The cryptocurrency landscape continues to evolve rapidly, shaped by global regulatory developments, institutional interest, and macroeconomic dynamics. From national policy shifts to ETF inflows and legal clarifications on digital assets, the market is entering a new phase of maturity and integration with traditional finance.
This comprehensive update covers pivotal movements across jurisdictions and institutions, highlighting how governments and corporations are redefining their relationship with digital assets in 2025.
Iran Shifts Focus from Restriction to Regulation of Digital Assets
Iran is undergoing a strategic transformation in its approach to cryptocurrencies. Rather than imposing outright bans, the government is now prioritizing regulation to mitigate economic risks while harnessing the potential benefits of digital currencies.
Abdolnaser Hemmati, Iran’s Minister of Economic Affairs and Finance, emphasized during a recent event in Tehran that the Central Bank will play a central role in overseeing digital asset activities. He highlighted the potential for cryptocurrencies to create youth employment opportunities, expand national wealth, and serve as a tool to counter international sanctions.
This regulatory pivot reflects a growing global trend: governments recognizing that proactive oversight is more effective than prohibition in managing the risks and rewards of decentralized finance.
👉 Discover how emerging markets are reshaping crypto regulation
Argentina Opens Door to Foreign Crypto-Linked ETF Products
In a significant move toward financial modernization, Argentina’s securities regulator, CNV, has announced the approval of foreign investment products tied to cryptocurrency ETFs—including those based on Bitcoin, Ethereum, and even gold-backed digital instruments.
Roberto Silva, Chairman of CNV, stated that this initiative aligns Argentina with the world’s most advanced financial markets. By integrating crypto-related ETFs into its investment ecosystem, the country aims to attract institutional capital and enhance market liquidity.
This development signals increasing confidence in digital assets as legitimate components of diversified portfolios, particularly in economies seeking innovative tools for financial inclusion and growth.
U.S. Think Tank Proposes Bitcoin Treasury Strategy for Amazon
A Washington-based free-market think tank, the National Center for Policy Analysis, has submitted a shareholder proposal urging Amazon to consider adopting Bitcoin as part of its corporate treasury strategy ahead of its 2025 annual meeting.
The proposal argues that with official U.S. inflation (CPI) at 4.95%, the real rate of currency depreciation may be double that figure—eroding the value of Amazon’s $88 billion in cash and short-term equivalents. In contrast, Bitcoin has outperformed traditional assets significantly: up 131% year-over-year and 1,246% over five years, surpassing corporate bonds by wide margins.
By allocating a portion of reserves to Bitcoin, the think tank suggests Amazon could hedge against monetary devaluation and better protect long-term shareholder value.
Market Resilience: Crypto Decouples from Macro Trends
According to Adam, macro analyst at Greeks.live, recent price action shows Bitcoin breaking above $100,000 and Ethereum surpassing $4,000—despite upcoming CPI data and European Central Bank rate decisions. This suggests that crypto markets are increasingly moving independently of traditional macroeconomic indicators.
ETF flows and crypto-linked U.S. equities remain key drivers. Meanwhile, altcoins are experiencing broad-based rallies, with several major tokens delivering multi-bagger returns. Spot market momentum remains strong, indicating robust investor confidence.
On the derivatives front, implied volatility (IV) across major tenors is currently low, with short-term IV declining noticeably—pointing to reduced fear and stable market conditions. Bitfinex funding rates also reflect calm sentiment in the derivatives space.
Australia Cracks Down on Non-Compliant Crypto ATM Operators
Australia’s financial intelligence agency, AUSTRAC, has formed a dedicated task force targeting unlicensed cryptocurrency ATM operators. With approximately 1,200 crypto ATMs nationwide—ranking third globally—the country faces rising risks of money laundering and fraud through these channels.
AUSTRAC is urging the public to report suspicious activity and warns that non-compliant providers will face enforcement actions. This initiative underscores the importance of Know Your Customer (KYC) and Anti-Money Laundering (AML) frameworks in safeguarding the integrity of digital asset infrastructure.
State-Level Momentum Builds for U.S. Bitcoin Reserves
While federal discussions around a national Bitcoin reserve gain traction—especially under potential Trump administration policies—several U.S. states are already taking action.
- Florida aims to establish a strategic Bitcoin reserve as early as Q1 2025.
- Pennsylvania has introduced legislation to allocate 10% of its general fund to direct Bitcoin purchases.
Other states like Michigan and Wisconsin are pursuing indirect exposure via Bitcoin ETFs:
- Michigan holds $11 million in ARK 21Shares Bitcoin ETF.
- Wisconsin’s investment board owns over $220 million in Grayscale and BlackRock Bitcoin ETF shares.
This decentralized push highlights growing bipartisan recognition of Bitcoin’s role as a long-term store of value.
