FinTax Crypto Compliance Highlights — June 2026, Issue 2
This report summarizes the key tax and regulatory developments in the global crypto asset industry in the second half of June 2026.
Executive Summary
This report summarizes the key tax and regulatory developments in the global crypto asset industry in the second half of June 2026.
On the tax front, a U.S. Senator said that the crypto tax reform framework is ready and may move to the legislative markup stage this fall; Illinois became the first U.S. state to impose a 0.2% privilege tax on digital-asset business activity, drawing a strong industry reaction; meanwhile, three major industry associations jointly urged the House of Representatives to advance H.R. 9175, the Tax Clarity for Mining and Staking Act, in its original form.
On the regulatory front, the UK Financial Conduct Authority published final cryptoasset regulatory rules; the U.S. Securities and Exchange Commission opened a public comment period on a novel ETF regulatory framework on the same day; Hong Kong's Financial Services and the Treasury Bureau and Hong Kong Monetary Authority jointly released the first-phase review findings on the use of distributed ledger technology (DLT) in the fixed income market; the European Banking Authority launched a consultation on administrative fines for breaches of the MiCA framework; Indonesia's Financial Services Authority issued new rules requiring crypto influencers to obtain certification before making recommendations; five U.S. federal financial regulatory agencies jointly sought comment on customer identification rules for stablecoin issuers; and FATF's Paris Plenary approved the latest assessment of the implementation of virtual asset standards and commissioned a special study on DeFi money-laundering risks.
Part I: Tax
U.S. Senator says crypto tax reform framework is ready and may move to markup this fall (06.23)
Steve Daines, a Republican tax writer on the U.S. Senate Finance Committee, said that the cryptocurrency tax legislation framework being developed in the Senate is largely in place. The framework is broadly similar to the crypto tax package previously released by the House Ways and Means Committee and may move to bill markup this fall. The remarks are viewed as a signal that the two chambers of the U.S. Congress are moving toward a more aligned direction on crypto tax reform.
Three major U.S. crypto industry associations jointly support the mining and staking tax clarity bill (06.22)
The Blockchain Association, the Crypto Council for Innovation and The Digital Chamber jointly sent a letter to the U.S. House Ways and Means Committee supporting the advancement of H.R. 9175, the Tax Clarity for Mining and Staking Act, introduced by Representative Mike Carey, in its original form. The bill would allow miners and stakers to choose whether to pay tax when they receive crypto rewards or when they sell the assets, replacing the current dominion-and-control standard.
Three major U.S. crypto industry associations jointly support the mining and staking tax clarity bill (06.22)
The Blockchain Association, the Crypto Council for Innovation and The Digital Chamber jointly sent a letter to the U.S. House Ways and Means Committee supporting the advancement of H.R. 9175, the Tax Clarity for Mining and Staking Act, introduced by Representative Mike Carey, in its original form. The bill would allow miners and stakers to choose whether to pay tax when they receive crypto rewards or when they sell the assets, replacing the current dominion-and-control standard.
Illinois enacts 0.2% privilege tax on digital-asset business activity (06.16)
Illinois Governor J.B. Pritzker signed the state's FY2027 budget bill, which includes a new provision imposing a 0.2% privilege tax on digital-asset business activity. The tax applies to in-state brokers and to out-of-state brokers that provide crypto-asset trading, transfer or custody services to Illinois customers and have quarterly gross receipts of at least USD 100,000 from such customers. The new rules will take effect on January 1, 2027 and are expected to raise approximately USD 60 million in annual revenue for the state government.
Part II: Regulation
UK Financial Conduct Authority publishes final cryptoasset regulatory rules (06.30)
The UK Financial Conduct Authority (FCA) published final rules and guidance for the cryptoasset regulatory regime. The rules cover prudential requirements, market abuse controls and stablecoin standards, and apply to crypto firms authorized under the new FSMA framework. The mandatory authorization regime will take effect on October 25, 2027, and firms may apply for authorization between September 30, 2026 and February 28, 2027.
U.S. SEC seeks public comment on novel ETF regulation, covering crypto-asset funds (06.30)
The U.S. Securities and Exchange Commission (SEC) issued a notice opening a 60-day public comment period on the registration and regulation of ETFs that invest in innovative asset classes or use novel investment strategies. The SEC expressly included crypto ETFs, event contract and prediction market products, and complex leveraged strategy funds involving staking yield within the scope of discussion. The move follows the SEC's pause of more than 20 event-contract ETF applications in May and represents its latest reassessment of approval standards for such products.
Hong Kong FSTB and HKMA publish first-phase review findings on DLT bonds (06.29)
Hong Kong's Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority jointly announced that they had completed the first-phase review on the further use of distributed ledger technology (DLT) in Hong Kong's fixed income market. The review found that Hong Kong's existing legal and regulatory environment is sufficiently flexible to support tokenized bond issuance. The Companies Registry also issued FAQs confirming that debenture holder registers maintained using DLT satisfy the record-keeping requirements under the Companies Ordinance.
European Banking Authority consults on MiCA administrative fines (06.26)
The European Banking Authority (EBA) published a consultation paper seeking views on the setting of administrative fines under the Markets in Crypto-Assets Regulation (MiCA), with the consultation period closing on September 28, 2026. According to the consultation paper, crypto-asset issuers that breach MiCA may face fines of up to 12.5% of annual income or twice the profits gained from the infringement.
Indonesia's Financial Services Authority issues new financial influencer rules requiring certification for crypto-asset recommendations (06.24)
Indonesia's Financial Services Authority (OJK) issued POJK No. 6 Tahun 2026 to regulate the conduct of financial information providers. Financial influencers, content creators and similar parties are brought within the regulatory scope, and must obtain relevant certification before recommending crypto assets and other financial products. Their partners must be licensed financial service institutions and are responsible for promotional content. Violations may result in fines of up to IDR 15 billion, approximately USD 1 million, and OJK may order content takedowns, account blocks or even licence revocation for the relevant institutions. The regulation was formally signed and came into effect on June 4.
Five U.S. federal financial regulatory agencies jointly propose customer identification rules for stablecoin issuers (06.22)
The U.S. Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration, jointly published a proposed rule to implement the GENIUS Act's requirements on Customer Identification Programs (CIP) for permitted payment stablecoin issuers. Under the proposed rule, permitted payment stablecoin issuers would be required to establish risk-based customer identification programs covering identity verification, recordkeeping and terrorist list screening. The public comment period runs through August 21, 2026.
FATF Paris Plenary approves latest assessment report on virtual asset standards implementation (06.19)
The Financial Action Task Force (FATF) held its sixth Plenary in Paris from June 17 to 19 and approved the seventh targeted update on implementation of the FATF Standards on virtual assets and virtual asset service providers. FATF also commissioned a new special study to assess DeFi platforms' exposure to money laundering, terrorist financing and proliferation financing risks.
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