rules

According to the official announcement, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have published a joint consultation summary regarding the amendments to the over-the-counter derivatives trading regulations under the Clearing Rules. In light of the broad market support, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority will proceed with the legislative process to introduce the proposed amendments to the Clearing Rules, with plans to implement the relevant amendments starting from March 1, 2027 (the proposed start date for the new calculation period).

According to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) announced on June 4 the abolition of the "no denial" policy that had been in place for nearly 30 years. This policy, in effect since 1998, required defendants to commit to not publicly denying the CFTC's allegations when settling.CFTC Chairman Mike Selig stated that this move aligns with the overall direction of various government regulatory agencies and grants the commission greater flexibility in enforcement settlements. Previously, the SEC had taken the lead in abolishing a similar policy in May.

According to The Block, the UK's House of Lords Financial Services Regulatory Committee pointed out that the UK is lagging behind the US and the EU in stablecoin regulation.The committee urged the Bank of England and the Financial Conduct Authority (FCA) to revise several proposals, including reconsidering the holding limits of £20,000 for individuals and $10 million for businesses, the 40% zero-interest central bank deposit reserve requirement, and restrictions on commercial bank issuance. It also suggested that the FCA review the k-factor capital requirements scaled by issuance rather than risk.

According to Bits.media, the Central Bank of Brazil has tightened the licensing rules for virtual asset service providers, requiring them to undergo independent financial audits before obtaining operational licenses starting June 1. The auditing firms must not only examine the company's financial status but also review its compliance with anti-money laundering and counter-terrorism financing regulations, including whether the platform separates its own funds from customer assets, its risk management practices, and employee training. Auditors must be registered with the Brazilian Securities Commission. Cryptocurrency exchanges, brokerage firms, and custody services applying for a license for the first time must comply with these requirements from the start of the registration process, and companies that already hold licenses must also pass independent audits when renewing.Brazil first clarified in legislation in 2022 that virtual asset services are regulated by the central bank, establishing a category for licensed virtual asset service providers in November 2025. Additionally, Brazil recently imposed a complete ban on 28 betting and prediction market platforms, including Polymarket and Kalshi, on the grounds that they did not comply with local derivatives trading requirements. Starting October 1, Brazilian electronic foreign exchange providers will be prohibited from using cryptocurrencies for international remittances.

According to Bloomberg, the White House is reviewing early proposals from the U.S. SEC and CFTC regarding the re-examination of swaps and security swap reporting requirements, which are currently in the pre-rule stage. The two regulatory agencies plan to solicit public opinions before formally drafting regulatory details. The current reporting rules for swaps and security swaps in the U.S. are not unified, and some existing compliance exemption policies will expire in 2029.The International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association jointly sent a letter last month urging regulators to unify the data reporting standards for the two types of products, while ICE Trade Vault LLC made a similar request. The CFTC stated that this work is being carried out jointly by the two agencies, and the SEC chairman has arranged for personnel to establish a unified reporting system during the industry conference in March. The new regulations will require two rounds of agency voting and public consultation before implementation.

According to CCTV News, the State Council Information Office held a series of themed press conferences on "Starting the 14th Five-Year Plan," introducing the situation regarding "Promoting Comprehensive Rule of Law." At the press conference, Liu Guixiang, a deputy-level full-time member of the Supreme People's Court Judicial Committee and a second-level chief judge, stated that in-depth research on new case adjudication rules for virtual currencies, cross-border finance, and other new types of cases should be conducted. Judicial interpretations regarding civil compensation related to insider trading and market manipulation should be formulated as soon as possible to ensure the stable operation of the capital market and effectively safeguard the legitimate rights and interests of small and medium-sized investors.In response to the new business formats of the digital economy, normative documents regarding judicial protection of artificial intelligence cases and data ownership should be researched and developed. The adjudication rules concerning data ownership, data transactions, AI generation, and other aspects should be improved to promote the deep integration of digital technology with the real economy, assist in perfecting the foundational institutional system for data elements, and promote the construction of an integrated data market that is open, shared, and secure.

The State Council Information Office held a series of themed press conferences titled "Starting Off the 14th Five-Year Plan," introducing the situation regarding "Promoting Comprehensive Rule of Law." Liu Guixiang, a deputy-level full-time member of the Judicial Committee of the Supreme People's Court and a second-level chief judge, stated that the Supreme Court will conduct in-depth research on the adjudication rules for new types of cases such as virtual currencies and cross-border finance, and will formulate judicial interpretations on civil compensation related to insider trading and market manipulation as soon as possible, to ensure the stable operation of the capital market and protect the legitimate rights and interests of small and medium-sized investors.In addition, he also mentioned that in response to the new business models of the digital economy, the Supreme Court will study and formulate normative documents regarding judicial protection of artificial intelligence cases and data property rights, improving the adjudication rules concerning data ownership, data transactions, and AI generation.