Legal Recognition: Chinese Courts Affirm Crypto as Property
In a landmark clarification, Shanghai’s Second Intermediate People’s Court released a white paper stating that virtual currencies exhibit clear property attributes due to their scarcity, utility, and controllability through private keys.
The court ruled that theft of cryptocurrency constitutes theft under criminal law, while also acknowledging it as an offense under computer data protection statutes—a dual legal classification known as imaginative竞合 (concurrence of offenses).
For valuation purposes, courts should use the market price at the time of the crime—not the victim’s purchase price—to ensure fairness given crypto’s price volatility.
Additionally, NFTs and digital collectibles are now emerging as common vehicles in financial fraud cases, accounting for 11% of virtual asset-related crimes since 2019.
Global Tax Competition: Zero Capital Gains Tax Attracts Investment
Jeff Park, Strategic Head at Bitwise Alpha, noted on X that countries offering 0% capital gains tax on cryptocurrencies—such as Switzerland, Singapore, and certain Caribbean nations—are positioning themselves as next-generation financial hubs.
“The prize is infinite capital. Nations understand that favorable crypto tax policies can unlock massive investment inflows.”
This fiscal competition is driving innovation in regulatory frameworks worldwide.
Institutional Endorsement: BlackRock Highlights Bitcoin’s Diversification Potential
In its 2025 Global Outlook report, BlackRock emphasized Bitcoin’s potential as a non-correlated diversification tool, driven by fixed supply and increasing adoption as both a payment network and store of value.
The firm noted Bitcoin’s historical performance post-U.S. election cycles and suggested it could serve as a tactical hedge—similar to gold—against inflation and currency debasement.
With central banks globally accumulating gold reserves, Bitcoin may soon join the ranks of strategic reserve assets.
👉 See how institutional adoption is transforming crypto markets
U.S. Spot Bitcoin ETFs Surpass Satoshi’s Holdings
In a symbolic milestone, U.S. spot Bitcoin ETFs now hold over 1.1 million BTC—exceeding the estimated holdings of Bitcoin creator Satoshi Nakamoto. According to Bloomberg analyst Eric Balchunas, these funds achieved this feat in less than a year, marking an unprecedented pace of institutional accumulation.
This shift signifies a new era where regulated financial products control significant portions of the network’s supply—potentially reducing volatility and enhancing market stability.
Skepticism Remains: Former NY Fed Chief Questions National Bitcoin Reserves
Bill Dudley, former president of the New York Fed, cautioned against government-backed Bitcoin reserves. He argued that such a move would benefit only existing holders while exposing taxpayers to volatile, non-income-generating assets.
Funding would require either increased borrowing—or worse, monetary financing by the Federal Reserve—which could fuel inflation and undermine central bank independence.
Dudley warned that without a clear exit strategy, this policy risks becoming a tool for speculative inflation rather than sound fiscal management.
Geopolitical Signal: Xinhua Links Bitcoin Rally to U.S. Policy Direction
China’s state media outlet Xinhua published an analysis linking Bitcoin’s recent 40% surge to expectations surrounding Trump’s pro-crypto agenda. The article frames the rally as reflective of broader shifts in U.S. financial policy—particularly regarding deregulation and capital market liberalization.
However, it also raises concerns about investor protection: crypto-related fraud cost Americans over $5.6 billion in 2023 alone—an increase of 45% year-on-year.
Experts warn that lax oversight could deepen economic inequality and weaken financial systems’ ability to support real-sector growth.
Frequently Asked Questions (FAQ)
Q: Can governments legally own Bitcoin?
A: Yes—several U.S. states are exploring or implementing Bitcoin reserve strategies. While no nation currently holds Bitcoin on its balance sheet like gold, legislative efforts suggest this could change in the coming years.
Q: Is cryptocurrency legally recognized as property?
A: Increasingly yes. Courts in China and other jurisdictions have affirmed that digital assets possess scarcity, utility, and control—key elements of property rights—making theft prosecutable under criminal law.
Q: Are crypto ATMs regulated?
A: In many countries, including Australia and the U.S., crypto ATMs must comply with AML/KYC regulations. Operators failing to meet these standards face penalties or shutdowns.
Q: How do Bitcoin ETFs impact the market?
A: Spot Bitcoin ETFs enable institutional investors to gain exposure without holding private keys. Their rapid adoption has led to sustained buying pressure and increased market legitimacy.
Q: Why are some countries offering 0% crypto capital gains tax?
A: To attract high-net-worth individuals and institutional capital. These jurisdictions aim to become global crypto hubs by creating favorable tax environments.
Q: Could Bitcoin replace gold as a reserve asset?
A: While not yet at parity, analysts at firms like BlackRock suggest Bitcoin may evolve into a complementary hedge against inflation and currency risk—much like gold today.