‍Abstract

This report summarizes the significant changes in tax, accounting, and compliance in the global cryptocurrency industry during the first half of June 2025.

In terms of taxation, the policy trends of the United States and Brazil deserve attention. Republicans in the US Senate have proposed applying the launder rule to cryptocurrencies, which could bring in billions of dollars in revenue. The Brazilian government will abolish the tax exemption policy for profits of less than 35,000 reais obtained from the use of cryptocurrencies and set the tax rate at 17.5%, which will be paid in the form of income tax. These countries have all made further explorations in encrypted taxation.

In terms of supervision, countries have been taking continuous actions in the field of crypto supervision. Australia has imposed a $5,000 limit on crypto ATM transactions and strengthened requirements such as customer due diligence. The UK financial regulatory authority plans to lift the ban on some retail investment products related to crypto to promote the development of the crypto industry and intends to cover regulatory frameworks such as stablecoins. One of United States' House committees is reviewing a bill on the structure of the cryptocurrency market, and the Senate is about to hold a final vote on stablecoin legislation. Connecticut passed a bill prohibiting the state from investing in Bitcoin and updated the Money Transmission Laws. The Philippines has enacted comprehensive cryptocurrency regulations, setting minimum capital requirements and local registration requirements for crypto companies. The US SEC has recently made significant adjustments to crypto accounting and related regulatory rules. The SEC officially withdrew the proposed expanded custody rule, which attempted to expand the definition of "custody" to include customer assets such as cryptocurrencies, raising concerns about the qualifications of qualified custodians. At the same time, the SEC also withdrew Rule 3b-16, which had proposed to regulate DeFi exchanges/platforms as national securities exchanges. Additionally, the SEC abandoned the proposal requiring listed companies to comply with enhanced ESG reporting requirements. These measures reflect the SEC's shift in regulatory policies on cryptocurrencies and fintech.

Part I Tax

1.U.S. GOP Trying to Apply Washing & Selling Rules to Cryptos（6.5）

Sen. Cynthia Lummis, R-Wyo., is pushing to add language to her party's tax-and-spending bill that would revamp the US taxes cryptocurrency. The Wyoming Republican told Semafor she sent Senate Finance Chair Mike Crapo tax-related provisions of her regulatory overhaul with Sen. Kirsten Gillibrand — including a proposal to apply the wash-sale rule to crypto, which could rake in billions of dollars in revenue, and another to absolve bitcoin miners from reporting gains and losses.Click here to read the original article

2.Brazil Uniform 17.5% Income Tax on Cryptocurrency Gains for Residents and Investors（6.12）

The Brazilian government will eliminate the exemption on profits of up to R$35,000 obtained with cryptocurrencies and will set the tax at 17.5%, to be paid in Income Tax. The new rule is in a new Provisional Measure published on Wednesday (6.11), in which the government establishes tax increases on financial investments to increase revenue. Before MP 1303, there was a tax exemption in Brazil for those who moved up to R$35,000 per month in cryptocurrencies. For amounts above this limit, up to the ceiling of R$5 million, a rate of 15% was applied. With the new measure, all investors who were previously exempt or who operated within this range will now pay tax — whether for the first time or with a higher tax burden. And taxation will also apply to crypto assets held in self-custody, without the intermediation of brokers, and to investments in virtual assets abroad.Click here to read the original article

Part II Supervision

1.Australia Strengthens Regulation of Crypto ATM Transactions（6.3）

Australia has introduced new rules concerning cryptocurrency ATMs, which include setting cash deposit and withdrawal limits of AU$5,000 (around US$3,250). Australian Transaction Reports and Analysis Centre (AUSTRAC) explained that there will be enhanced customer due diligence requirements, mandatory scam warnings, and obligations for stronger transaction monitoring. Although the limit only applies to crypto ATM operators, it is expected that crypto exchanges will adopt similar restrictions.Click here to read the original article

2.UK Lifts Ban on Some Crypto-Linked Securities for Retail Investors（6.6）

As the UK government pushes to establish the country as a global hub for the industry, the UK financial regulator is planning to lift the ban on certain crypto-related retail investment products, signaling a softening of its hardline stance on digital assets. The proposal is set to be reviewed before July. If approved, it would bring the UK closer in line with EU and US standards..Click here to read the original article

3.USA: Clarity Act Advance（6.11）

Two House of Representatives committees dug through the crypto market structure legislation known as the Clarity Act, considering amendments in markup hearings on Tuesday. The House bill outlines the jurisdictional boundaries between two US market regulators and establishes a new leading role for the CFTC in digital commodity trading, which represents most crypto activities.Click here to read the original article

4.Connecticut Tightens Cryptocurrency Policy（6.11）

The US state of Connecticut has passed a law that prohibits the state from investing in digital assets. The new legislation has also barred the state government from creating a strategic Bitcoin reserve. The bill, H.B. 7082, published by the Connecticut General Assembly on Tuesday, was anonymously approved by both the state House of Representatives and the Senate, with no opposing votes. Further, the legislation has updated the state's money transmission laws, with a major focus on crypto regulation. Crypto businesses engaging in money transmissions should disclose all material risks associated with crypto, the new law reads. Connecticut's legislative action is part of a broader effort to regulate state-level crypto activities and make sure that public funds are protected from the risks associated with these speculative investments. Additionally, the bill mandates legal guardian verification for users under the age of 18, imposing protections for minors.Click here to read the original article

5.Philippines Raises Registration Thresholds and Regulatory Requirements for Crypto Firms（6.12）

The new SEC framework imposes minimum capital, local incorporation, and strict data rules on crypto firms operating in the Philippines. Crypto Asset Services Providers（CASPs） must register as local entities with a minimum ₱100M ($1.8M) paid-up capital and maintain physical offices. New rules require asset disclosures, segregated funds, local data storage, and ongoing reporting to the SEC and AML Council.Click here to read the original article

6.SEC Drops Key Crypto Regulation Plans（6.13）

The SEC has scrapped the expanded Custody Rule proposal and Rule 3b-16. The former would have required investment advisers to custody crypto assets with qualified custodians to enhance asset protection, while the latter aimed to regulate DeFi exchanges and platforms as national securities exchanges..Click here to read the original article