Vietnam: The First Special Digital Asset Law Enacted
• Name of Regulation: "Law on Digital Technology Industry" (adopted on June 14, 2025)
• Effective Date: January 1, 2026
• Core Contents:
◦ Clearly distinguish between crypto assets (such as Bitcoin) and virtual assets (non-financial digital projects), excluding securities and central bank digital currencies.
◦ Establish strict anti-money laundering mechanisms (KYC, transaction monitoring) to combat digital asset fraud and meet FATF requirements.
◦ Set up a regulatory sandbox to encourage blockchain innovation and provide incentives such as tax reductions for technology enterprises.
• Goal: Get rid of the FATF gray list and become a digital hub in Southeast Asia.
Pakistan: Establishment of an Independent Virtual Asset Regulatory Agency
• Name of the Agency: Pakistan Virtual Assets Regulatory Authority (PVARA)
• Progress: Approved by the federal cabinet in July 2025, responsible for the licensing and supervision of Virtual Asset Service Providers (VASPs).
• Supporting Measures:
◦ Launch a strategic Bitcoin reserve plan, using 2,000 MW of idle electricity to develop Bitcoin mining.
◦ The central bank (SBP) plans to pilot a central bank digital currency (CBDC) and promote the legislation of the "Virtual Assets Law".
Hong Kong, China: The Strictest Stablecoin Regulation in the World
• Name of Regulation: "Stablecoin Ordinance"
• Effective Date: August 1, 2025
• Features:
◦ Rigid reserves + criminal liability: Requires 100% reserve assets, with a maximum penalty of 7 years in prison for violations.
◦ Supports multi-currency reserves (including offshore RMB) to attract non-US dollar issuers.
• Strategic Positioning: Relying on the "Digital Asset Development Policy Declaration 2.0" to compete for the dominance of digital finance in Asia.
United States: Breakthrough in Federal-Level Stablecoin Legislation
• Name of Regulation: "GENIUS Act" (passed by the Senate on June 18, 2025)
• Core Requirements:
◦ Stablecoins must be 100% anchored to US dollar assets and be regulated by the Federal Reserve.
◦ Under consideration by the House of Representatives; if passed, it will be signed into effect by Trump.
• Goal: Establish the United States as a "global crypto capital" to compete with Hong Kong, China for the status of a stablecoin issuance center.
🇸🇬 5. Singapore: Building a Digital Asset Network Framework
• Leading Agency: Monetary Authority of Singapore (MAS)
• Key Points of the Framework:
◦ Unify technical platforms to integrate transaction settlement and strengthen AML/CDD compliance.
◦ Promote cross-border cooperation to facilitate digital currency payments.
6. Multi-Country Collaboration and Regional Trends
• Middle East: Dubai hosted the 30th HODL Summit, promoting asset tokenization and DeFi innovation, attracting over 5,000 global participants.
• North America:
◦ Canada held the Consensus 2025 Conference, focusing on US-Canada regulatory coordination and green mining.
◦ The United States promoted the "CLARITY Act" to supplement cross-border payment rules.
• European Union: The MiCA framework has been implemented, and many countries are accelerating localized legislation (such as the French ETHCC Conference discussing Web3 compliance).
Summary: Regulatory Trends and Competitive Focus
• Competition for dominance between China and the United States: The United States strengthens the US dollar anchor, and Hong Kong promotes multi-currency stablecoins to compete for control of digital financial infrastructure.
• Breakthroughs in emerging markets: Vietnam, Pakistan and other countries attract investment through special legislation and layout the mining industry with energy advantages.
• Balance between compliance and innovation: All countries emphasize anti-money laundering and consumer protection, and at the same time encourage technical experiments through regulatory sandboxes and tax incentives.
