Abstract

This article summarizes key tax and regulatory developments in the global crypto assets industry during the second half of July 2025.

Taxation: The Trump administration reaffirmed its support for minimum tax exemptions on cryptocurrency transactions; meanwhile, the U.S. IRS continues to classify cryptocurrencies as intangible property for tax purposes. Indonesia announced that securities-related crypto transactions are exempt from VAT, but trading platforms must pay a 0.21% tax based on the coin value, and sellers are taxed at 1% of the coin value. In Brazil, a temporary bill requiring even small tax-exempt crypto transactions to be taxed at a 17.5% rate is set for legislative review.

Regulation: The U.S. SEC is considering introducing an “innovation exemption” policy to relax rules for tokenized securities development, while fully approving spot Bitcoin and Ethereum ETFs to use a physical redemption mechanism. The U.S. Senate proposed a hybrid regulatory framework to balance oversight authority between the SEC and the CFTC. Hong Kong’s Monetary Authority issued regulatory guidelines supporting the stablecoin bill, requiring stablecoins to be held under real-name registration, and detailing licensing and anti-money laundering requirements and Hong Kong's Stablecoins Bill officially came into force. Thailand plans to allow tourists to exchange cryptocurrencies into local currency. Ghana intends to implement a licensing system for crypto platforms. Russia’s largest bank, Sberbank, is seeking to offer cryptocurrency custodial services.

Part I Tax

1. Trump administration supports de mininis tax exemption for crypto (7.17)

White House Press Secretary Karoline Leavitt stated that the Trump administration continues to support de mininis tax exemption on cryptocurrency transactions in future legislation. Click here to read the original article

2. Indonesian Tax Chief Calls for Reclassification of Crypto as Financial Assets (7.22)

On July 22, during the launch of the Taxpayer Charter at the Directorate General of Taxes office in Jakarta, Bimo Wijayanto, Head of the Indonesian Tax Authority, said that crypto becomes a financial asset, PMK crypto tax to be revised. Click here to read the original article

3. U.S. Crypto Tax Rules Remain Unchanged Despite Passage of GENIUS Act (7.24)

Although the GENIUS Act was passed in July 2025 and the CLARITY Act made significant progress in the House of Representatives, the IRS continues to classify cryptocurrency as "intangible property" for taxation, with no changes to existing tax rules. Click here to read the original article

4. Brazilian Lawmakers to Debate President's Cryptocurrency Tax Proposal (7.24)

Brazilian lawmakers are preparing to debate President Lula's proposed temporary cryptocurrency tax bill on August 6, which advocates a flat tax rate of 17.5% on all cryptocurrency transactions. Previously, small cryptocurrency transactions worth less than 35,000 BRL were exempt from such taxes in Brazil. Click here to read the original article.

5. Indonesia Issues New Regulations on VAT and Income Tax for Crypto Transactions 6 (7.28)

Indonesia’s Ministry of Finance officially issued Regulation No. 50/2025 (PMK 50/2025), set to take effect on August 1, 2025. The regulation stipulates that crypto assets equivalent to securities are exempt from value-added tax (VAT). However, income from crypto transactions is taxable. Crypto sellers, electronic trading platform operators (crypto exchanges), and crypto miners must pay income tax. Platform operators are subject to a 0.21% income tax on the transaction value, while crypto sellers must pay a 1% income tax based on the transaction value. Click here to read the original article.

Part II Supervision

1. Thailand Plans to Allow Tourists to Convert Cryptocurrency into Local Currency (7.17)

Thailand’s Securities and Exchange Commission (SEC) and the Bank of Thailand are planning to launch a regulatory sandbox for foreign tourists, allowing them to convert digital assets into Thai baht through licensed platforms and spend them via regulated local e-payment systems. The sandbox is open to licensed digital asset exchanges, brokers, and dealers but requires SEC approval to operate under the initiative. Click here to read the original article  

2. Russian Banks May Offer Cryptocurrency Custody Services (7.17)

As Russia’s central bank shifts from its previous hardline stance on cryptocurrencies, Sberbank—the country’s largest bank—has expressed interest in providing custody services for crypto assets. Sberbank revealed that the bank has submitted proposals to the central bank regarding crypto asset regulation. Click here to read the original article

3. U.S. SEC Considers "Innovation Exemption" to Boost Tokenized Securities Ecosystem (7.18)

According to Bloomberg, SEC Chairman Paul Atkins stated that the agency is evaluating potential adjustments to existing regulations, including an "innovation exemption" that would allow new trading mechanisms and targeted exemptions to support the development of tokenized securities ecosystems. Click here to read the original article

4. U.S. Senate Proposes Hybrid Regulatory Framework for Digital Assets (7.22)

On July 22, the U.S. Senate Banking Committee released a discussion draft of the Responsible Financial Innovation Act of 2025. Unlike the House’s CLARITY Act, which would grant primary regulatory authority over most digital assets to the CFTC, this proposal adopts a more complex hybrid model: the SEC would oversee a new category called "ancillary assets" for exemptions and disclosures, while the CFTC would continue regulating them as commodities. Click here to read the original article

5. Ghana Plans to License Cryptocurrency Platforms (7.24)

Ghana will begin licensing cryptocurrency platforms in response to surging demand for digital assets. Central Bank Governor Johnson Asiama confirmed in an interview that regulatory approvals are being finalized and will be submitted to parliament by September. Click here to read the original article

6. Hong Kong Monetary Authority Releases Regulatory Documents for Stablecoin Issuers (7.29)

On July 29, the Hong Kong Monetary Authority (HKMA) held a technical briefing and published documents outlining its regulatory regime for stablecoin issuers. These include: 1) Consultation conclusions on the Guideline on Supervision of Licensed Stablecoin Issuers and the finalized Guideline; 2) Consultation conclusions on the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers) and the finalized Guideline; 3) Explanatory Note on Licensing of Stablecoin Issuers on various aspects of the licensing regime and application process; 4) Explanatory Note on Transitional Provisions for Pre-existing Stablecoin Issuers. Click here to read the original article

7. Hong Kong Requires Stablecoin Holders to Verify Identity (7.29)

To mitigate risks associated with circulating stablecoins, the HKMA mandates that each holder’s identity must be verified by one of three parties: the licensed issuer (even without a direct relationship), a regulated financial institution/VASP, or a reliable third party. Click here to read the original article

8. U.S. SEC Approves In-Kind Redemptions for All Spot Bitcoin and Ethereum ETFs (7.29)

The SEC has approved in-kind creation and redemption processes for all spot Bitcoin and Ethereum ETFs, marking a significant shift in the agency’s approach to crypto regulation under new Chairman Paul Atkins. Click here to read the original article

9. Hong Kong’s Stablecoins Bill Now in Force (8.1)

Hong Kong's Stablecoins Bill officially came into force on 1 August. Click here to read the original article  

Recommended Reading

1. FTX Compensation Controversy: Are Chinese Creditors Facing Discrimination?

2. A Practical Guide to Web3 On/Off-Ramps: Compliant Platforms, KYC, and Tax Obligations

3. MicroStrategy in Legal Trouble Again: How Accounting Rules Turned Into a Big Headache