Launchy Regulatory Roundup #64 - China Tightens Crypto Ban
SEC’s Hester Peirce Calls Crypto Self-Custody a Basic Right
Marco Manoppo & Muhammad Reynaldi Ariananda Arkiang
November 30, 2025
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Welcome to our 64th edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!
In Today's Edition:
Headline: China Tightens Crypto Ban 👀
Global Legal Roundup
Case Study: SEC’s Hester Peirce Calls Crypto Self-Custody a Basic Right 🔎
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HEADLINE
China Tightens Crypto Ban
China’s Central Bank / IMG: Caixin Global
State of play: China’s central bank doubled down on its long-standing crypto ban after a multi-agency meeting, warning that digital assets still have no legal status in the country.
The PBoC called stablecoins a direct threat to financial security, saying they fail basic KYC and AML requirements and enable illicit flows.
The statement is China’s strongest since the 2021 blanket ban and comes as officials pressure Hong Kong to slow tokenization and stablecoin activity.
South Africa’s central bank raised its own concerns, naming crypto and stablecoins as a new financial risk in its 2025 stability report.
The country now has 7.8M registered exchange users and roughly $1.5B held in custody.
The bank warned that the lack of a full regulatory framework could let risks build unnoticed, although government agencies remain more open.
What’s Next: China will keep tightening around anything that looks like stablecoin activity, and Hong Kong may get pushed to cool down its tokenization plans.
Why it Matters: Stablecoins are now the main pressure point for regulators. China sees them as a threat to control.
Our Take: Stablecoins are becoming too big to ignore. China will stay strict. South Africa will try to regulate.
GLOBAL LEGAL ROUNDUP
America:
Europe:
APAC:
🇺🇿 Uzbekistan greenlights stablecoins for payments.
🇯🇵 Japan to tighten crypto exchange oversight with new reserve mandate.
🇦🇺 Australia moves to fold crypto platforms into financial licensing regime.
🇰🇷 S.Korea stablecoin framework stalls as regulators split over banks’ role.
🇹🇲 Turkmenistan legalizes crypto trading under tight state control from 2026.
CASE STUDY
SEC’s Hester Peirce Calls Crypto Self-Custody a Basic Right
Hester Pierce / IMG: DL News
State of play: SEC commissioner Hester Peirce reaffirmed that self-custody and financial privacy are fundamental rights, saying Americans should never be forced to rely on intermediaries to hold their assets.
She argued that privacy should be the default online, not a sign of wrongdoing.
Her comments come as the Digital Asset Market Structure Clarity Act, which includes self-custody provisions, is delayed until 2026.
At the same time, Bitcoin holders are increasingly shifting from self-custody to ETFs after the SEC approved tax-efficient in-kind creations.
Analysts say this is the first major decline in self-custodied Bitcoin in 15 years.
Our Take: Self-custody and privacy are basic rights. But the move toward ETFs shows how easily convenience wins. Crypto is now split between holding your own keys and letting institutions handle it.
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