Regulation news

21:11 Regulation

Senate Pushes CLARITY Act Vote to September as Saylor Says Bitcoin Can Grow Without It

Senate delays CLARITY Act vote to September The US Senate has pushed the CLARITY Act vote to September after the summer recess, with Majority Leader John Thune saying it will be taken up when Congress returns instead of this week. The delay disappointed parts of the crypto industry, but Strategy founder Michael Saylor said Bitcoin “doesn’t need clarity” and can keep growing without the bill, a view also echoed by Bitwise CIO Matt Hougan.

19:11 Regulation

U.S. sanctions Shelbit and Aban Tether in broader Iran crypto enforcement push

US sanctions Shelbit and Aban Tether over Iran crypto flows The U.S. Treasury’s OFAC sanctioned Shelbit Exchange, Iran-based Aban Tether, Siavash Kayvanpour and several linked firms on Friday, saying they helped Iran move money and evade sanctions. Treasury said IRGC-linked wallets sent more than $1 million to Shelbit and received more than $2 million from it, while Aban Tether processed millions in transactions involving sanctioned Iranian exchanges including Nobitex, Wallex, Bitpin and Ramzinex.

17:41 Regulation

South Korea to Apply Travel Rule to All Exchange-to-Exchange Crypto Transfers

South Korea to apply Travel Rule to all exchange-to-exchange crypto transfers Starting Aug. 20, 2026, South Korean VASPs will have to apply Travel Rule requirements to every transfer between regulated platforms, removing the current ₩1 million threshold. The FSC said about 60% of local exchange transfers were below that level, creating an AML gap. Transfers to self-custody wallets are not automatically covered, but exchanges may use risk-based checks and wallet ownership verification.

09:12 Regulation

Dunamu wins one-year contract to hold crypto seized by South Korea’s police

Dunamu wins South Korea police crypto custody contract Dunamu has won a one-year contract to hold digital assets seized by South Korea’s National Police Agency, with the assets to be managed through Upbit Custody after the company topped the public tender’s technical evaluation at 94.14. The move follows a series of custody failures, including the disappearance of 22 BTC from police custody in February.

08:14 Regulation

Upbit to Delist BONK on Sept. 7 After Review, Sending Token to Lowest Level Since 2023

Upbit to delist BONK on Sept. 7 after month-long review Upbit will end trading support for BONK/KRW and BONK/USDT at 15:00 KST on Sept. 7, saying unresolved concerns mean BONK no longer meets its listing standards. The exchange cited an unidentified and unremedied security incident and delayed disclosure of material information; BONK fell to $0.00000255, its lowest since November 2023, after the announcement. Holders can withdraw until Oct. 7.

06:41 Regulation

Thailand’s Crypto Tax Exemption Runs Through 2029, but Only for Licensed Trading Venues

Thailand’s crypto tax break exempts qualifying gains through 2029 Thailand exempts personal income from gains on cryptocurrency and digital-token transfers from Jan. 1, 2025 to Dec. 31, 2029, but only if trades go through digital asset exchanges, brokers or dealers licensed under Thai law. Ministerial Regulation No. 399 took effect in September 2025 and applies retroactively from January, making the policy a targeted incentive for regulated local platforms rather than a blanket 0% crypto tax regime.

05:41 Regulation

Japan’s FSA urges crypto exchanges to add withdrawal delays and anti-scam safeguards

Japan’s FSA asks crypto exchanges to add withdrawal delays Japan’s Financial Services Agency and National Police Agency have asked crypto exchanges to introduce withdrawal delays and tighter account safeguards as scams involving exchange accounts grow. The request includes waiting periods after fiat deposits or crypto purchases, pre-registration of withdrawal addresses, customer-specific withdrawal limits, stronger monitoring and phishing-resistant MFA, but the measures are not binding and exchanges can decide how to apply them.

