Abstract

This report summarizes the latest developments in the global crypto asset industry regarding taxation and regulation in late June 2025.

On taxation, the Thai Cabinet approved a five-year personal income tax exemption on profits from cryptocurrency sales; the Ohio House passed a bill exempting Bitcoin payments under $200 from taxation; Romania’s new government plans to tax crypto gains and social media income; and the number of U.S. users receiving IRS crypto tax letters surged sharply, potentially signaling a broader enforcement wave ahead.

On regulation, regulatory developments in the crypto sector continue globally, with the United States showing particular momentum. South Korea’s central bank remains cautious about issuing a won-pegged stablecoin, while the Bank of England plans to limit banks’ crypto asset exposure to 1% by 2026. In the U.S., The Senate released market structure principles to guide future legislation, Texas established the first publicly funded Bitcoin reserve, and the FHFA directed Fannie Mae and Freddie Mac to prepare for accepting crypto as mortgage collateral. Congress plans to advance stablecoin and market structure bills separately, with the Senate expecting to finalize the latter by September. The House also passed a bill instructing the Commerce Department to promote blockchain development. Meanwhile, Chinese mining giants Bitmain, Canaan, and MicroBT have opened U.S. production lines to avoid new tariffs. Hong Kong issued the Digital Asset Development Policy Statement 2.0, introducing the “LEAP” framework to promote digital asset market growth.

Part I Tax

1.Thailand Cabinet Approves 5-Year Personal Income Tax Exemption on Crypto Profits（6.17）

On June 17, the Thai Cabinet approved a five-year personal income tax exemption from 2025 to 2029 on profits from the sale of cryptocurrencies. The policy offers tax incentives to individual investors trading through licensed platforms. The move aims to attract investment, support industry growth, and enhance Thailand's position as a global digital asset hub.Click here to read the original article

2.Ohio House Passes Bill to Exempt Bitcoin Payments Under $200 from Taxation (6.19)

On June 19, the Ohio House of Representatives passed a bill that exempts Bitcoin payments under $200 from taxation. The aim of the legislation is to encourage the use of cryptocurrencies for small payments in everyday life and to reduce the tax complexity faced by individuals and businesses when using Bitcoin and other digital assets. With this move, the state seeks to attract more digital asset companies and users, enhancing its competitiveness in the blockchain sector both nationally and globally.Click here to read the original article

3.Romania’s New Government Plans to Tax Crypto Gains and Social Media Income (6.23)

On June 23, following a successful parliamentary confidence vote, Romania’s newly formed coalition government announced plans to tax income from cryptocurrency gains and earnings on social media platforms. As part of a broader fiscal reform package, the policy aims to strengthen the country’s public finances and improve economic transparency. The implementation details are currently being developed, with the new measures expected to be rolled out later this year.Click here to read the original article

4.Surge in U.S. Crypto Tax Letters May Signal Broader Enforcement Ahead (6.27)

David Kemmerer, CEO of CoinLedger, stated that over the past 60 days, the number of U.S. users receiving letters from the IRS regarding crypto taxes has surged by 758%, based on data from CoinLedger. Accounting firms such as Taxing Cryptocurrency have also confirmed this trend. In an email, Kemmerer noted that although former President Trump has expressed interest in eliminating crypto taxes domestically, Congress has yet to introduce any relevant legislation. Meanwhile, many investors still mistakenly believe they are not required to report crypto assets on their tax returns. He added that this may mark the beginning of a broader enforcement wave, especially with the new 1099-DA tax reporting rules set to take effect next year.Click here to read the original article

Part II Supervision

1.Chinese Bitcoin Mining Giants Set Up U.S. Production to Bypass Tariffs (6.18)

Chinese mining equipment giants Bitmain, Canaan, and MicroBT—collectively holding over 90% of the global market share—are establishing production lines in the United States to circumvent a new round of tariffs, signaling a structural shift in the Bitcoin mining supply chain. Bitmain began U.S. manufacturing in December last year, while Canaan and MicroBT are also launching pilot programs and localization strategies. Although this move reduces export costs, U.S. regulators and domestic companies have raised concerns about potential security risks and continued reliance on Chinese-made equipment. Industry experts say this trend reflects profound changes in the mining hardware supply chain amid trade tensions and security considerations.Click here to read the original article

2.Bank of Korea Governor Cautious on Launching KRW Stablecoin (6.18)

According to the Korea Economic Daily, Bank of Korea Governor Rhee Chang-yong expressed a cautious stance on issuing a Korean won (KRW) stablecoin. While he does not oppose the idea in principle, he emphasized the need to consider factors such as foreign exchange market stability and structural changes in the banking sector. Rhee warned that a KRW stablecoin could increase demand for USD-backed stablecoins, complicating foreign exchange management. He also noted that active use of stablecoins might shift payment and settlement functions from banks to non-bank entities, affecting banks’ revenue structures and business models. Although the Bank of Korea is actively researching central bank digital currency (CBDC), any official issuance of a stablecoin would require coordination with financial regulators. Rhee stated that the central bank will work closely with the Ministry of Economy and Finance, the Financial Services Commission, and others to weigh both the potential benefits and risks of stablecoins.Click here to read the original article

