Hong Kong’s legislature has approved a bill introducing a licensing framework for fiat-referenced stablecoin issuers. The move provides legal clarity and aims to enhance the city’s position as a global digital asset hub.
Any issuer of stablecoins in Hong Kong or of HKD-backed stablecoins abroad must obtain a licence from the Hong Kong Monetary Authority. The law outlines standards for reserve asset management, redemption, and risk controls to protect investors and the wider public.
Officials say the legislation follows the principle of ‘same activity, same risks, same regulation’ and adopts a risk-based approach. Financial Secretary Christopher Hui stated that the measure sets a solid foundation for Hong Kong’s growing virtual asset market.
The HKMA’s sandbox programme for stablecoin issuers has already attracted three participants. The new ordinance is expected to take effect later this year.
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Pakistan has formed a new body to regulate its growing digital asset market and embrace blockchain-based financial innovation. The Pakistan Digital Assets Authority (PDAA), backed by the Ministry of Finance, will license and oversee exchanges, custodians, wallets, stablecoins, and decentralised finance platforms.
Federal finance minister Muhammad Aurangzeb said the goal is not only to catch up but to lead the sector globally. PDAA will also tokenise national assets and government debt, and monetise excess electricity through regulated Bitcoin mining.
The authority aims to create a safe and investment-friendly ecosystem for blockchain startups and Web3 development.
The move follows advice from the Pakistan Crypto Council, which includes former Binance CEO Changpeng Zhao. Council CEO Bilal Bin Saqib described the strategy as a complete rewrite of Pakistan’s financial future, with a focus on financial inclusion, digital exports, and innovation.
Pakistan‘s stance on crypto has shifted rapidly. Although the government had ruled out legalising digital assets in 2023, the country ranked ninth in Chainalysis’ 2024 crypto adoption index.
With over 27 million users expected by 2025 and projected revenue of $1.6 billion, Pakistan’s digital asset sector is now seen as a key growth driver.
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Russia’s Ministry of Justice is working on legislation that would classify crypto assets as property, enabling their confiscation during criminal investigations. The draft bill aims to tighten control over digital currencies increasingly used for illegal activities.
Deputy Justice Minister Vadim Fedorov stated that the new law would allow authorities to seize not only physical wallets but also credentials like seed phrases. Experts will assist in managing the secure handling of digital assets.
Courts may also be given the power to block transactions linked to certain wallets.
The move comes in response to a rise in crypto-related crime, particularly through darknet markets. One such platform, Kraken, has recorded a 68% surge in crypto transactions since the shutdown of Hydra in 2022.
Fedorov highlighted the challenges posed by digital currencies, citing their anonymity and lack of central control as major attractions for criminals.
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The largest cryptocurrency exchange in the US, Coinbase, revealed that a recent cyber-attack could cost between $180 million and $400 million. The attack compromised data from a small group of customers, including names, addresses, and emails, but login credentials and passwords remained secure.
Coinbase has promised to reimburse customers who were tricked into sending funds to the hackers.
Hackers bribed overseas contractors and employees in support roles to access internal systems. Coinbase immediately terminated those involved and refused to pay the $20 million ransom demand.
Instead, the company has offered a $20 million reward for information leading to the attackers’ capture and is cooperating with law enforcement agencies.
The breach was disclosed just before Coinbase’s planned entry into the S&P 500 index, marking a significant milestone for the crypto sector. Security remains a critical concern in the industry.
Earlier in 2025, the Bybit exchange suffered a $1.5 billion hack, adding to over $2.2 billion lost to crypto platform breaches this year alone.
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The US SEC has charged Unicoin and three executives for allegedly raising over $100 million through misleading investor claims. The SEC claims Unicoin falsely promised investors its crypto assets were backed by a multibillion-dollar global property portfolio.
Unicoin CEO Alex Konanykhin, board member Silvina Moschini, and former investment head Alex Dominguez are accused of exaggerating the company’s sales and falsely stating its tokens and certificates were SEC-registered.
The SEC said the real estate backing was worth far less than claimed and that most of the company’s sales were ‘illusory.’