03:43 Regulation

Philippines Gives Crypto Platforms and Banks 90 Days to Apply for National ID Integration

Philippines orders crypto exchanges and e-wallets to connect to National ID system The Bangko Sentral ng Pilipinas has proposed a rule giving licensed crypto platforms, e-wallet issuers, digital banks and retail banks 90 days to submit applications to integrate customer onboarding with the Philippine Statistics Authority’s National ID Authentication Services. The shift would move KYC from manual ID uploads to real-time database and biometric checks, with alternative IDs allowed if a user has no National ID or the system is down.

00:25 Regulation

Senate Has One Day to Secure Procedural Votes for CLARITY Act Before Recess

Senate faces final pre-recess push on CLARITY Act Backers of the CLARITY Act have one day to line up 60 votes for a procedural Senate step before lawmakers leave Washington for recess, putting the crypto market-structure bill at a critical stage. Stand With Crypto urged supporters to call senators, while Sen. Tim Scott said there is still time to schedule a vote; with Republicans holding 53 seats, at least seven Democrats would need to join.

21:27 Regulation

Circle Says MiCA Rollout Has Left EU Users Without Access to Most Major Stablecoins

Circle urges MiCA review over EU stablecoin access gap Circle’s Senior Director for EU Strategy & Policy, Patrick Hansen, said the EU’s final MiCA rollout has left users “unprotected or cut off” from most major stablecoins, with only USDG, USDC and EURC meeting the rules while issuers including Tether remain outside the framework. He said MiCA has licensed 35 e-money tokens from 21 issuers, but argued the regime now needs revision to stay competitive and bring foreign issuers under EU supervision. The European Commission opened a public consultation on May 20 that runs through Sept. 30 to assess whether the framework, including rules for electronic money tokens, remains fit for purpose.

18:43 Regulation

Switzerland Tightens Crypto Oversight With New FINMA-Supervised SRO Rules for 2026

Switzerland tightens crypto rules under updated SRO model Switzerland has revised its FINMA-supervised Self-Regulatory Organization framework for 2026, forcing crypto exchanges to apply stricter blockchain monitoring, a CHF 0 Travel Rule threshold and stronger custody segregation. Users will face deeper KYC, origin-of-funds checks and may have to prove wallet ownership, while transfers to unverified third-party wallets can be blocked. Exchanges must also keep real Swiss offices and local staff, not shell setups.

14:13 Regulation

Blockchain.com Secures Full Cayman VASP Licence for Custody and Exchange Services

Blockchain.com gets full Cayman Islands VASP custody licence Blockchain.com said the Cayman Islands Monetary Authority granted its subsidiary a definitive VASP custody services licence on July 22, replacing the conditional approval issued in December 2025. The licence lets the company offer regulated custody, crypto-to-fiat and crypto-to-crypto exchange services from the Cayman Islands, expanding its regulated institutional and retail offerings.

08:11 Regulation

Guangdong Draft Plan Calls for Larger Cross-Border Digital Yuan Pilots

Guangdong proposes bigger cross-border digital yuan pilots in free trade zone plan Guangdong has released a draft plan for the China (Guangdong) Pilot Free Trade Zone that would expand cross-border digital yuan payment pilots and other cross-border finance programs, signaling a broader push for financial opening. The proposal follows China’s first cross-border e-CNY payment with Singapore via the upgraded CBETS platform, which settled nearly 10 million yuan in import shipping fees, and is open for public comment until Sept. 5, 2026.

07:41 Regulation

EU Regulators Report Rise in Crypto Scams After MiCA Licensing Shift

EU regulators warn of crypto impersonation scams after MiCA deadline European regulators have reported a rise in scams targeting crypto users moving funds after the EU’s MiCA transition ended on July 1. The Financial Times said fraudsters have posed as watchdogs including France’s AMF and ESMA, as well as licensed firms, using fake websites, logos and forged documents to trick users into transferring assets. ESMA’s register listed 323 MiCA-authorized firms at the end of July.

