Welcome to the July 2026 edition of The Monthly Crypto Map — your monthly wrap of the developments reshaping the global crypto landscape.

The biggest crypto story of July came from Washington, where US President Donald Trump's financial disclosures revealed more than $1.4 billion in income from cryptocurrency ventures, underscoring how deeply digital assets have become intertwined with US politics. At the same time, lawmakers raced to advance the landmark CLARITY Act before Congress' summer recess, while also proposing restrictions on senior federal officials from issuing or sponsoring digital assets.

Meanwhile, India's regulatory stance remained largely unchanged. The Reserve Bank of India (RBI) reiterated its opposition to legalising cryptocurrencies, even as the Central Board of Direct Taxes (CBDT) rolled out detailed reporting guidelines for crypto service providers, signalling a continued focus on tax compliance and oversight.

Elsewhere, Europe began reviewing its landmark MiCA framework as it came into force, South Korea accelerated work on stablecoin legislation, and Coinbase eased account registration for mainland China users despite the country's continuing ban on crypto trading.

Read on.

US

US President Donald Trump disclosed more than $1.4 Bn in income from cryptocurrency ventures in 2025, with the bulk of the earnings coming from his TRUMP memecoin, World Liberty Financial and stablecoin-related businesses. The filings underscore the growing role of digital assets in Trump's business empire even as his administration pushes pro-crypto policies.

A revised version of the US Senate's CLARITY Act would prohibit the president, vice president, members of Congress and other senior federal officials from issuing or sponsoring digital assets until January 2029, as lawmakers seek to address conflict-of-interest concerns while advancing a broader regulatory framework for the crypto industry.

The US Senate is unlikely to pass the Digital Asset Market CLARITY Act before lawmakers begin their summer recess, dealing a blow to efforts to establish a comprehensive regulatory framework for cryptocurrencies this year. While Senate Majority Leader John Thune said he hopes to begin floor debate before the break, the bill faces competing legislative priorities and unresolved disagreements over ethics provisions.

The US Securities and Exchange Commission (SEC) is working on a proposed crypto safe harbor framework that would give token projects a defined compliance pathway and temporary relief from securities registration requirements, as the regulator shifts towards a more rules-based approach to overseeing digital assets. The proposal, however, has not yet been formally published or adopted.

The US' landmark GENIUS Act, which established the country's first federal regulatory framework for stablecoins, completed one year since becoming law. While regulators have since rolled out implementing rules and issuers have begun aligning with the framework, key provisions will continue to be phased in through 2028, reshaping the US stablecoin market.

A US federal judge temporarily blocked Minnesota from enforcing a first-of-its-kind law banning prediction markets, handing a legal victory to Kalshi and Polymarket. The court ruled the state law likely conflicts with the federal Commodity Exchange Act, allowing the platforms to continue operating in Minnesota while the case proceeds.

INDIA

The Reserve Bank of India (RBI) told a parliamentary panel that virtual digital assets (VDAs) should not be legalised, arguing they pose risks to financial stability and could facilitate illicit activities. The central bank also maintained that "not having a policy is also a policy," even as lawmakers continue deliberations on a regulatory framework for the sector.

The Central Board of Direct Taxes issued a detailed guidance note for Indian crypto platforms and foreign exchanges operating in the country, spelling out reporting obligations under the Income Tax Rules, 2026. The note ties back to provisions introduced in this year's Union Budget.

Coinbase acknowledged glitches during its India relaunch, including onboarding delays and KYC issues, but said the exchange remains committed to the market with plans to expand products, strengthen local payment infrastructure and scale operations over the next 12 months. Speaking to The Crypto Times, Coinbase's India and EMEA Product Lead Roshan Prabhakar said the company views India as a long-term strategic market despite the bumpy rollout.

India's tax department reportedly found that fewer than 25% of the roughly 645,000 people who made crypto transactions actually reported them on their tax returns. The finding underscores a widening compliance gap the government is now moving to close.

The Enforcement Directorate (ED) has filed a 3,500-page chargesheet against alleged hacker Srikrishna Ramesh alias Sriki and two others, accusing them of laundering proceeds from cybercrimes through cryptocurrencies. The agency alleged the accused hacked online gaming platforms and digital wallets, converted the stolen virtual digital assets into fiat currency through crypto exchanges, and routed the proceeds through multiple bank accounts to conceal their origin.

