Summary

This report summarizes the key developments in the global crypto asset industry related to tax, accounting, and supervision during the second half of September 2025.  

On the taxation front, the UAE has signed the Crypto-Asset Reporting Framework (CARF) Multilateral Competent Authority Agreement, with plans for implementation in 2027 and the commencement of international information exchange in 2028. In the United States, the SFC holded a hearing on crypto taxation on October 1st.  

On the accounting front, the HKICPA has announced the release of guidance on the accounting and auditing of virtual assets in the first half of 2026.

On the supervision front, three European nations (France, Austria, and Italy) have jointly called for strengthening the enforcement of the MiCA regulation, proposing four areas for improvement: supervision of cross-border platforms, standardization of stablecoin issuance, cybersecurity audits, and optimization of the white paper review process. Australia has exempted stablecoin intermediaries from licensing requirements but mandates the submission of a product disclosure statement, while also amending its treasury laws to incorporate digital assets into the financial services regulatory framework. The People's Bank of China has established an international operations center for the digital yuan and launched a cross-border payment and blockchain services platform. In Canada, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined KuCoin's parent company CAD 19.55 million for anti-money laundering (AML) violations. Furthermore, the U.S. Commodity Futures Trading Commission (CFTC) has approved the use of stablecoins as collateral in derivatives markets. The UK and the US have formed a "Future of Markets Working Group" to enhance cross-border regulatory collaboration, and the U.S. Department of the Treasury is seeking public comment on the implementation of the GENIUS Act.

Overall, countries are not only strengthening their compliance frameworks but also accelerating the exploration of pathways to integrate crypto-assets with traditional finance, with a significantly increasing trend towards enhanced cross-border regulatory cooperation and enforcement.

Part 1 Tax

1. UAE Signs Crypto Asset Tax Information Exchange Agreement (Sept 20)[Text Wrapping Break]The UAE Ministry of Finance has officially signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information under the Crypto-Asset Reporting Framework (CARF) and simultaneously launched a public consultation. The UAE will implement the agreement starting in 2027, with the first international tax information exchanges expected in 2028. Click to Read the original article

2. U.S. Senate Finance Committee Holded a Hearing on Crypto Taxation (Sept 24)[Text Wrapping Break]The U.S. Senate Finance Committee holded a hearing titled Examining the Taxation of Digital Assets on October 1st. The hearing focused on issues related to digital asset reporting obligations, cost basis determination, and tax treatment, and brought together industry representatives, legal experts, and accounting professionals. Click to Read the original article

Part 2 Accounting

1. Hong Kong Institute of Certified Public Accountants May Introduce Guidance on Virtual Asset Accounting and Auditing (Sept 18)[Text Wrapping Break]Responding to the Chief Executive John Lee’s Policy Address, the Hong Kong Institute of Certified Public Accountants (HKICPA) stated that, in light of the Government’s measures to further develop the digital-asset market, it is formulating guidance on the accounting, auditing and related matters of virtual assets. The guidance is expected to be issued in the first half of 2026. Click to Read the original article

Part 3  Supervision

1. French, Austrian and Italian Regulators Jointly Call for A Stronger EU Framework for Crypto-Asset Markets (Sept 15)[Text Wrapping Break]To ensure the consistent and effective application of the MiCA Regulation, France’s Autorité des Marchés Financiers (AMF), Austria’s Finanzmarktaufsichtsbehörde (FMA) and Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) jointly set out a series of initiatives based on early MiCA implementation experience. These include strengthening direct supervision of crypto-asset service providers and requiring intermediary-operated platforms to comply with MiCA or equivalent regimes, with the aim of more effective oversight of crypto-asset markets, enhanced competitiveness for European market participants and improved investor protection. Click to Read the original article

2. U.S. SEC Approves Changes to Generic Listing Standards for Commodity-Based Trust Shares (Sept 17)[Text Wrapping Break]The U.S. Securities and Exchange Commission (SEC) approved proposals to adopt generic listing standards for exchange-traded products that hold spot commodities, including digital assets. Subsequently, the SEC approved NYSE Arca’s September 19, 2025 rule change allowing the Grayscale Ethereum Trust ETF and the Grayscale Ethereum Mini Trust ETF to be listed under the generic standards. Click to Read the original article

3. Australia Grants Regulatory Relief for Stablecoin Intermediaries (Sept 18)[Text Wrapping Break]The Australian Securities and Investments Commission (ASIC) issued Instrument 2025/631, providing relief for distributors of a named stablecoin from the requirements to hold an Australian financial services (AFS) licence, an Australian market licence, or an Australian clearing and settlement (CS) facility licence. As a condition of this relief, benefiting intermediaries must provide a product disclosure statement for the exempt stablecoin to their clients. The relief will take effect upon registration on the Federal Register of Legislation. Click to Read the original article

4. U.S. Treasury Seeks Public Comment on Implementation of the GENIUS Act (Sept 19)[Text Wrapping Break]The U.S. Department of the Treasury issued an advance notice of proposed rulemaking (ANPRM) to solicit public comment on issues related to implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The comment period runs until October 20, 2025. Click to Read the original article

5. UK and U.S. Establish A Markets of the Future Transatlantic Taskforce to Strengthen Cooperation on Digital Assets (Sept 23)[Text Wrapping Break]Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessen announced the formation of a Transatlantic Taskforce for Markets of the Future to enhance cooperation on capital markets, digital assets and other innovative financial activities. Co-chaired by officials from HM Treasury and the U.S. Treasury and including representatives from UK and U.S. regulators, the Taskforce will focus on collaboration on digital assets, expanding opportunities for wholesale digital-market innovation, and reducing burdens for firms raising capital cross-border, and will report recommendations to both finance ministries within 180 days. Click to Read the original article

6. U.S. CFTC Announces the Use of Stablecoins as Collateral in Derivatives Markets (Sept 24)[Text Wrapping Break]Commodity Futures Trading Commission (CFTC) Acting Chairman Caroline D. Pham announced an initiative allowing the use of tokenized collateral, including stablecoins, in derivatives markets. Click to Read the original article

7. People’s Bank of China Launches the International Operations Center for the Digital RMB (Sept 24)[Text Wrapping Break]At a platform launch event held in Shanghai on September 24, the International Operations Center for the digital RMB was officially established. The Center unveiled three major platforms—a cross-border digital payment platform, a blockchain service platform and a digital asset platform—to support compliant on-chain transactions and custody, strengthening the blockchain-finance infrastructure for digital-asset business under the current regulatory framework. Click to Read the original article

8. Australia Releases Consultation Draft on Digital-Asset & Tokenised-Custody Platforms (Sept 25)[Text Wrapping Break]The Australian Treasury released the consultation draft “Inserts for Treasury Laws Amendment Bill 2025: Digital asset, and tokenised custody, platforms.” The draft amends the Corporations Act 2001 to capture digital-asset platforms and tokenised-custody platforms as new financial products and requires crypto firms to hold financial services licences, thereby bringing Australia’s digital-asset business squarely within the existing financial-services framework. Click to Read the original article

9. Canada Imposes A Significant Penalty on KuCoin’s Parent Company (Sept 25)[Text Wrapping Break]FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) announced an administrative monetary penalty of CAD 19,552,000 (approximately USD 14 million) against Peken Global Limited (also operating as KuCoin) for failures following regulatory updates, including AML lapses. Peken has appealed to the Federal Court of Canada on substantive and procedural grounds. Click to Read the original article

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