Last week, the agency revealed a $290 billion gap between reported trade values and bank records. As a result, KCS announced year-round intensive inspections to tackle illegal money flows.

Cosmetic Surgery Used to Mask Transfers

From September 2021 to June 2025, the network moved crypto assets from abroad into South Korean digital wallets. Then, it converted the funds into local currency.

To disguise the transfers, suspects labeled them as cosmetic surgery or education expenses. Consequently, authorities had difficulty detecting the flow at first.

Key Details of the Operation

• Route Tracked: Crypto assets were bought in multiple countries and transferred into South Korean accounts.

• Illegal Scheme: Investigators believe the network exploited foreign exchange fluctuations to move capital overseas.

• Market Context: South Korea’s crypto market reached $64.6 billion in June 2025. Daily trading averaged $4.3 billion, explaining why stricter oversight is expected.

Eyes on New Regulations

The South Korean Supreme Court ruled that Bitcoin can be seized as an asset. This strengthened the legal basis for prosecuting crypto-based money laundering.

Moreover, a 2025 inspection found that 97% of examined companies were linked to illicit transactions. KCS officials announced intensified inspections targeting underground banking operations that threaten foreign exchange stability. As a result, those relying on crypto anonymity face increasing scrutiny.

Crypto Market Under Increased Oversight

Following the network’s collapse, the market is closely watching KCS’s regulatory measures. South Korea remains a global crypto leader, but rising transaction volumes have increased the need for tighter regulation.

Supreme Court rulings empowering authorities to seize crypto assets have further strengthened prosecutorial control. Therefore, KCS has made it clear that it will take a zero-tolerance approach to illegal underground banking. Investors now monitor how these inspections will affect local liquidity and pricing.

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Led by the Crypto Task Force, these roundtables were announced shortly after Commissioner Paul Atkins revealed the new initiative. The SEC intends to build a more inclusive and regulatory-friendly environment within the crypto ecosystem. Priority will be given to projects that have fewer than ten employees and have been operating for less than two years. 

The first meeting will be held on August 4 in Berkeley, California. Additional sessions will follow on August 19 in Boston and September 4 in Dallas. Chicago and New York will host the next roundtables on September 15 and September 25, respectively. 

Small Projects Take the Spotlight at SEC Roundtables 

In the past, SEC roundtables primarily featured major players like BlackRock and Fidelity. This time, however, the focus shifts to less recognized startups. 

Commissioner Hester Peirce stated that the agency wants to hear from those who haven’t previously participated in policymaking. The goal is to ensure new regulatory frameworks are suitable not only for large corporations but also for small and innovative teams. 

Meanwhile, Project Crypto also addresses foundational regulatory issues, such as the classification of digital assets and the registration of crypto products. Additionally, the SEC is working toward transitioning U.S. financial markets to on-chain infrastructures. 

Three more meetings are scheduled in October: Irvine on the 3rd, Cleveland on the 24th, and Scottsdale on the 29th. The final two roundtables will take place on November 12 in New York and December 5 in Ann Arbor. 

Project Crypto Signals a New Era in SEC’s Approach to Web3 

With Project Crypto, the SEC demonstrates a more open approach toward the digital asset ecosystem. Through this initiative, the agency aims to deepen engagement with industry stakeholders across the country. Meanwhile, FED member Kugler announced that she will resign on August 8

These upcoming sessions offer critical opportunities for voices left out of prior regulatory processes. They also help democratize future policy development. 

Ultimately, the SEC is using Project Crypto as a platform to reshape its relationship with the crypto sector—one roundtable at a time.

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The U.S. Department of Justice (DOJ) announced the move as part of a broader civil forfeiture case. In total, $2 million worth of digital assets were linked to funding terrorist organizations. Tether acted swiftly upon receiving alerts from law enforcement, freezing the funds and reissuing them through legal procedures. 

Tether’s Fight Against Global Crypto Crime 

Over the past year, Tether has collaborated with numerous law enforcement agencies worldwide. For example, in Brazil, Tether froze $6.2 million (R$32 million) related to a money laundering scheme via the Klever Wallet platform. 

In June, the U.S. DOJ commended Tether for assisting in the seizure of $225 million in USDT. In March, the company froze $23 million in funds held on Garantex, a Russian exchange under sanctions. It also played a key role in freezing $9 million following the Bybit hack. 

As of today, Tether has worked with over 275 law enforcement agencies across 59 countries. It has frozen more than 5,000 wallets—2,800 of them in coordination with U.S. institutions. 

