BitGo CEO Mike Belshe warns that delays in passing the U.S. Clarity bill expose the crypto market to systemic risk, particularly when single firms operate trading platforms, brokerages, and custody services simultaneously. He argues that the failure of such integrated entities could trigger widespread market damage, unlike isolated brokerage collapses.
Circle submitted comments to the European Commission on MiCA regulations, proposing that the multi-issuance model for stablecoins be preserved to allow EU and overseas entities to jointly issue global stablecoins. Circle recommended a framework where home-jurisdiction regulators would oversee issuers while the EU handles equivalence assessments and EBA recognition.
South Korea's Korea Customs Service will now regularly check cryptocurrency holdings of people owing over 10 million won in unpaid customs duties and may seize assets from exchanges and personal wallets to cover the debt. The new directive took effect September 28 and applies to approximately 1,100 people currently.
Upbit Indonesia's website and app access was restricted for nearly two months starting in mid-May following action by local authorities. The Indonesian Financial Services Authority (OJK) required Upbit entities in South Korea, Thailand, and Singapore to separate their digital infrastructure during an audit.
New York and Wyoming signed a memorandum of understanding to streamline crypto licensing reviews, allowing qualifying firms to receive reviews within six months. The agreement links New York's BitLicense regime with Wyoming's digital-asset banking framework and expands supervisory cooperation through joint examinations and information-sharing.
The Congressional Research Service indicated that Congress has the authority to establish clearer legislative rules defining which cryptocurrency activities banks are permitted to undertake, noting that federal regulatory approaches have varied based on agency leadership and policy changes.
The U.S. Treasury is allowing states to submit conditional stablecoin certificates before finalizing state-level rules, enabling the certification process to begin even if legislation is incomplete. Actual review will commence only after complete applications are submitted, with the conditional filing not triggering the 30-day review period. Applications cannot be accepted until Paperwork Reduction Act approval is completed.
South Korea ranks second globally in cryptocurrency trading volume but only 12th in overall market competitiveness according to The Block's new Global Competitiveness Index for Crypto Assets. The country scored 1.81 out of five and placed last in cross-border openness, with warnings that it risks losing its domestic market advantage without urgent regulatory improvements.