FinTax Crypto Compliance Highlights: March 2025, Issue 2
Abstract
This article summarizes key tax accounting and supervision developments in the global crypto assets industry during the second half of March 2025.
On the tax front, the Trump administration plans to impose a 10% “benchmark tariff” on all countries and higher “reciprocal tariffs” on nations with the largest trade deficits with the US. The US and the UK have shown a mix of flexibility and regulation in their crypto – currency tax policies. The US is exploring ways to acquire Bitcoin without taxpayer funding and has abolished the DeFi tax – reporting rules, highlighting its flexible and crypto – friendly tax approach. In contrast, the UK has called for a stamp duty on crypto – currencies to boost economic development, reflecting its regulatory and guiding intent in this area.
On the accounting front, transparency and innovation still are key in the crypto – currency space. IMF updates global standards to include crypto in balance of payments. Tether is seeking a Big Four audit for the first time to enhance transparency and ease market worries about its liquidity risk. Meanwhile, GameStop, the latest listed firm to adopt a Bitcoin – holding strategy, may drive further Bitcoin use in corporate finance by adding Bitcoin to its financial reserves.
On the regulatory front, recent moves highlight the diverse applications of crypto – currencies in global finance and the strengthening of related regulations. The Dubai Financial Services Authority (DFSA) has launched a tokenization regulatory sandbox for crypto – firm development and testing. South Korea may sanction unreported crypto – exchanges. U.S. Congress Advances Stablecoin Regulation with the Introduction of the STABLE Act. The EU’s EIOPA has proposed that insurers hold capital equal to their crypto – asset value to protect policyholders.
Update Brief of FinTax Suite
An enterprise-grade cryptocurrency financial management platform that automates cryptocurrency accounting and generates audit-ready financial statements and working papers.
1.Integrate DEX rates for selected tokens: STONE/ETH, LBTCv/ETH, SCR/SCROLL, vETH/BNB, PLT/BNB, bendUSDT/ETH, ARCHI/Arbitrum, ASM/BNB, STONE/Scroll
2.Enhance logic for ETH rebase DeFi projects
3.Integrate zkSync data
4.Improve multi-token revaluation under the same account category
5.Optimize the carry-over and exchange gain/loss functions
6.Add support for consolidated reports and balance sheets across multiple entities
Part I Tax
1. Trump: Will Impose Tariffs Again(4.2)
The Trump administration plans to impose a 10% “benchmark tariff” on all countries and higher “reciprocal tariffs” on nations with the largest trade deficits with the US. This move could have a more comprehensive and far-reaching impact on the crypto industry.Click here to read the original article
2.US Explores Bitcoin Acquisition Without Taxpayer Costs(3.19)
Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets, said on Tuesday that the US is exploring ways to acquire Bitcoin without using taxpayer money.Speaking at the Blockworks Digital Asset Summit 2025 about the administration’s approach, he said the initiative aligns with President Trump’s campaign promises while recognizing Bitcoin’s unique economic role.The government is working with the Treasury Department and the Secretary of Commerce to explore Bitcoin accumulation. Their goal is to do this without using public funds, he added.Click here to read the original article
3.UK Banker Calls for Crypto Stamp Duty to Boost Economy(3.24)
Lisa Gordon, Chair of UK investment bank Cavendish, has expressed concern over the rising number of crypto buyers in the UK, calling it an “unsettling trend.” She encourages Britons to invest savings in stocks rather than crypto, describing crypto investments as “non-productive assets” and underscoring the long-term value of traditional financial instruments.Click here to read the original article
4.US Senate Repeals Crypto Reporting Rules(3.28)
The US Senate voted overwhelmingly to repeal the DeFi tax – reporting rule introduced by the Biden administration, with a 70 – to – 28 vote. The rule, established by the IRS, required DeFi platforms to report crypto – transaction income and details of the parties involved. David Sacks, a White House adviser on crypto and AI, said Trump supports the repeal of this controversial regulation. Click here to read the original article
Part II Accounting
1. IMF Updates Global Standards to Include Crypto in Balance of Payments（3.21）
