On December 10, 2025, Japan's Financial Services Agency proposed moving crypto regulation from the Payment Services Act to the Financial Instruments and Exchange Act to classify digital assets as financial products. The proposal tightens disclosure rules for initial exchange offerings, targets unregistered platforms, and, in a Q&A released this week, cautions that derivatives tied to overseas crypto ETFs are "not desirable," according to the agency. The initiative is being discussed alongside a plan for a flat 20% tax on crypto investment gains.

On December 9, 2025, the Office of the Comptroller of the Currency said national banks may conduct riskless principal crypto-asset transactions under Interpretive Letter 1188. The model allows banks to intermediate client trades by offsetting buys and sells without holding inventory, reducing settlement and counterparty exposure. It aligns brokerage-style crypto activity with established banking practices.

On December 10, 2025, CARV launched Cashie 2.0 with x402 integration to convert social engagement into automated, verifiable on-chain rewards. The upgrade adds x402 Payment, CARV ID mapping, and an ERC-8004 agent, along with an AI-native API and txhash verification. A $45,000 creator campaign will incentivize adoption across the Base ecosystem.

On December 3, Tajikistan's parliament approved amendments to the Criminal Code that introduce Article 253(2) to punish crypto mining operations using stolen electricity, according to a local media report. Offenders face fines ranging from $1,650 to $8,250 or prison terms of two to five years, which increase to five to eight years for cases deemed especially large in scale, and the bill will become law once President Emomali Rahmon signs it.

On 9 December 2025, the UK Financial Conduct Authority opened a consultation inviting crypto companies to comment on plans to overhaul how investment products and client categories are regulated. The proposals challenge the notion that frequent crypto trading makes users sophisticated investors and would shift more responsibility onto firms to assess financial resilience and suitability. Industry participants have until February and March to respond, as the UK increasingly weaves digital assets into its broader financial and legal framework.

Research released on December 8, 2025, identified a data aggregation error that causes most third-party dashboards to double-count Polymarket trades and overstate reported volume by about 100%, according to Paradigm. Adjusted calculations place October and November 2024 volumes at roughly $1.25 billion each, while major data providers move to update their metrics.

In November 2025, the U.S. Securities and Exchange Commission (SEC) ended a two-year investigation into Ondo Finance without recommending enforcement action. The probe, launched in October 2023, examined Ondo's tokenized U.S. Treasury products and whether the ONDO token should be classified as a security under then chair Gary Gensler and later Paul Atkins.

Hong Kong’s government has opened a public consultation on implementing the OECD’s Crypto-Asset Reporting Framework (CARF) and the revised Common Reporting Standard (CRS). Authorities expect to introduce legislation by next year, with automatic tax information exchange under CARF targeted for 2028 and CRS changes scheduled for 2029, according to the government.