Leader of Japan’s DPP commits to crypto tax cuts ahead of election

Abu Dhabi Puts Forward Legal Framework for Decentralized TechAuthorities in Abu Dhabi, the capital of the United Arab Emirates (UAE) as well as an individual emirate within it, have published a proposed legislative framework for distributed ledger technology.©Pexels/redouan khoulassiThe consultation paper, titled “Proposal for a legislative framework for distributed technology foundations” was published earlier this month by the Abu Dhabi Global Market’s (ADGM) Registration Authority.Promoting investor protectionThe document covers a broad spectrum of aspects relative to digital assets and crypto entities, including corporate governance, insolvency and restructuring considerations, and data protection. The ADGM’s objective with the proposed policy is to advance investor protection, improve market integrity and efficiency, and build towards a comprehensive regulatory framework.Specific proposalsMore specifically, the policy would implicate an enhancement in the protection of whistle-blowers who report misconduct relative to ADGM-regulated companies. Under the proposal, new rules would be introduced to ensure that digital asset platforms operate in a fair and transparent manner. A requirement would be placed on regulated companies to disclose detailed information in relation to beneficial ownership and control structures. Furthermore, the policy seeks to bring about an improved dispute resolution process between the stakeholders involved in ADGM-regulated transactions.Building upon an existing frameworkThe Abu Dhabi regulator’s current legal framework is built upon English common law. It has its own financial services regulator, the Financial Services Regulatory Authority (FSRA) which operates independently and is responsible for supervising and licensing financial institutions and market participants. The FSRA takes a principles-based approach, regulating those market actors attempting to maintain financial stability and integrity, promote market competition and innovation and ensure customer protection.ADGM has sought to act on an international basis by signing agreements with regulatory bodies in the UK, Hong Kong and Singapore, in an effort to enable information sharing and cross-border cooperation.Regulatory activityAt a national level, earlier this year the UAE enacted a digital assets regulatory framework. Earlier this week, the UAE also revealed a federal licensing system for crypto companies. In February, work began on a $2 billion initiative to nurture blockchain and Web3 startups via Hub71, the emirate’s tech ecosystem. The initiative provides startups with access to a broad range of support services as well as potential collaborations with government and investment partners.According to the document, “this Consultation Paper is of interest to any persons operating or planning DLT projects, persons engaging in digital asset-related activities and their legal advisors, as well as DLT participants, associations, and stakeholders.”With that, the ADGM is inviting comments and feedback from members of the public on the proposed changes contained within the consultation paper. To aid public comment, the policy document includes a number of questions that it invites stakeholders to consider as they work towards submitting their feedback.Those interested have until May 12 to take the opportunity to submit their comments and views relative to the Abu Dhabi regulator’s proposed framework.

Coinbase's venture capital arm, Coinbase Ventures, has invested in the India-based crypto trading platform CoinDCX, the American crypto exchange company said on its official blog. This move follows Coinbase's direct entry into the Indian market earlier this year. In March, Coinbase registered with the Financial Intelligence Unit–India (FIU-IND), announcing plans to launch products for retail investors.Photo by PiggyBank on Unsplash100 million crypto holdersWhile the investment sum remains undisclosed, Coinbase highlighted CoinDCX's strong performance indicators. As of July 2025, the Mumbai-headquartered exchange reported a user base of 20.4 million, accounting for about one-fifth of the country’s estimated 100 million crypto holders. CoinDCX also recorded $141 million in annualized group revenue, $165 billion in annualized transaction volumes, and $1.2 billion in assets under custody. The investment targets a market with high adoption. According to Chainalysis’ 2025 Global Crypto Adoption Index, India ranked first among 151 countries studied. Regulatory uncertainty in IndiaCoinbase’s push into India, however, comes amid a complex and often contradictory regulatory environment for digital assets. On one hand, India maintains a cautious stance. Profits from crypto transactions are taxed at a flat 30% rate, supplemented by applicable surcharges and an additional 4% cess. Recent reforms unveiled by the Reserve Bank of India (RBI) did not mention the acceptance of crypto assets. Rather than supporting cryptocurrencies, regulators have focused on advancing the central bank digital currency (CBDC), the e-rupee, through pilot initiatives in deposit tokenization and a fintech sandbox. This conservative approach was also evident at the recent 6th Global Fintech Fest in Mumbai. According to Reuters, a handout given to speakers at the Oct. 7-9 event read, “Please avoid political, crypto, religious, or personal remarks on stage or at the venue.” On the other hand, some officials have signaled a willingness to engage. Finance Minister Nirmala Sitharaman said on Oct. 4 that India must prepare to engage with cryptocurrencies such as stablecoins, according to the Financial Times. She noted that no country can stay isolated from broader systemic shifts, possibly alluding to the pro-crypto policies emerging in the U.S. and the anticipated acceleration in adoption. Global exchanges resume operationsFurthermore, India has shown more openness to foreign crypto platforms lately. Bybit recently reinstated access to its mobile app for Indian users via the Apple App Store and Google Play. Last year, both Binance and KuCoin registered with the FIU-IND after paying penalties for earlier compliance violations. Binance was fined 188.2 million rupees (about $2.14 million), while KuCoin faced a lighter penalty of around $41,000. 

