund, Alem Crypto Fund, and completed its first investment in BNB.
5. Uzbekistan Announces That Stablecoin Payments Will Be Legalized Next Year link
Uzbekistan has announced that starting from January 1, 2026, it will allow stablecoins to be used for payments within a dedicated legal framework and simultaneously open up the issuance of tokenized stocks and bonds for enterprises. These measures have been introduced following the signing of a decree by the president, and the National Agency for Perspective Projects (NAPP) and the Central Bank of the Republic of Uzbekistan (CBU) will establish a regulatory sandbox and formulate pilot rules.
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6. Turkmenistan Has Adopted a Digital Asset Regulatory Bill link
Turkmenistan has passed a digital asset regulatory act that will take effect on January 1, 2026. The new act lays down provisions for the creation, storage, use and circulation of crypto assets, and introduces a licensing system for cryptocurrency exchanges and mining enterprises.
A government spokesperson stated that this initiative is aimed at attracting investment and advancing the digitalization of the economy. As a traditional natural gas exporter, Turkmenistan has been striving to achieve economic diversification.
The act, signed by President Serdar Berdimuhamedov, also clarifies the legal status and economic attributes of virtual assets, and imposes strict requirements such as mandatory customer identity verification and cold storage of custodial services on relevant institutions, while explicitly prohibiting covert mining activities.
7. Report: Philippines Is Expected to Unlock a 60 Billion US Dollar Asset Tokenization Market by 2030 link
According to the latest report by Saison Capital and Onigiri Capital, the Philippines is expected to unlock a $60 billion asset tokenization market by 2030, mainly derived from stocks ($26 billion) and government bonds ($24 billion). The report points out that the Philippines has a distinct “tokenization first-mover” advantage: 14% of the population holds crypto assets, while less than 5% own stocks or funds, with the penetration rate of crypto assets far higher than that of traditional investments.
8. Russian Advisors Propose Amnesty for Illegal Cryptomining Equipment Owners; About 60% of Mining Enterprises Remain Unregistered link
Oleg Ogienko, Advisor to the Working Group on Cryptocurrency Legislation and Regulation of the State Duma of the Russian Federation and CEO of Via Numeri, has proposed that the government grant amnesty to cryptocurrency miners using illegally imported mining equipment to promote their legalization and bring them under regulation.
Russia has recognized cryptocurrency mining as a legitimate commercial activity since 2024, requiring miners to register with the Federal Tax Service (FNS) and pay taxes if their monthly electricity consumption exceeds 6,000 kilowatt-hours. However, approximately 60% of mining enterprises have not yet completed the registration process.
Ogienko pointed out that the lack of an amnesty mechanism for illegally imported equipment is the main reason why miners have failed to register. Currently, only about 150 mining infrastructure operators and 1,300 related entities are registered.
9. People’s Bank of China and Other Authorities: Adhere to the Prohibitive Policy on Virtual Currencies link
The People’s Bank of China convened a coordination mechanism meeting, emphasizing that virtual currencies do not possess the same legal status as legal tender, nor do they have legal tender status. They should not and cannot circulate and be used as currency in the market, and relevant business activities are illegal financial activities. Stablecoins, as a form of virtual currencies, currently fail to effectively meet the requirements in customer identification, anti-money laundering and other aspects, and are at risk of being used in illegal activities such as money laundering, fund-raising fraud and unauthorized cross-border fund transfers.
The meeting required taking risk prevention and control as an eternal theme of financial work, continuing to adhere to the prohibitive policy on virtual currencies and constantly cracking down on illegal financial activities related to virtual currencies. All authorities should deepen coordination and cooperation, improve regulatory policies and legal bases, focus on key links such as information flow and capital flow, strengthen information sharing, further enhance monitoring capabilities, severely crack down on illegal and criminal activities, protect the property security of the people, and maintain the stability of the economic and financial order.
This meeting was a coordination mechanism meeting for combating virtual currency trading and speculation held by the People’s Bank of China. Participants included the Ministry of Public Security, the Cyberspace Administration of China, the Office of the Central Financial Commission, the Supreme People’s Court, the Supreme People’s Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the People’s Bank of China, the State Administration for Market Regulation, the National Administration of Financial Regulation, the China Securities Regulatory Commission and the State Administration of Foreign Exchange.
The meeting also pointed out that recently, affected by various factors, speculative activities involving virtual currencies have been on the rise, relevant illegal and criminal activities have occurred from time to time, and risk prevention and control are facing new situations and challenges.
10. Reuters: Bitcoin Mining in China Has Quietly Returned After the Comprehensive Ban in 2021 link
Bitcoin mining in China has been quietly making a comeback after the comprehensive ban imposed in 2021. Data from Hashrate Index shows that China’s share of global Bitcoin computing power has rebounded to around 14%, ranking third worldwide. Individual and corporate miners have resumed deploying computing power in regions with low electricity prices and surplus energy such as Xinjiang and Sichuan, where a number of new projects are under construction. Several miners stated, “As long as electricity is cheap, everyone will engage in mining.” CryptoQuant estimates that approximately 15% to 20% of the global Bitcoin computing power currently comes from China.
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