Regulation & Policy

A U.S. federal district court ruled that Arizona is prohibited from using its gambling laws to prosecute prediction market platform Kalshi, finding that the Commodity Futures Trading Commission has exclusive jurisdiction. The ruling affects the boundary between state and federal authority in financial market regulation, while Kalshi insists that its business is a financial product rather than traditional gambling. Decisions regarding prediction markets vary from state to state, and the Trump family has also expressed support for prediction markets.

OdinTai推出OwlPay和Wallet Pro服务，专注于B2B跨境支付，结合稳定币技术与国际金融系统，展现其金融科技转型。通过与MoneyGram合作，Wallet Pro实现现金购买稳定币的跨国汇款，并在美国市场运作。该公司的境外模式规避了台湾严格的监管，并在新法草案下挑战市场竞争格局，未来将影响本地业者的合规策略。

A U.S. federal district court ruled that Arizona is barred from using its gambling laws to prosecute prediction market platform Kalshi, finding that the federal Commodity Futures Trading Commission has exclusive jurisdiction. The decision affects the boundary between state and federal authority in financial market regulation, while Kalshi insists that its business is a financial product rather than traditional gambling. Rulings on prediction markets vary across states, and the Trump family has also expressed support for prediction markets.

Solana co-founder toly noted that the industry needs a stablecoin that can only be frozen under a court order, opposing other freeze factors. He suggested that the protocol issue a stablecoin with custom freeze strategies on the base layer and strengthen security measures. This view stems from a recent response by Circle to the Drift protocol hack incident, sparking discussions about centralized stablecoins.

The Hong Kong Monetary Authority has announced the inaugural stablecoin issuer licensing scheme, and Tidepoint Financial Technology, led by HSBC Bank and Standard Chartered Bank, has been approved. This regulatory framework is designed to protect users’ interests, promote the application of compliant stablecoins, address financial pain points, and drive the development of Hong Kong’s digital assets.

OdinTin launches OwlPay and Wallet Pro services, focusing on B2B cross-border payments. By combining stablecoin technology with international financial systems, it demonstrates its fintech transformation. Through a partnership with MoneyGram, Wallet Pro enables cross-border transfers to buy stablecoins with cash and operates in the U.S. market. The company’s offshore model avoids Taiwan’s strict regulation, and under the new draft law, it challenges the market’s competitive landscape, which will affect local businesses’ compliance strategies in the future.

Ondo Finance filed a request with the SEC on April 13, seeking confirmation that recording securities interests on the Ethereum mainnet in a tokenized form is compliant under certain patterns. Ondo believes that this on-chain recording can improve collateral monitoring, optimize processes, and simplify reconciliations, with the goal of operating in coordination with traditional finance.

A U.S. federal district court ruled that Arizona is barred from using its gambling laws to prosecute prediction market platform Kalshi, finding that the U.S. Commodity Futures Trading Commission has exclusive jurisdiction. The ruling affects the boundary between state and federal authority over financial market regulation, and Kalshi insists that its business is a financial product rather than traditional gambling. Courts in different states have reached different decisions regarding prediction markets, and the Trump family has also expressed support for prediction markets.

The American Bankers Association criticized the stablecoin report released by the White House Council of Economic Advisers, saying its analysis was wrong. It emphasized that allowing stablecoins to pay interest would lead to local banks’ deposits flowing out and would tighten credit, countering the report’s claim about the effects of the proposed ban.

OdinTing launches OwlPay and Wallet Pro services, focusing on B2B cross-border payments. By combining stablecoin technology with international financial systems, it showcases its fintech transformation. Through a partnership with MoneyGram, Wallet Pro enables cross-border transfers of stablecoins purchased with cash and operates in the U.S. market. The company’s offshore model bypasses Taiwan’s strict regulation and challenges the competitive landscape under the new draft law, which will in the future affect local players’ compliance strategies.

Circle CEO Jeremy Allaire addressed criticism at a news conference regarding the previously unfrozen stolen USDC, emphasizing that the company will only freeze wallets under law enforcement instructions. In addition, he said Circle is in communication with U.S. lawmakers, hoping to establish a “safe harbor” mechanism for stablecoin issuers.

The Hong Kong Monetary Authority has announced the first batch of stablecoin issuer licenses, approving Dingdian Financial Technology, led by HSBC Bank and Standard Chartered Bank. This regulatory framework is designed to protect users’ rights and interests, promote the application of compliant stablecoins, address financial pain points, and foster the development of Hong Kong’s digital assets.

U.S. regulators are accelerating crypto oversight by using interpretive rules, signaling a faster policy rollout strategy that prioritizes immediate clarity over traditional rulemaking processes. Key Takeaways: Government Accountability Office (GAO) highlights fast-track crypto rules, boosting

South Korea's Board of Audit and Inspection has recommended including digital assets within the asset calculation scope for basic old-age pensions, to prevent high-income earners from receiving pensions meant for low-income seniors. The Ministry of Health and Welfare expressed agreement, saying that digital assets should be treated as property with economic value.

The European Central Bank has officially supported transferring regulatory authority over crypto-asset service providers to the European Securities and Markets Authority, marking an important step in the process of consolidating crypto oversight. This change is intended to unify regulatory standards, reduce fragmentation issues, and strengthen compliance requirements, but it is expected to increase the compliance burden for small and medium-sized businesses. The market reacted negatively, and confidence in Bitcoin’s price outlook declined.

The European Central Bank supports consolidating regulatory authority over crypto assets with the European Securities and Markets Authority (ESMA). The proposal is intended to unify supervision, reduce opportunities for regulatory arbitrage, improve the efficiency of cross-border coordination, and strengthen investor protection. Going forward, ESMA will be responsible for regulating stablecoins, trading platforms, and more; the specific implementation details are still to be clarified.

The Bank of Korea recommends introducing a circuit breaker mechanism in the crypto-asset industry to prevent abnormal trading, and points out that the Bithumb mistaken payment incident reveals a structural vulnerability. The governor nominee, Hyun-sung Shin, emphasizes that CBDCs and deposit tokens should be the core of digital currencies, and proposes a phased opening strategy for stablecoins. The Bank of Korea also plans to launch an offshore KRW system with real-time gross settlement in 2027 to reduce credit risk.

A Bank of Korea central bank governor candidate, Shin Hyun Song, said that a central bank digital currency (CBDC) and deposit tokens issued by commercial banks should be the core of the digital currency ecosystem. He supports a Korean won stablecoin, but emphasized that maintaining monetary trust comes first. He suggested issuing stablecoins through a bank-led consortium, which could later be expanded to non-bank institutions, while also carefully assessing the stablecoin’s regulatory compliance.

The Bank of Korea has proposed introducing a “circuit breaker mechanism” into the crypto asset market to address market volatility and risk, and believes that existing regulatory measures are insufficient to deal with potential issues in the crypto market. The context for this proposal is a recent system malfunction incident at a certain exchange.