1. IRS Crypto Tax Letters Surge 758% Amid 1099-DA Regulation Changes
The IRS has intensified crypto tax enforcement, with a 758% spike in audit letters over 60 days, according to CoinLedger's David Kemmerer. The 2025 1099-DA rule mandates brokers to report digital asset transactions, triggering stricter compliance. CP2000 notices are being issued for incomplete records, with penalties for non-response.
👉 Learn how to navigate crypto tax compliance
2. Hong Kong Proposes Strict OTC Crypto Licensing Framework
Hong Kong’s SFC and Treasury unveiled a consultation requiring OTC platforms to obtain licenses for trading, custody, and fiat conversions. New rules demand:
- Minimum capital of $500K for trading services
- $1M for custodians
- Two SFC-approved compliance officers
This move signals tighter oversight compared to 2024’s customs-based licensing proposal.
3. Strategy Faces Class Actions Over Bitcoin Investment Disclosures
Strategy is battling lawsuits alleging misleading statements about its $7.7B BTC holdings, which incurred $6B unrealized losses. Five law firms filed suits covering April 2024–April 2025. Legal experts note such cases often involve duplicate filings to compete for lead plaintiff status. Strategy vows to "defend vigorously."
4. Trump-Linked World Liberty Partners with Re7 Labs for Stablecoin Expansion
World Liberty collaborates with Re7 Labs to launch pools for its stablecoin USD1 on Euler and Lista, targeting BNB Chain adoption. Re7 Capital secured a $10M investment from Hong Kong’s VMS Group, marking its crypto debut.
5. Bolivia’s Crypto Payments Hit $430M Post-Ban Lift
Bolivia’s Central Bank reports a 630% surge in crypto payments since 2024’s ban reversal. Key stats:
- 86% of transactions by individuals via Binance-linked channels
- National energy firm approved for crypto-fuel imports
Weekly News Top 10
1. Hong Kong Releases Digital Asset Policy 2.0
The LEAP framework focuses on regulatory optimization, tokenized assets, cross-sector collaboration, and talent development.
2. South Korean Banks to Launch KRW Stablecoin Consortium
Eight major banks, including KB and Shinhan, plan a won-pegged stablecoin via a joint venture by late 2025.
3. Japan Moves to Classify Crypto Under Financial Instruments Law
Proposed reforms could enable Bitcoin ETFs and reduce taxes from 55% to 20%.
4. Powell: Fed Maintains Cautious Stance Amid Strong Economy
No imminent rate cuts, with focus on inflation data post-tariff hikes.
5. Bhutan’s Bitcoin Reserves Reach $1.3B (40% of GDP)
The hydropower-driven mining initiative now ranks as the third-largest state-held BTC reserve.
6. UAE Fund Invests $100M in Trump-Linked WLFI Token
Aqua1 Fund’s purchase fuels World Liberty’s DeFi platform expansion.
7. Turkey Tightens Crypto Anti-Money Laundering Rules
New measures include:
- 72-hour withdrawal delays for unverified transactions
- $3K daily/$5K monthly stablecoin limits
8. Barclays Bans Crypto Transactions Citing Volatility Risks
Effective June 27, the UK bank blocks card-based crypto purchases.
9. OKX Explores US IPO Post-Market Re-entry
The exchange is evaluating a public listing after relaunching US services in April.
10. Coinbase to Launch US Perpetual Futures on July 21
Nano BTC and ETH contracts will be the first CFTC-regulated products of their kind.
Key Fundraising Rounds
| Company | Amount Raised | Focus Area |
|----------------------|--------------|--------------------------|
| Zama | $57M | Homomorphic encryption |
| Digital Asset | $135M | Canton network |
| OpenRouter | $40M | AI model marketplace |
👉 Explore crypto investment trends
FAQ
Q: How does the 1099-DA rule impact crypto traders?
A: It requires brokers to report transaction details, increasing tax scrutiny. Maintain detailed records to avoid penalties.
Q: What’s the significance of Hong Kong’s OTC licensing?
A: It brings off-exchange trades under SFC oversight, raising compliance standards.
Q: Why are stablecoin transfers limited in Turkey?
A: To curb money laundering; verified platforms get higher thresholds.
Disclaimer: Content is informational only. Comply with local laws and avoid unauthorized financial activities.