03:56 Regulation

Myanmar Approves Anti-Scam Law With Life Terms for Crypto Fraud Bosses

Myanmar passes anti-online scam law with life terms for crypto scam bosses Myanmar’s new Anti-Online Scam Bill makes running online scam centers and digital currency or cryptocurrency investment schemes punishable by life imprisonment, while forcing people to work in scam operations through violence or unlawful detention carries 10 years to life. Lower House MP Aye Chan said the approved bill kept a mandatory death penalty when such abuse leads to a victim’s death.

03:55 Regulation

SEC launches accounting fraud unit as crypto oversight shifts toward disclosure rules

SEC creates accounting enforcement unit as crypto policy shifts to rulemaking The SEC has launched a Financial Reporting and Accounting Unit inside its Division of Enforcement to pursue accounting fraud, disclosure violations, and misconduct by auditors and accountants. Led by Timothy Zimmerman, the move comes after Cornerstone Research said SEC accounting and audit actions fell 68% in 2025, and it signals closer scrutiny of public-company disclosures, including at crypto firms with staking, custody, and stablecoin exposure.

03:10 Regulation

Putin Signs Russia’s First Broad Law Regulating the Crypto Market

Putin signs Russia’s first broad crypto market law Russia has adopted its first comprehensive crypto market framework after President Vladimir Putin signed a law covering exchanges, custodians, brokers, clearing firms and investors. Retail investors will be limited to 300,000 rubles a year in highly liquid crypto through each intermediary, while qualified investors face no cap; exchanges must hold at least 15 million rubles in capital, register with the state and join a financial-market SRO. Crypto remains banned for domestic payments, but will be allowed for cross-border foreign trade settlements. The law takes effect on Sept. 1, with some rules phased in through 2027.

01:41 Regulation

US and UK Step Up Joint Work on Crypto Rules, Stablecoins and Tokenized Markets

US and UK deepen joint push on crypto rules and tokenized markets US and UK regulators said they are expanding coordination on digital asset rules, tokenization and payment modernization after a July 8 working group meeting in London, signaling a broader drive to cut cross-border friction between the two markets. The Aug. 4 joint statement said discussions covered stablecoins, with US officials updating peers on GENIUS Act implementation and UK officials outlining their Wholesale Financial Markets Digital Strategy.

00:40 Regulation

South Korea Plans State Asset Status for Seized Bitcoin and Fast-Track Auctions

South Korea to classify seized crypto as state assets and auction it South Korea said Aug. 6 it will revise the State Property Act to formally classify virtual assets such as Bitcoin obtained through criminal forfeiture or donations as state assets, giving the government a legal basis to custody and sell them, in principle immediately after acquisition. The draft bill is due by year-end; state crypto holdings were about 78 billion won ($56.3 million) as of April.

21:11 Regulation

Bitwise Says CLARITY Delay Would Not End US Crypto Rulemaking

Bitwise says CLARITY Act miss this week wouldn’t end crypto regulation Bitwise CIO Matt Hougan said the CLARITY Act may miss this week’s window, as senators must file cloture by Aug. 5 for a vote before the chamber leaves for recess on Aug. 7. He said failure now would likely push the bill into a “walking dead” phase, with another shot in September or a December omnibus package, while the SEC could still move on similar rules in the meantime.

14:11 Regulation

India Extends Global Tax Reporting Rules to Crypto and Other Digital Assets

India brings crypto under global tax reporting rules India has expanded its tax reporting framework to cover cryptocurrencies, CBDCs and other digital assets under FATCA and the Common Reporting Standard, requiring banks, mutual funds, insurers, custodians and other financial institutions to report crypto-linked accounts alongside traditional assets. The new rules also tighten compliance, including enhanced reviews for accounts holding more than $1 million.

