FSB warns stablecoin regulation is underdeveloped with only 11 of 28 jurisdictions having completed rules. Chair Andrew Bailey said a stablecoin run could transmit risks to traditional markets. The FSB also finalized AI practices, warning that AI cyberattacks could undermine financial resilience.

France’s National Assembly Finance Committee approved Amendment ICF821. It requires holders of self-custodied crypto assets worth €100,000 or more to report holdings by December 31 each year. Non-compliance may bring fines up to €10,000. The measure aims to curb tax evasion and still needs approval in the National Assembly budget review to become law.

The EU is reviewing MiCA rules that could require noncustodial Bitcoin wallet developers to get certification before public release. ESMA said open source, self custody, smart contracts and permissionless infrastructure should not automatically be treated as regulated intermediaries. No rules changed. Report due June 30, 2027 under MiCA Article 140.

China released a 19 measure policy on October 9 proposing a national blockchain network and an integrated computing power network. It covers data ownership, trading rules and crossborder data flow trials, with no launch date or budget given. Separately, the People's Bank of China added eight operators on August 17, bringing the digital yuan network to 30 approved banks. Crypto curbs remain.

Moscow Exchange plans to launch regulated crypto trading on December 1, its securities market head Boris Blokhin said, with pilot testing that started a week ago. Rules in Russia took effect September 1 and allow Central Bank licensed venues to serve citizens, limiting non accredited investors to Bitcoin, Ethereum and USDT. Sberbank estimates first year volume at 4 trillion rubles.

France's National Assembly finance committee adopted an amendment to the 2027 budget bill taxing crypto swaps into stablecoins from January 1, 2027. The amendment, tabled by deputy Nicolas Sansu, closes a tax loophole. A second amendment allows crypto losses to be carried forward for ten years. Germany already taxes such swaps as disposals. The measures await plenary and Senate approval.

The European Securities and Markets Authority has ordered EU crypto firms to stop offering services for stablecoins without MiCA authorization within three months. The deadline covers exchanges, custodians and wallet providers that list or support noncompliant tokens. MiCA requires issuers to meet reserve, redemption and transparency standards. Firms that fail to comply risk fines or license loss.

Thailand's securities regulator published 11 notifications on Oct. 8, finalizing the regulatory framework for spot bitcoin and ether ETFs. The rules take effect Oct. 16. Qualifying funds must be passively managed and, in each fiscal year, hold an average net exposure of at least 80% of net asset value in a single crypto asset. As of Oct. 9, no ETF sponsors or tickers had been disclosed, and the timing of any product listing remains undecided. The framework covers only bitcoin and ether.