Huobi Expands Crypto Trading Services in Hong KongHuobi, the Seychelles-headquartered prominent cryptocurrency exchange, is making strides in Hong Kong as its local subsidiary, Huobi HK, now offers crypto trading services to clients in the region.Following its expressed intention to apply for a virtual asset exchange license from the Hong Kong Securities and Futures Commission (SFC), Huobi HK has commenced providing crypto spot trading and virtual asset custody in Hong Kong. In order to comply with regulatory and anti-money laundering (AML) requirements, the exchange will collaborate with independent auditors, as announced by Huobi HK on Twitter.Photo by Shubham Dhage on UnsplashCrypto business licensingThis move aligns with the broader trend of crypto firms shifting their focus toward the East, where regulatory environments are becoming increasingly accommodative. A spokesperson for Huobi stated in a prepared statement: “Regulation of Web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale.”Hong Kong, a Special Administrative Region under Chinese governance, recently introduced a regulatory framework for crypto exchanges, which took effect on June 1. Under these new regulations, retail investors in Hong Kong will be able to trade cryptocurrencies on licensed platforms, removing previous restrictions that limited trading to investors with portfolios exceeding HK$8 million (approximately $1 million).The new regulations impose requirements on virtual asset trading platforms to implement “suitable” onboarding processes and disclosures. Additionally, tokens must meet “minimum criteria” to ensure that “retail investors should be less prone to market manipulation.”Crypto sector interestHong Kong’s inviting regulatory landscape has already piqued the interest of crypto firms. The Greater China division of WeWork, a coworking provider, reported receiving 40 to 50 applications and inquiries from crypto businesses seeking to establish a presence in Hong Kong in recent months.Justin Sun, Tron founder and Huobi global adviser, drew parallels between the developments in Hong Kong and Beijing in a tweet, stating, “It is indeed fascinating to witness the Beijing government’s recent focus on Web 3.0, particularly considering the imminent June 1st developments in Hong Kong.” Sun added that this represents “a significant step towards recognizing the transformative potential of decentralized systems and blockchain-based solutions.”Huobi is actively involved in the development of Hong Kong’s Web3 ecosystem. In addition to its cryptocurrency trading license application, the firm became a significant contributor to Hong Kong’s first Web3 ecosystem fund during this year’s Hong Kong Web3 Carnival.HK Virtual Assets ConsortiumIn a separate announcement, Huobi disclosed that it has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), an organization dedicated to providing credit ratings for crypto asset exchanges and trading products. HKVAC, a collaborative effort between crypto industry players, including exchanges, institutional investors, and Hong Kong-licensed rating agencies, aims to enhance the security risk management capabilities of the crypto industry and assist authorities in establishing Hong Kong as a regional hub for virtual assets and digital finance.As a founding member of HKVAC, Huobi will serve as a reference point for the organization, leveraging its expertise in security technology and its compliance-oriented, standardized processes.