The Enforcement Directorate (ED) is investigating a Bengaluru-based cryptocurrency influencer for alleged links to a ₹300 crore investment fraud and possible violations of the Prevention of Money Laundering Act (PMLA). The agency is examining financial transactions, digital asset holdings and the influencer's associations with multiple crypto platforms as part of its wider crackdown on crypto-related fraud

UK & EUROPE

As the European Union's Markets in Crypto-Assets (MiCA) regime became fully applicable on July 1, policymakers began reviewing the landmark framework to address implementation challenges and emerging risks. The review could pave the way for updates to areas such as decentralised finance (DeFi), staking and stablecoin oversight as Europe's crypto rulebook continues to evolve.

The UK's HM Revenue & Customs (HMRC) has launched a fresh compliance campaign urging wealthy taxpayers to review and disclose any unpaid tax liabilities arising from cryptoasset transactions. The move comes as the UK prepares to tighten crypto reporting requirements under the OECD's Crypto-Asset Reporting Framework (CARF), giving tax authorities greater visibility into digital asset holdings and transactions.

Reaction to the FCA's newly unveiled framework has been mixed, with praise for an internationally connected approach that preserves access to overseas stablecoins and liquidity. Critics point to a demanding authorisation process and unresolved questions around DeFi and international firms.

Tether has effectively exited the regulated European market after choosing not to seek authorisation under the European Union's Markets in Crypto-Assets (MiCA) framework. The move has led regulated exchanges across the bloc to delist or restrict USDT, strengthening the position of MiCA-compliant stablecoins such as USDC and marking a major shift in Europe's stablecoin landscape.

The European Union added crypto exchange HTX to its latest sanctions package against Russia, accusing the platform of helping Russian users circumvent financial restrictions imposed over the war in Ukraine. HTX was among 18 crypto service providers targeted as the EU tightened scrutiny of digital asset platforms allegedly facilitating sanctions evasion.

ASIA

Coinbase has reportedly eased account registration for users in mainland China by allowing identity verification with a Chinese national ID card and mainland address instead of requiring a Chinese passport and Hong Kong address. The move lowers onboarding barriers for mainland users but does not indicate a change in China's ban on cryptocurrency trading or Coinbase's official return to the market.

South Korea's Financial Services Commission (FSC) is working to merge 10 separate stablecoin proposals into a single legislative framework, aiming to create a unified regulatory regime for issuance, reserves and supervision. Key issues, including whether banks should have exclusive issuance rights and the role of crypto exchanges, remain under discussion as the country accelerates efforts to regulate won-backed stablecoins.

The Bank of Korea (BOK) has reaffirmed that won-denominated stablecoins should initially be issued by banks or bank-led consortiums, arguing that a phased approach is essential to safeguard monetary policy, financial stability and consumer protection. The central bank also plans to expand deposit-token pilots while lawmakers continue debating South Korea's broader digital asset legislation.

Japan is set to allow foreign investors to participate in its blockchain-based security token market by relaxing restrictions under the Financial Instruments and Exchange Act. The move is expected to broaden the investor base for tokenised real-world assets, including real estate and infrastructure, as Japan seeks to position itself as a leading hub for digital securities in Asia.

Anchorpoint Financial, the Standard Chartered-backed joint venture, is expected to launch its Hong Kong dollar-pegged stablecoin, HKDAP, by the end of July, according to local media reports. The rollout will begin with licensed crypto exchanges OSL and HashKey, marking one of the first regulated stablecoin launches under Hong Kong's new licensing regime.

OTHER REGIONS

Brazil is seeing a rapid rise in stablecoin-based cross-border payments, while banking groups in Argentina are pushing ahead with peso-pegged stablecoins despite an existing central bank ban. The IMF flagged the trend as a growing risk to monetary sovereignty and financial stability, urging countries to strengthen regulatory oversight.

Argentina Proposes Bill to Formally Include Crypto in Financial System

Argentine lawmakers introduced a bill aiming to incorporate crypto assets into the country's formal financial system. The proposal comes alongside other regional developments, including tokenised cattle-backed loans emerging in Brazil.

Dubai's HashKey Wins Approval to Offer Regulated Crypto Perpetual Futures

Dubai's Virtual Assets Regulatory Authority approved HashKey MENA to offer exchange-traded derivatives, including perpetual futures on Bitcoin and Ethereum. The approval expands HashKey's existing spot-trading licence and is aimed at pulling institutional traders away from unregulated offshore venues.

President Bola Tinubu signed an executive order directing a council to build a harmonised legal and institutional framework for virtual assets, including stablecoins. The order is framed around "responsible innovation" aligned with national security and economic goals.

Bolivian authorities are reported to be evaluating incorporating Tether's USDT into the national payment system. The move is part of a broader Latin American trend of formalising stablecoin use for remittances and savings.