FTSE Russell has passed a rule change that will accelerate the inclusion of newly listed large-cap stocks into its main indices, coinciding with SpaceX's anticipated IPO in the coming weeks. According to the new policy, IPOs with an investable market capitalization exceeding the threshold of the Russell 5000 index will be eligible for fast-tracking after the fifth trading day following their listing. Previously, qualifying companies were only assessed during quarterly reviews.Arne Noack, Head of Americas Equity and Multi-Asset Indices at FTSE Russell, stated in a release, "Introducing a fast-track mechanism for large-scale IPOs allows the indices to more promptly reflect significant market developments." FTSE Russell is following Nasdaq's similar move earlier this year to accommodate potential mega IPOs, which has reduced the waiting period for index inclusion from at least three months to 15 days.

According to a report by Reuters, the European Central Bank opposed the proposal to promote more euro stablecoins at the EU finance ministers' meeting, arguing that relaxing liquidity requirements for stablecoin issuers, or even allowing them access to financing from the European Central Bank, could undermine the stability of bank deposits, suppress bank lending, and increase the difficulty of interest rate regulation.The proposal was put forward by Bruegel in the meeting documents, aiming to expand the market currently dominated by dollar stablecoins. European Central Bank President Christine Lagarde has previously expressed a cautious attitude towards euro stablecoins and has shown more support for tokenized commercial bank deposit schemes.The report also stated that the EU is reviewing the MiCA, which will take effect in 2024, while the U.S. will pass the more lenient GENIUS Act in 2025.

According to Bloomberg, informed sources revealed that the U.S. Securities and Exchange Commission (SEC) may issue "innovation exemption" rules for tokenized stocks as early as this week, establishing a new framework for trading crypto versions of publicly listed company stocks. The SEC is inclined to allow trading of third-party tokens that are not endorsed or approved by the listed companies, which can be traded on decentralized crypto platforms but may not necessarily have rights such as voting or dividends.This exemption covers tokens traded on DeFi platforms and will test whether stock trading can migrate to crypto infrastructure in the absence of traditional equity market protections. SEC Commissioner Hester Peirce is the main proponent of this exemption, but some SEC officials do not support the decision. Institutions such as Citadel Securities and SIFMA have expressed opposition, warning that this move could undermine investor protection measures like KYC and anti-money laundering. Peirce stated that the exemption is an important step, but it will not change the entire financial system overnight.

According to iNews24, the Financial Services Commission (FSC) of South Korea is reviewing whether Hana Bank's acquisition of Dunamu shares violates the "separation of finance and virtual assets" regulatory rules. The virtual assets department of the Financial Services Commission stated that Hana Bank indirectly holds shares in Dunamu through its acquisition of Kakao Investment shares, which is essentially an investment in a virtual asset exchange and will be examined under the same standards.Since 2017, the South Korean government has prohibited financial institutions from holding, purchasing virtual assets, or making equity investments through administrative guidance. If a violation occurs, Hana Bank may not be able to complete the transaction. Future Asset Consulting is advancing the acquisition of Kobit's operating rights, and Korea Investment & Securities is also taking a cautious approach. Hana Bank previously announced the acquisition of a 6.55% stake in Dunamu but did not consult with the authorities beforehand.Currently, the "separation of finance and virtual assets" regulation has not yet been codified into law, and it is uncertain whether related provisions will be included in the digital asset bill. Legislative discussions may advance after the National Assembly reconvenes in September at the earliest.

According to an official announcement, the National Credit Union Administration (NCUA) has released a proposed rule outlining the operational and risk management standards for stablecoin issuers permitted under the GENIUS Act. NCUA Chairman Kyle Hauptman stated that the proposed rule aims to ensure that credit unions are not at a disadvantage in terms of standards and aligns with the proposed standards for bank subsidiaries. The proposed rule has been published in the Federal Register, and the comment period will close on July 17, 2026.

According to Money Today, the Financial Services Commission of South Korea will announce detailed rules for tokenized securities in July, preparing for implementation in February next year. The country's financial authorities will allow the issuance of fragmented investment securities by bundling various underlying assets and will develop a roadmap for the tokenization of traditional securities such as stocks and bonds.The Financial Services Commission stated that previously it was prohibited to bundle underlying assets for the issuance of fragmented securities, but now it plans to allow bundling of similar assets within a certain scope. The Commission emphasized that market order and investor protection are fundamental prerequisites, but regulation will not be the primary focus. The annual investment limit for fragmented investment securities issuance platforms is set at 10 million to 20 million Korean won, with crowdfunding limited to 5 million won per project, totaling 10 million won. The annual selling limit for over-the-counter trading of non-listed stocks is 300 million won, while for investment contract securities in over-the-counter trading, it is 40 million won.