The International Monetary Fund (IMF) has overhauled its balance of payments standards to reflect the growing impact of digital assets.According to the newly released Balance of Payments Manual, Seventh Edition (BPM7), cryptocurrencies like Bitcoin (BTC) are now classified as non-produced nonfinancial assets, while certain tokens are treated akin to equity holdings.The updated manual, published on March 20, marks the first time the IMF has integrated detailed guidance for digital assets into its global statistical standards.Click here to read the original article
2. Tether Seeks Big Four Firm for Its First Full Financial Audit（3.22）
Stablecoin issuer Tether is reportedly engaging with a Big Four accounting firm to audit its assets reserve and verify that its USDT stablecoin is backed at a 1:1 ratio.Tether CEO Paolo Ardoino reportedly said the audit process would be more straightforward under pro-crypto US President Donald Trump. It comes after rising industry concerns over a potential FTX-style liquidity crisis for Tether due to its lack of third-party audits.Click here to read the original article
3.GameStop to Add Bitcoin to Balance Sheet（3.26）
GameStop (GME) has added its name to the quickly-growing roster of publicly-traded companies adopting a bitcoin treasury strategy. Alongside its fourth quarter earnings report, the company said its board unanimously approved adding bitcoin as a treasury reserve asset. CEO Ryan Cohen in early February got tongues wagging when he posted a picture of himself and Strategy (MSTR) Executive Chairman Michael Saylor at Donald Trump’s Mar-a-Lago. Several days later, Strive Asset Management CEO Matt Cole sent a letter to Cohen urging GME to use at least part of its nearly $5 billion of cash on hand to purchase bitcoin. Click here to read the original article
Part Ⅲ Supervision
1. Dubai Financial Regulators Launch Tokenization Regulatory Sandbox for Crypto Firms（3.20）
On March 17, 2025, the Dubai Financial Services Authority (DFSA) launched a Tokenization Regulatory Sandbox within the Dubai International Financial Centre (DIFC), providing crypto firms a controlled environment to develop tokenized investment products.The program offers crypto firms a secure space to test tokenized investment products while operating under regulatory supervision. It forms part of DFSA’s broader Innovation Testing License (ITL) framework, which allows fintech companies to trial financial solutions prior to receiving full authorization.By extending this framework to cover tokenized assets, Dubai continues to strengthen its position as a leading center for digital finance.Click here to read the original article
2. Australia outlines Crypto Regulation Plan, Promises Action on Debanking（3.21）
The Albanese-led government intends to release draft legislation in 2025 for public consultation and promised to work with Australia’s four largest banks to better understand de-banking.The regime imposes similar compliance requirements as other financial services in the country, such as following rules safeguarding customer assets, obtaining an Australian Financial Services Licence and meeting minimum capital requirements.Click here to read the original article
3. South Korea to Block Non-Compliant Crypto Exchanges（3.21）
On March 21, local media Hankyung reported that the Financial Intelligence Unit (FIU) of the Financial Services Commission is considering sanctions against crypto exchanges for allegedly operating in the country without reporting as an operator to the appropriate regulators. South Korean financial authorities require crypto exchanges to report to regulators as virtual asset service providers (VASPs) under the country’s Specified Financial Information Act. The FIU is investigating a list of exchanges and is conducting consultations with related agencies. The regulator is also considering sanctions, such as blocking access to the exchanges, as they begin to prepare countermeasures. Click here to read the original article
4. U.S. Congress Advances Stablecoin Regulation with the Introduction of the STABLE Act（3.27）
On March 26, 2025, U.S. lawmakers introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act to advance stablecoin regulation and improve transparency for dollar-backed digital tokens.The proposal outlines how dollar-backed stablecoins should be issued, with requirements focused on transparency and consumer protection. Click here to read the original article
5. EU Wants Insurers’ Crypto Assets Holdings 100% Covered, Citing Volatility（3.28）
EIOPA has proposed that insurers hold capital equal in value to their crypto assets to mitigate policyholder risks. Submitted to the EU Commission in a technical advice report on March 27, the proposal aims to bridge the regulatory gap between the Capital Requirements Regulation and MiCA. EIOPA argues that, given crypto’s high volatility and risks, a 100% capital requirement is prudent and more stringent than standards for other asset classes like stocks and real estate.Click here to read the original article
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