The US OCC proposes to value spot crypto ETPs associated with clearing member custodians at zero

Japan revises the Financial Instruments and Exchange Act; crypto assets are formally included as financial products

The amendment to the Financial Instruments and Exchange Act passed by the Japanese government first clearly defines cryptocurrency as a financial instrument, and introduces an insider trading prohibition and an obligation to disclose annual information. This marks a new stage in cryptocurrency regulation. It is expected to take effect in 2027 and establishes core rules such as prohibiting insider trading, mandatory disclosure, and enhanced penalties. In addition, the plan includes reducing cryptocurrency tax rates and opening the door to ETFs, to promote market transparency and investor protection.

Implement the Genius Act! The U.S. will regulate stablecoin issuers and require “transaction freeze” anti–money laundering capabilities

The U.S. Treasury will classify stablecoin issuers as financial institutions, requiring them to comply with anti-money-laundering regulations, and will designate U.S. residents with no criminal record as compliance officers. The new rules give issuers the authority to freeze transactions, emphasizing protection of the financial system and the promotion of technological development. However, regulatory pressure and political power struggles still remain, and the outlook for the market in the future is still to be seen.

The U.S. Department of the Treasury expands financial-grade cybersecurity intelligence to the crypto industry, and digital asset companies are receiving, for the first time, treatment on par with traditional finance.

The U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection announced that it will expand free cyber threat intelligence to eligible digital asset companies—marking the first time the cryptocurrency industry has been included in the country’s national financial cybersecurity information-sharing framework. This initiative is intended to help digital asset companies respond to cyber threats more effectively and to align with relevant policy recommendations to strengthen the resilience and security of the financial system.

South Korea’s Crypto Regulation Tightens: Transfers of 10 million KRW from Personal Wallets Must Be Mandatory Reported

The Korean Financial Intelligence Unit will impose stricter regulation on individual crypto wallets and overseas crypto exchanges. Under the new rules, digital assets transferred to individual wallets exceeding 10 million KRW must be reported, and the 1 million KRW minimum threshold will be removed. The industry is concerned this move may limit trading by Korean users, affect market liquidity, and is calling on the FIU to establish clear risk classification standards.

France Passes Custodial Wallet Declaration Law, Tax Authorities Warn of Potential Hacker Attacks

The French National Assembly has passed a rule requiring mandatory reporting of crypto assets held in self-custody wallets above 5,000 euros, applicable to multiple mainstream wallets. The DGFIP opposes this, arguing that enforcement will be difficult and that data centralization will increase user risk. Experts say the law may be hard to implement and urge users to closely monitor subsequent developments.

The Japanese Cabinet approved a bill to formalize cryptocurrency assets as financial products, with official implementation in 2027

The Japanese government approved amendments to the Financial Instruments and Exchange Act on April 10, marking the first time that crypto assets are brought under regulation. The amendments prohibit insider trading and require issuers to disclose annual information. The amendments increase penalties for violations; if approved by the National Diet, they will take effect in 2027, with the goal of improving market fairness and protecting investors.