According to Cointelegraph, the Australian government plans to replace the 50% capital gains tax discount applicable to assets held for more than 12 months with an inflation-indexed taxation model. If the new regulations are implemented, it may increase the tax burden on long-term investments such as cryptocurrencies.The Australian Financial Review cited informed sources stating that this adjustment will be included in the budget for the fiscal year 2027, which the Albanese government will announce on Tuesday. The report noted that under the current rules, investors holding assets for more than 12 months can enjoy a 50% capital gains tax discount; the proposed plan will change this to taxing the full amount of real gains after deducting inflation. The new regulations are expected to take effect at the end of the fiscal year in July 2027, with a one-year transition period for assets purchased after May 10, 2026.

According to Politico, Coinbase, Kraken, and Gemini proposed to lawmakers earlier this year to remove a provision in the digital asset bill that requires cryptocurrency trading platforms to only list "non-manipulable" digital assets. The three exchanges are concerned that this would make it more difficult to list small-cap tokens.This amendment occurred after the Senate Agriculture Committee voted to advance the bill in January. The CFTC has long required exchanges to "self-certify" that the product contracts they list are not easily manipulable, but cryptocurrency companies believe this standard does not apply to the spot crypto market. The three exchanges stated that they have been working with Congress for years to push for comprehensive federal regulation of the digital asset market. Coinbase's Federal Policy Director Robin Cook stated that they hope to ensure consumers are protected by standards suitable for spot trading.

According to market news, the amendment to South Korea's Foreign Exchange Transaction Act has been passed by the National Assembly's Legislation and Judiciary Committee. This amendment will expand the regulatory scope of foreign exchange trading to include virtual asset service providers, including cryptocurrency exchanges.The committee passed the bill in today's plenary session and adopted the revisions suggested by professional committee members. The bill has now been submitted to the National Assembly for a final vote, which may take place as early as May 7.

According to Crypto In America, the U.S. CLARITY Act has reached a key compromise on the yield mechanism for stablecoins, clearing an important obstacle for the Senate Banking Committee to advance its review.Under the latest proposal, crypto companies can offer rewards (such as cashback or membership benefits) based on user transaction behavior, but are prohibited from paying interest yields (APY) on idle stablecoin balances. This compromise means that stablecoins will be explicitly positioned as payment tools, rather than as bank-like deposits or high-yield savings products. The industry generally believes that this provision strikes a balance between the crypto industry and traditional banks, but is overall more favorable to the banking system.Industry organizations, including Coinbase, have renewed their support for the bill, believing that although the yield restrictions have tightened, there is still room to earn rewards based on actual usage scenarios. Some industry insiders have pointed out that this move limits the financial attributes of stablecoins.In terms of the regulatory process, Senate Banking Committee Chairman Tim Scott is expected to schedule a markup of the bill soon, possibly as early as mid-May after Congress reconvenes. Additionally, discussions around DeFi regulation (such as defining developer responsibilities) and ethical provisions are still ongoing and may become important variables affecting the bill's final passage. The market generally believes that the next two weeks will be a critical window for whether the CLARITY Act can be implemented.

Keone Hon, co-founder of Monad, posted on platform X stating that the Monad account was frozen without any warning, and he speculates that it was due to a system error. Monad has not engaged in any abnormal operations or violations of API usage. They have currently contacted the support team of platform X through various channels and expect the account to be restored soon.

The DeFi Education Fund, along with Aave Labs, Uniswap Labs, Paradigm, Andreessen Horowitz, and other organizations, has sent a letter to the U.S. SEC in response to the recent statement released by the trading and markets division regarding the registration of "non-custodial user interface" brokers for crypto asset securities.The signatories support the statement that the "non-custodial user interface," which only provides a technical entry point and allows users to manage their assets independently, should be excluded from broker registration. They also urge the SEC to establish clearer and more sustainable definitions of "broker" through formal rulemaking, to avoid incorrectly categorizing neutral software tool providers, validators, RPC/API, oracles, cloud services, and other infrastructure under broker regulations. This would provide long-term legal certainty for blockchain infrastructure innovation while ensuring investor protection.Previously, the SEC's trading and markets division indicated that some DeFi trading interfaces do not need to register as brokers, allowing for policy space for related applications. Supporters believe that the new regulations could cover infrastructure participants such as validators, APIs, and oracles. Currently, the U.S. crypto market legislation, the CLARITY Act, is stalled in the Senate.