10:41 Regulation

Taiwan proposes Travel Rule for all domestic crypto platform transfers from October

Taiwan proposes Travel Rule for all domestic crypto platform transfers Taiwan’s Financial Supervisory Commission has proposed requiring all domestic virtual asset service providers to share customer information on every platform-to-platform crypto transfer starting in October. Transfers above NT$30,000 would need extra sender identification, while receiving platforms must verify beneficiary details. The FSC will take public comment for 30 days and plans to extend the rules to cross-border VASP transfers by the end of 2027.

08:49 Regulation

Japan FSA Creates Standalone Crypto and Stablecoin Division From Aug. 7

Japan FSA sets up standalone Cryptocurrency and Stablecoin Division Japan’s Financial Services Agency will launch a dedicated Cryptocurrency and Stablecoin Division on Aug. 7, creating an independent department to oversee crypto supervision, financial innovation and digital payment policy under one roof. The move follows recent amendments to the Financial Instruments and Exchange Act that reclassified crypto assets as financial instruments and added insider trading, transparency and stricter registration rules.

08:45 Regulation

ESMA Adds 12 Firms to MiCA Register, Taking EU CASP Total to 321

ESMA adds 12 firms to MiCA register, flags 3 more as non-compliant ESMA’s latest MiCA update added 12 companies to its register, lifting the total number of authorized crypto-asset service providers in the EU to 321 as of July 31. The new entries include three German cooperative banks, two firms in Spain and four in France. ESMA also added Cervo Rendisco, Flandenzo and Corona Fondenza to its non-compliant register after a flag from Italy’s CONSOB, bringing that list to 167.

07:42 Regulation

Senators and Tribal Leaders Seek Clarity Act Changes on Sports Prediction Markets

Senators, tribal leaders seek Clarity Act changes on sports prediction markets Senators and tribal gaming leaders are pushing to amend the Clarity Act so sports and casino-related prediction markets stay under state and tribal gaming laws, not CFTC oversight. At a Senate Indian Affairs Committee roundtable, Indian Gaming Association Vice Chairman Tehassi Hill said the bill should explicitly block “sports and casino gambling through prediction markets” from bypassing state rules and the Indian Gaming Regulatory Act.

21:58 Regulation

Senate Democrats Signal They Could Block CLARITY Act Cloture Vote

Senate Democrats threaten to block CLARITY Act procedural vote Senate Democrats have reportedly reached a broad consensus to oppose cloture on the CLARITY Act unless negotiators make progress on ethics restrictions, illicit finance rules and stablecoin yield. That puts the bill at risk because Republicans hold 53 seats and need at least seven Democratic votes to reach the 60 needed to end debate, while no cloture motion had been filed on H.R. 3633 as of Tuesday.

20:25 Regulation

US and UK Renew Crypto Policy Coordination After London Regulatory Meeting

US and UK regulators deepen coordination on stablecoins and digital assets US and UK regulators used a July 8 London meeting to reaffirm closer coordination on digital asset oversight, with US officials briefing their counterparts on implementation of the GENIUS Act stablecoin law, digital asset market structure work, payment modernization and the G20 cross-border payments roadmap. An Aug. 4 joint statement said the talks also covered tokenization and the UK’s Wholesale Financial Markets Digital Strategy.

20:11 Regulation

India Updates Tax Reporting Rules to Include Crypto Under OECD CARF Standards

India expands tax reporting rules to cover crypto under OECD framework India’s Central Board of Direct Taxes has updated the country’s global tax reporting rules to explicitly include crypto-assets, CBDCs and certain digital money products, aligning them with the OECD’s Crypto-Asset Reporting Framework. Crypto exchanges and other service providers will have to identify users, determine tax residency, keep transaction records and report to the Income Tax Department, with cross-border information sharing under CARF set to start in 2027.

