regulation

According to Reuters, the French Financial Markets Authority (AMF) stated that in France, nearly one-third of cryptocurrency companies without EU licenses have not informed regulators whether they plan to apply for a license or will cease operations before July.Currently, among the approximately 90 registered cryptocurrency companies that have not obtained MiCA licenses, 30% have applied for a license, 40% have explicitly stated they will not apply, and the remaining 30% have not provided feedback on their plans.The transitional period for cryptocurrency regulation in France will end on June 30, and ESMA requires unauthorized companies to develop or implement an orderly exit plan before the deadline.

JPMorgan Chase's Chief Financial Officer Jeremy Barnum stated during the company's fourth-quarter earnings call that JPMorgan supports blockchain technology and financial innovation, but holds a clear cautious attitude towards the design of certain yield-bearing stablecoins, believing they could replicate traditional banking functions in the absence of appropriate prudent regulation, thereby creating a "dangerous and unwelcome parallel banking system."Barnum pointed out that the bank's stance aligns with the regulatory intent set forth by the GENIUS Act, which aims to establish clear boundaries for stablecoin issuance. He emphasized that if stablecoins possess characteristics similar to "interest-bearing deposits" but do not adhere to the capital, risk control, and compliance requirements that have gradually developed over centuries of banking regulation, they would pose risks to the existing regulated financial system.While JPMorgan welcomes competition and innovation, it does not support "shadow" banking structures that circumvent existing regulatory frameworks. At the legislative level, the issue of stablecoin "yields" has become one of the core divergences during the U.S. Congress's review of the "Digital Asset Market Structure Act."The latest revised draft indicates that lawmakers are inclined to prohibit digital asset service providers from paying interest or yields to users solely for holding stablecoins, to avoid their functions being equivalent to bank deposits; at the same time, the draft still leaves room for incentive mechanisms related to liquidity provision, governance participation, staking, and other network activities.

According to Cryptopolitan, Cardano founder Charles Hoskinson expressed skepticism in an interview about the U.S. "Digital Asset Market Clarity Act (CLARITY Act)" passing in the first quarter of 2026, and called for David Sacks, the Trump administration's head of cryptocurrency affairs, to resign. Hoskinson pointed out that since Sacks took office at the end of 2024, cryptocurrency prices have fallen, regulatory clarity has been lacking, and the industry has failed to establish a solid foundation for development.He believes that if the bill does not pass this quarter, Sacks should resign, stating that he has "let the entire industry down." Hoskinson also mentioned that if the Democrats regain control of the House in the midterm elections in November, the bill will be even less likely to pass. He criticized the current U.S. cryptocurrency policy for favoring large financial institutions over retail investors, centralizing the industry around Wall Street firms like BlackRock, Goldman Sachs, and Morgan Stanley.Additionally, Hoskinson reiterated that Trump-related cryptocurrency projects have caused market confusion, emphasizing that cryptocurrencies should remain global and neutral, rather than being nationalized or politicized. He advocates for the U.S. to establish enduring and non-restrictive cryptocurrency regulations, even if it takes longer.

According to The Nation Thailand, Thai Prime Minister Anutin Charnvirakul has officially launched a comprehensive campaign against "gray money" and illegal capital flows, ordering tighter regulations on gold trading and digital assets. In the digital asset sector, the government will strictly enforce the "travel rule," requiring the identification of both the sender and receiver in all wallet-to-wallet transfers to eliminate anonymity.In addition, Thailand will establish a national data bureau to centrally manage financial data, enabling regulatory agencies to track suspicious transactions in real-time.

According to The Block, U.S. Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden jointly introduced the "Blockchain Regulatory Certainty Act" on January 12, which clarifies that software developers who do not control user funds should not be considered money transmitters. This bill echoes previous work in the House of Representatives and is expected to be included in the Senate Banking Committee's broader legislation on cryptocurrency market structure.The Senate Banking Committee plans to hold a hearing this Thursday to revise and vote on comprehensive regulatory legislation for the cryptocurrency industry, with the text of the bill expected to be released early this week. The Senate Agriculture Committee was originally scheduled to review its cryptocurrency market structure bill on the same day, but it has now been postponed to later this month.Key points of legislative negotiations include the treatment of stablecoin yields, conflicts of interest in the Trump family's cryptocurrency business, and the role of decentralized finance (DeFi). The DeFi Education Fund emphasizes that this bill is crucial for protecting software developers and self-custody rights.

