June Crypto Regulatory Landscape: U.S. Legislation and Asia Policies Take Center Stage
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This month marks a pivotal shift in global crypto regulation, with countries across the world rolling out major policy reforms. From stablecoin legislation to regulatory sandboxes, from full legalization to uncompromising enforcement, a wave of new regulations is reshaping how crypto assets are governed and integrated into national frameworks. This article reviews recent developments in Vietnam, the United States, Malaysia, and Singapore, offering a snapshot of the evolving global regulatory map for digital assets.
1. United States: First Federal Stablecoin Regulation Passed, Market Anchor Gains Clarity
On June 17, the U.S. Senate passed the GENIUS Act (Stablecoin Regulation Framework) with a decisive 68–30 vote, marking the first time a comprehensive federal framework has been established for U.S. dollar-pegged crypto assets.
Key provisions of the bill include:
- Issuers must hold highly liquid reserve assets, such as U.S. dollars or short-term Treasury bonds.
- Monthly disclosure of reserve composition is required to ensure full 1:1 redemption capacity.
- A licensing system will be established, introducing formal vetting standards for issuers.
The bill is now under review in the House of Representatives and will require presidential approval to take effect.
The GENIUS Act lays a legal foundation for stablecoin issuance within the U.S., signaling the gradual integration of stablecoins into the federal financial regulatory framework. It also has far-reaching implications for major issuers like Tether and Circle.
2. Vietnam: Legal Recognition Signals Formal Legitimacy for Crypto Assets
On June 14, Vietnam's National Assembly passed the Digital Technology Industry Law, officially incorporating digital assets into the country's regulatory framework for the first time. The law will take effect on January 1, 2026.
Key highlights of the legislation:
- Digital assets are classified into two categories: virtual assets and crypto assets.
- Securities, fiat currencies, and financial derivatives are excluded from this scope.
- A regulatory framework will be developed, including asset classification standards, licensing mechanisms, and prudential oversight.
- The law introduces anti-money laundering and cybersecurity requirements aligned with FATF guidelines.
In addition to digital assets, the legislation outlines strategic incentives for AI, semiconductors, and digital infrastructure, aiming to position Vietnam as a regional tech hub.
This move marks a milestone in Vietnam's digital financial regulation journey, signaling its push toward digital sovereignty and regulatory modernization. Vietnam may become the first country in Southeast Asia to establish a comprehensive legal framework for crypto assets.
3. Malaysia: Launches Regulatory Sandbox to Pilot Ringgit-Backed Stablecoin and Programmable Payments
At the Sasana Symposium in mid-June, Malaysian Prime Minister Anwar Ibrahim announced the establishment of the Digital Asset Innovation Hub, a regulatory sandbox designed to provide a controlled environment for testing emerging financial technologies.
Key pilot initiatives include:
- A Ringgit (MYR)-backed stablecoin.
- Exploration of programmable payment applications.
- Support for supply chain finance and asset tokenization.
Prime Minister Anwar described the initiative as a "new chapter for Malaysia's digital economy," affirming the government’s commitment to integrating infrastructure, policy, and talent to position the country as a regional fintech hub. Unlike the tightening regulatory stance seen in some jurisdictions, Malaysia is pursuing a more inclusive and innovation-friendly approach. By lowering the barriers to entry through sandbox mechanisms, the country aims to foster experimentation in a controlled setting. This strategy is expected to attract more Southeast Asian Web3 projects to incubate and scale locally, accelerating the growth of its digital asset ecosystem.
4. Singapore: From Regulatory Safe Haven to High-Barrier Market, Global Projects Forced to Relocate
Once regarded as a regulatory safe haven for crypto innovation in Asia, Singapore has made a sharp policy shift with new rules issued by the Monetary Authority of Singapore (MAS) in June. These measures aim to curb regulatory arbitrage and the proliferation of shell companies, aligning with FATF standards to reinforce anti-money laundering (AML) and counter-terrorism financing (CFT) compliance.
Key regulatory updates:
- All entities without a Digital Token Service Provider (DTSP) license must cease offering services to overseas clients by June 30.
- No grace period: violations may result in fines of up to SGD 250,000 and up to three years in prison.
- Enforcement is based on Section 137 of the Financial Services and Markets Act (FSM Act).
MAS had already tightened rules in the past year, mandating licensed platforms to fully segregate customer assets and prohibiting retail participation in token staking. These latest moves reflect a broader trend of increasingly strict regulatory enforcement.
Rather than a sudden crackdown, the new rules represent the culmination of MAS's long-standing regulatory roadmap. While well-compliant firms may thrive under the new regime, those without licenses must now seek alternative jurisdictions. The industry is shifting rapidly toward greater standardization and centralization. The impact extends beyond institutions. Individual professionals now face heightened uncertainty. Some have had work visas or permanent residency applications halted, revealing the personal cost of regulatory tightening. This could trigger localized talent attrition within Singapore's crypto sector.
5. Conclusion: The Crypto World Enters an Era of Regulatory Multipolarity
From Vietnam's legislative recognition to the passage of the U.S. stablecoin bill, from Malaysia's support for innovation to Singapore's tightening regulatory grip, global crypto policy is entering a clearly multipolar phase:
Country/Region | Policy Development | Regulatory Keywords |
Vietnam | Legal recognition of crypto assets | Classified regulation, AML, regulatory clarity |
United States | Senate passes stablecoin legislation | Reserve requirements, transparency, federal framework |
Malaysia | Regulatory sandbox officially launched | Local stablecoin, programmable payments, technology trials |
Singapore | Immediate enforcement with no transition | Licensing threshold, anti-arbitrage, regional reshaping |
- Regulatory clarity is becoming a new driver of attraction: Emerging markets like Vietnam and Malaysia are drawing in technological innovation through legislation and sandbox mechanisms.
- Tighter oversight is reshaping the landscape: Singapore's regulatory pivot is pushing capital and talent toward more policy-friendly hubs such as Hong Kong, Dubai, and Japan.
- Stablecoins emerge as a compliance focal point: From U.S. legislation to trials in Asian markets, both local and USD-backed stablecoins are being brought under structured regulatory frameworks.
For the crypto industry, this marks a pivotal moment of both opportunity and challenge. Regulation is now reshaping global project migration paths, capital flows, and the cost of compliance. Going forward, the ability to navigate multiple jurisdictions flexibly will be critical to survival and growth.
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