Kenya gazetted its Virtual Asset Service Providers Regulations, 2026, completing the legal framework built on the VASP Act signed by President Ruto in October 2025. The Central Bank of Kenya will supervise stablecoin issuers and fiat conversion, while the Capital Markets Authority oversees exchanges and tokenisation.

GLOBAL MARKET DEVELOPMENTS

Bitcoin gained 9.3% in July, marking its first monthly advance since April, but the rally was accompanied by weakening market participation. On-chain data from Glassnode showed spot trading volumes fell to their lowest level since 2019, while Bitcoin ETF inflows also slowed through the month, suggesting the price recovery was driven by limited participation rather than broad-based demand.

Memory-chip maker CXMT's Shanghai debut saw shares surge 472%, but Hyperliquid's blockchain-based pre-IPO perpetual futures had already priced the firm close to its actual opening valuation days beforehand. The episode is being watched as an early proof point for crypto-native pre-IPO derivatives markets.

CORPORATE DEVELOPMENTS

Coinbase reported its third consecutive quarterly loss as subdued cryptocurrency trading activity and lower digital asset prices weighed on its core business. The US crypto exchange posted a net loss of $359.5 million for the second quarter, with transaction revenue falling 21% year-on-year, even as it continued to diversify into stablecoins, derivatives and other subscription-based services.

Revolut obtained preliminary authorisation from Dubai's Virtual Assets Regulatory Authority to offer broker-dealer, exchange and investment crypto services. The expansion comes just as European regulators step up enforcement following the MiCA transition deadline.

The LSE unveiled plans for an always-on trading venue, starting with ETPs, to launch from early 2027. The move is an explicit response to competitive pressure from round-the-clock crypto exchanges like Coinbase and Kraken.

Crypto.com announced on 16 July a $400 million strategic investment from market-maker Citadel Securities. The backing is being read as a major institutional vote of confidence in the exchange.

Binance's leadership said the exchange is bullish on Asia and pursuing more regional licences, following its recent entry into the Philippines via a partnership with fintech firm BlockShoals Technologies. The comments point to a continued regional push despite tighter scrutiny in several Asian markets.

Emirates activated Crypto.com Pay across its website and app, letting eligible UAE customers book flights with digital assets while the airline settles in dirhams. The partnership is part of Dubai's broader push toward a "cashless" economy by year-end.

Swiss crypto firm Bitcoin Suisse's Middle East subsidiary received full Financial Services Permission from Abu Dhabi Global Market's regulator. The licence adds to the firm's recent MiCA authorisation in Europe and deepens its presence in the Gulf.

Tether announced a $20 million investment in Argentina's Ualá, expanding the stablecoin issuer's footprint in Latin America beyond pure digital-asset issuance. The deal marks a deeper push by Tether into fintech and banking infrastructure in the region.

BitMEX will cease operations on September 23, 2026, following a strategic review by its parent company, HDR Global Trading. The Seychelles-based exchange, which pioneered perpetual futures contracts, has asked users to close positions and withdraw assets ahead of the shutdown, marking the end of one of crypto's earliest derivatives trading platforms.

FRAUDS

The Financial Action Task Force (FATF) warned that organised crime groups are exploiting gaps in global cryptocurrency regulations to launder billions of dollars in illicit proceeds. The watchdog urged jurisdictions to accelerate the implementation of international anti-money laundering standards for virtual assets, warning that inconsistent regulation is creating safe havens for criminal networks.

INTERPOL's Operation First Light 2026 led to the arrest of 5,811 suspects across 97 countries and the interception of $293 Mn in illicit assets as authorities cracked down on cyber-enabled financial fraud and crypto-linked money laundering networks. The operation uncovered a $122.5 Mn cryptocurrency wallet tied to a transnational scam syndicate, highlighting the growing use of digital assets in global fraud schemes.

North Korean authorities have arrested a group of former state-trained hackers accused of breaching two state-owned banks, stealing public funds and laundering the proceeds through cryptocurrency. The suspects allegedly converted the stolen assets into crypto, routed them through Chinese brokers and cashed them out using small transactions to evade detection.

Three Men Jailed for £4 Million Fake-Police Crypto Fraud in UK

Southwark Crown Court sentenced three men to up to six years each for impersonating police officers to steal over £4 million in crypto from eight victims. The convictions followed a Metropolitan Police investigation that used blockchain tracing to build the case.

Thailand's SEC alleged that exchange Bitkub and two former directors concealed a May 2021 hack that stole roughly 1.7 billion baht ($50 million). The regulator also alleges the exchange filed false statements about the incident.