According to former Fox reporter Eleanor Terrett, the U.S. Senate Banking Committee will hold its first formal amendment review of the "Digital Asset Market Structure Act" (H.R. 3633) on January 15, after the House passed the bill in July 2025.The Senate version of the text will be submitted to lawmakers on Monday or Tuesday, with key focuses including ethical standards for officials holding digital assets, stablecoin yield attribution, and DeFi regulation. The bill may advance simultaneously with the Agriculture Committee version. If passed, it will lay the foundational framework for cryptocurrency regulation in the United States.

According to CoinDesk, the Dubai Financial Services Authority (DFSA) has banned the trading, promotion, and derivatives activities of privacy coins in the Dubai International Financial Centre (DIFC) starting today, citing their difficulty in meeting anti-money laundering and sanctions compliance requirements.The new regulations also redefine stablecoins, only recognizing "fiat-backed crypto tokens" supported by fiat currencies and high-quality assets; algorithmic stablecoins like Ethena are not considered stablecoins. In addition, the DFSA has transferred the responsibility for token suitability assessments to licensed institutions, shifting the regulatory focus to compliance enforcement.

According to CoinDesk, India's Financial Intelligence Unit (FIU) has announced stricter identity verification measures for cryptocurrency exchanges to combat money laundering and terrorist financing activities.The new regulations require exchanges to verify the authenticity and biometric features of users by having them take a blinking dynamic selfie, while accurately recording the user's geographic coordinates, time, and IP address. In addition to providing a Permanent Account Number (PAN), exchanges must also collect additional documents such as passports, driver's licenses, identity cards (Aadhaar card), or voter ID cards, as well as mobile phone numbers and email addresses, which will be confirmed via one-time passwords (OTPs). Ownership of user bank accounts will be verified through a "small credit verification" method, while high-risk customers or those associated with tax havens, jurisdictions related to the Financial Action Task Force (FATF), or potential risk exposure individuals or non-profit organizations will need to undergo enhanced due diligence every six months.Exchanges are prohibited from supporting ICOs and from using tools like mixers to obscure transaction trails, making cryptocurrencies untraceable. All platforms must register with the Financial Intelligence Unit, report suspicious transactions, and retain user data for five years. The guidelines indicate that initial coin offerings and initial token sales lack reasonable economic justification and pose "higher and more complex" risks of money laundering and terrorist financing.

According to DL News, data from Architect Partners shows that the publicly disclosed merger and acquisition (M&A) deal volume in the cryptocurrency industry surged to $37 billion in 2025, more than seven times that of the previous year, far exceeding analysts' expectations of around $30 billion, and setting a historical high for the industry. The transaction volume increased by 74% year-on-year, reaching 356 deals, of which 39 had a value exceeding $100 million, and 17 exceeded $500 million.Karl-Martin Ahrend, co-founder of Areta, stated that the speed of M&A transactions will depend on the clarity of regulations, interest rates, risk appetite, and valuation attractiveness, with traditional financial institution buyers most interested in the stablecoin and payments sectors. He expects that M&A activity will remain active in 2026, with the industry shifting towards building sustainable enterprises, leading to more "bridge" mergers and acquisitions, with deal terms focusing more on risk management. However, there may also be resistance from regulatory surprises, and the direction of U.S. regulations in early 2026 may provide clearer signals.

Bitget CEO Gracy Chen released five major predictions for cryptocurrency in 2026 on the X platform:Integration of cryptocurrency and traditional finance into a single market: Cryptocurrency exchanges will offer traditional assets (stocks, ETFs, commodities), while banks and fintech companies will adopt cryptocurrency trading and custody services, blurring the lines between cryptocurrency and traditional finance. Around-the-clock global trading will become the standard rather than an innovation.Stablecoins as global infrastructure: Stablecoins will surpass the digital dollar, becoming programmable settlement channels for remittances, salaries, fund management, and cross-border trade, especially in emerging markets where traditional banking services are slow and costly.The end of altcoin season: The long-anticipated altcoin season has never truly arrived; it is structural rather than cyclical. (In other words, it will never come.)Regulation is imperative: As global rules become increasingly clear, the "Wild West" era of offshore exchanges is coming to an end. Platforms that evade regulation will exit the market within three years.Structural rather than speculative growth: The next phase of cryptocurrency will be determined by macro factors and infrastructure: the global scaling of capital flows, market settlements, and payments.

