New Landscape of Global Crypto Regulation in June: U.S. Legislation and Asia’s Policy Push
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In June, the cryptocurrency industry has undergone a deep reshaping of regulatory frameworks worldwide. From the introduction of stablecoins into law to regulatory sandboxes, from comprehensive legalization to buffer-free regulatory clearance, many countries have introduced landmark new policies, bringing structural changes to the development path and compliance operation of cryptoassets. This article summarizes the latest developments in Vietnam, the US, MY, and Singapore, presenting the current global cryptocurrency regulatory changes.
1. US: The stablecoin regulatory framework is legislated for the first time, and the market "anchor" is clear
On June 17, the US Senate passed the Stablecoin Regulatory Framework Act (GENIUS Act) with a high vote of 68:30 , which is the first comprehensive regulatory regulation of cryptoassets anchored to the US dollar by the US federal government.
Key points of the bill:
- The publisher is required to hold highly liquid assets (such as US dollars and short-term government bonds).
- Monthly disclosure of reserve composition is required to ensure 1:1 repayment ability.
- Establish a registration system and establish publishing qualification review standards.
The bill is currently being submitted to the House of Representatives for consideration and will be signed into law by the President.
The GENIUS Act establishes a legal basis for stablecoin publishing in the US, which means that stablecoins will gradually be included in the "compliance circle" of the federal financial system, and will have a profound impact on giants such as Tether and Circle .
2. Vietnam: Legislative confirmation, crypto assets officially "regularized"
On June 14th, the Vietnamese National Assembly passed the Digital Technology Industry Law, which for the first time explicitly includes digital assets in the national regulatory system. The law will officially take effect on January 1st, 2026.
Key points of the bill:
- Digital assets are divided into two categories: "virtual assets" and "encrypted assets".
- Does not include securities, fiat currency, or other financial derivatives.
- Classification criteria, licensing mechanisms, and prudential regulatory rules will be developed.
- Introduce Anti Money Laundering and cyber security requirements that comply with FATF standards .
The bill also includes systematic incentives for AI , semiconductors and digital infrastructure in an attempt to establish Vietnam as a regional technology hub.
This legislation clears the name of Vietnam's digital finance and demonstrates its determination to move towards digital sovereignty and regulatory modernization. It is expected to become the first country in South East Asia to achieve a closed loop of cryptocurrency legislation.
3.Malaysia: Launch regulatory sandbox to test Ringgit stablecoins and programmable payments
At the Sasana seminar held in mid-June, MY Prime Minister Anwar Ibrahim announced the launch of the Digital Asset Innovation Hub, which will serve as a regulatory sandbox to provide a controlled environment for new technology trials.
Sandbox pilot direction:
- Stablecoins supported by Ringgit (MYR).
- Exploration of programmable payment scenarios.
- Support Supply Chain Finance and Asset Tokenization.
MY Prime Minister referred to the center as a "new chapter in the digital economy", emphasizing that the government will work together in infrastructure, policies, and talent to strive to become a regional fintech center. Unlike the trend of stricter regulation, MY adopts a more inclusive innovation path - lowering the entry threshold through a regulatory sandbox mechanism and promoting technology and model experimentation in a controllable environment. This strategy is expected to attract more South East Asia Web3 projects to incubate and land here, accelerating the development of the local digital asset ecosystem.
4. Singapore: Regulatory "safe haven" becomes "high threshold", global projects are forced to "wander"
Singapore, once regarded as a safe haven for Asian crypto innovation, has recently completed a policy shift with lightning speed. The Monetary Authority of Singapore (MAS) issued tough new regulations in June aimed at cracking down on "regulatory arbitrage" and "shell company" chaos, preventing local companies from providing unregulated services overseas through Singaporean identity, and aligning with the FATF framework to strengthen anti-money laundering (AML) and counter-terrorism financing (CFT) defenses.
Key points of the new regulations:
- All companies that have not obtained a DTSP (Digital Token Service Provider) license must stop providing services to overseas customers before June 30th.
- Without any transition period, violations will face a maximum fine of 250,000 Singapore dollars + three years imprisonment;
- The legal basis is section 137 of the Financial Services and Markets Act (FSM Act) .
In addition, MAS has required licensed platforms to completely isolate user assets and prohibit retail investors from participating in token staking, and the regulatory attitude continues to tighten.
The new regulations of MAS are not a hasty move, but a "moment of acceptance" for the evolution of its regulatory route over the years. Those who comply will become stronger, while those who are not licensed will need to find a new foothold. The industry will accelerate its evolution towards standardization and centralization. The new regulations not only affect institutions, but also ordinary practitioners are deeply uncertain. Some employees' work visas and permanent residency applications have been forced to be suspended. Behind the policy adjustment is a turning point in the lives of specific individuals, and there may be partial loss of industry talents.
5. Conclusion: The crypto world has entered the "regulatory multipolarity" stage
From Vietnam's legislative recognition to the approval of the US stablecoin bill, from MY's support for innovation to Singapore's tightening of regulation, global encryption policies are showing a clear trend of "multipolarity".
Country/region | Policy progress | Regulatory keywords |
Vietnam | Encrypted assets into law | Classified supervision, Anti Money Laundering, compliance confirmation |
US | The Senate passes stablecoin legislation | Reserve requirements, transparent disclosure, federal framework |
MY | Sandbox mechanism officially launched | Local currency stablecoins, programmable payments, technical experiments |
Singapore | No buffer supervised clearance | Licensing threshold, blocking arbitrage, regional restructuring |
- Clear system becomes new attraction : Vietnam, MY and other emerging markets attract technological innovation through legislation and experimental mechanisms.
- Strong regulation gives birth to a new pattern : Singapore has turned to strong regulation, which has prompted capital and talent to flow to more policy-friendly Hong Kong, Dubai, and Japan.
- Stablecoins become compliance focus : Whether it is US legislation or Asian market testing, local currency or US dollar stablecoins are included in the systemic regulatory framework.
For the encryption industry, this is a turning point where opportunities and challenges coexist. Regulation is reshaping the migration path, capital flow, and compliance costs of global projects. In the future, how project parties can flexibly respond in multiple jurisdictions will become the key to survival and development.
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