17:11 Regulation

FinCEN Fines UBS $125 Million in Record AML Case Against a Broker-Dealer

FinCEN hits UBS with record $125M AML penalty FinCEN fined UBS Financial Services $125 million for willful Bank Secrecy Act violations, the largest civil AML penalty ever imposed on a broker-dealer. Regulators said UBS failed to monitor more than 50,000 foreign currency wires worth over $10 billion and did not properly vet high-risk clients tied to Russia and Latin America, despite a 2018 $14.5 million penalty for similar issues. UBS said it cooperated and invested in its AML program.

08:41 Regulation

South Korea to Open Dedicated Virtual Asset Crime Division Within New Seoul Office

South Korea to launch dedicated crypto crime unit on October 2 South Korea will set up a Virtual Asset Joint Investigation Division inside the new Seoul Metropolitan Serious Crimes Investigation Office when the agency launches on October 2, moving crypto crime probes from the Seoul Southern District Prosecutors’ Office. The unit will sit under the Financial Crimes Investigation Bureau and include staff from agencies such as the Financial Services Commission and National Tax Service.

07:56 Regulation

Nigeria issues crypto tax rules for exchanges and P2P platforms

Nigeria orders crypto platforms to withhold and remit taxes in some tokens Nigeria’s revenue agency has issued virtual asset tax guidelines that make exchanges and P2P marketplaces collect, report and remit taxes under existing law, with income tax withheld at source and stamp duty payable in the originating token. The rules set a 1% withholding tax on taxable crypto, security token and some NFT disposals, 10% on staking, mining, airdrops and DeFi, and 1.5% stamp duty on token-fiat transfers; stablecoin sales are exempt from the 1% withholding.

02:56 Regulation

Senate Faces Four-Day Window on CLARITY Act as White House Reviews Ethics Proposal

Senate has four days to move CLARITY Act before August recess The Senate has four scheduled session days left, from Aug. 4 to Aug. 7, to advance the CLARITY Act before recess as the White House reviews an ethics counterproposal from Sens. Thom Tillis and Ruben Gallego. The unresolved ethics language is one of the last major sticking points in the bipartisan crypto market-structure bill, which could require 60 votes to clear procedural hurdles.

21:27 Regulation

Robinhood Gains FCA Crypto Registration for UK Entity Ahead of 2027 Rule Changes

Robinhood wins FCA crypto registration for its UK entity Robinhood U.K. Ltd has been added to the FCA’s register of cryptoasset firms, clearing it to offer crypto services in the UK under the current anti-money laundering framework. The approval gives Robinhood an operating base ahead of the country’s broader crypto regime, with applications opening in September 2027 and the new rules taking effect on Oct. 25, 2027.

09:58 Regulation

Bitget begins Japan withdrawal after regulatory warnings, sets November and year-end deadlines

Bitget starts Japan exit, sets November restrictions and year-end position closures Bitget has stopped new account registrations for residents of Japan and will begin restricting existing accounts from Nov. 1, with any open positions still on Dec. 31 to be closed automatically. Users misidentified as Japan residents must complete Level 2 identity verification, including address verification, before Nov. 1 or face the same limits. The move follows warnings from Japan’s Financial Services Agency and the Kanto Local Finance Bureau over operating without local authorization.

05:56 Regulation

SEC Sets Aug. 24 Comment Deadline in Review of Nasdaq Bitcoin Index Options

SEC keeps Nasdaq Bitcoin index options on hold after CME review petition The SEC has stayed Nasdaq PHLX’s approved launch of cash-settled QBTC Bitcoin index options after granting CME Group’s request for a full Commission review of whether the product falls under CFTC, not SEC, jurisdiction. Written statements supporting or opposing the approval are due by Aug. 24, 2026, while the May 22 approval remains paused pending a new SEC order.

02:40 Regulation

Aquino Presses House to Advance CADENA Act on Blockchain-Based Spending Disclosure

Aquino urges House to move blockchain spending transparency bill Philippine Senator Bam Aquino is pressing the House of Representatives to pass the CADENA Act, a Senate-approved bill that would require government agencies to publish procurement, budget allocation and disbursement records on an unalterable public blockchain. Aquino said the measure would give citizens real-time visibility into state spending and help curb corruption, but it remains stalled in a House committee despite being on LEDAC’s priority list.