Tether Freezes $2.9 Billion in USDT with Full Transparency 

Tether has frozen over $2.9 billion in USDT to date. The company actively cooperates with more than 275 enforcement bodies in 59 countries. It uses the OFAC SDN list and national regulations to rapidly block suspicious funds. 

CEO Paolo Ardoino emphasized the role of blockchain transparency: 

“Blockchain enables Tether to detect misuse in real-time. Unlike traditional systems where illicit flows stay hidden, USDT-based movements are openly traceable.” 

Ardoino also reaffirmed Tether’s commitment to supporting law enforcement and ensuring the safety of the digital asset ecosystem. Tether has been involved in seizing $2.5 billion in operations with the U.S. Secret Service and DOJ. 

According to an on-chain analysis report published in May 2024, Tether froze $5.2 million related to phishing and fraud schemes and $1.6 million in terror-related transactions.

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JPMorgan Deploys JPMD on Base Network

In a strategic development, JPMorgan has launched a pilot for its new deposit token, JPMD, on Coinbase’s Layer 2 blockchain, Base. The token represents U.S. dollar deposits held in bank accounts, making it a digital representation of real-world funds within the traditional banking infrastructure.

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According to Naveen Mallela from JPMorgan’s blockchain division, a fixed amount of JPMD will be transferred to Coinbase in the coming days, with the transaction settled in USD. After regulatory clearance, other fiat currencies may be supported. Once the pilot concludes, Coinbase’s institutional clients will be able to use JPMD for transactions.

Why Deposit Tokens Could Outshine Stablecoins

Unlike stablecoins, which are backed by reserves but operate outside the banking system, deposit tokens are fully integrated with traditional finance. Mallela argues that deposit tokens like JPMD are more scalable and may even offer interest payments in the future—something most stablecoins lack.

This positions JPMD as a potentially superior instrument for institutional investors. Meanwhile, industry experts warn that the rise of yield-generating stablecoins could disrupt traditional banks—a trend that’s already making major financial players uneasy.

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What Does the GENIUS Act Bring? 

Especially digital coins pegged to the U.S. dollar, like USDC and USDT, will be subjected to stricter oversight. The bill aims to protect users and create transparency in the financial system. 

The bill received strong support in its first Senate passage with 66 “yes” votes. This backing shows a rare bipartisan consensus between Democrats and Republicans on crypto issues. However, some senators still have serious concerns. 

One of the leading critics, Democratic Senator Elizabeth Warren, argued that the bill grants wide latitude to tech billionaires, saying: 

“If Congress does not amend this law, billionaires like Elon Musk and Jeff Bezos could create stablecoins that track your purchases, use your data, and push competitors out of the market. Also, if stablecoins fail, they will seek bailouts from the government.” 

Warren’s statement highlights not only economic but also justice concerns. 

Hagerty: “America’s Digital Leadership at Risk” 

On the other hand, Republican Senator Bill Hagerty, a bill sponsor, emphasized that the GENIUS Act is critical for America’s global leadership. In his Senate speech, he said: 

“The long absence of a legal framework has pushed digital asset innovation beyond our borders to foreign countries. If we want to modernize our payment system and restore our nation’s competitiveness, we must act now.” 

Hagerty also stressed the bill’s strategic goals: 

“This law will strengthen the global dominance of the U.S. dollar, protect users, increase demand for U.S. Treasuries, and ensure innovation in digital assets remains under American control, not foreign rivals.” 

These statements show that the bill is designed not only as a technical regulation but also as an economic power tool. If enacted, stablecoin issuers will be required to report regularly. They must fully back their reserves and submit to federal oversight. The bill will also limit large tech firms’ unlimited entry into this market. 

The GENIUS Act could be a major milestone not only for the U.S. but also for the global crypto ecosystem. Experts believe the law will strengthen the U.S.’s leadership claim in crypto and boost investor confidence. 

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Approved on June 14, 2025, the Law on Digital Technology Industry brings crypto assets under regulatory oversight and offers incentives for cutting-edge sectors like AI and semiconductors.

Crypto Assets Officially Recognized

Vietnam’s new legislation categorizes digital assets into two types: virtual assets and crypto assets. These classifications exclude securities, fiat currencies, or financial instruments. The law mandates the government to define operational rules, business conditions, and supervision methods for these asset classes.

