Introducing the crypto and digital assets regulation trackers

This week Compliance Corylated has introduced three crypto and digital assets regulation trackers as an ongoing feature.

Cryptocurrency and digital assets are the subject of regulatory shifts globally, ranging from President Donald Trumpʼs vision of the US as the “crypto capital of the world” to Singapore’s ban on exchanges, except its own Monetary Authority of Singapore (MAS), and the introduction of strict licensing for overseas firms.

Compliance Corylated now tracks the developments in regulation through three visualisations: a global map of crypto-related actions, a heatmap of stablecoin rules and a US timeline of proposed legislation.

Legislative progression

While legislation typically signals tighter oversight, in the digital assets world it often reflects growing political support for the crypto industry. Our research found that 13 jurisdictions made progress on crypto legislation during the second quarter of 2025 — consulting on, drafting and passing new laws.

We created a map of crypto-related developments that track legislative, regulatory and enforcement actions worldwide.

In the Asia-Pacific (APAC) region, Vietnam’s National Assembly went the furthest, with the approval of its Digital Technology Industry Law on June 15. This means digital assets in Vietnam will be subject to civil and financial laws, such as cybersecurity regulations and anti-money laundering and countering terrorist financing (AML/CTF).

South Korea also proposed its Digital Asset Basic Act to its National Assembly on June 10. Despite the 2022 Terra-Luna cryptocurrency collapse, South Korea’s new Democratic Party is pressing ahead with its pledge to “legalise and promote” the sector.

The US has also made progress with its GENIUS Act, which advanced to the Senate on May 20 and was approved on June 17. Republican representative French Hill also introduced the CLARITY Act of 2025 to Congress on May 29. The Financial Services Committee, led by Hill, passed the Act by a bipartisan vote of 32–19. The legislation is part of the 18 crypto legislations written since the administration of Joe Biden in 2020.

Meanwhile, the United Arab Emirates’ Securities and Commodities Authority (SCA) also licensed its first-ever fully regulated virtual asset service, Emcoin, on June 3, combining traditional finance and crypto into a single mobile application.

The platform sets a “regulatory benchmark” for other tokenised finance services, including comprehensive know-your-customer (KYC) processes and compliance standards, said Yasin Arafat, chief operating officer of EmCoin.

Stablecoin reserve rules

Many jurisdictions explicitly address stablecoins, with a particular focus on backing reserve requirements. The heatmap highlights common provisions among ongoing legislative and regulatory frameworks.

Stablecoin reserve requirements reflect the prudential risk appetite of each jurisdiction.

The UK is currently debating stablecoin issuance, with the Financial Conduct Authority (FCA) proposing a “balanced” approach, in two consultation papers published on May 28.

As part of its crypto roadmap, the FCA is consulting on the use of long-term public bonds, repo assets and money market funds as backing assets, despite these not yet being permitted in either the US or the EU. The UK regulator noted, however, that the backing reserve must be “low risk, secure, sufficiently liquid” and denominated in pounds sterling.

This contrasts with Hong Kong’s Stablecoins Bill, which allows the use of US dollar assets for Hong Kong dollar stablecoins, including US Treasuries. The Hong Kong Monetary Authority (HKMA) is consulting on stablecoin issuance after the Legislative Council passed the bill on May 21. Hong Kong’s reserve composition is considered more flexible than in other jurisdictions.

US digital assets bills

Under the Trump administration, Congress has seen five drafted bills on digital assets, in addition to the multiple roundtables by the US Securities and Exchange Commission (SEC).

The Senate’s GENIUS Act has progressed furthest in the legislative process and is heading for the House of Representatives as of June 18. Alternatively, the House may choose to advance its own STABLE Act, but it appears that the GENIUS Act has progressed much more quickly.

The House is now under pressure to pass the legislation before Trump’s August deadline. We will keep an eye out for further developments.