The SEC said Unicoin falsely claimed decades of reserves while operating with less than a year of funding. Unicoin allegedly reported over $3 billion in certificate sales, though only $110 million was raised.
General counsel Richard Devlin was also charged but settled for a $37,500 penalty without admitting guilt. Unicoin and the named executives have yet to issue public statements, though Konanykhin previously said the company would fight the case in court.
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Telegram CEO Pavel Durov has alleged that France’s foreign intelligence agency attempted to pressure him. He claims they wanted him to ban Romanian conservative channels ahead of the 2025 presidential elections.
The meeting, framed as a counterterrorism effort, allegedly focused instead on geopolitical interests, including Romania, Moldova and Ukraine.
Durov claimed that French officials requested user IP logs and urged Telegram to block political voices under the pretext of tackling child exploitation content. He dismissed the request, stating that the agency’s actual goal was political interference rather than public safety.
France has firmly denied the allegations, insisting the talks focused solely on preventing online threats.
The dispute centres on concerns about election influence, particularly in Romania, where centrist Nicușor Dan recently defeated nationalist George Simion.
Durov, previously criticised over Telegram’s content, accused France of undermining democracy while claiming to protect it.
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Argentina’s government has disbanded the task force investigating the controversial Libra memecoin scandal, just three months after its creation. The unit, created by President Milei, investigated the memecoin that soared to $4.5 billion before crashing to $14 million.
The decree stated the task force had ‘fulfilled its purpose.’
Local lawmakers sharply criticised the decision, accusing the government of shielding those involved. Opposition figures labelled the task force a ‘front’ and suggested the closure was a move to protect suspects.
Meanwhile, the scandal continues to shake Argentina’s crypto scene.
Judge María Servini ordered banks to release financial records from 2023 for key suspects, including President Milei and his sister Karina. The investigation centres on allegations of bribery and illicit profit, involving several individuals connected to the Libra project.
Milei denies any wrongdoing amid mounting scrutiny.
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India’s Supreme Court has urged the government to regulate cryptocurrencies, citing a gap between taxing digital assets and failing to govern them properly. The court raised concerns about the economic risks posed by unregulated crypto activity, particularly Bitcoin.
Justice Surya Kant called crypto a ‘parallel economy’ and questioned the 30% tax without proper regulation. The court made its remarks during a hearing concerning an ongoing investigation into a Bitcoin-related transaction.
A government legal representative responded by indicating that a regulatory review may be considered.
Cryptocurrency use is growing in India. However, the country has yet to introduce dedicated laws to regulate the sector. It has raised concerns among legal experts, regulators, and crypto participants.
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Dubai’s crypto regulator has given virtual asset service providers (VASPs) until 19 June to comply with a new set of rules designed to improve transparency and oversight. VARA released Version 2.0 of its Rulebooks, adding stricter oversight and updated standards across key activities.
The changes include stricter requirements for margin trading, clearer definitions for terms such as ‘client assets’ and ‘qualified custodians,’ and consistent risk management obligations.
VARA aims to reduce regulatory uncertainty and make it easier for companies to meet cross-functional compliance.
The rules also introduce tougher conditions for token distribution and new restrictions on marketing, particularly for retail-facing offers. All licensed crypto firms must complete the transition within the 30-day window to avoid penalties.
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JPMorgan CEO Jamie Dimon announced plans to let the bank’s customers buy Bitcoin, though the firm will not hold the cryptocurrency on their behalf. Instead, Bitcoin purchases will be reflected in client statements, without JPMorgan providing custody services.
Dimon has long expressed scepticism about Bitcoin. He defended clients’ right to buy the asset despite concerns over its use in illegal activities like money laundering and trafficking.
Until now, JPMorgan’s crypto exposure was limited to futures products rather than direct digital asset ownership.
The move follows similar steps by Morgan Stanley, which recently offered spot Bitcoin ETFs to select clients. Spot Bitcoin ETFs have gained traction in the US, attracting nearly $42 billion in inflows since their January 2024 debut.
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