The luxury real estate brand Sotheby's International Realty, under the auction giant Sotheby's, has released a report sharing the current evolution of the global luxury real estate market and the economic policies and factors that have the greatest impact on it. The report points out that the influence of cryptocurrency on luxury home consumption is increasing, especially in markets such as Dubai, New York, and California. Adjustments in regulatory policies may allow crypto assets to be included in mortgage qualification.

The chairman of the U.S. Senate Banking Committee, Tim Scott, previously stated that a hearing on the cryptocurrency market structure bill will be held on January 15. However, negotiation documents show that there are still four areas of disagreement. The main points of contention include:DeFi: There is a demand for decentralized finance (DeFi) to be supervised similarly to the U.S. Federal Regulatory Financial Corporation, but its basic definitions and issues remain unresolved.Stablecoin Yields: The GENIUS Act stipulates that stablecoin issuers cannot offer interest, but their affiliated companies can provide yields and customer reward programs. The banking sector believes this could threaten their core deposit business, while some Democrats want to limit crypto yields.Ethical Standards: There is a call to prohibit senior U.S. government officials from deriving personal benefits from cryptocurrency activities.CFTC: The U.S. Commodity Futures Trading Commission (CFTC) will play a leading role in cryptocurrency regulation, but the allocation of seats between the two parties in the CFTC needs to be balanced.

According to Xinhua News Agency, the spokesperson for the Ministry of Commerce, He Yadong, responded to questions regarding the review of Meta's acquisition of the artificial intelligence platform Manus, stating that the Chinese government has always supported enterprises in conducting mutually beneficial and win-win multinational operations and international technological cooperation in accordance with the law.It should be noted that enterprises engaging in foreign investment, technology exports, data outflow, cross-border mergers and acquisitions, and other activities must comply with Chinese laws and regulations and follow legal procedures. The Ministry of Commerce will work with relevant departments to conduct an assessment and investigation of the consistency of this acquisition with laws and regulations related to export control, technology import and export, and foreign investment.

Galaxy Research Director Alex Thorn shared the latest developments on the crypto market structure bill on the X platform: "A bipartisan meeting was held today to discuss the core demands put forward by both Democrats and Republicans to advance the bill. We reviewed a key document that emerged from this meeting.The main demands from the Democrats regarding DeFi include: front-end compliance with sanctions requirements; granting the Treasury greater 'special measures' authority; and establishing regulatory rules for 'non-decentralized' DeFi. Other Democratic demands include: adjusting the classification of crypto assets; introducing new investor protection provisions for crypto ATMs and FTC consumer protection; adding anti-avoidance clauses (to prevent evasion of securities laws or other regulatory requirements through loopholes); setting a cap of $200 million for fundraising by issuers, and requiring protocol parties to proactively report to the SEC, clarifying that they do not constitute securities.Outstanding issues for further discussion include the regulation and handling of stablecoin yields; ethical standards and conflicts of interest, among others. Republicans are pushing for the Senate Banking Committee to review the bill next Thursday (January 15). It remains unclear whether the two parties can reach a consensus to make it a bipartisan bill, as many issues are still unresolved."

American community banks are pushing Congress to amend the GENIUS Act to close what they believe are regulatory loopholes that allow stablecoins to "effectively pay interest."The Community Bank Council of the American Bankers Association wrote to the Senate this week, stating that some stablecoin issuers are indirectly providing yields to token holders through third parties like digital asset exchanges, undermining the bill's prohibition on interest payments for stablecoins. The GENIUS Act previously explicitly prohibited stablecoin issuers from directly offering interest or yields to holders to avoid competition with bank savings accounts.The Community Bank Council pointed out that some trading platforms, including Coinbase and Kraken, still offer reward mechanisms to specific stablecoin holders on their platforms, which could impact the deposit and lending capabilities of community banks. The organization is calling for a clear prohibition in the pending cryptocurrency market structure legislation against affiliates or partners of stablecoin issuers providing yields to token holders.The report also mentioned that the Banking Policy Institute had previously made similar requests, arguing that such practices could lead to deposit outflows from the traditional banking system. Meanwhile, crypto industry organizations like the Crypto Council for Innovation and the Blockchain Association expressed opposition to the Senate, stating that payment stablecoins are not used for issuing loans, and tightening the rules further could stifle innovation and consumer choice.