‍Abstract

This report summarizes the key global developments in taxation and regulation within the crypto industry during the first half of December 2025.

In terms of taxation, policy changes are advancing. The Canada Revenue Agency (CRA) disclosed that up to 40% of crypto platform users are at risk of tax non-compliance, with new legislation expected to be introduced before spring 2026 to strengthen regulation. EU member states are set to transpose DAC 8 rules into domestic legislation by the end of the year.

In terms of regulation, policies across various countries are fully unleashing the vitality of the crypto market. In Asia, Taiwan authorities indicated that the first regulated stablecoin may launch in the second half of 2026; the Malaysian royal family launched a stablecoin denominated in the local fiat currency for cross-border regional payments; and Pakistan signed a Memorandum of Understanding (MoU) with Binance to explore the tokenization of $2 billion in state-owned assets. In Europe, the UK officially passed a law explicitly recognizing cryptocurrencies as a third, distinct category of personal property. In the Americas, the U.S. Securities and Exchange Commission (SEC) issued a No-Action Letter allowing the Depository Trust & Clearing Corporation (DTCC) to conduct a pilot for tokenization services.

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Part One: Taxation

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1. December 9: Canada Reveals 40% of Crypto Users at Tax Risk

According to the latest disclosure by the Canada Revenue Agency (CRA), up to 40% of cryptocurrency platform users have not filed taxes or are at high risk of tax non-compliance. The CRA announced results from large-scale audits targeting crypto platform users over the past three years, successfully recovering over 100 million Canadian dollars in unreported taxes. However, the CRA admitted that it is currently difficult to reliably identify taxpayers in the crypto sector and assess their compliance with reporting obligations. Access the original document

2. December 15: EU Member States to Transpose DAC 8 Rules by Year-End

According to Directive (EU) 2011/16 on administrative cooperation in the field of taxation (DAC8), adopted by the European Union on May 16, 2023, EU member states must transpose the provisions of DAC8 into national law by December 31, 2025, and begin collecting relevant information from January 1, 2026, for subsequent reporting. Although Malta has not yet transposed DAC 8 into domestic law, this is expected to take place in the coming weeks. Access the original document

Part Two: Regulation

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3. December 3: Taiwan Authorities Say Island's First Regulated Stablecoin Will Debut Next Year

At a legislative hearing, Financial Supervisory Commission (FSC) Chairman Peng Jin-long said that a Taiwan-issued stablecoin may enter the market in the latter half of 2026 at the earliest based on the current timeline for passing related legislation. And the stablecoin's proposed legal basis, the "Virtual Assets Service Act," could be passed during the next session if the bill progresses smoothly through the Legislative Yuan. Access the original document

4. December 3: UK Passes Law Formally Recognizing Crypto as Property

The UK's Property (Digital Assets etc) Act 2025 has officially received Royal Assent from King Charles. This Act explicitly includes digital assets such as cryptocurrencies, stablecoins, and NFTs within the scope of personal property, classifying them as a third category of property distinct from traditional classifications, thereby granting them full legal protection status. Access the original document

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5. December 12: U.S. SEC Gives Implicit Nod for Tokenized Stocks

The U.S. Securities and Exchange Commission (SEC) issued a No-Action Letter to the Depository Trust & Clearing Corporation (DTCC), authorizing the company to offer a tokenization service for DTC Participants and their clients on pre-approved blockchains for three years. Access the original document

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6. December 9: Malaysian Royal Family Member Launches Ringgit-Pegged Stablecoin RMJDT

Bullish Aim, a telecommunications company owned by Malaysian royalty, announced the launch of the stablecoin RMJDT. RMJDT is pegged to the local fiat currency, the Ringgit, targeting the cross-border payment market in the Asia-Pacific region. Access the original document

7. December 13: Pakistan to allow Binance to explore tokenisation of up to $2 billion of assets

Pakistan has signed a Memorandum of Understanding (MoU) with cryptocurrency exchange Binance, planning to collaborate on tokenizing $2 billion worth of state-owned assets (including sovereign bonds, T-bills and commodity reserves) to boost liquidity and attract investors. The Virtual Assets Regulatory Authority (VARA) of Pakistan has also preliminarily approved Binance and HTX to begin the application process for local licenses. Access the original document

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