08:41 Regulation

Minnesota Enforces Crypto ATM Shutdown After Reported Scam Losses

Minnesota crypto ATM ban takes effect after nearly $1M in reported losses Minnesota’s statewide ban on crypto ATMs took effect Aug. 1, requiring virtual currency kiosks to go offline after 134 complaints over three years tied to nearly $1 million in losses. The Department of Commerce is working with licensed operators on compliance, and companies that keep kiosks running can face legal sanctions and civil penalties. Publicly accessible machines must be removed by Dec. 31.

05:55 Regulation

NY Attorney General Opposes CLARITY Act Limits as FBI Reports $11 Billion in Crypto Losses

NY AG Letitia James urges Congress to reject limits on state crypto enforcement New York Attorney General Letitia James told the Senate on July 27 that Congress should tighten crypto rules without stripping states of fraud-fighting powers, warning the pending CLARITY Act would hand primary oversight to the CFTC and make it harder for states to pursue scams. Her push comes as the FBI said Americans reported more than $11 billion in crypto-related losses across 181,565 complaints in 2025.

01:10 Regulation

Grayscale Calls for Senate CLARITY Act Vote Before August Recess

Grayscale pushes Senate to vote on CLARITY Act before August recess Grayscale urged Senate leaders to bring the CLARITY Act to a floor vote before the August recess, saying further delay risks U.S. competitiveness in digital assets. The bill, advanced by the Senate Banking Committee in a bipartisan 15-9 vote on May 14, would split crypto oversight between the SEC and CFTC and set nationwide market rules, but it still faces reconciliation work, limited floor time and uncertain bipartisan support.

10:15 Regulation

Circle Gets NYDFS Trust Charter, Adding New York Oversight to USDC Operations

Circle wins NYDFS trust charter for Circle New York Trust Circle Internet Group said July 31 it received a limited-purpose trust charter from the New York Department of Financial Services for subsidiary Circle New York Trust, adding state oversight to its USDC operations and regulated financial services. The approval follows the OCC’s July 10 signoff for Circle’s national trust bank, giving the company both New York and federal regulatory frameworks.

08:17 Regulation

US targets Iranian crypto network after $1 billion in freezes and seizures

US sanctions Iranian crypto exchanges as Treasury nears $1B in seizures The US Treasury has sanctioned four Iranian crypto exchanges, including Nobitex, and frozen or seized nearly $1 billion in crypto since February under Operation Economic Fury. The campaign includes a $344 million USDT freeze in April and a $131 million freeze in July, while the WSJ reported Iran-linked entities moved $3.84 billion through offshore exchange CoinEx since 2019, underscoring the scale of sanctions evasion through digital assets.

00:46 Regulation

George Santos settles CFTC case over alleged manipulation of Kalshi State of the Union contract

CFTC settles George Santos case over alleged Kalshi market manipulation George Santos agreed to settle CFTC charges that he manipulated a Kalshi contract on whether he would attend February’s State of the Union, a market in which traders wagered more than $15 million. The order requires him to give up $17,569.98 in profits, pay a $17,500 penalty, stop the conduct and stay out of trading for three years; he did not admit or deny the findings.

14:28 Regulation

Hong Kong flags Fun Coffee after investors report more than HK$1 billion in losses

Hong Kong warns Fun Coffee may be crypto scam as losses top HK$1 billion Hong Kong’s Securities and Futures Commission warned on July 13 that the “Fun Coffee GCM project” appears to be a suspicious investment, after investors reported losses of more than HK$1 billion ($127 million). The venture, linked to Vietnam, promised annual returns of up to 222%, asked users to send money via virtual assets, and later blocked withdrawals; by late July, police had received 115 reports and referred the case to the Commercial Crime Bureau.