3.UK Plans to Limit Bank Crypto Exposure by 2026 (6.19)

The Bank of England plans to introduce new regulations in early 2026 that would cap banks’ exposure to crypto assets such as Bitcoin at a maximum of 1%, with public disclosure requirements. The move aligns with standards set by the Basel Committee. David Bailey, the BoE’s Executive Director for Prudential Policy, stated that due to the high volatility of crypto assets and the potential for investors to lose their principal, a cautious and restrictive approach should be taken—one that may be gradually relaxed once risk assessments become clearer.Click here to read the original article

4.U.S. Senate Banking Committee Releases Crypto Market Structure Principles (6.24)

According to Eleanor Terrett, Senate Banking, Housing, and Urban Affairs Committee Chair Tim Scott, along with Senators Cynthia Lummis, Thom Tillis, and Bill Hagerty, jointly released a set of principles to guide future cryptocurrency legislation. The framework outlines six key priorities: ①Clearly define the legal status of digital assets, distinguishing between securities and commodities; ②Allocate regulatory responsibilities clearly to avoid a single all-powerful regulator; ③Modernize regulations to foster innovation, including new exemptions by the SEC for digital asset fundraising; ④Protect digital asset investors through innovation-friendly registration requirements for centralized intermediaries; ⑤Implement targeted, innovation-promoting anti-money laundering measures; ⑥Ensure federal financial regulators welcome responsible innovation and provide clear guidance.Click here to read the original article

5.Texas Signs Bill to Establish Bitcoin Reserve, Plans $10 Million BTC Purchase (6.24)

Texas Governor Greg Abbott has signed Senate Bill 21, officially creating the nation’s first state-level Bitcoin reserve backed by public funds. The state will allocate $10 million for the purchase of Bitcoin, setting it apart from Arizona and New Hampshire, which had authorized similar initiatives without committing actual funds. A companion bill, HB 4488, stipulates that the Bitcoin reserve cannot be diverted for general budgetary use.Click here to read the original article

6.FHFA Director Orders Fannie Mae and Freddie Mac to Prepare for Crypto as Mortgage Collateral (7.26)

On June 25 local time, Sandra Thompson, Director of the U.S. Federal Housing Finance Agency (FHFA), posted on social media: "After thorough study and following former President Trump’s vision of making the U.S. the 'Crypto Capital,' I have directed Fannie Mae and Freddie Mac to begin preparations to recognize cryptocurrency as eligible assets for mortgage applications." This directive marks a potential major shift in the U.S. government’s standards for asset evaluation in mortgage lending, aligning with the Trump administration’s goal of promoting cryptocurrency adoption in the country.Click here to read the original article

7.Hong Kong Releases “Policy Statement 2.0 on the Development of Digital Assets in Hong Kong” (6.26)

On June 26, Hong Kong released the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, marking a strategic upgrade in its digital asset sector to further strengthen its competitiveness as a global digital finance hub. Building on core principles of supporting innovation and balanced regulation, the new statement focuses on enhancing digital asset trading liquidity and promoting a more diversified supply of digital asset products, reinforcing Hong Kong’s status as a global digital asset center. Click here to read the original article

8.U.S. Congress Relaunches Crypto Legislation, Plans to Advance Market Structure and Stablecoin Bills Separately (6.27)

According to Eleanor Terrett, the U.S. Congress is readjusting its cryptocurrency legislative strategy. Senate Republican leadership and the White House have reached an agreement to advance crypto market structure and stablecoin regulations as separate bills, rather than as parts of a comprehensive omnibus bill.Click here to read the original article

9.U.S. Senate Banking Committee Chair: Crypto Market Structure Bill to Be Completed by September 30 (6.27)

Tim Scott, Chair of the U.S. Senate Banking Committee, stated that the crypto market structure bill will be completed by September 30, missing the August deadline previously set by former President Trump. Currently, the U.S. lacks a unified regulatory framework for the cryptocurrency market, causing unclear regulatory authority and enforcement confusion, with jurisdiction disputes between the SEC and the Commodity Futures Trading Commission (CFTC). The bill aims to establish unified standards, clarify regulatory responsibilities, promote compliant development of the crypto industry, and protect investors. Click here to read the original article

10.U.S. House Passes Bill Directing Commerce Department to Promote Blockchain Technology (6.27)

According to Bitcoin Laws, the U.S. House of Representatives passed the Deploying American Blockchains Act, instructing the Department of Commerce to: ①Develop policies to enhance the U.S.’s competitiveness; ②Coordinate adoption of blockchain technology across federal agencies; ③Issue relevant guidelines; ④Support the development of open-source infrastructure.Click here to read the original article

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