Crucially, the bill introduces anti-money laundering and cybersecurity safeguards in line with global standards, aiming to address the FATF’s concerns. Vietnam has been on the FATF “gray list” since 2023, and this law could be a significant step toward removal.

Incentives Beyond Crypto: AI and Infrastructure Focus

The law goes beyond cryptocurrencies. It offers tax relief, land-use advantages, and R&D funding for companies working on core technologies such as AI, semiconductor design, and digital infrastructure. Regional authorities will also invest in workforce development and update national education programs to include digital skills.

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According to the Vietnamese government, this marks the world’s first comprehensive standalone law dedicated to the digital technology industry.

Rising Scams in the Crypto Market

With rising crypto adoption, scams have become more frequent. In February 2025, four people were arrested for running a fake crypto mining platform called BitMiner, posing as a Dubai-based firm. They defrauded over 200 individuals of 4 billion Vietnamese dong (about $157,300).

In another high-profile case from December 2024, a company named Million Smiles lured 100 companies and 400 individuals into investing in a fake cryptocurrency, QFS, using misleading claims tied to ancestral treasures. Losses reached over 30 billion dong ($1.17 million).

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SEC Declares Protocol Staking Is Not a Securities Transaction

In a May 29 announcement, the SEC’s Division of Corporation Finance stated that protocol staking activities on proof-of-stake blockchains “do not require registration under the Securities Act.” This means that staking, as a blockchain function, is not considered a securities offering.

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Alison Mangiero, head of staking policy at the Crypto Council for Innovation, called the development a “major step forward” for the crypto industry. “The SEC has now recognized what we’ve long argued — staking is fundamental to blockchain operation, not an investment contract,” she said.

Path Opens for Staking ETFs

The industry has long demanded clearer staking regulations. In April, the Proof of Stake Alliance submitted a detailed letter to the SEC, explaining that both custodial and non-custodial staking services are distinct from traditional investment contracts.

While the SEC recently delayed its decision on Bitwise’s Ether ETH staking ETF, analysts believe this guidance significantly improves the likelihood of approval by late 2025.

A Notable Shift in Regulatory Tone

This guidance reflects a shift away from the SEC’s previous enforcement-heavy stance. Marcin Kazmierczak of RedStone described it as an “evolutionary step,” noting that the foundation is being laid for a more structured and inclusive regulatory framework.

Since January, the SEC’s dedicated Crypto Task Force — led by Commissioner Hester Peirce — has been working on regulatory reports expected in the coming months.

Mangiero concluded, “We’ve consistently argued staking is not an investment — it’s how blockchains function. This guidance is meaningful recognition of that fact.”

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Electric Surplus Turned into Digital Opportunity

According to reports, Pakistan’s Ministry of Finance, in collaboration with the Pakistan Crypto Council, has allocated 2,000 megawatts of surplus electricity to power Bitcoin mining farms and AI data centers. Finance Minister Muhammad Aurangzeb stated that this decision is expected to attract billions in foreign investment while also creating high-tech job opportunities nationwide.

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In a second phase, the plan includes integrating renewable energy sources into the mining process—emphasizing a commitment to environmentally responsible growth alongside digital innovation.

Clear Regulations, Attractive Incentives

Beyond energy allocation, Pakistan is actively offering tax incentives and duty exemptions to entice international BTC miners and AI firms. Several foreign delegations have reportedly visited the country to explore investment prospects.

To ensure regulatory transparency, the government has established the Pakistan Digital Assets Authority (PDAA), which will oversee licensing for exchanges, wallets, stablecoins, and other blockchain-based platforms. These steps mark a major pivot in Pakistan’s ambition to become a global tech and crypto leader.

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Founded by ICE (Intercontinental Exchange) in 2018, Bakkt has undergone multiple transformations in its pursuit of success, initially focusing on Bitcoin futures and crypto options but later pivoting towards crypto custody and consumer rewards. However, despite raising hundreds of millions from investors like Microsoft, Galaxy Digital, and others, the platform has faced challenges achieving profitability.

Trump’s increasing engagement with crypto is highlighted by his support for projects such as NFT collections and the launch of World Liberty Financial, a DeFi protocol. Additionally, he has expressed intentions to protect and expand the blockchain industry, including efforts to remove SEC Chairman Gary Gensler, who is often seen as skeptical of crypto.

With Trump Media and Technology Group (TMGT), which owns Truth Social, reportedly planning to acquire Bakkt, this move underscores the shifting dynamics of crypto investments and regulation, as the former president builds his stake in the sector.

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