14:24 Regulation

Dubai-Based Shelbit Linked to Alleged $4 Billion Iran Crypto Sanctions-Evasion Network

Reuters: Dubai-based Shelbit routed hundreds of millions in crypto through major exchanges A Dubai-based gambling network allegedly used unlicensed exchange Shelbit to move billions in crypto, while Shelbit sent hundreds of millions of dollars through major platforms including Binance, Reuters reported. U.S. and independent investigators said the network gave Iran’s central bank and other sanctioned entities access to global crypto markets, but Reuters said it could not confirm direct IRGC control over Shelbit or the gambling operation.

14:22 Regulation

Texas Considers Bitcoin ATM Ban After FBI Reports $56.8 Million in Scam Losses

Texas weighs statewide Bitcoin ATM ban after $56.8M in scam losses Texas lawmakers are considering a statewide ban on Bitcoin ATMs after FBI data showed residents lost $56.8 million to related scams last year, the highest total in the US. The state logged 1,179 reports and has about 4,000 machines in operation; Rep. Cole Hefner said officials are looking beyond regulation and plans to introduce legislation.

14:20 Regulation

Circle Secures New York Trust Charter for Custody Subsidiary

Circle wins New York trust charter for custody unit Circle said New York granted a limited purpose trust charter to subsidiary Circle Internet Trust Company LLC, allowing it to provide fiduciary and custody services under state banking law. The charter lets the unit conduct activities such as custodial services, investment management and securities clearance, but it does not give it the general power to take deposits or make loans like a traditional bank.

10:31 Regulation

Ukraine Says Virtual Assets Bill Is 90% Ready With NSSMC Set to Lead Oversight

Ukraine says crypto law is 90% ready, NSSMC set to lead oversight Ukraine’s securities regulator, the NSSMC, says the virtual assets bill is about 90% ready and would make it the main crypto regulator, while leaving some powers to the National Bank. NSSMC head Oleksii Semeniuk said agreed parts include MiCA-style asset classification, licensing and capital rules, client asset segregation, and a restrictive regime during martial law; tax details, seizure rules, and transition periods are still unresolved.

10:17 Regulation

South Korea Tax Report Recommends Raising Crypto Deduction to 7.5 Million Won

South Korea tax report urges higher crypto tax deduction before 2027 rollout A report commissioned by South Korea’s National Tax Service recommended raising the annual basic deduction for virtual-asset taxation to 7.5 million won from 2.5 million won ahead of the levy’s January rollout, arguing it would cut enforcement costs and ease the burden on small investors. The proposal would need a legal amendment, while the government says it will still launch crypto taxation as scheduled next year.

05:49 Regulation

BSP says Circular 1238 allows transfer fees if banks and e-wallets can justify costs

BSP says e-wallets and banks may keep transfer fees under Circular 1238 The Bangko Sentral ng Pilipinas clarified that Circular No. 1238 does not require zero-fee fund transfers, allowing banks and e-wallets to charge fees as long as pricing is fair and based on actual costs, Fintech Alliance PH said. The BSP said providers may include expenses such as infrastructure, cybersecurity and customer support, while payments to micro-merchants earning under ₱250,000 a year remain free.

03:16 Regulation

BSP Updated VASP Registry Drops BloomX and XenRemit, Reclassifies Two Other Firms

BSP drops BloomX and XenRemit from VASP roster The Bangko Sentral ng Pilipinas’ latest registry of Virtual Asset Service Providers no longer includes Bloomsolutions, Inc. (BloomX) or XenRemit, Inc., while WIBS PHP, Inc. was reclassified from inactive to active and Direct Agent 5, which operates the SurgePay app, was moved to inactive status. The updated list shows six active non-bank VASPs, one inactive non-bank VASP, and two active bank VASPs under BSP supervision.