Global Crypto Regulation Roundup

January 16th, 2026 - January 31st, 2026

The second half of January has seen a mix for crypto regulation: a tug-of-war between innovation and institutional gatekeeping in some cases, and pushing adoption in others. While the United States grapples with a high-stakes legislative stalemate that highlights a growing rift between legacy banks and crypto native-firms, the rest of the world seems to be moving forward with regulatory controls. From Belarus’ pioneering ‘cryptobank’ framework to Vietnam’s rigorous pilot program for exchange licensing, the trend appears to be shifting towards how to integrate crypto directly into the bedrock of national banking systems. This fortnight suggests an interesting outlook: the jurisdictions that see greatest success may well be those that offer more than just a ‘license’; they will be the ones that make the effort to provide a clear, statutory bridge between digital assets and traditional financial law.

• Global Regulatory Frameworks

US CLARITY Act Stalls Amid Stablecoin Rewards Battle

The cornerstone of US crypto legislation, the Digital Asset Market Clarity Act (CLARITY Act), has hit a significant roadblock in the Senate. Despite passing the House with a strong bipartisan majority, the bill is now paralyzed by a lobbying war over a controversial clause that would prohibit crypto exchanges from sharing stablecoin interest or rewards with users. Traditional banking institutions have pushed for this ‘rewards ban’ to prevent capital outflows from classic savings accounts, prompting major players like Coinbase to withdraw their support for the bill. With midterm elections looming, the window for a compromise is narrowing; failure to pass the Act by spring could leave the world’s largest crypto market in a state of ‘strategic ambiguity’ until 2027.

Belarus Establishes Legal Framework for ‘Cryptobanks’

President Alexander Lukashenko has signed Decree No. 19, a landmark piece of legislation that formally integrates ‘cryptobanks’ into the Belarusian financial system. These entities are defined as joint-stock companies authorized to combine traditional banking services with token-based operations under a dual-oversight model. To operate, these banks must obtain residency in the state-backed Hi-Tech Park and be entered into a dedicated central bank register. This framework represents a deliberate move to move digital assets out of the shadows and into highly controlled, state-approved channels, allowing for the use of crypto in cross-border payments while maintaining rigorous sovereign oversight.

Vietnam Launches Exchange Licensing Window Under Pilot Program

In a significant step for the country’s digital finance, Vietnam’s State Securities Commission has officially begun accepting license applications for digital asset exchanges. The five-year pilot program, governed by the Law on the Digital Technology Industry, establishes some of the region’s most stringent entry requirements, including a minimum capitalization of approximately $380 million (10 trillion dong). While the law treats crypto as property, and excludes it from legal tender status, the pilot program opens a formal path for major domestic financial institutions, such as SSI Securities and Military Bank, to offer regulated trading services.

• Banking and Institutional Adoption

Kazakhstan Integrates Digital Assets into Core Banking Law

Kazakhstan has taken a bold step toward institutional maturity by formally adding digital assets to its primary banking legislation. The new rules allow traditional banks to hold, trade and provide custodial services for digital assets, provided they meet strict risk-management and reporting standards set by the Astana International Financial Centre (AIFC). By elevating crypto from a niche technology to a recognized asset class within the banking code, Kazakhstan is positioning itself as a central hub for institutional crypto activity in Central Asia, bridging the gap between its robust mining sector and its emerging fintech ecosystem.

• Consumer Protection and Compliance

Bank of Ghana Launches Nationwide Crypto Education Initiative

Following the recent passage of its VASP legislation, the Bank of Ghana has launched a comprehensive public education campaign to demystify digital assets and highlight the risks of unregulated platforms. This proactive approach aims to align the Ghanaian public with the new regulatory perimeter, emphasizing the difference between legal property (regulated tokens) and unauthorized schemes. This is a vital component of compliance as, for a regulated market to thrive, the end-user must be equipped with the digital literacy required to navigate a landscape where self-custody and compliance are increasingly two sides of the same coin.