USDGlobal Crypto Rules Weekly Sees Encryption Wins, Stablecoin Shifts, Global Growth
France Rejects Encryption Backdoor Proposal, Upholding Digital Privacy Rights
On April 21, 2025, France's National Assembly rejected a controversial proposal to mandate encryption backdoors in messaging apps, emphasizing the importance of privacy over law enforcement access. Telegram's CEO Pavel Durov strongly opposed the legislation, highlighting that user privacy should not be sacrificed for market share. This rejection could significantly influence global encryption standards and privacy norms. Meanwhile, Toncoin (TON) is valued at $3.02, with a market cap of $7.58 billion, a 1.61% price increase in 24 hours, and a 39.73% decline over 90 days. Current trading volume stands at $83.2 million.
Bank of Korea to Actively Develop Stablecoin Regulations to Ensure Financial Stability
The Bank of Korea (BOK) is actively participating in developing stablecoin regulations to mitigate risks to monetary and financial stability as South Korea progresses with its second crypto legislation. This framework aims to address stablecoins' risks, which could undermine monetary policy effectiveness and transmit crypto-related crises to traditional finance. The new legislation will clarify classifications for crypto service providers, improve token listing transparency, and enforce stricter regulations. As of December 2024, South Korea had 18.25 million crypto investors, representing over 35% of the population, with top exchanges averaging daily trading volumes of $12.1 billion.
Binance Enforces Stricter Compliance Rules for South African Users Starting April 30
Binance is enforcing stricter compliance measures for South African users starting April 30, 2025. Users will be required to provide detailed sender and receiver information for crypto transfers, including names, countries of residence, and exchange details for withdrawals and deposits. Failure to provide this information may result in blocked transactions. This update aims to align with South African regulatory standards and ensure seamless service. Additionally, Binance has launched a re-verification process in India to meet anti-money laundering (AML) regulations, following past penalties and regulatory challenges, emphasizing its commitment to global compliance across operations.
El Salvador Proposes Tokenized Real Estate Sandbox for U.S. Firms Amid Bitcoin Commitment
El Salvador is proposing a regulatory sandbox for U.S. firms to experiment with tokenized real estate, discussed during a recent meeting between the SEC’s Crypto Task Force and the El Salvador National Commission on Digital Assets (CNAD). The SEC is open to facilitating cross-border experimentation, potentially unlocking a trillion-dollar asset class. Meanwhile, President Nayib Bukele has rejected IMF loan conditions that would hinder Bitcoin purchases. El Salvador holds $573 million in Bitcoin, showcasing its ongoing commitment to cryptocurrency as a legal tender while attracting investment from major players like Tether amidst a crypto-friendly U.S. administration under Trump.
KuCoin Enters Thailand's Competitive Crypto Market with ERX Rebranding
KuCoin is expanding into the Thai market by rebranding ERX Company Ltd, Thailand's first SEC-supervised digital token exchange, as KuCoin Thailand. This move comes as KuCoin aims to offer localized crypto trading solutions. The Thai market is competitive, with eight licensed exchanges, including dominant player Bitkub, which boasts a daily trading volume of approximately $70 million. KuCoin's global platform reports $3.8 billion in daily volume. Despite the popularity of crypto trading in Thailand, the central bank has banned crypto payments, and recent regulatory crackdowns target foreign crypto platforms to address scams and money laundering.
Hong Kong Ranked Second-Most Crypto-Friendly City, Following Ljubljana
Hong Kong has been ranked the world’s second-most crypto-friendly city, following Ljubljana, according to Multipolitan's Crypto Report 2025. The index assesses cities based on regulatory clarity, tax policies, digital infrastructure, and crypto adoption. Hong Kong ranks third globally in crypto wealth concentration, with holders averaging $97,500 in digital assets. The city has licensed 10 crypto trading platforms since 2022 and is witnessing a significant influx of crypto professionals impacting its property market. A comprehensive virtual asset policy is set to be introduced by year-end, aiming to integrate Web3 technologies with traditional financial services.
This article has been refined and enhanced by ChatGPT.
